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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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impact of bankruptcy on taxes

I filed for bankruptcy in March 2010 and expect to be discharged at the beginning of December 2010. My trustee filed my taxes for 2010 prior to bankruptcy. Will they file my taxes to December 31, 2010? or will they file only to the date of discharge and I file for the remainder of December?

Posted from: Ontario

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One Response to “impact of bankruptcy on taxes”

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

When you file for bankruptcy in Canada, as part of the bankruptcy the date of bankruptcy is deemed to be a year end. meaning a tax return will be filed from January 1, 2010 to the date of bankruptcy (pre-bankruptcy return). This return is required to be filed by your trustee, assuming you provide him the necessary information. A second return has to be filed from the date of bankruptcy to the end of the year (post-bankruptcy return). Most trustee’s do file this return, but that hasn’t always been the case. So to know for sure you are best to contact your trustee directly.