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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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Personal Taxes

What is the purpose of filling two separate income tax returns on the year of the bankruptcy if the Trustee is going to keep all of the credits?
Why the credits are not pro-rated?

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One Response to “Personal Taxes”

Barton Goth GCO Bankruptcy Trustees said...

The short answer is that is the way the Income Tax Act is written. As for the purpose I can only guess that these tax credits are seen as an asset and one that should be lost as of the date of bankruptcy. However, this is simply speculation, the reason it is done is that is the way the legislation reads and therefore we must.