Bankruptcy & Tax Refund
I filed bankruptcy in 2012. My trustee did my taxes for that year. When I do my 2013 return can I keep my refund or will it go to the Trustee? Posted from: Ontario
Q&A: Answers to Questions
Most Recent ‘Q&A’ Posts
Misrepresentation versus fraudulent Misrepresentation
Can you explain the difference between fraudulent misrepresentation and misrepresentation, my understanding is the latter gets expunged through bankruptcy, but the former does not. Posted from: Alberta
Switching from Proposal to Bankruptcy – Will we lose our House?
We own our home, a value of approximately $650,000. We are in a consumer proposal with a balance of $67000 and cannot make those payments. Our mortgage is $405,000.It is very difficult to sell at the moment and we would like to know if we would lose our house if we file bankruptcy. Our Trustee […]
Child Tax Benefit Credits & Bankruptcy
My wife was with me abroad for my schooling. And we both were considered as factual resident of Canada and were filing our income tax every single year while abroad. But all of a sudden the CRA decided that we are considered as non resident as of 2010 and asking my wife to repay the […]
Outstanding Debt, Income Tax and Debt Consolidation
To avoid bankruptcy, I have chosen a debt consolidation loan from the bank to pay all outstanding taxes owed from my previous self employed status. I have since closed the business and I am now a full time employee for another company. Can any of this debt or loss be deducted on my upcoming personal […]
If I don’t declare bankruptcy what happens?
If I don’t declare bankruptcy. I am 61 CPP of $500.00 per month other income part time $600.00 per month no assets and unsecured debt for 4 years $30,000. They call about every 6 months. I don’t need credit and unable to pay. Can I keep on not paying?I tried to get a loan but […]
Self Employed Bankruptcy and Surplus Income
My husband and I are considering bankruptcy next month. We are both co-owners of a business which is our main income. If we file separately, does the surplus income apply to each of us ($2497 each), or the total amount allowed to keep for a family of two ($2497 for both of us in total)? […]
CRA Liens on House and Bankruptcy
Hello, I am currently bankrupt and have not been discharged yet. The CRA has 2 liens on my house totaling $65K. One lien is for income tax the other for GST. I can get a second mortgage for only $30K and I have a representative who is telling me they can negotiate the removal of […]
Tax refund during bankruptcy
Hi there We are in our 7th month of our 1st bankruptcy. During our initial assessment stages we disclosed that we were entitled to a tax refund from previous years. As it turns out that amount is approx. $7000. As I have searched and seen that this is considered an “asset” and we had disclosed […]
Thanks
I wanted to send a note of thanks to you. I filed for bankruptcy back on March 18th. I really was not in a bad financial situation and am still not today but I had to do something to get CRS off my back for $80,000. They went back and dissallowed many of my deductions […]