T1
401 Bankruptcy
My client went bankrupt, and when I review the carryforwards of pre-bankruptcy amounts to post-bankruptcy, the amount carried forward under the keyword PreBank-Fed for QPP (or CPP) pensionable employment earnings is not consistent with the employment earnings during the pre-bankruptcy. Why is that?The program carries forward the CPP/QPP net pensionable self-employed earnings during pre-bankruptcy to two locations instead of one in the post-bankruptcy. As a workaround, please substitute the carryforward amount in the keyword PreBank-Fed , for option "CPP - Pensionable employment earnings"* with the appropriate amount (for instance, if the taxpayer had no pensionable employment income in the pre-bankruptcy, then the amount will be $ 0). * For Quebec residents, the option would read "QPP - Pensionable employment earnings". |