February 7th, 2010 by Questions
Are there any provisions that would allow claiming any portions of surplus income re-payment as tax deductions?
Posted from: Ontario
February 08, 2010 at 5:56 am, 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…
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.