Form 79 Statement of Affairs: How to Complete, Swear, and File

To fill out Form 79, the Statement of Affairs used in a Canadian bankruptcy or consumer proposal, you supply your Licensed Insolvency Trustee (LIT) with a full account of your personal background, every asset you own, every debt you owe, and the transactions and circumstances behind your financial trouble; the LIT prepares the final document, you swear or declare it before a commissioner, and the LIT files it electronically with the Office of the Superintendent of Bankruptcy. The current version, issued under Directive No. 8R21, applies to all estates filed on or after September 16, 2024.¹ The same form is used whether you are making a voluntary assignment into bankruptcy or filing a consumer proposal.²

After a bankruptcy is filed, you have five days to submit the completed statement to your trustee, unless the official receiver grants extra time. The Bankruptcy and Insolvency Act allows the official receiver to authorize a qualified person to help you if your affairs are complicated.³ Your LIT does most of the document work, but the information belongs to you and so does the responsibility for its accuracy.

Gather Your Records First

Bring the paperwork to the first working session with your trustee. Having it in one place is what turns a multi-week back-and-forth into a single appointment.

Government-issued ID, your social insurance number, and your current address.
Recent pay stubs, the name and address of your current or most recent employer, and how long you have worked there. If you are self-employed, you will need trade names, business addresses, the nature of the business, your percentage of ownership, and the maximum number of employees in the past twelve months.¹
Recent bank statements, vehicle registration and approximate market value, property tax assessments or appraisals for real estate, and statements for RRSPs, RRIFs, and any other investments.
The most recent statement for every debt — credit cards, personal loans, student loans, tax debts, payday loans, utility arrears, and money owed to individuals — with each creditor’s name, mailing address, and your account number.
Records of any asset sold, transferred, or given away in the last five years, and any payments to creditors above the regular amount in the last twelve months.
The number of people in your household and how many are 17 or younger.

If anyone other than your LIT gave you financial advice in the six months before filing, you also need that advisor’s name, firm, address, and how much you paid or still owe them.¹

Personal and Business Background

Section A covers who you are. Full legal name, any former names, date of birth, current address, marital status with any changes in the last five years, and the name of your spouse or common-law partner. You also enter your employment status, occupation, employer, and length of employment.¹

If you have operated any business in the past five years, disclose the trade name, address, nature of the business, your percentage of interest, the period of operation, and the maximum number of employees in the last twelve months. Any previous bankruptcy or proposal in Canada must be listed too: estate number, filing date, location, trustee name, and the date you were discharged or received a certificate of full performance.

Complete the Assets Schedule

The assets section runs across several columns. For each item you enter a description, the estimated dollar value of your interest, whether the asset is exempt from seizure, any secured amounts or liens against it, and the estimated net realizable value — what would be left after paying off the liens.¹

Give the full address for real property. If any asset sits outside Canada, use the separate indicator column and provide the location. For jointly owned assets, describe your percentage of interest. Common asset types include real estate, vehicles, bank account balances, household goods, investments, and business interests.

Exempt Property

Not everything you own goes to creditors. Under the BIA, property that is exempt from execution or seizure under your province’s laws stays out of the bankruptcy estate.⁴ Each province sets its own exemption limits for things like basic household furnishings, tools of the trade, and a vehicle up to a certain value. Mark these items in the “Exempt property” column.

RRSPs and Retirement Savings

RRSPs, RRIFs, and RDSPs are generally protected in bankruptcy, except for contributions made in the twelve months before the date of bankruptcy. Those recent contributions become part of the estate.⁴ Report the full balance of each plan and break out the last twelve months of contributions separately.

Complete the Liabilities Schedule

For each debt, enter the creditor’s name, address, account number, the amount owed, and the liability type. The form uses set categories:

Mortgage or hypothec over real property
Bank loans (other than real property mortgages)
Finance company loans
Credit cards, broken into bank or trust company issuers, store cards, and other issuers
Federal taxes and other taxes
Student loans
Loans from individuals
Payday loans
Utilities
Amounts still owed to a financial adviser other than your LIT

Each debt must also be classified as unsecured, secured, or preferred. A secured debt is backed by a specific asset, such as a car loan secured by the vehicle. Preferred debts get priority in distribution; certain wage claims and government debts fall in this category. Everything else is unsecured. When a debt is secured, identify the asset in the “Asset securing the liability” column.

