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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 clear you from tax debt?

A friend who has serious credit card problems. She is self employed but has been living `beyond her means` for some time thanks to credit cards. Now I discover, the taxman is after her, and for good reason. Does bankruptcy erase back taxes too?

Posted from: Quebec

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One Response to “Does bankruptcy clear you from tax debt?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Yes, taxes are covered by a bankruptcy. Although the process may change a little depending on how large the tax debt in question is. If the tax debt makes up a substantial majority of the debt then it is very common for Canada Revenue Agency to oppose the bankruptcy discharge . For a better idea if this is a risk or not I would suggest your friend contact a local trustee.