FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Select Trustee By Province

Income Taxes and Surplus Income

Hi. I claimed bankruptcy in late November. My post bankruptcy tax return left me with a debt owing for income taxes. Can you please explain to me why I can’t use the amount that I have paid as a surplus income adjustment? If it had been a return it would have been considered income. I’ve tried asking my trustee why but they don’t give me an explanation. To me, if taxes had been taken correctly off of my pay then I would have had a lower amount of net income and a lower surplus income in December.

Posted from: British Columbia

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Income Taxes and Surplus Income”

A licensed trustee said...

In my opinion, you are correct – the tax bill represents a deduction from your earned income for surplus purposes. If you and your trustee don’t agree you have the right to request mediation. A government employee will sit down with you and your trustee to try and work out the surplus number. If you still can’t come to an agreement you have the right to make your argument in Court.