Child Tax and Income Tax refund
October 12th, 2010 by Questions
Is child tax included in your monthly income for the surplus? Can they touch that money? Do they take your income tax refund during bankrupcy?
Posted from: Ontario
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October 13, 2010 at 8:10 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Your child tax benefit is not touched when you file for bankruptcy reform but it i inculded in your income when determining your surplus income obligation.
Now taxes are different, any tax refunds and GST cheques (if applicable) for the year of bankruptcy or potentially any period prior to that are automatically lost as part of the bankruptcy and are used to ultimately create a dividend for your creditors.