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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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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Talk to a trustee now or later?

My husband and I are considering talking to a trustee about a proposal. We have about $50,000 in unsecured debt. We have also taken a lot of money out of RRSPs this year to live on. Therefore, we will have to pay back about $8000 to Revenue Canada when we file taxes next April. We would want to include that amount in the proposal. Should we wait until April to talk to a trustee or can a trustee include our future debt to Revenue Canada in a proposal now? Thanks for your time.

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One Response to “Talk to a trustee now or later?”

A licensed trustee said...

You should talk to a trusteenow. You have two options if you want to file a consumer proposal.

First, you could file the proposal now. The proposal administrator (your trustee) will need to file a provisional tax return for the period up to the date of the proposal with CRA, and include in your proposal the debt that results from that tax return.

Second, the simpler option is to wait until January and then file the proposal. All tax debts up to the end of the previous year are included in the proposal, so a special tax return is not necessary. Obviously you will want to file the tax return as soon as possible, as CRA may vote against the proposal if your tax return has not yet been filed. The second option is the simplest option.

This process is somewhat complicated; your trustee will be able to explain the process in more detail.