http://www.bankruptcy-edmonton.com/bankruptcy/2009/02/bankruptcy-and-unpaid-income-tax.html Bankruptcy Edmonton Tue, 07 Feb 2012 15:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.bankruptcy-edmonton.com/bankruptcy/2009/02/bankruptcy-and-unpaid-income-tax.html/comment-page-1#comment-342 Barton Goth, Trustee in Bankruptcy Fri, 06 Mar 2009 03:45:12 +0000 http://www.bankruptcy-edmonton.com/bankruptcy/2009/02/bankruptcy-and-unpaid-income-tax.html#comment-342 When you owe such a substantial amount to CRA for taxes often a bankruptcy is the only option available. The taxes will be cleared by a bankruptcy, but where you have a substantial majority of your debt that is tax related the court will require you to pay a portion of it back as part of your bankruptcy. What this amount is will be determined by the court and will be done in a manner that is based on your financial position (i.e. ability to pay). When you owe such a substantial amount to CRA for taxes often a bankruptcy is the only option available. The taxes will be cleared by a bankruptcy, but where you have a substantial majority of your debt that is tax related the court will require you to pay a portion of it back as part of your bankruptcy. What this amount is will be determined by the court and will be done in a manner that is based on your financial position (i.e. ability to pay).

]]>