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contribute to an RRSP while in bankruptcy

Can I contribute to an RRSP while in bankruptcy to offset money owed to CCRA, instead of just giving them the money??

Posted from: British Columbia

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One Response to “contribute to an RRSP while in bankruptcy”

A licensed trustee said...

Yes, you may contribute to an RRSP while you are bankrupt and it will serve as a deduction from your current income tax liability. It will not however reduce your income for the Surplus Income payments due in bankruptcy so be careful and make certain you keep enough money to make those payments or you’ll simply have to collapse the RRSP to do so…

Talk to your trustee before you start making your contributions – your trustee should be able to estimate what your Surplus Income payments may be and therefore help you budget for the RRSP.