Tax consequences of consumer proposals.
Are there any tax consequences of filing a consumer proposal? Will the amount of loan writeoff be considered taxable income?
Q&A: Answers to Questions
Most Recent ‘Q&A’ Posts
Consumer proposals and shareholder loans
Can shareholder loans be part of a consumer proposal ? I’am a director and majority shareholder of my incorporated business. I took a shareholder loan from the company last year and it is payable now. I have other unsecured debt for which I want to file a consumer proposal. Can I include this shareholder loan […]
confused about bankruptcy
1 as a business cra accounts are cleaned up by filing bankruptcy? hst and income tax. 2 what happens to your personal assets. 3 can you keep some of your assets
Insurance for bankruptcy or proposal
Is it wise (or necessary) to purchase life and disability insurance to cover a bankruptcy or consumer proposal? What happens in the event of a disabling accident or death of a bankrupt?
Need help here
Back in ’98, I started a bankruptcy, but did not finalize it. Today I have a sizeable debt owing to Revenue Canada but am able to pay. The agent is insisting on me filing bankruptcy to deal with this debt and I do not want to. What are my other options?
COMMON LAW PARTNER
IF I AM TO DECLARE A PERSONAL BANKRUPTCY, WILL MY COMMON LAW PARTNER BE AFFECTED?
What to bring to a meeting.
Just wondering what items I should bring to an initial meeting with a Trustee. My spouse and I completed a Consumer Proposal earlier this year and now I have to deal with remaining debt (30,000 student loan that is now over 10 years old and GMAC). I am unemployed, and would like to file another […]
adjourned court
I went to a court hearing in march 2006 . the judge had my case adjourned for three months. the trustee was asked by the judge to arrange another hearing. it is now December 2006 and nothing has happened. How do I get a resolution to my case and get my discharge either absolute or […]
Cash Exemption
I am in Ontario. Execution act lists a number of exemptions, car, tools of trade, etc, but how about Cash. let’s say that on date of bankruptcy I have 3 cheqing accounts and each has c.a. $500.00 balance whcih is intended for groceries and next month rent which is due in few days. Should I […]
Joint Invesment accounts in Bankruptcy
Me and my wife have about 30K in a joint investment account. Both of us were employed when we funded the account in 2003 and I had contributed 20K and she contributed 20K. We had withdrawn about 25K in 2006 from that account for personal expenses. I had lost my job in March ’06 and […]