Retroactive Child Tax Credit lump sum
April 6th, 2007 by Questions
I am going to file a Proposal in the next 3 weeks (then proceed to bankruptcy if unsuccessful).
1) My wife may not have to file since the tax debt is mine. How will the retroactive CTC lump-sum payment to her (perhaps in the range of $7,000) be treated if I have to file for bankruptcy?
Will this lump-sum payment increase my reasonable Proposal amount (I have been told +75% to +100% of Bankruptcy amount).
2) We have a New Home(owned jointly) GST refund due of about $4,000. How will this be treated? Surplus Income? Fully or partially withheld by CRA? Again – will the receipt of this increase my reasonable Proposal amount?
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