bankruptcy General: Info & Help

i SJ: Saint John, New Brunswick  Shopping, Classifieds, Jobs, Real Estate & Rentals, Discussion, Deals, Flyers, + more!

Click here to visit the forums main page -- iSaintJohn.com - Saint John, New Brunswick, Canada online!
Click here to visit the forums main page -- iSaintJohn.com - Saint John, New Brunswick, Canada online! See all recent posts Post a new ad / message Enhanced Features  Helpdesk
Business Advertising Sign-Up (Free!) Search
iSaintJohn Home Forums Home Contact Us Site Rules Terms of Use Privacy Statement
 
Visit the upgraded front page of iSJ for more info!

Free Saint John Visitor's Guide

Search the web:

 


Go Back   Saint John Classifieds & Forums > General & Local Discussion > General: Info & Help


Reply
 
Thread Tools Display Modes
  #1  
Old 06-03-2011
Nerepisboy Nerepisboy is offline
Member (100 to 500 posts)
 
Join Date: Sep 2007
Posts: 150
Default Topic: bankruptcy

bankruptcy

I know of someone who has filed bankruptcy about 2-3 weeks ago and just today they had a scratch ticket and found they had won $5000. My question is do they have to notify the bankruptcy company and will it be taken from them..... or if they cash the ticket in, how can the bankruptcy company find out about the winnings?? I can see if they win a huge sum of money that could be paid out to cover their debt, but $5000 would not even make a dent. Any comments would be welcomed....thxs.
Reply With Quote
  #2  
Old 06-03-2011
Living Life Living Life is offline
Long-Time Member (500+ posts)
 
Join Date: Aug 2007
Location: East
Posts: 674
Default Topic: bankruptcy

Be safe and let a good family member or friend cash it in...just a thought.
Reply With Quote
  #3  
Old 06-04-2011
Nerepisboy Nerepisboy is offline
Member (100 to 500 posts)
 
Join Date: Sep 2007
Posts: 150
Default Topic: bankruptcy

That is exactly what we had thought as well but the problem is the person that won has already signed the ticket and had it validated..they just have not gone to cash it in yet.
Reply With Quote
  #4  
Old 06-04-2011
donteatrawpotatoes donteatrawpotatoes is offline
Long-Time Member (500+ posts)
 
Join Date: Jan 2007
Posts: 968
Default Topic: bankruptcy

Quote:
Originally Posted by Nerepisboy View Post
That is exactly what we had thought as well but the problem is the person that won has already signed the ticket and had it validated..they just have not gone to cash it in yet.
Has to be reported. Whether it's a chunk out of the debt or not, it has to be reported. I don't think they'll be able to keep much (if any) of it.

Basic Google search brought this up
'If you bought the lottery ticket before you file, and the winning lottery ticket is drawn after you file, the ticket and the winning proceeds are property of your bankruptcy estate.'
Reply With Quote
  #5  
Old 06-04-2011
oasis oasis is offline
Long-Time Member (500+ posts)
 
Join Date: Jan 2006
Posts: 592
Default Topic: bankruptcy

At the end of the year the bankruptcy lawyers have to do your taxes. There will be a T4 for the winnings even though they are tax free. Failure to disclose this is fraud. If this happens it could reverse the bankruptcy and you would be on the hook for that portion of debt, if not the whole thing. Plus If not claimed, would be income tax fraud. This could lead to jail time. Tax fraud is one of the most serious charges in the criminal code. I personally think you'd get less if you committed a murder!!!!
Reply With Quote
  #6  
Old 06-05-2011
Nerepisboy Nerepisboy is offline
Member (100 to 500 posts)
 
Join Date: Sep 2007
Posts: 150
Default Topic: bankruptcy

How can they send out a T4 for the winnings if they don't have your S.I.N. ?? Who sends out this T4 anyways??
Reply With Quote
  #7  
Old 06-05-2011
rhiley_08j's Avatar
rhiley_08j rhiley_08j is offline
**Bronze-Level** Paid Account
 
Join Date: May 2006
Location: Home
Posts: 1,895
Default Topic: bankruptcy

T4? That makes no sense... lottery winnings in Canada are tax free... it has absolutely nothing to do with revenue Canada unless it was a substantial win and you were receiving interest from it, then you would be taxed on the interest.

http://www.cra-arc.gc.ca/tx/ndvdls/t...nttxd-eng.html
__________________
Live each day like it's your last !!

Last edited by rhiley_08j; 06-05-2011 at 09:29 PM..
Reply With Quote
  #8  
Old 06-05-2011
donteatrawpotatoes donteatrawpotatoes is offline
Long-Time Member (500+ posts)
 
Join Date: Jan 2007
Posts: 968
Default Topic: bankruptcy

Quote:
Originally Posted by Nerepisboy View Post
How can they send out a T4 for the winnings if they don't have your S.I.N. ?? Who sends out this T4 anyways??
Regardless, you've got your answer.
Reply With Quote
  #9  
Old 06-06-2011
oasis oasis is offline
Long-Time Member (500+ posts)
 
Join Date: Jan 2006
Posts: 592
Default Topic: bankruptcy

Yes it is tax free. but still need to be declared. Government wants to know were every cent you get comes from. The interest on winning is not tax free.

