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Contributing to an RRSP while in proposal…

Hi, I’m currently in a consumer proposal that will probably last another 2-3 years. The CCRA is one of the creditors in the proposal, I owed a substantial amount of back-taxes. If I start contributing to an RRSP right now, will this be perceived negatively by the goverment since they could think I have this extra cash I could be using to pay down the proposal more quickly, or even pay more that I am currently.

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One Response to “Contributing to an RRSP while in proposal…”

Barton Goth GCO Bankruptcy Trustees said...

There isn’t a concern over perception, but there may be a logistical concern. As a result I wouldn’t suggest making any RRSP contributions in the same tax year as the proposal is filed as there is a possibility that any tax refund may be scooped by CRA, but there is no problem with contributions after that tax year.