2009-04-02
If your pension is a CPP pension, the only creditor who can seize it is Canada Revenue Agency. Once it's deposited into your bank account, however, it is possible for certain creditors to seize some or all of it. For example, if you owe money to the same bank that you have your deposit (chequing or savings) account with, the bank can take money out of your account at any time and apply it against the amount you owe them. This is called a "right of set-off." So, it sounds like you may be judgment proof. That means that there really isn't anything your creditors can do collect money from you. In terms of things you own, there are certain things that creditors cannot touch unless you've signed an agreement using those things as collateral for a loan (e.g., a vehicle loan - if you fail to make the payments, the lender can seize the vehicle). If you'd like more information, please post another blog or feel free to get in touch with me. Judy A. Scott Trustee - Meyers Norris Penny Limited 604-949-2113 [email protected]
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.
