Sole propietor the only source of income
July 17th, 2008 by Questions
my wife and I (common law). The only source of income in my business of 10 years. How would a stable source of income be calculated from this. We were interested in doing a consumer proposal for the personal side of bills (not business)
Posted from: Ontario
One Response to “Sole propietor the only source of income”
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July 18, 2008 at 7:49 am, A licensed trustee said:
The first thing your trustee will likely ask you is whether or not you have filed (and paid) your income taxes. If you’ve filed then your taxable income may form the basis for projecting your income forward. Your trustee will then ask you if there are any reasosn why the next year will look any different from past years – if there are your trustee may adjust your income figures to reflect these changes.
At the end of the day you are required to present your trustee with a reasonable budget on which to base your proposal – if you’ve had wild swings in your income your trustee may suggest that you consider bankruptcy (as opposed to a proposal) as a better approach to your situation. Don’t be offended if they do – the goal is to find the best solution for your particular problem.