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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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Is RRSP Loan the secure Credit?

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One Response to “Is RRSP Loan the secure Credit?”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

According to the Bank Act you are not able to pledge an RRSP as security on any type of loan, so typically the RRSP loan is simply unsecured. However, you need to be aware that in most bankruptcy situations RRSP’s are liquidated and come into the bankruptcy estate. If you are interested in keeping these funds you may be able to frame a consumer proposal that will allow these investments to remain intact. I recommend clicking on the Contact an Expert link on the right hand side of the page and sitting down with a Trustee in your area to outline the specific details of your situation and he will be able to help determine if you could develop a proposal of this fashion.