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Consumer proposal tax implications

What are the implications on your income taxes when you file a consumer proposal?

Posted from: British Columbia

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One Response to “Consumer proposal tax implications”

A licensed trustee said...

Any taxes that you owe, as at the date you file a consumer proposal are a debt that will be dealt with as part of the proposal. For example, if you owe taxes for 2012 and you filed a proposal today, the amount of the tax is a debt that must be listed and dealt with by your proposal. If you alos owe taxes for the money you’ve earned so far in 2013 you need to have a special clause added and approved in your proposal to include those taxes.

If you don’t owe any taxes when you file then your income taxes will not be affected – you file your returns normally each year and either receive the refunds or make the extra payments each year as the case may be.