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

2025-09-04

Will Bankruptcy Erase All Of My Debt?

Mary Plahouras Rob Shier

Bankruptcy

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

Read More

2025-09-02

How to budget when you’re living paycheque to paycheque

Caryl Newbery-Mitchell

Lifestyle Debt Debt Solutions

You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.

Read More

2025-09-02

MNP’s Atlantic Canadian guide to affordable fun

Lifestyle Debt

Have fun on a budget with our guide to affordable activities in Atlantic Canada.

Read More

Consultation icon