Would it be better for me to have my post-bankruptcy tax return prepared by a professional, or can I do it myself? I only have a T4 slip and nothing else. I would just like to know where I should prorate the information.
You can do it yourself, but there needs to be some sharing of credits and other expenses between the pre- and post-bankruptcy periods. In my opinion, your trustee or accountant is the best person to do it, usually for a reasonable fee.
Questions reliées
- Are debts to the government (source deductions, taxes, unpaid GST-QST) included in bankruptcy, or must they be assumed for life?
- Are the 50% penalties for failing to declare income for income tax, GST, and QST purposes included in bankruptcy proceedings?
- Are the 50% penalties for failing to declare income for income tax, GST, and QST purposes included in bankruptcy proceedings?
- As a self-employed individual, I file a single annual tax return that includes all my income (I don't operate a company; I'm only registered). My question is: After filing for personal bankruptcy, in which I would have included my outstanding income tax and GST/QST arrears, will I still need to keep the supporting documents used to file my tax returns for the previous six years, as required by law, or can I dispose of them? I ask because I assume that anything prior to the bankruptcy date would no longer be recoverable by the government, which is itself one of my creditors, and I don't know if they could legally review the years prior to the bankruptcy and demand payment if that were to happen.
- Here's my situation: I owe $6,000 to Revenu Québec and $3,000 to the Canada Revenue Agency for taxes from previous years. I'm currently repaying another $3,000 personal loan. I can't afford to pay all of this. My wife and I have a combined income of $80,000 per year. I contacted Revenu Québec, and they offered me a 12-month payment plan, which is impossible for me. I don't own a home; I pay rent. Should I declare bankruptcy?