I operate a small incorporated business in Ontario, Canada. It is failing & Im having trouble raising funds to pay the government the PST & GST monies owing to them, collected through the business ( was used to keep the business afloat)

My question is:
As president of the business, would I be responsible for these monies to the government if I declare bankruptcy of the business?

Any assistance would help with my final decision

Thank you

If the business goes bankrupt, you have a personal liability for the PST and GST. If you declare personal bankruptcy, the PST and GST are debts provable and dischargeable in your bankruptcy.

If you go bankrupt but the business does not, you can not be an officer of that corporation until you are discharged from bankruptcy.