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RRSP

I am currently in bankrupcy and just found out I have a rrsp from my old bank, they will be sending me a check in the mail. Do I have to claim this as income?

Posted from: British Columbia

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One Response to “RRSP”

A licensed trustee said...

It is not considered income – you are required by law to hand the entire amoutn over to your trustee for the benefit of your creditors. If you do not and your trustee (or one of your creditors) discovers that you cashed out the RRSP during your bankruptcy you will likley end up in Court trying to convince a judge to grant you a discharge from bankruptcy.

Sorry, but you should have left the money sitting in the old RRSP muntil after you are discharged. Call your trustee before you get into trouble…