GST Credit During Bankruptcy
I filed for 3 years of income tax 06-08 all at once before I went bankrupt July 09. I am in bankruptcy now $140 a month till may 10. I checked my canada revenue agency site it said a check for 1302 was issued to trustee i understand that. Will that 1302 be used towards the trustee fees. Or will i recieve that after bankruptcy as the credit was for years before i was bankrupt.
Posted from: New Brunswick
GST rebates are only retained by your trustee if your total payments into the estate are less than $1700 (that’s an estimate – the real number varies a bit depending on your circumstances). So if you continue to pay $140 per month then likely most (if not all) of that GST rebate will be returned to you at the end of your bankruptcy.
Frankly, if it was me, I’d call my trustee and ask them to apply the rebate to my monthly payments – at least that way you don’t have to make the $140 payment every month until the rebate money runs out. Just a thought…