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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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RESP Account

My minor children have RESP accounts under their own name which I have made monthly contribution since they were born.
If I file for bankruptcy, will I or my children lose them to creditor?

Posted from: British Columbia

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One Response to “RESP Account”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The problem is that an RESP is not held by the child. Until the child attends post-secondary school, the plan-holder remains in control of the plan and may have it collapsed at any time.

As a result, if you file for bankruptcy the RESP is lost as part of the bankruptcy process.