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rgba(0,0,0,1)}body{margin:0;--wp--style--global--content-size:1200px;--wp--style--global--wide-size:1400px}body{--wp--style--block-gap:24px}body{padding-top:0;padding-right:0;padding-bottom:0;padding-left:0} Child Tax Benefits underpayments | Bankruptcy Canada
This particular issue is a lot more common than you might think.
Our approach to this issue is to give our clients a choice between 2 different ways to treat these funds.
The first is to treat the cheque as income in the month it is received and therefore it is subject to the Surplus Income Standard. The Surplus Income Standard requires bankrupts to pay a portion of their income into their bankruptcy based on the net monthly income received and the number of people in the household. Selecting this option means the person will lose 50% or more of the retro-active cheque.
The second way is to treat the cheque as an asset that the bankrupt was entitled to when they filed bankruptcy. Selecting this option means that the person will have to pay the entire cheque into their bankruptcy.
As you can imagine, very few people have ever selected the second option.
It is important to note that there is significant case law to refute either interpretation and your trustee may not agree with our policy of allowing a bankrupt person to decide which option they would like us to use. If you disagree with your trustee’s approach you should discuss the matter with your trustee and if it cannot be resolved you always have the right to ask the Courts to decide.