List every creditor. Missing one can cause problems during the proceeding and may affect whether that debt is discharged. When you are unsure of the exact balance, use the most recent statement and note the date.

The Lookback Questions in Section B

Section B looks backward and forward. For the twelve months before the bankruptcy event, disclose any payments to creditors above the regular amounts (potential preferential payments) and any seizure of your assets by a creditor. For the five years before the bankruptcy event, report any assets you sold, transferred, or disposed of, and any gifts to relatives or others exceeding $1,000.¹

You also state whether you expect to receive any money or property outside your normal income in the next twelve months, such as an inheritance, insurance payout, or legal settlement. Anything received before discharge becomes part of the bankruptcy estate, so this question matters.

Finally, write out the reasons for your financial difficulties. This is a narrative, not a checkbox. Be honest and specific: job loss, medical expenses, business failure, separation, whatever actually happened. Your trustee and creditors will read it.

Swear or Declare the Form

Form 79 is not just a questionnaire you sign. It must be verified by sworn oath or solemn declaration before a commissioner. You provide your name, locality, and the date, then sign in the commissioner’s presence. The commissioner records the location where the oath or declaration was administered, signs the form, and adds their stamp or commission details.²

Remote commissioning is allowed where provincial rules permit it. When done remotely, the commissioner must record both your location and their own at the time.² The LIT’s office usually handles the commissioning as part of the filing appointment.

How the Form Gets Filed

You do not file Form 79 yourself. Your LIT prepares the final version from what you provide, reviews it with you, and files it electronically with the Office of the Superintendent of Bankruptcy. For a voluntary assignment, the sworn statement must accompany the assignment when it is filed with the official receiver in your locality; the assignment is not operative without it.⁵ After filing, the bankrupt must submit the statement to the trustee in quadruplicate.³ In practice, the LIT handles the copies. Your job is to make sure the information is complete and accurate before signing.

Penalties for False or Incomplete Information

The BIA treats dishonesty on the Statement of Affairs seriously. A bankrupt who makes a false entry, knowingly omits material information, or conceals or destroys records relating to their property or affairs commits an offence. On summary conviction the penalty is a fine up to $5,000, imprisonment up to one year, or both; on conviction by indictment the fine rises to $10,000 and the maximum prison term to three years.⁶

A separate general offence provision covers any failure to comply with the Act, the General Rules, or the regulations, carrying summary conviction penalties of up to $5,000 and one year.⁷ Beyond the criminal exposure, inaccurate disclosure can lead to your discharge being opposed or refused, leaving you in bankruptcy indefinitely.

A Note for U.S. Citizens Filing in Canada

If you are a U.S. citizen or green card holder filing a Canadian bankruptcy, Form 79 itself works the same way, but the Canadian proceeding does not carry U.S. tax or reporting relief. Discharged debt is not automatically excluded from U.S. gross income the way it is in a Title 11 case, because Canadian bankruptcy is not a Title 11 case; you may still qualify for the insolvency exclusion on IRS Form 982.⁸⁹ FBAR filing on Canadian accounts continues as usual.¹⁰ Disclose any U.S. assets on your Form 79 so your trustee can decide whether to seek recognition of the Canadian proceeding in a U.S. bankruptcy court.¹¹

1
Office of the Superintendent of Bankruptcy. Form 79 — Statement of Affairs (Bankruptcy/Proposal of an Individual)
2
Office of the Superintendent of Bankruptcy. Guidance for Completing Form 79, Statement of Affairs (Bankruptcy/Proposal of an Individual)
3
Justice Laws Canada. Bankruptcy and Insolvency Act RSC 1985 c B-3 – Section 158
4
Justice Laws Canada. Bankruptcy and Insolvency Act RSC 1985 c B-3 – Section 67
5
Justice Laws Canada. Bankruptcy and Insolvency Act RSC 1985 c B-3 – Section 49
6
Justice Laws Canada. Bankruptcy and Insolvency Act RSC 1985 c B-3 – Section 198
7
Justice Laws Canada. Bankruptcy and Insolvency Act RSC 1985 c B-3 – Section 202
8
Office of the Law Revision Counsel. 26 U.S. Code 108 – Income From Discharge of Indebtedness
9
Internal Revenue Service. About Form 982, Reduction of Tax Attributes Due to Discharge of Indebtedness
10
Internal Revenue Service. Report of Foreign Bank and Financial Accounts (FBAR)
11
United States Courts. Chapter 15 – Bankruptcy Basics