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Consumer proposal and tax refund

If I file a consumer proposal (and it gets accepted) and the CCRA is one of the creditors… what happens if during the proposal I get a tax refund. Is the CCRA allowed to withold the refund and apply it towards the debt I owe them… or do I get the refund since they accepted the proposal?

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One Response to “Consumer proposal and tax refund”

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

This depends on what year you are talking about. If it is in the first year of the proposal (i.e. you filed the proposal in 2005 and on your 2005 taxes a refund is calculated) then there is some uncertainty that you should discuss with a licensed trustee prior to filing the proposal. If the refund pertains to for subsequent years (i.e. refund is for 2006 or any additional years) in most instances you would receive these monies.