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Retro pay

Hi , i have filed for bankruptcy a month ago. I have just leaned that I may recieve retoactive pay from my previous job in 2007. I will be respnsible to pay the income tax as none will be deducted. I know I have to report this, but will all of this have to go back to my estate even though it was money from working in 2007?

Posted from: Nova Scotia

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One Response to “Retro pay”

A licensed trustee said...

It will be up to your trustee to decide is this retro pay is “income” and therefore subject to the surplus rules (partial seizure) or if it is a windfall and subject to 100% seizure. The law is felxible enough that trustees treat this kind of payment both ways – you’ll need to call your trustee and ask them how they will treat it…