Comments on: Tax Refunds http://www.bankruptcy-canada.ca/bankruptcy/2010/01/tax-refunds-5.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy http://www.bankruptcy-canada.ca/bankruptcy/2010/01/tax-refunds-5.html#comment-113354 Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy Tue, 26 Jan 2010 14:02:03 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2010/01/tax-refunds-5.html#comment-113354 You are correct that there is an impact on ones taxes when a <a HREF="http://www.bankruptcy-canada.ca/whatIsBankruptcy.htm" rel="nofollow">bankruptcy</A> is filed in Canada. But ultimately what is important is the year you filed for <a HREF="http://www.bankruptcy-ontario.org/bankruptcy-Ontario.htm" rel="nofollow">bankruptcy</A>. You will loose any refunds that are due to you up to and including the year you file. So if you file for <a HREF="http://www.moneyproblems.ca/personal-bankruptcy-canada.htm" rel="nofollow">personal bankruptcy</A> on Dec. 24, 2009, regardless of when you receive your discharge, you would loose any tax refunds for 2009 and any preceeding year (should their be any outstanding returns). You are correct that there is an impact on ones taxes when a bankruptcy is filed in Canada.

But ultimately what is important is the year you filed for bankruptcy. You will loose any refunds that are due to you up to and including the year you file.

So if you file for personal bankruptcy on Dec. 24, 2009, regardless of when you receive your discharge, you would loose any tax refunds for 2009 and any preceeding year (should their be any outstanding returns).

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