2009-07-22
The assets that you are allowed to keep (known as "exempt assets") vary from province to province. In British Columbia, the exemptions are: - $4,000 of household furnishings and appliances (value based on liquidation value, not replacement value) - $5,000 of equity in one motor vehicle (this is reduced to $2,000 if there is a debt owing for family maintenance obligations) - $12,000 of equity in your principal residence (this amount is reduced to $9,000 if you live outside of the Greater Vancouver Regional District or the Victoria Capital Region). - $10,000 for tools of trade that you require to earn a living - necessary clothing and medical aids - certain RRSPs, pension plans and life insurance policies Wendy McMurtrie Meyers Norris Penny Limited 778-571-3520 [email protected]
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
