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cra after bankruptcy

when does cra recognize a person’s discharge from bankruptcy and begin to send any applicable refunds/information directly to the individual and no longer to the trustee?

Posted from: Manitoba

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One Response to “cra after bankruptcy”

A licensed trustee said...

Your date of discharge from bankruptcy is the same for CRA as everyone else – the day you either receive your discharge from your trustee or from the Court.

As far as refunds go, you will lose any refunds that relate to the eyar you file – if you file today you will lose your 2011 refund (payable in the spring of 2012). You will also lose any refunds that relate to this year or any prior year should you file changes in the future.

So if you are waiting to file a bunch of old tax returns until after you file in the hopes you’ll get to keep the refunds, I am sorrt to tell you that won’t happen. Similarly, if you are hoping to file changes to old returns in the hopes of creating refunds you won’t receive those either.