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Insolvency & Collections Archives

Assignment in bankruptcy instead of appealing a CRA assessment

Are you considering filing an assignment in bankruptcy rather than appealing a large assessment that you received from the Canada Revenue Agency?  If so, you better think twice since it could have a large impact on what kind of order the court will make at your discharge hearing.  In Re Baran, 2013 CarswellOnt 16766 (S.C.J.), the Canada Revenue Agency (the "CRA") issued a notice of reassessment.  Rather than appealing the reassessment, Ms. Baran filed an assignment in bankruptcy.

Bankruptcy: Federal vs. Provincial Jurisdiction and Obtaining A "Fresh Start"

When a bankrupt obtains his or her discharge from bankruptcy, the Bankruptcy and Insolvency Act (the "BIA") provides that the bankrupt is released from any claim that is provable in his or her bankruptcy subject to certain exceptions. For example, a judgment debt incurred by the bankrupt as a result of a motor vehicle accident is a debt that the bankrupt would be released from.

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