Haven`t filed 3 income tax years

November 26th, 2009 by Questions

I am about to file a bankcruptcy and I`m wondering what this will cost me since I didn`t file my income tax the past 3 yrs. I didn`t have money to pay to file. How will this affect my application for bankcruptcy… and what usually happens with bankcruptcy? Please forgive me for my ignorance, thank you.

Posted from: Alberta


One Response to “Haven`t filed 3 income tax years”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

There is a good link that I suggest you follow to read more about the cost of filing bankruptcy. You will find that ultimately there is a minimum cost that is set by the individual trustee office but there is also a guideline sent to every trustee in Canada (referred to as the Superintendent’s surplus income obligation) that is used to determine if you qualify for the minimum cost, and if you don’t it will determine what that cost will be each month.

Your taxes may or may not impact the bankruptcy, they will have to be filed and if there are taxes owing they will be cleared as of the date of bankruptcy, if there are refunds you will lose those refunds (and the loss of tax refunds are independent of the cost of bankruptcy).

For a more detailed explanation you are best to contact a local trustee and they will be happy to sit down and review all your questions with you in detail so that you understand how a bankruptcy will progress.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)