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consumers proposal and income taxe refund

January 2, 2006 we filed a consumers proposal. The reason was that we lost a business. To keep the business going we put in a substantial amount of our own money. (Cashed in RSP’s and increased the line of credit on our house)..We now owe more than the house is actually worth. We finish paying our trustee in November of this year.
Can we claim the 80,000. dollars that we invested in the business from our personal funds as a lose and apply it against our income this year, and if we are entitled to a refund do those funds go to the Trustee as well.

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One Response to “consumers proposal and income taxe refund”

Barton Goth, GCO, Bankruptcy Trustees said...

No, any tax credits for business loss expire with the date of bankruptcy (i.e. you are no longer eligible to carry forward previous years deductions pas the date you filed for bankruptcy).