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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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Completing Taxes

Do I have to complete and bring my taxes up to date for all tax years excluding present, while in bankruptcy? Can I still get a discharge if I fail to complete and file my taxes?

Posted from: Ontario

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One Response to “Completing Taxes”

A licensed trustee said...

When you file for bankruptcy you are required by law to file the year prior to and the year of bankruptcy (which will be divided into PRE and POST bankruptcy returns). Most trustees, ourselves included, will encourage you to file ALL of your outstanding returns if it may be done inexpensively. CRA likes to have all of your returns aso if it can be reasonably be done your trustee will ask you to do it.

Unlike income tax returns, GST returns aren’t covered by this law so if you have outstanding GST returns the government has the right to DEMAND that they ALL BE FILED.

Discuss this with your trustee BEFORE you file so you know exactly what is expected of you in order to be discharged.