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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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Filing returns

In the year of absolute discharge from bankruptcy should be two returns filed (post-bankruptcy and with discharge day) or one?

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One Response to “Filing returns”

A licensed trustee said...

The year that you are discharged has nothing to do with your income taxes.

When you FILE bankruptcy something called a deemed year end occurs. That means your trustee will prepare a PRE-BANKRUPTCY return for the period of January 1st to the date that you file.

A second tax return called the POST-BANKRUPTCY return must be filed for the period from the day after you file bankruptcy until December 31 of the same year. Your trustee may or may not prepare this return on your behalf depending on local practices.

I hope this clears things up for you.