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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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Outstanding Debt, Income Tax and Debt Consolidation

To avoid bankruptcy, I have chosen a debt consolidation loan from the bank to pay all outstanding taxes owed from my previous self employed status. I have since closed the business and I am now a full time employee for another company. Can any of this debt or loss be deducted on my upcoming personal income tax?

Posted from: Quebec

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One Response to “Outstanding Debt, Income Tax and Debt Consolidation”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

Whether this constitutes a tax deductible expense depends on the details of the transactions and you are best advised to contact a tax consultant.