July 15th, 2012 by Questions
If I declare bankruptcy will I still get an income tax return?
Will I still get my “baby bonus”
Posted from: Ontario
One Response to “Questions”
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July 15, 2012 at 7:39 am, A licensed trustee said:
When you file for bankruptcy you lose the tax refund for the year you file and all previous years. For exampnle, if you filed today, you would lose the refund for 2012 (the one your receive in the spring of 2013), plus you lose any refunds for all the years before 2012 – even after you bankeruptcy is complete, if you are entitled to a refund for 2012 or an earlier year it will be sent to your trustee for the benefit of your creditors.
If you are eligible for the Child Tax Benefit (CTB or Bbay bonus) then you will continue to receive it.