2025-05-07
How to be a responsible credit card user
Credit cards are a popular and convenient form of credit that can be a very useful tool.
2011-04-26
While you are in bankruptcy, any property you acquire is called “after-acquired property.” After-acquired property is yours to keep unless the Trustee steps in. On day-to-day savings, including RRSPs and RESPs, the Trustee is not going to step in unless you are not complying with your duties in the bankruptcy. For example, if you have surplus income payment requirements and are not paying them, but are purchasing an RESP, the Trustee could seek a Court Order to collapse the RESP. You can’t save up new assets if you’re not complying with your bankruptcy obligations. But if you are meeting your bankruptcy obligations and are then able to purchase an RRSP or RESP, that’s great saving on your part. The Trustee would have no reason to take these funds. Great budgeting on your part. Another type of after-acquired property is an inheritance or a lottery winning. If you come into those while you are in bankruptcy, you have to disclose them to the Trustee. And likely turn it over, atleast to the extent of the amount of your debt. These rules would apply no matter if you filed for bankruptcy in Alberta or another province in Canada. If you have specifics that you would like to review, do not hesitate to contact us. Donna Carson, CGA, CIRP, Trustee Calgary and Central Alberta regions 1.877.500.0792 [email protected]
2025-05-07
Credit cards are a popular and convenient form of credit that can be a very useful tool.
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.