2025-06-30
How do I respond to creditors?
Credit Counselling
Here are the ABC’s of dealing with creditors and debt collectors.
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
2025-06-30
Credit Counselling
Here are the ABC’s of dealing with creditors and debt collectors.
2025-06-25
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.
2025-06-19
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.