2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2010-06-21
When a person files bankruptcy there will be two tax returns filed for that year, instead of the normal one return. A tax return will be filed from January 1 of the year to the date of Bankruptcy (called the "Pre-Bankruptcy" tax return) and a second return filed from the date of Bankruptcy to December 31 of that year (called the "Post Bankruptcy" tax return. Any refund deriving from the Pre-Bankruptcy tax return (or any prior years for that matter will flow into the bankruptcy). If there is money owing to CRA they will, of course, offset that amount owing against any refund. Usually, the Trustee will take an assignment of the Post-Bankruptcy tax return and then any refund from that return will also flow into the bankruptcy. CRA can not offest this refund for amounts owing at the date of bankruptcy. The Trustee will usually take an assignment unless the individual has very low income and there will be no refund, or sometimes in the case of self-employed individuals where there is likely to be an amount owing after the date of bankruptcy. Ian Schofield MNP Regina 306-790-7904
2025-09-04
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2025-09-02
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.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.