The Child Tax Benefit (CTB)is designed to assist Canadian families with the costs associated with raising children. As a result if someone files bankruptcy there isn't any direct impact and you s should continue to receive your CTB unchanged until the new benefit year begins (in July).
However, there is one primary way that your CTB might be indirectly affected. Essentially, the CTBs that you receive while you are in bankruptcy subject to the surplus income standards that are set out by the Bankruptcy and Insolvency Act. Meaining, your CTB must be added to your take-home pay and every other source of income that you have so that your trustee can determine if you have an obligation to make additional payments towards your bankruptcy.
If this isn't entierly clear it is probably best to discuss this issue directly with a local trustee.
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1 Comments:
At 9:47 AM,
Barton Goth, GCO, Bankruptcy Trustees said…
The Child Tax Benefit (CTB)is designed to assist Canadian families with the costs associated with raising children. As a result if someone files bankruptcy there isn't any direct impact and you s should continue to receive your CTB unchanged until the new benefit year begins (in July).
However, there is one primary way that your CTB might be indirectly affected. Essentially, the CTBs that you receive while you are
in bankruptcy subject to the surplus income standards
that are set out by the Bankruptcy and Insolvency Act. Meaining, your CTB must be added to your take-home pay and every other source of income that you have so that your trustee can determine if you have an obligation to make additional payments towards your bankruptcy.
If this isn't entierly clear it is probably best to discuss this issue directly with a local trustee.
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