How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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Child Tax Credit

Do I lose my child tax credit from the government of ontario if I claim bankruptcy? Frankly–it is buying the groceries.

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One Response to “Child Tax Credit”

Barton Goth GCO Bankruptcy Trustees said...

No, you do not directly loose your child tax credit.

Although, this is considered income when calculating whether or not you have to make surplus payments or not, so indirectly it may marginally increase what you have to pay each month, but likely the impact will be marginal. For a breakdown of how much it affects things you should review your income figures with a local trustee and they will be able to show you how surpluse works and determine if it is an issue or not.