What happens to our income tax returns and GST funds?
Any refunds that you may have from previous years will become an estate asset available to all your creditors. The tax return for the year in which you become bankrupt is also an estate asset. This includes the period from January of this year until the date of bankruptcy (pre-bankruptcy return). A second tax return will have to be completed for the period from the date of bankruptcy to December 31 (post-bankruptcy return). Any refund can be voluntarily assigned to the Trustee for the benefit of the creditors, whether you are discharged or not.
