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

2025-07-25

How to budget for inflation

John Athanasiou

The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.

Read More

2025-07-24

Five ways to spend your 2024 personal income tax refund 2025

Mary Plahouras

Whether you're planning ahead or paying down debt, we have five tips to help you turn your refund into financial momentum.

Read More

2025-07-23

Do I keep my car in a Bankruptcy or Consumer Proposal?

Caryl Newbery-Mitchell

Lifestyle Debt Alternatives to Bankruptcy

We’re here to answer your questions about whether you will be able to keep your vehicle if you choose Bankruptcy or a Consumer Proposal to work towards achieving a debt-free future.

Read More

Consultation icon