Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: If I file bankruptcy in Canada, does the surplus income test apply at the household income level or the individual level when only one party is going bankrupt? If the bankrupt... The post Surplus Income, Bankruptcy in Canada, Only One Person Bankrupt appeared first on Bankruptcy Canada ..read more

If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month.  If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it is distributed to your creditors. Each year the Office... The post Surplus Income Limits for 2024 appeared first on Bankruptcy Canada ..read more

If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month.  If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it is distributed to your creditors. Each year the Office... The post Surplus Income Limits for 2021 appeared first on Bankruptcy Canada ..read more

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: My income is $3200 take home per month, I am separated from my wife but I pay her $500 per month spousal support and $815 per month in child support, how... The post Surplus income when bankrupt in Canada and paying spousal and child support appeared first on Bankruptcy Canada ..read more

If you file for bankruptcy in Canada, you are allowed to keep a portion of your income each month.  If you earn over this limit, you are required to contribute half of that surplus income into your bankruptcy estate, and it is distributed to your creditors.  Each year the Office... The post Surplus Income Limits for 2020 appeared first on Bankruptcy Canada ..read more

One asset that is affected by a personal bankruptcy is income tax refunds.  The law requires that Canada Revenue Agency (CRA) send the trustee income tax refunds for specific years so that the refund can be included in the proceeds available to the creditors. Let’s consider three different periods of time:... The post How Are Tax Refunds Affected In A Bankruptcy? appeared first on Bankruptcy Canada ..read more