Bankruptcy
For tax purposes, the taxpayer’s current taxation year is deemed to come to an end on the date that bankruptcy is declared and a new one is deemed to begin. Our Tax Professionals are here to help you file your Pre-Bankruptcy, In-Bankruptcy, Post- Bankruptcy Tax return; and
Examine the income, deductions and credits that can be claimed on each of the three returns.
Explain the effect of discharge upon debts, and how bankruptcy affects tax losses both before and after the date of bankruptcy.
What amount will be used to determine the eligibility for the GST/HST credit and WITB, based on the income prior and afterwards to bankruptcy.
