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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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does bankruptcy affect income taxes owed?

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One Response to “does bankruptcy affect income taxes owed?”

A licensed trustee said...

The income taxes that you owe (literally) up to the day you file bankruptcy will be included in (and eventually eliminated) by your bankruptcy.

In the year you file two tax returns are prepared on your behalf. One covers the period from January 1st until the day you file bankruptcy and is called the PRE bankruptcy return. The second covers the period from the day after you file until December 31 and is called the POST bankruptcy return.

Keep in mind that if you owe money on the POST bankruptcy return you will be held responsible to pay it.