Bankruptcy - Surplus Income

Описание: Legislation
• Bankruptcy and Insolvency Act (R.S.C., 1985, c. B-3). This federal statute serves as the primary framework for filing and administering insolvencies across Canada. It was last amended on December 12, 2024, and provides the legal definitions for critical terms such as total income and surplus income under Section 68.
Administrative Directives
• Directive No. 11R2-2025: Surplus Income. Issued by the Superintendent of Bankruptcy on March 31, 2025, this directive provides Licensed Insolvency Trustees (LITs) with the standards and formulas required to calculate a bankrupt's required monthly payments. It includes the Superintendent's Standards for 2025, which are used to determine what portion of a family unit's income is considered "surplus".
Statistical Reports
• Insolvency Statistics in Canada — 2024. Published by the Office of the Superintendent of Bankruptcy (OSB), this report analyzes the volume and demographics of insolvency filings. It notes that 143,483 total insolvencies were filed in 2024—a 12.1% increase from the previous year—and provides a breakdown of filings by province, age group, and economic sector.
Educational and Guidance Resources
• Making your budget. An educational resource provided by the Government of Canada to assist individuals in the insolvency process. It details a four-step budgeting cycle (Prepare, Create, Implement, and Review) and offers practical strategies for managing variable income, distinguishing between needs and wants, and using tools like the envelope system to track spending.