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.
Exempt Assets When Filing For Bankruptcy In British Columbia
2012-01-04
Watch the video or continue reading below. Equity in a home in Greater Vancouver and Victoria = $12,000. In the rest of the province = $9,000;Equity in Household items = $4,000;Equity in a vehicle = $5,000; The vehicle exemption drops to $2,000 if the debtor is behind on child care payments (to facilitate the enforcement of Maintenance Orders)Equity in work tools = $10,000;Exemptions are in effect for all registered retirement savings plans (RRSP's, RRIF's and DPSP's (Deferred Profit Sharing Plans);Contributions made in the 12 months prior to the date of bankruptcy will be recovered (clawed back) for the benefit of the bankruptcy estate;Equity in essential clothing and medical aids is unlimited.Additional Resources For more information, pleasecontact me directly or consult ourBankruptcy FAQ. Please see below for details on exempt assets in other Provinces:AlbertaSaskatchewanManitobaOntarioQuebec
Latest Blog Posts
2025-04-25
Understanding debt collection in Canada: Protecting your financial health
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
Top five mistakes to avoid when considering filing for bankruptcy
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.
