2024-09-25
What happens if I don’t fulfill my duties during a Bankruptcy?
Bankruptcy
If you’re going through a personal Bankruptcy, one of your main goals is to obtain your discharge — that is, to have your debts cleared so you can start fresh.
RESPs in Alberta Soon to be Exempt in the Event you File for Bankruptcy
Certain amendments to legislation in Alberta received Royal Assent and are to be coming in to force effective April 1, 2014. One of these changes will be that RESPs (“registered education savings plans”) will be exempt.
This exemption will mean that in the event you file for bankruptcy in Alberta, or have creditors suing you and you reside in Alberta, RESPs that you hold for a beneficiary will not be lost. You will get to keep these assets.
Until April 1, 2014 and for Alberta bankruptcies filed prior to that date, RESPs are not exempt. This means that in an Alberta bankruptcy you would either lose this asset or have to repurchase it from your bankruptcy.
Currently in Alberta, RRSPs, DSPs, and RRIFs are exempt. Bill C38 when it comes into force will add RESPs to that list. Bill C38 was sponsored by the Honourable Jonathan Denis, QC, MLA for Calgary-Acadia.
Donna Carson
CIRP, LIT, CPA
Senior Vice President
Servicing: Calgary (Downtown), Red Deer, Drumheller, Calgary (NE), Airdrie
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Canadians are facing a cost-of-living crisis. With rampant inflation, many have taken on more debt just to make ends meet. With interest rates still high, some households might be considering declaring Bankruptcy for the first, second, or even a third time.
If this sounds like you, don’t worry — many people are in the same situation, and it isn’t anything to be ashamed of. Filing for Bankruptcy or entering a Consumer Proposal might be the solution you need to relieve financial stress and get a fresh start.
