Posts Tagged ‘surplus income’
Will I Lose My Canada Child Benefit (CCB) If I File For Bankruptcy?
The short answer is no, you will not lose your Canada Child Benefit (CCB) if you decide to file personal bankruptcy. While your CCB will not be affected by bankruptcy, you are required to report your CCB when calculating and reporting your household income. These monthly reports will determine whether or not you have “surplus income”, which in turn will impact how long you are in bankruptcy and how much you will be required to pay.
Read MoreBankruptcy And Sponsoring a Relative’s Application For Immigration
According to Immigration Canada, you can sponsor a relative’s immigration application as long as you are a citizen or permanent resident of Canada and are 18 years of age or older. There are however some restrictions, one of which states that you can not be an undischarged bankrupt.
Read MoreHow Long Will I be Bankrupt?
If you are a first-time bankrupt, you are eligible for an automatic discharge from bankruptcy after 9 months if you have no obligation to make Surplus Income payments and after 21 months if you have to make Surplus Income payments.
Read MoreWhat is Surplus Income and How Will it Affect My Bankruptcy?
Surplus Income is having excess income above the net monthly income threshold, set by the Superintendent of Bankruptcy, for a person or family to maintain a minimal standard of living in Canada.
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