Living with bankrupt boyfriend?

My boyfriend has worked for himself for years and told me yesterday that he had been audited and now owes the Canadian government $60,000 and the interest accumulated over 8 years bringing his grand total to $160,000. He is speaking with a trustee but through research and conversations with Canada Revenue Agency, it seems that his best option may be bankruptcy.

I'm a flood of emotions and questions, some of which I resolved through a bit of research. I love the man and I don't think I would be able to abandon him in his time of need.

We live 1.5 away from eachother and only see eachother on the weekends and had been discussing him moving to my city to live together, prior to this revelation. If have nipped this in the bud because I do not want to put myself in the line of fire. Neither of us own a house but we do both have vehicles that are paid for. I have a tidy sum in my savings and own an entire houshold of nice furniture etc.

**HYPOTHETICALLY** If we at any point move in together am I at risk of having my belongings or savings seized by Canada Revenue Agency becuase we share that same residence? If so, how can I proove that they belong to me and not him if need be? Is there a time frame between when he files for bankruptcy and when moving in with him will pose no risk?

I am just asking because I was really excited to start the next chapter of my life with this man and now my dreams feel dashed, maybe I'm looking for hope.

Please, some advice would be appreciated.

4 Answers

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  • Jerry
    Lv 7
    10 years ago
    Favorite Answer

    I'm not an expert on Canadian tax or bankruptcy law, but pretty good at math. Some parts of your boyfriend's story don't add up.

    Assuming normal tax rates, owing $60,000 implies that he underreported income by about $200,000. Do you fully understand how that happened? Is the 200k from his self-employment? Do you understand what happened to the 200k since bankruptcy indicates that he does not have it now?

    Auditing back 8 years is unusual. It seems unlikely unless there was some pattern of illegal behavior. Are you absolutely certain there is no potential for criminal charges?

    Even if he owed all 60k eight years ago, it would take 13% interest compounded to get to owing 160k now. Seems very high. Makes me think that there must be substantial penalties involved. Once again, have you asked him point blank if there is potential for criminal charges?

    At best, his credit is ruined for years to come. That might make buying a home impossible. There is a lot you do not know about this guy. Until you do know it all, merging finances and lives seems like a rash decision.

    If you were my daughter, my advice would be to run like hell. Too much potential for heartache.

  • Buffy
    Lv 6
    4 years ago

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    RE :Living with bankrupt boyfriend?

    My boyfriend has worked for himself for years and told me yesterday that he had been audited and now owes the Canadian government $60,000 and the interest accumulated over 8 years bringing his grand total to $160,000. He is speaking with a trustee but through research and conversations with Canada Revenue Agency, it seems that his best option may be bankruptcy.

    I'm a flood of emotions and questions, some of which I resolved through a bit of research. I love the man and I don't think I would be able to abandon him in his time of need.

    We live 1.5 away from eachother and only see eachother on the weekends and had been discussing him moving to my city to live together, prior to this revelation. If have nipped this in the bud because I do not want to put myself in the line of fire. Neither of us own a house but we do both have vehicles that are paid for. I have a tidy sum in my savings and own an entire houshold of nice furniture etc.

    **HYPOTHETICALLY** If we at any point move in together am I at risk of having my belongings or savings seized by Canada Revenue Agency becuase we share that same residence? If so, how can I proove that they belong to me and not him if need be? Is there a time frame between when he files for bankruptcy and when moving in with him will pose no risk?

    I am just asking because I was really excited to start the next chapter of my life with this man and now my dreams feel dashed, maybe I'm looking for hope.

    Please, some advice would be appreciated.

    Follow 4 answers

    Source(s): For Credit and finance solutions I always visit this site where you can find all the solutions. http://smartfinancesolutions.net/index.html?src= WxX75Sbf72EJn
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    6 years ago

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    RE:Living with bankrupt boyfriend?

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