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Surplus Payments Tax Deductible?

Are there any provisions that would allow claiming any portions of surplus income re-payment as tax deductions?

Posted from: Ontario

One Response to “Surplus Payments Tax Deductible?”

A licensed trustee said...

No, there are not. If the payments you make into bankruptcy (for surplus or anything else you are required to pay) were tax deductible then the debts you are eliminating would be treated as taxable income. I don’t think anyone filing for bankruptcy would want that…