FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

Total Unsecured Debt*

*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

This field is hidden when viewing the form

Source

How can we help you?

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 Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Rasp withdrawals

If you withdraw money from an rrsp during bankruptcy is it considered income and do you have to pay half of it to the trustee?

Posted from: Nova Scotia

Share this post:

X (Twitter) Facebook Pinterest LinkedIn Email

One Response to “Rasp withdrawals”

A licensed trustee said...

Funds in an RRSP are protected while they remain in your RRSP (except for the amounts deposited in the 12 months before you file for bankruptcy, which may be seized as soon as you file), BUT if you withdraw protected funds from your RRSP during your bankruptcy they lose their protection and the ENTIRE withdraswal may be seized for the benenfit of your creditors.

If you have already filed for bankruptcy I strongly encourage you to call your trustee BEFORE you try to make a withdrawal – your trustee has likely put your RRSP company on notice that any/all withdrawals made during your bankruptcy are to be paid directly to the trustee.