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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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Consumer Proposal and Income Tax Return

If I file for a consumer proposal, will I lose my income tax refund?
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Posted from: Ontario

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One Response to “Consumer Proposal and Income Tax Return”

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

This is one of the differences between the filing of a consumer proposals vs. filing a bankruptcy.

With a bankruptcy you would loose the tax refund. But with the consumer proposals that refund is yours to keep, unless you have inserted a term into the proposal stipulating that the creditors will receive those funds. This would be an unusual term, but it is technically possible.