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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Bankruptcy tax

I filled for bankruptcy in Aug/04. My Income in 2003 was 12,500. In 2004 my income was 16,359. I am a widow with three children. Canada revenue is saying that I owe $987.0. How is that possible?

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One Response to “Bankruptcy tax”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This is definitely possible, in fact I would expect this to occur. I Canada, the average tax rate for income greater than $7,412 but less than $30,754 is 16%.