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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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Spouse`s Income

My spouse has been off work for 4 years and is receiving an LTD benefit each month. The insurance income is non-taxable (she paid her own premiums — not the employer) and therefore she does not report it as income on her yearly Income Tax filing. She also receives approx. $900 in CPP Disability per month. When calculating if there is surplus income, do we include the total of the insurance benefit and CPP Disability, or just the CPPD amount?

Thank you in advance for your assistance.

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One Response to “Spouse`s Income”

Barton Goth GCO Bankruptcy Trustees said...

The Superintendent Surplus is based on total income received regardless of whether or not it is taxable. Therefore when calculating surplus you should include both the LTD benefits and the CPP disability received.