Ontario · Receivership (court-appointed)
Third Report of the Receiver
Court officer report · 13 August 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing14 verified · 1 withheld
- secured creditorsnote: Exclusive of interest and costs; NBC expects material shortfall on secured claim as net sale proceeds insufficient to repay in full; cross-guaranteed by CTFS · page: 6 · as of: Receivership Order date (June 16, 2025) · amount: 3870000 · debtor: 2691855 Ontario Inc. · creditor: National Bank of Canada (successor to Canadian Western Bank) · currency: CAD · security: Term Loan (demand non-revolving); secured by charge/mortgage registered May 24, 2023 in principal amount of $4,625,000, general security agreement, and assignment of rents
- secured creditorsnote: Exclusive of interest and costs; cross-guaranteed by 269 · page: 6 · as of: Receivership Order date (June 16, 2025) · amount: 400000 · debtor: Canadian Tax & Financial Services Inc. · creditor: National Bank of Canada (successor to Canadian Western Bank) · currency: CAD · security: Operating Loan (demand); secured by general security agreement over all present and after-acquired assets
- unsecured creditorsnote: Approximate figure; document names no individual creditors · page: 7 · as of: 2025-06-16 · basis: Based on limited books and records made available to the Receiver, reported as approximately $3.027 million · amount: 3027000 · debtor: Canadian Tax & Financial Services Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Deemed trust claim (CRA/quasi-governmental); exclusive of penalties and interest for stated portion; subsequent period under examination by CRA; estimate subject to CRA assessment · page: 7 · as of: 2026-07-09 · basis: Receiver's estimate based on CRA statement dated July 9, 2026 ($7,124.89 for Jan 1, 2023 - Sept 30, 2024) plus estimated ~$22,000 for Oct 1, 2024 - June 16, 2025 · amount: 29000 · debtor: 2691855 Ontario Inc. · creditor: Canada Revenue Agency (deemed trust - HST, 269) · currency: CAD
- unsecured creditorsnote: Relates to unremitted source deductions for 2024 and 2025 taxation years · page: 7 · as of: 2026-10-17 · basis: CRA payroll examination statement dated October 17, 2026, inclusive of penalties and interest · amount: 182758.81 · debtor: Canadian Tax & Financial Services Inc. · creditor: Canada Revenue Agency (payroll source deductions, CTFS) · currency: CAD
- unsecured creditorsnote: Deemed trust claim (quasi-governmental class) · page: 7 · as of: 2026-10-17 · basis: CRA deemed trust claim asserted in payroll examination statement dated October 17, 2026, re: outstanding pre-receivership HST remittances · amount: 426456.6 · debtor: Canadian Tax & Financial Services Inc. · creditor: Canada Revenue Agency (deemed trust - HST, CTFS) · currency: CAD
- secured creditorsnote: Serialized-equipment financiers aggregated per convention; individual registrants named in security field · page: 53 · as of: December 22, 2024 (PPSA Searches) · debtor: Canadian Tax & Financial Services Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA financing statements registered by The Bank of Nova Scotia (equipment, other, motor vehicle) and Mercedes-Benz Financial / Mercedes-Benz Financial Services Canada Corporation (equipment, other, motor vehicle)
- secured creditorsnote: PPSA equipment financiers (PMSI class); part of aggregated entry · page: 53 · as of: December 22, 2024 (PPSA Searches) · debtor: Canadian Tax & Financial Services Inc. · creditor: Porsche Financial Services Canada · currency: CAD · security: PPSA financing statement - collateral classified as consumer goods and motor vehicle
- unsecured creditorsnote: Municipal property tax arrears; preferred claim (municipal taxes); Receiver noted these arrears were settled ($175,626 credited to Purchaser as of closing) - see page 8 · page: 53 · as of: 2024-12-30 · basis: Tax certificate issued by City of Pickering dated December 30, 2024, comprising $29,083.45 for 2023 and $49,654.18 for 2024 · amount: 78737.63 · debtor: 2691855 Ontario Inc. · creditor: City of Pickering (realty taxes) · currency: CAD
- closing confirmedscope: the Real Property · outcome: completed · effective: 2026-06-26 · purchaser: 720SheppAve Inc. · date basis: stated · approval order date: 2026-06-02
