Bankruptcy is a process following which a person is discharged from most of his or her debts, under the Bankruptcy and Insolvency Act. If you declare bankruptcy, a trustee (This link will open a new window) will be appointed to manage the liquidation of your property and you will be subject to specific tax obligations.
Visit the following pages for details on bankruptcy:
- Determination of the Date of Bankruptcy
- Your Tax Obligations
- Obligations of the Trustee in Bankruptcy
- Income Tax Filing in the Case of a Bankruptcy