Small Business Debt Relief
Owning a business comes with its rewards — but managing debt shouldn’t overshadow them.
If you’re struggling with cash flow, unpaid CRA bills, supplier invoices, or bank pressure, it’s time to explore debt relief programs for small business owners. Whether you’re a sole proprietor or incorporated, we’ll help you assess your options and move toward financial recovery.
Is Business Debt Holding You Back?
Let’s Find the Right Debt Solution for Your Business.
Whether your revenue is falling short, CRA is pressuring you for back taxes, or you’re constantly behind on supplier payments, you’re not alone. Small business debt can feel overwhelming, but you have options.
At Spergel, our experienced Licensed Insolvency Trustees (LITs) (many of whom are also Chartered Professional Accountants (CPAs)) will assess your situation from both a business and personal finance perspective.
We’ll help you:
- Understand your current financial health
- Explore restructuring options
- Navigate government programs or proposals
- Make a plan to reduce, settle, or eliminate your debt
Here are a few debt solutions we offer:
Choose How You Connect With Us
We’ll work with you in the way that feels best to you.
Quick Contact Form
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Book a Specific Date/Time
Call Us During Business Hours
When you call, you will be connected with one of our Licensed Insolvency Trustees (LITs) during our regular business hours.
Toll Free: 1-877-557-7367
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
You can also reach us at one of our office locations phone numbers. See our list below on this page.
Mobile Text Us During Business Hours
From your phone, you will be connected with one of our Licensed Insolvency Trustees (LITs) during our regular business hours.
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
Not during office hours? Use our Chat on this page 24/7 and get connected for answers and live chat later.
Email Us
Sometimes a simple email is the way to get things rolling.
Expect a reply from us during our business hours:
Monday to Friday 8am – 7pm EST
Saturday 9am – 4pm EST
Sunday 10am – 5pm EST
Click the button below to reach or use our email address:
hello@spergel.ca
How Much Could You Save?
Use our Debt Calculator to see how much debt relief you could get through a consumer proposal — it could reduce your debt by up to 80%.
How We’ve Helped Canadian Small Business Owners Regain Control
Success Story: Devon’s Proposal
Devon’s seasonal painting business ran smoothly for years. However, Devon had not been paying his HST to CRA. One day, he received a letter from CRA advising him of his accumulated Harmonized Sales Tax (HST) debt owing.
As a sole proprietor, he was personally liable for his business’s HST debt. Unable to repay his newly assessed HST balance and with penalties and interest quickly adding up, he got help from the team at Spergel.
Devon negotiated a consumer proposal debt settlement, freezing all interest and penalties, and Spergel negotiated a reduced payment plan to CRA.
In the end, Devon agreed to pay a monthly amount to CRA for a total that was significantly less than the balance he owed. He was able to avoid additional interest or penalties, and this allowed Devon to continue to operate his business. Devon was able to clear up his debts by working an affordable monthly proposal payment into his budget.
Success Story: Simone's Incorporated Business Restructuring
Simone ran a corporation that employed 20 people, but an economic downturn in her industry forced her to lay off staff. Bills began piling up, suppliers weren’t being paid, and orders weren’t being filled. Simone had also fallen behind in payments with her landlord.
A Spergel Licensed Insolvency Trustee assessed her situation during a free consultation and provided her options based on whether she wanted to continue to operate or close down her business.
We performed an in-depth analysis of her business cash flow and earnings. We advised that her business was viable if she could reduce expenses in certain areas while adding product lines to increase revenues.
Spergel explained that a Division I proposal would stay all her current creditors, allow her breathing room to restructure operationally and move forward.
Let's Find Your Solution
Book a free call with Spergel today, and let’s figure out your next best move to become debt-free.
There’s Always a Way to Get Your Business Back on Track
Speak with a Spergel expert today, and let’s build a plan to reduce your business debt and protect what you’ve worked so hard to build.
What Real People Are Saying
Read honest feedback from Canadians we’ve helped find relief, peace of mind, and a fresh financial start.
where to start
What’s the First Step in Getting Small Business Debt Help?
Start with a free, no-pressure consultation with a Licensed Insolvency Trustee.
At Spergel, your Licensed Insolvency Trustee will review your business cash flow, structure, and obligations to help you understand your debt relief options. Whether you’re personally liable or running an incorporated business, we’ll guide you toward the best path forward.
Everyone’s Situation is Different. Let’s Talk About You.
Book a free call today, and let’s make a plan together.
General faq
Answers to Your Questions About Small Business Debt
I'm not incorporated. Am I personally responsible for my business debt?
Yes, as a sole proprietor, you and your business are legally the same entity. Any debt, including HST or supplier invoices, is your personal responsibility. The good news is that debt relief options like consumer proposals can help you manage or reduce this liability.
What if I’m incorporated — am I still personally liable?
Generally, your corporation is a separate legal entity. However, you may be personally liable for certain obligations, such as HST or employee source deductions, if you’re a director. If you’ve signed personal guarantees, you may also be liable for those debts.
Can I file a personal bankruptcy and still run my business?
If you are a director of a corporation, you’ll need to step down while in bankruptcy. However, you may appoint someone else to act as director, or restructure your operations as a sole proprietor. A consumer proposal could also be an alternative to preserve your directorship.
My spouse owns the business — could their debt affect me?
It depends. If you’ve co-signed loans or hold joint debt, you may be liable. If your spouse’s business is incorporated and they owe HST or payroll deductions, CRA could place a lien on jointly owned property, which might affect refinancing or sale options.
Is a Division I Proposal just for big corporations?
Not necessarily. Any incorporated business with debts over $250,000 (excluding a mortgage) can use a Division I Proposal to negotiate with creditors. It’s a powerful way to avoid bankruptcy and restructure for future success.
Real Canadians. Real Success — Like Sarah
“In just three months, tracking my spending became a game-changer. I thought I was budgeting well, but the reality was eye-opening. Spergel helped me realize that the ‘small’ purchases were adding up. Thanks to their guidance, I saved $600 in just two months!”
– Sarah, Ontario
Sarah's Story is just one of many
Sarah’s journey from budgeting confidence to financial awareness showcases the power of detailed spending tracking. Discover more Success Stories of Canadians we’ve helped, or reach out to us so we can help you.
Get Small Business Debt Help — On Your Terms
You don’t need to figure this out alone. Book a free consultation and let our team of experienced Licensed Insolvency Trustees walk you through your best debt relief options.
Let’s Connect The Way That Works for You
Busy Schedule? Book a Date/Time:
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Finding Small Business Debt Help Near You Is Simple
Running a business is hard — accessing trusted debt relief shouldn’t be. With 40+ Spergel offices across Canada, expert support is always within reach.