Taxes work differently in a bankruptcy, and your trustee will give you any details that apply to you. For example, any HST credits or tax refunds that would normally come to you while bankrupt will be lost to your bankrupt estate.
You will also lose any “windfalls” you receive or become entitled to while bankrupt. “Windfalls” are amounts you get by luck, such as inheritance or lottery winnings.
※ Cost of bankruptcy in your case
More than you can pay? You will need a Licensed Insolvency Trustee to determine exactly how much it will cost you to go bankrupt in Canada and what alternatives to bankruptcy would make sense in your case. Contact a Canada Licensed Insolvency Trustee today.
