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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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Income tax refunds and bankruptcy

What happens to my income tax refunds?

Posted from: Ontario

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One Response to “Income tax refunds and bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The income tax refunds for the year of bankruptcy and any previous year are lost. They vest or are assigned over to the trustee as part of the bankruptcy and then are used to create a small benefit to your creditors.