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Bankruptcy Calgary Edmonton Q&A Forum

Question:

 

Hi, myself and my ex might have a problem to do with my unpaid personal taxes from some time ago (2003 to 2007) and what the cra is calling a section 160 to do with a transfer of a house in Calgary. My question is, would my declaring personal backruptcy eliminate this issue?


From:

 

Grant Thornton Limited

Date:

 

Apr 27, 2015

Answer:

 

Hi Rob, You filing for personal bankruptcy will eliminate your tax debt; however, section 160 of the Income Tax Act allows Canada Revenue Agency to recover an amount, which represents your interest in house that was transferred, from you and your ex spouse. She may now be liable for a portion of your tax debt outstanding up to the value of your interest in the house transferred. Should you have any other concerns please do not hesitate to contact our office.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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