Change In Exempt Assets In Saskatchewan For Non Farmers

Watch the video or continue reading below. EffectiveMay 28, 2012 the Enforcement of Money Judgements Act is proclaimed in effect in Saskatchewan. There are a number of key changes but the two major changes that will effect most debtors are: A) The Amounts That Can Be Garnisheed From Your Pay - a judgement creditor can now garnishee an amount that exceeds the greater of 70% of your pay or $1,500 plus $300 per dependant. B) The Assets You Can Keep (per person)Type of AssetExemption After May 28, 2012Exemption Before May 28, 2012ClothingClothing, including Jewellery, to a value of $7.500Necessary and Ordinary ClothingHousehold FurnishingsExempt with no dollar limitTo a value of $4,500VehicleExempt to a value of $10,000Exempt if require for work"Tools of the Trade"Tangible Personal Property required to earn income is exemptExempt to a value of $4,500PetsExempt to $2,000No ExemptionHome$50,000 of equity, per person, in Active Residence$32,000 of equity per person in Principal ResidencePrepaid Funeral ExpensesExemptNot ExemptHomesteadExemptExemptDamages for Pain & Suffering, Costs of care and Loss of Future IncomeExemptNo specific provisions dealing with exemptionsPensions, RRSPs and RRIFsGenerally ExemptGenerally Exempt