- fee scheduleengagements: form: invoice_listing · rows: · money: tax: label: Harmonized Sales Tax · quote: $32,794.25 in Harmonized Sales Tax · amount: 32794.25 · fees: quote: comprising $252,138.05 in fees (after discount) · amount: 252138.05 · total: quote: in the aggregate amount of $285,057.71 · amount: 285057.71 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: $125.41 in disbursements · amount: 125.41 · period: end: 2026-07-31 · kind: cumulative · quote: the fees of the Receiver for the period from May 13, 2025 to July 31, 2026 · start: 2025-05-13 · approval: state: unstated · averages: · currency: · invoices: tax: 32794.25 · date: 2026-08-13 · fees: 252138.05 · quote: CA12C500014005 | August 13, 2026 May 13, 2025- July 31, 2026 | 252,138.05 | 125.41 | 32,794.25 | 285,057.71 · total: 285057.71 · period end: 2026-07-31 · period start: 2025-05-13 · disbursements: 125.41 · firm text: Ernst & Young Inc. · firm quote: Professional Fees - Ernst & Young Inc. · context quote: I am a Senior Vice President of Ernst & Young Inc. (' EYI '), in its capacity as Court-appointed Receiver (the ' Receiver '); form: time_summary · rows: Sharon Hamilton; Allen Yao; Matthew Nanan; Wilson Chan; Donna Hatfull; Robert Ferguson; Cam Bear; Marites Carandang; fees: 262742.5 · role: Turnaround and Restructuring · hours: 661.4 · quote: 661.4 | 262,742.50 | 397 · row kind: subtotal · rate kind: average · name as stated: Turnaround and Restructuring Total; Dave Caballes; Derick Vasquez; Cody Lang; Alison Brown; Jeff Dale DuPlessis; Helia Seyedmazhari; fees: 31265 · role: IT Forensics · hours: 77.1 · quote: 77.1 | 31,265.00 | 406 · row kind: subtotal · rate kind: average · name as stated: IT Forensics Total; James Rosenthal; Ayush Sha; fees: 2625.5 · role: Transaction Real Estate · hours: 5.9 · quote: 5.9 | 2,625.50 | 445 · row kind: subtotal · rate kind: average · name as stated: Transaction Real Estate Total · money: fees: quote: 252,138.05 · amount: 252138.05 · approximate: false · period: end: 2026-07-31 · kind: cumulative · quote: May 13, 2025 to July 31, 2026 · start: 2025-05-13 · approval: state: unstated · averages: rate: 339 · quote: 744.4 | 252,138.05 | 339 · currency: · invoices: · firm text: Ernst & Young Inc. · firm quote: Professional Fees - Ernst & Young Inc. · hours total: quote: 744.4 · value: 744.4 · context quote: I am a Senior Vice President of Ernst & Young Inc. (' EYI '), in its capacity as Court-appointed Receiver (the ' Receiver ') · discount note: text: Courtesy Discount · quote: Courtesy Discount | (44,494.95) | (44,494.95) | (44,494.95); form: rate_chart · rows: Michael Disney; Natasha MacParland; Steven Willard; Patrica Thomas; Stefanie Milner; Rui Gao; Robert Nicholls; Katrina Brazzell; Bryan Yau; Jason Stephanian; Warren Corber; Helin Tasdemir; Rachel Gertin; Caroline Tolton; Charlene Schramm; Amanda Bunting; Adrianna Cubellis; Erin Rix; Holly Ellis; Ashley Perley · money: tax: label: HST · quote: $21,316.86 in HST · amount: 21316.86 · fees: quote: $162,103.50 in fees · amount: 162103.5 · total: quote: in the aggregate amount of $185,549.67 · amount: 185549.67 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: $2,129.31 in disbursements · amount: 2129.31 · period: end: 2026-05-26 · kind: invoice · quote: For the period July 22, 2025 to May 26, 2026 · start: 2025-07-22 · approval: state: unstated · averages: · currency: · invoices: · firm text: Davies Ward Phillips & Vineberg LLP · firm quote: Billing Rates of Davies Ward Phillips & Vineberg LLP · context quote: the fees and disbursements of Davies for the period from July 22, 2025 to May 26, 2026, in the aggregate amount of $185,549.67 , representing $162,103.50 in fees, $2,129.31 in disbursements, and $21,316.86 in HST; form: rate_chart · rows: Natasha MacParland; Ron Fairbloom; Sara-Ann Wilson; Oliver Flis; Lorie Nelson; Christine Hardy; Rennie Ali; Amanda Campbell · money: tax: label: HST · quote: Taxes (HST) | 4,812.27 · amount: 4812.27 · fees: quote: Fees | 40,073.00 · amount: 40073 · total: quote: Total | 45,294.47 · amount: 45294.47 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: Disbursements | 409.20 · amount: 409.2 · period: end: 2026-07-31 · kind: invoice · quote: For the period May 25, 2026 to July 31, 2026 · start: 2026-05-25 · approval: state: unstated · averages: rate: 865.51 · quote: Average Rate | 865.51 · currency: · invoices: tax: 4812.27 · date: 2026-08-06 · fees: 40073 · quote: Invoice No. | 270042019 · total: 45294.47 · period end: 2026-07-31 · average rate: 865.51 · period start: 2026-05-25 · disbursements: 409.2 · firm text: Dentons Canada LLP · firm quote: Billing Rates of Dentons Canada LLP · hours total: quote: Hours | 46.3 · value: 46.3 · context quote: the fees and disbursements of Dentons for the period from May 25, 2026 to July 31 2026
- purchaser720SheppAve Inc.
- recovery outcomeentries: basis: estimated · quote: NBC expects to suffer a material shortfall on its secured claim, as the net proceeds of sale are insufficient to repay NBC in full. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: NBC · creditor name: National Bank of Canada · interim final: unstated · claims qualifier: unstated · stated on: 2026-08-13 · table missing:
- sale outcometext: The Sale Transaction closed on June 26, 2026 · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.