2008-12-22
Certain assets that you own are protected when you file for bankruptcy, meaning that you get to keep them. There is a list of both federal exemptions (which are the same for all bankruptcies in the country), and a list of provincial exemptions (which vary by province). For a list of the provincial exemptions, please see What assets can I keep? under the Personal Options/FAQs/Personal Bankruptcy section of this site. The federal exemptions are such things as locked-in pensions, certain RRSPs (e.g. life insured or contributions over 12 months ago). Any exemptions that you claim are subject to you having given that asset as collateral for a loan. You basically give up your exemption until you pay the lien/loan back. Some examples of this could include a house mortgage, a car loan, or a furniture loan. Donna Carson, CGA, CIRP, Trustee Calgary, Airdrie, Drumheller regions 403.537.7657 or 1.877.500.0792
2025-04-25
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
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.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
