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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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Income tax after bankruptcy

I know I would lose the prior years of income tax and the year of my bankruptcy, but do I lose my income tax refunds for the next 7 years?

Posted from: Ontario

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One Response to “Income tax after bankruptcy”

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

No, you will only lose income tax refunds for the year of bankruptcy and any years prior (assuming they haven’t already been filed and received). The seven years you are referring to is the maximum length of time your credit is damaged (and it is technically 6 years from the date your bankruptcy is finished), but rest assured you don’t loose taxes for the next 7 years.