As a personal bankruptcy trustee in Toronto, Ontario, one of the most common questions I am asked is “What does it cost to go bankrupt in Toronto?” It may surprise you to learn that the cost of bankruptcy is different in Toronto than it would be in other cities in Canada, even though the bankruptcy process is legislated by the federal government, and therefore the rules are the same for everyone in Canada.
The reason for this difference is that one of the costs of bankruptcy is the surplus income payment you must make to your trustee each month, and since residents of Toronto tend to have higher incomes than people living elsewhere in Canada, the cost of bankruptcy can be higher.