Do I have to give Child Tax Credit monies owed to me to my trustee?
Because my taxes hadn’t been filed for two years, Revenue Canada owes me over $20,000 in Child Tax Benefits. I have no income and yet have to support three children. Do I have to relinquish this money to the trustee should I declare bankruptcy?? Thanks for your help.
These monies will not be kept by the trustee, if you file bankruptcy, but will be considered as income and used in the calculation payments you will have to make to the trustee.
This additional income could impact the length you will be in bankruptcy or the payments you will make to your bankruptcy estate.
Please refer to the following for the calculation of excess income:
– LIT (Licensed Insolvency Trustee)