bankrupt

10 October 2007 External T.I. 2007-0243601E5 F - Proposal - Taxation year end -- summary under Subsection 128(1)

Regarding a corporation that had submitted a proposal under the Bankruptcy and Insolvency Act ("BIA") that was accepted by the creditors, and homologated by the Superior Court, with each creditor being paid according to the terms of the proposal, CRA stated:

By services, 28 November, 2015

Canada v. Marchessault, 2008 DTC 6496, 2007 FCA 345 -- summary under Subsection 128(2)

The deemed year end under s. 128(2)(d) of the Act applied only to a "bankrupt" as specifically described in s. 2 of the Bankruptcy and Insolvency Act (the "BIA"), and did not extend to an individual (such as the taxpayer in this case) who had made a proposal notwithstanding the statement in s. 66(1) of the BIA that the provisions of the BIA would apply "with such modifications as the circumstances require" to proposals. Trudel J.A. noted (at para.

bankrupt

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