Bankruptcy and Retro Return

great work wills im sure this will help some and save them a lot of cash.

propat

To all bankruptcy people on here. i recd a reply from MC on my bankruptcy query and he stated he recd word back from his expert that i am indeed correct. He also stated that unless your trustee approaches the court and has an order from the court, then, and only then, can SISIP forward any funds to trustee.
HERE IS MY OLD POST
To put the bankruptcy question in simple terms is as follows:
I went bankrupt in Oct 2006
My retro goes back to 2004
If i decide to have taxes re-assessed back to 2004 then i owe the trustee for my retro and interest for 2004, 2005 and 8 months of 2006. Trustee will automatically be advised and will be sent the re-assessments by CCRA.
If I decide NOT to have my retro re-assessed all the way back to 2004 and decide to declare it all in 2012/2013 or even go back 5 years to 2007 then CCRA does not send copies of the re-assessments to the trustee because as far as CCRA are concerned the funds I am now declaring were earned AFTER the bankruptcy hence I owe trustee nothing.
Hope this helps anybody out there.

Navrat, basically as long as i don't declare back to pre-bankrutcy years then trustee does not get notified. I also spoke to Ernest Gittens who is a senior partner in the lawfirm Gittens and Associates and he agrees.

So any previous bankrupt better make sure it's declared this tax year only

Thanks Navrat, your buddy is technically right, the key here is "Retro earned in those years". Technically CCRA treats whatever year you declare this retro as the year it was earned.

Will, I don't doubt you but I got a buddy in almost the same circumstance and he's telling me and everyone else he called CRA and his trustee, and whatever retro earned in those years will be taken by the trustee, better make 100 percent sure

To put the bankruptcy question in simple terms is as follows:
I went bankrupt in Oct 2006
My retro goes back to 2004
If i decide to have taxes re-assessed back to 2004 then i owe the trustee for my retro and interest for 2004, 2005 and 8 months of 2006. Trustee will automatically be advised and will be sent the re-assessments by CCRA.
If I decide NOT to have my retro re-assessed all the way back to 2004 and decide to declare it all in 2012/2013 or even go back 5 years to 2007 then CCRA does not send copies of the re-assessments to the trustee because as far as CCRA are concerned the funds I am now declaring were earned AFTER the bankruptcy hence I owe trustee nothing.
Hope this helps anybody out there.

I went through BR and I felt like I was being treated as if I had been a thief and was the worst that socity had to offerevery time I went to the bank even to cash a CHQ, and you are treated the same for seven years on a Consumer proposal as if you claimed BR , The worst part was my wife got a job the day after the paper work was processed and we had lots of money YO GIVE TO THE LAWYER, any way I learned a lot and know now that it is not such a bad deal and that some people make it a habbit and once you are dicharged that is it all clear!

The force is still strong with you Supreme....lol yeah I know ya were but always up for a good debate...

" Consumer proposal they can't touch it ". If there is a 60 day clause where within that timeframe a persons economic situation changes the creditors will be informed. This in law tells me one thing. There would not be a clause of 60 days if the creditors couldn't enact the additional payments of money or payout. This is what I'm saying. Consumer credit proposals will show up on your bureau as an "R" value and I believe its an R9 which is the same as bad debt not paid like bankruptcy shows the same...but it's Sunday night and I really don't feel like pulling books out...I may be wrong and maybe someone can correct me. I can't possibly keep up on all the laws. Good info though for everyone. And I was just poking fun ltd.

how am I wrong even in your reference it states "Anytime after that and you have no obligation to disclose the inheritance" referring to 60 days after you file..... this is for a consumer proposal not bankruptcy which I stated
bankruptcy rules are different....as per your legal expert
http://www.bankruptcy-canada.ca/bankruptcy/2012/09/inheritance-15.html
and
http://www.bankruptcy-canada.ca/bankruptcy/2007/11/windfall-amounts.html
and
lots of other references

Regardless, if its over 60 days your ok...How could you doubt Supremedebater? lol just kidding.

Sorry, but your wrong, and since your on this website, here is the link and the "supposed expert" stating about even inheritance or any windfall of sums...which states also the 60 day clause as well

http://www.bankruptcy-canada.ca/consumer-proposals/2010/03/consumer-proposal-and-inheritance.html

>>>>consumer proposal is not considered to be bankruptcy<<<<, and does not follow the same regulations as bankruptcy, a consumer proposal is an alternative to filing bankruptcy. Bankruptcy good chance you might have to forfeit some of retro..... consumer proposal they can't touch it. "Surplus income" is not a consideration, as it is in bankruptcy. This means that your assets are not at risk, and there is no danger that they may have to be surrendered to the administrator as part of your proposal agreement. Also, once your proposal is in place, it makes no difference if your income goes up! You will owe nothing more than in the agreed upon terms of the proposal
check this site out......it explains surplus income in great detail both for consumer proposal and bankruptcy......... (replace the 3 * with 3 W) ***.bankruptcy-canada.ca/

Very good work Supremedebater, Info like this is what keeps me returning to this place!!!