How Does Bankruptcy Affect My Tax Returns?
You must supply your Insolvency Trustee with documents to complete two income tax returns during the year in which a bankruptcy occurs.
The Trustee must file one return for the period from January 1 to the date of bankruptcy and another for the period from the date of bankruptcy to December 31. In addition, your Trustee must ensure that your income tax return for the year prior to the bankruptcy is filed if you have not already done so
- Eliminating Tax Debts: CRA’s Reaction and Bankruptcy Court Decisions
- Eliminating Tax Debts in Canada
I received my Discharge from Bankruptcy earlier in the week, and I just wanted to thank you for helping me through this process. Before meeting with you I stressed out and terrified about my future; now I’m a lot less stressed (the job market still isn’t great), and a lot more hopeful.
I appreciate everything you’ve done, and if I know anyone needing similar help (I hope not), I will definitely refer them to A. Farber and Partners.
Wayne B (Toronto)
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