If you declare Bankruptcy in Quebec, you can keep: Household possessions (such as household furnishings to the extent of $7,000 in Quebec, medical aids, personal items and tools or equipment required for the purpose of earning a living); RRSPs with the exception of any contributions made by the debtor within the (12) month period preceding the Bankruptcy; Cash surrender value of a life insurance policy provided the beneficiary...

If you declare Bankruptcy in Nova Scotia, you can keep: One motor vehicle up to a value of $6,500 or an amount of $6,500 if required for your employment and where there is not a loan outstanding specifically for the purchase of the vehicle ; Furniture, household furnishings and appliances used by a debtor or a dependent up to a value of $5,000 and where there is a not a loan outstanding specifically for their purchase; Tools...

If you declare Bankruptcy in New Brunswick, you can keep: One motor vehicle having a realizable value of not more than $6,500 at the time the claim for exemption is made, or not more than any greater amount that may be prescribed, if the motor vehicle is required by the debtor in the course of or to retain employment or in the course of and necessary to the debtor’s trade, profession or occupation; Furniture, household furnishings and...

If you declare Bankruptcy in Manitoba, you can keep: One motor vehicle, if necessary for work or transportation to and from work, not exceeding $3,000 in value; Furniture, household furnishings, and appliances not exceeding a total value of $4,500; Food and fuel necessary to family for a period of six months, or cash equivalent; Tools, implements, professional books, and other necessaries not exceeding a total value of $7,500...

If you declare Bankruptcy in British Columbia, you can keep: $12,000 equity in a principal residence in Greater Vancouver or the Capital Regional District; and $9,000 equity in all other areas of BC; $5,000 equity in one motor vehicle (but only $2,000 if you are behind in family support obligations); $4,000 in household furnishings; $10,000 in work tools; All necessary clothing and medical aids; and Property...

If you declare Bankruptcy in Alberta, you can keep: RRSPs, RESPs, RDSPs, most pensions in Alberta are generally exempt; Clothing (up to $4,000 in value); Household furniture and appliances (up to $4,000 in value); One vehicle (up to a $5,000 value); Tools and personal property you need to earn an income from your occupation (up to $10,000 in value); The equity in your principal residence (house or mobile home)...

There are two options for Canadians under our Bankruptcy law. For most individuals, Bankruptcy is a relatively streamlined process referred to as a Summary Administration. However, depending on the amount of assets an individual owns, an Ordinary Administration may be applicable.

The federal government provides guidelines to all Licensed Insolvency Trustees to help them determine if an individual or family has ‘surplus’ income. Your threshold for surplus income is calculated based on the number of dependents in your household and your net family income. Net family income refers to how much you earn after deducting income taxes, payroll deductions, essential medical expenses, alimony, and child support. It does not typically...

Each province in Canada has legislation dictating which assets you may keep in the event of a Bankruptcy. These assets are exempt — or excluded — from the assets that would be sold by a Licensed Insolvency Trustee for the benefit of your creditors. Read below to learn what exempt assets exist in your province.

Your Licensed Insolvency Trustee is required to file your prior year’s income tax return if it remains unfiled at the date of Bankruptcy, as well a pre-bankruptcy income tax return for the period from January 1 to the date of your Bankruptcy. The Licensed Insolvency Trustee will retain any refunds arising from these income tax returns. If there is a balance owing on these income tax returns, the amount owed is included in your Bankruptcy. Your Licensed...