Consumer Proposal and Income Tax Return
October 1st, 2010 by Questions
If I file for a consumer proposal, will I lose my income tax refund?
Posted from: Ontario
One Response to “Consumer Proposal and Income Tax Return”
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October 02, 2010 at 8:32 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
This is one of the differences between the filing of a consumer proposals vs. filing a bankruptcy.
With a bankruptcy you would loose the tax refund. But with the consumer proposals that refund is yours to keep, unless you have inserted a term into the proposal stipulating that the creditors will receive those funds. This would be an unusual term, but it is technically possible.