My brother won $10000 afew years ago. And it had to be declared on his taxes as income. It's just tax free. Same as workmans comp. It's tax free, but has to be claimed.
Reply With Quote
  #10  
Old 06-06-2011
T-Diddy T-Diddy is offline
Long-Time Member (500+ posts)
 
Join Date: Jan 2006
Location: Westside
Posts: 596
Default Topic: bankruptcy

Man this makes my skin crawl! File for bankruptcy, then contine to buy scratch tickets! You cant pay your bills, but you can still afford lottery tickets. But what really sickens me is now that they have come into a little extra cash, they want to try and hide it from people that they owe it too!! You have already stuck all the people that extended you credit, now you want to try and keep money that should go toward paying off some of your debtors!..... Karma!
Reply With Quote
  #11  
Old 06-06-2011
Nerepisboy Nerepisboy is offline
Member (100 to 500 posts)
 
Join Date: Sep 2007
Posts: 150
Default Topic: bankruptcy

Well all comments were appreciated and were passed on to the lucky or unlucky winners. They went to the bank to cash it in today. If I was in their position, I would have done the same exact thing, as I am sure everyone else would have done so as well. Thanks again .
Reply With Quote
  #12  
Old 06-06-2011
rhiley_08j's Avatar
rhiley_08j rhiley_08j is offline
**Bronze-Level** Paid Account
 
Join Date: May 2006
Location: Home
Posts: 1,895
Default Topic: bankruptcy

Quote:
Originally Posted by T-Diddy View Post
Man this makes my skin crawl! File for bankruptcy, then contine to buy scratch tickets! You cant pay your bills, but you can still afford lottery tickets. But what really sickens me is now that they have come into a little extra cash, they want to try and hide it from people that they owe it too!! You have already stuck all the people that extended you credit, now you want to try and keep money that should go toward paying off some of your debtors!..... Karma!

Can't afford to pay your bills but can spend a whole $2 on a scratch ticket with the hopes of trying to put yourself in a better financial position...shame on you!
__________________
Live each day like it's your last !!
Reply With Quote
  #13  
Old 06-07-2011
T-Diddy T-Diddy is offline
Long-Time Member (500+ posts)
 
Join Date: Jan 2006
Location: Westside
Posts: 596
Default Topic: bankruptcy

rhiley_08j, I really hope your not that gullible to believe that he/she just spent $2.00 and won $5000.00 on that one very lucky scratch ticket! And just for the record, buying lottery tickets is no way to "Better" your financial situation! I don't believe any financial advisor will ever advise you to "go out and pick up some scratch tickets"! (Just sayin). I like the sarcasm in your post though
Reply With Quote
  #14  
Old 06-07-2011
stripekv stripekv is offline
Member (100 to 500 posts)
 
Join Date: Aug 2006
Posts: 263
Default Topic: bankruptcy

Quote:
Originally Posted by rhiley_08j View Post
Can't afford to pay your bills but can spend a whole $2 on a scratch ticket with the hopes of trying to put yourself in a better financial position...shame on you!
I buy the odd lottery ticket because I can afford it. You can be sure if I ever have to file bankruptchy I won't be wasting my extra money on lottery tickets. What a joke, this person should be forking over the $5000 and not hiding it. They'll just get themselves into worse trouble later on.
Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 03:18 PM.



iSaintJohn.com - The premier classifieds+discussion site for the Saint John region of New Brunswick (Canada), including the Kennebecasis Valley (Rothesay, Quispamsis, & area), Grand Bay-Westfield, Hampton, St. George, St. Martins, Belleisle and the Kingston Peninsula, Sussex, Brown's Flat, Darlings Island, Blacks Harbour, Chance Harbour, St. Andrews, and all surrounding areas. Residents of other areas of New Brunswick, Nova Scotia, and Prince Edward Island, and anyone else with an interest in the general region, discussion forums, or classifieds are welcome to also post and participate.

Classified ads include real estate, rentals, garage & yard sales, carpooling, childcare services, job postings, cars, trucks, boats, bikes, clothing and accessories, computers, electronics (including satellite equipment for Bell, Starchoice, and Free-to-Air), game systems (Nintendo, Sony PlayStation, Xbox, etc.), furniture, jewelry, sports equipment, household goods, tools, and more!


Google



 
GammaWaveInternetSolutions
Copyright © 2023 GammaWave Internet Solutions Inc.
All rights reserved. Forum Rules | Privacy Statement | Terms of Use
If you have any questions, please Contact Us.