What constitutues the tax year in bankruptcy?
January 3rd, 2010 by Questions
I`m a little confused on the tax and GST issue. I filed in April of 2009 and my trustee has extended my bankruptcy by another six months because I have surplus income. Everything I read says you lose your tax refund for the year you declare bankruptcy. Does this mean 2009 only (my automatic discarge should have been Jan 1) or will it include 2010? I am asking because I want to start making RRSP contributions in 2010 but if I won`t get the refund I will save the money and put it into RRSP`s in 2011. Also, if I will have paid well over $3000 by the end of my bankruptcy does this mean all my GST refunds should be returned to me?
Thanks for your help!
Posted from: British Columbia