Small Pension Aggressive Creditor

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]