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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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Surplus Income

Hello,
Is it an option to pay extra taxes (on self-employed income) to reduce our surplus income so that we are not over the allowable income and do not have to stay in bankrutpcy for an additional 12 months?
Thank you.

Posted from: Alberta

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One Response to “Surplus Income”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Hello,

Unfortunately you can’t pay extra tax simply to avoid paying your surplus income obligation. It is recommended that you make the standard tax deductions and that will be used to reduce your surplus, but the must not be excessive.