Tax Returns Before Bankruptcy
I have to file my tax returns before considering filing for bankruptcy? I haven’t filed my income tax returns for the past two years. Do I need to do this even if I haven’t been working? I know I am not eligible for a refund.
No. You do not have to file your tax returns in order to file for bankruptcy. Under the Income Tax Act you must file your income tax returns every year, regardless of whether or not you are eligible for a refund. You should file your income tax returns before considering bankruptcy in order to know whether or not you owe money to the tax department. If you do, the debt can be included in your bankruptcy. If you have a refund, you will not get it unless you file your tax returns.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
