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Error on income tax return filed by trustee

My trustee filed my income tax return but there was an error on it. CRA paid out to my trustee a refund that was greater than it should have been. The CRA says the excess funds must be claimed as income on my next year’s tax return.

So, do I have to claim this new income on my monthly income/expense report to my trustee, even though the money never came to me?

And shouldn’t trustees be more responsible when filing a bankrupt’s taxes?

Posted from: British Columbia

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One Response to “Error on income tax return filed by trustee”

A licensed trustee said...

Based on what you’ve written, I am going to assume you haven’t discussed this with your trustee yet. Give them a call, send them the documents you have received from CRA and your trustee should correct the error and return the refund to CRA.

Errors do happen and when they do, reputable firms will fix them.