Personal Finance

advice on 2019 tax file of self employed person with consumer proposal

  • Last Updated:
  • Jun 2nd, 2020 10:00 am
[OP]
Newbie
Feb 27, 2019
1 posts

advice on 2019 tax file of self employed person with consumer proposal

Hello everyone,
My boy friend is trying to get his tax done within two weeks using Turbo Tax, and I am trying to help in preparation.
I have a bit of bookkeeping knowledge and he has been collecting all the receipts and sales records.
However we were kinda stuck and stopped in the middle because of some questions we had.

If anyone can help, it would be much appreciated.

(1) He filed consumer proposal in mid of 2019. Does it affect the way of filing tax? Or is it just normal as usual?

(2) He said the insolvency trustee told him that they should do the tax file from beginning of 2019 until the mid (= just before the date of the consumer proposal filing date), in order to maximize the debt-cut amount.... Dose it mean he has to file tax only the remaining period (from mid of 2019 to the end) or should we re-check on this with the agency?

Thank you in advance.
3 replies
Penalty Box
Jun 24, 2015
3667 posts
1065 upvotes
Woodbridge, ON
i would like to help you but first i would like to know what is a consumer proposal? I never heard of that before. maybe once you explain then i can try and take a stab and help you understand your question
Hi
Moderator
User avatar
Dec 27, 2007
20155 posts
11295 upvotes
Kitchener
GoodFellaz wrote: i would like to help you but first i would like to know what is a consumer proposal? I never heard of that before. maybe once you explain then i can try and take a stab and help you understand your question
https://www.ic.gc.ca/eic/site/bsf-osb.n ... 02051.html
Deal Fanatic
Apr 16, 2007
7645 posts
2863 upvotes
Financial District B…
GoodFellaz wrote: i would like to help you but first i would like to know what is a consumer proposal? I never heard of that before. maybe once you explain then i can try and take a stab and help you understand your question
A CP (OPD in other Provinces) is a filing under the Bankruptcy Act that a person is insolvent and can no longer meet his/her financial obligations.
In short, it's a legal process to settle outstanding debts.
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again

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