A corporation is constituted under a statute (such as the Companies Act or the Canada Business Corporations Act) and exists as a distinct legal entity from its shareholder or shareholders.
The goal of a corporation is to operate a business for profit and to distribute the profits among the shareholders.
The following are some of the characteristics of a corporation:
If the corporation fails to remit an amount payable to the Ministère, the corporation and the directors serving at the time of the omission are jointly liable for the amount in question, as well as any penalties and interest.
However, directors are not liable if they acted with reasonable care, dispatch and skill under the circumstances, or if it was impossible for them to be aware of the omission. If you require further information, consult the folder Directors' Liabilities (IN-107-V).