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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Spousal RRSP

I am thinking about filing and was wondering if a contribution that I had made to a spousal RRSP several years ago would be seizable?

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One Response to “Spousal RRSP”

Barton Goth GCO Bankruptcy Trustees said...

You are correct, the moment that a contribution is made to a spousal RRSP the asset no longer belongs to the contributor, but the spouse. Normally this is done for tax planning purposes so that you will be able to maximize any funds available during retirement. However, if the spouse then files bankruptcy as it is an asset that is non-exempt, it is lost and becomes available for the general benefit of their unsecured creditors.