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Consumer Proposals
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Personal Bankruptcy
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Debt Repayment Options
- Do Nothing
- Debt Consolidation Loan
- Informal Agreement with Creditors
- Debt Management Program (DMP) - Offered through Credit Counselling Society
- Orderly Payment of Debts (OPD) - Offered through Money Mentors
- Consumer Proposal (debts less than $250,000, excluding principal residence mortgage)
- Division I Proposal (debts over $250,000, excluding principal residence mortgage)
- Bankruptcy
Do I have to file taxes during a Consumer Proposal?
Yes, you will be required to file taxes as normal during your Consumer Proposal.
You will be required to file your taxes as normal for the duration of your Proposal.
Amounts owed to Canada Revenue Agency prior to your Proposal will be included in the Proposal, but any debt owed to the Canada Revenue Agency from the date of the Proposal onwards is your responsibility.