Income Tax Filing in the Case of a Bankruptcy

In each of the two returns you are required to file, you must, as a rule, reduce certain amounts used to calculate your non-refundable tax credits in proportion to the number of days in the period covered by the return.

Special cases

The following amounts can be claimed only in the income tax return you are filing for the period after the bankruptcy:

  • the age amount, the amount for a person living alone and the amount for retirement income (line 361)
  • the amount for medical expenses (line 381)
  • the tax credit for recent graduates working in remote resource regions (line 392)

To calculate the amount to which you are entitled, you must take into account your income for the entire year. You cannot, in the return you are filing for the period following the bankruptcy or in a return for a future year, claim a tax credit for amounts paid before your bankruptcy as tuition or examination fees or as interest on a student loan. Additionally, you cannot claim a tax credit for donations and gifts made before your bankruptcy. Nor can you claim, in such returns, the alternative minimum tax carried over from a previous year (line 13 of Schedule E) or a carry-over of the adjustment of investment expenses.

If you wish to claim the tax credit for workers 63 and older, please contact us.

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