Canadian Tax & Financial Services Inc. operating as ASK Associates, and 2691855 Ontario Inc.
- Proceeding
- Receivership (court-appointed)Subsection 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended, and Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-25-00740170-00CL
Canadian Tax & Financial Services Inc., operating as ASK Associates, and 2691855 Ontario Inc. have been in court-appointed receivership since June 16, 2025, under subsection 243(1) of the Bankruptcy and Insolvency Act and section 101 of the Courts of Justice Act, before the Ontario Superior Court of Justice. The Receiver took possession of the real property and the books and records, terminated employees, managed repairs and maintenance, addressed a fire inspection and a break-in, negotiated tenant leases, and pursued loans and accounts receivable owed to CTFS. Its First Report, dated February 4, 2026, reported cumulative receipts of $205,335.46 and cash on hand of $134,093, and a broker selection process ending in CBRE's retention for a proposed 17-week sale process. Two orders followed on February 12, 2026, and on June 2, 2026 a sale to 720SheppAve Inc. was approved. The proceeding is active.
Approved the sale to 720SheppAve Inc. and vested the purchased property on delivery of the Receiver's Certificate; Confidential Appendices E and G to the Second Report stay sealed pending closing.
Source: Approval and Vesting Order
First Report accounted for cumulative receipts of $205,335.46 and cash on hand of $134,093, and reported the broker selection process and CBRE's retention for a proposed 17-week sale process.
Source: First Report of the Receiver
A receivership order was granted over the assets of Canadian Tax & Financial Services Inc., 2691855 Ontario Inc..
Source: Appointing Order
Canadian Tax & Financial Services Inc. operating as ASK Associates, and 2691855 Ontario Inc. — Receivership filed, Ontario.
Outcome brief
ASK Associates: the Pickering building is sold and bankruptcy is authorized
EY sold 720 Sheppard Avenue in Pickering, the office building that secured a tax-and-accounting practice's bank loans, and received $3,007,946 at the June 26 closing. On August 19, 2026, Justice Conway authorized distributions to National Bank, which expects a material shortfall, and an assignment of either or both companies into bankruptcy.
Debtor
Canadian Tax & Financial Services Inc. operating as ASK Associates, and 2691855 Ontario Inc.
Applicant
Canadian Western Bank
Receiver
EY
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 5 orders, Jun 2025 – Aug 2026 | 310 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverEY | Dentons Canada LLP · Davies Ward Phillips & Vineberg LLP | 4 Feb 2026 | Order · 19 Aug 2026 |
| ApplicantCanadian Western Bank | Chaitons LLP | 30 Apr 2025 | Factum · 30 Apr 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | CRA PayrollCrown/deemed-trust class (payroll source deductions). — debtor: CTFS and/or 269 | $135K | Notice and Statement of the Receiver, 245 (1) and 246(1) Notice |
| 4 | Secured | |||
| 4 | Secured | |||
| 5 | PMSI / lessors | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
67 more claims in 3 classes The stack holds Deemed trusts (CRA and other), Secured, PMSI / lessors and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansThis proceeding was commenced by a secured creditor. The record does not include the debtor’s own statement of assets and liabilities — that ceiling is the record’s, not this page’s.
Sale closed — The Sale Transaction closed on June 26, 2026Third Report of the Receiver · 13 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 720SheppAve Inc.269's right, title and interest in and to the real property municipally known as 720 Sheppard Avenue, Pickering, Ontario (the 'Purchased Property') · real property · agreement 14 Apr 2026 | Subscribers | Closed26 Jun 2026 | Third Report of the Receiver |
National Bank of Canada: shortfall.EstimatedThird Report of the Receiver · 13 Aug 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredNBC | National Bank of Canada | — | shortfall | Estimatedper the receiver | Third Report of the Receiver · 13 Aug 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
3 engagements · 3 firms — latest: Ernst & Young Inc., 13 May 2025 – 31 Jul 2026, in feesThird Report of the Receiver · 13 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Davies Ward Phillips & Vineberg LLPCounsel | 22 Jul 2025 – 26 May 2026 | — | 20 people | Third Report of the Receiver · 13 Aug 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
20 people — Davies Ward Phillips & Vineberg LLP, 22 Jul 2025 – 26 May 2026 · 20 blurred figures
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| Dentons Canada LLPCounsel | 25 May – 31 Jul 2026 | 16 people | Third Report of the Receiver · 13 Aug 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 people — Dentons Canada LLP, 25 May – 31 Jul 2026 · 16 blurred figures
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| Ernst & Young Inc.Receiver | 13 May 2025 – 31 Jul 2026 | 16 people | Third Report of the Receiver · 13 Aug 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
16 people — Ernst & Young Inc., 13 May 2025 – 31 Jul 2026 · 63 blurred figures
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107 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansCumulative receipts
$205K
As at 4 Feb 2026First Report of the Receiver
Cash on hand
As at
1 more reported figure
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Approval of Activities Order
| PDF · Subscribers | |
Motion Record
| PDF · Subscribers | |
Third Report of the Receiver
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Second Report of the Receiver
| PDF · Subscribers | |
Approving Listing Agreement and Sale Process Order
| PDF · Subscribers | |
Examination and Document Production Order
| PDF · Subscribers | |
Factum of the Receiver
| PDF · Subscribers | |
First Report of the Receiver
| PDF · Subscribers | |
Motion Record of the Receiver
| PDF · Subscribers | |
Notice and Statement of the Receiver, 245 (1) and 246(1) Notice
| PDF · Subscribers | |
Appointing Order
| PDF · Subscribers | |
Endorsement
| PDF · Subscribers | |
Factum of the Applicant
| PDF · Subscribers | |
Application Record Appointment of a Receiver
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Canadian Tax & Financial Services Inc. operating as ASK Associates, and 2691855 Ontario Inc.” (Receivership (court-appointed)), Ontario Superior Court of Justice · Commercial List. Retrieved 4 November 2026, https://proceedings.ca/case/canadian-tax-financial-services-inc-operating-as-ask-associates-and-2691855-onta