Income Taxes In Bankruptcy Or Proposals

2009-07-17

 When discussing debts with people seeking our assistance the issue of money owing to Canada Revenue Agency ("CRA") often seems to result in some confusion. To be crystal clear any debt owing to the government for income taxes, source deductions, GST etc. CAN be included in a bankruptcy or proposal. This is not true in the United States, which is why I think the confusion arises. There are certainly some restrictions on what can be done in terms of settling with CRA and if a significant percentage of your debts are to CRA you should certainly meet with one of our insolvency professionals to dicuss your situation. I can assure you, however, that we do many proposals that involve settingly money owing to the government and that, if a bankruptcy is necessary, debts to the government will also be included. Ian Schofield MNP Regina 306-790-7904

Latest Blog Posts

2025-09-04

Will Bankruptcy Erase All Of My Debt?

Mary Plahouras Rob Shier

Bankruptcy

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Read More

2025-09-02

How to budget when you’re living paycheque to paycheque

Caryl Newbery-Mitchell

Lifestyle Debt Debt Solutions

You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.

Read More

2025-09-02

MNP’s Atlantic Canadian guide to affordable fun

Lifestyle Debt

Have fun on a budget with our guide to affordable activities in Atlantic Canada.

Read More

Consultation icon