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Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
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1. A farmer may be able to claim both a principal residence and a homestead, but he must live on the homestead for at least part of the year in that case.
2. Only one car/ truck can be exempt.
3. Land other than the homestead (home quarter) is not exempt.
4. Only individuals get exemptions, corporations do not.
5. Certain types of security can survive a bankruptcy, notwithstanding that there are no assets to attach at the date of bankruptcy. You should consult with our insolvency professionals if any lender has a general security agreement over your assets.
6. Claims for exemption will not succeed against what is commonly termed “Bank Act” security.
The interplay between exemptions and security is complex in a farm scenario and we strongly encourage you to consult with us in respect to your particular situation. For more information, please contact us or consult our Bankruptcy FAQ.
For non-farmers in Saskatchewan click here or see below for details on exempt assets in other Provinces:
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