September 30th, 2012 by Questions
What is the limit for debt for a couple and does consumer proposal cover tax debt?
Posted from: Ontario
September 30, 2012 at 9:20 pm, A licensed trustee said:
$500,000 for a couple, excluding any mortgages on their princiapl residence.
To file togther (the term is jointly) all or substantially all of your debts need to be the same. This usually means that at least 90% of your debts are the same as the person you want to file jointly with.
The limit for a single person filing is $250,000 excluding mortgages on your principal residence.
And yes, tax debts are included and may be dealt with by a consumer proposal…
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