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If One Claims Personal Bankruptcy Is Herhis Rrsp Protected
2013-01-29
Generally, when an individual becomes a bankrupt, their assets vest in the trustee and are realized for the benefit of creditors. However some assets are exempt from seizure and realization by the Trustee. Effective July 7, 2008, in accordance with federal legislation, the property in a registered retirement savings plan (RRSP) or a registered retirement income fund (RRIF), as those terms are defined in the Income Tax Act, are exempt from seizure by a trustee in bankruptcy, except for a claw-back for any amount which may have contributed in the twelve (12) months immediately prior to the date of bankruptcy. This claw-back will not apply in certain provinces; however Ontario is not one of those provinces. Therefore, in a bankruptcy filed in Ontario, all funds in an RRSP (or RRIF) are exempt except for any contributions made in the last year. For a listing of exempt assets in the various provinces, pleaseclick hereFind Out More For more information, visit ourfrequently asked questions about debt andbankruptcy, or to test drive our onlineDebt Calculator or Budget tracker workbook. For a no cost, no obligation consultation to discuss a resolution of your debt issues, please contact yourlocal MNP office. Marvin Zweig, CA-CIRP, Trustee Markham, Ontario
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