With the deadline to conribute to RRSPs looming (it's on March 1, 2018), it's a good opportunity to talk about how bankruptcy affects your RRSPs. Here's some good new: RRSPs are exempt assets!
This year the deadlines for filing your 2017 tax return are as follows: April 30, 2018 for personal returns and June 15, 2018 for self-employed persons. Keep in mind, however, that any tax owing must still be paid by April 30, 2018.
With income tax season in full swing, I thought it would be a good time to answer some common questions that I hear regarding government debt and tax returns.
Personal bankruptcy laws in Canada are governed by the Bankruptcy & Insolvency Act. Failure to complete your duties will delay your bankruptcy discharge so it is important you fully understand your requirements once you declare bankruptcy.