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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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RRSP contributions after bankruptcy

I signed for bankruptcy with my trustee formally a month ago. Are there advantages or disadvantages if I start contributing to an RRSP now?

Posted from: British Columbia

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One Response to “RRSP contributions after bankruptcy”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

The advantages of RRSP contriubtions are largely the same while your in bankruptcy (i.e. tax deferred investment that will accrue for retirement). However you will find that if you make contributions in the year of bankruptcy and those contributions are intendend to create a larger refund on your taxes, during the year of bankruptcy your tax refunds are lost and as a result you may not have the same incentive to invest in the RRSP vs. another investment vehicle.