Bankruptcy Question & Answer Forum - Canada

Author:		Wayne
Date:		May 17, 2005
Question:		I was re-assessed by C.R.A. & owe $200,000 since 1998. I transferred (gifted) our joint ownership home to my wife in 1999. If I claim bankruptcy today,will C.R.A. want !/2 the value of our home & if so, how will they determine 1/2 the value of our home? Would they accept 1/2 the tax assessed value in 1999?
From:		Ann Clarke, Alger & Associates Inc.
Date:		May 17, 2005
Answer:		If you gifted the home to your spouse during the period for which you owe tax, CRA can raise an assessment against your wife for your tax debt. I'd suggest you speak with CRA and then perhaps a Trustee or bankruptcy lawyer about this matter. Ann Clarke phone: (403) 296-2972 aclarke@alger.ca