New bank

we are thinking about filing for CP- we are planning of changing the banck that have more than 50% or our unsecured debt. Can we also transfer our RESP the new bank?

We just don’t want our current bank to cash our resp and pay off debt we owe them.

What do you think?


Posted from: Ontario

One Response to “New bank”

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

There is not much risk fo the bank collapsing your RESP, especially if you file a consumer proposal, but there is nothing preventing you from moving these funds to the new institution.

As for the opening of a new bank account, this was a good thing to do and is always one of my suggestions to people as they start to consider the filing of a consumer proposal. While it is a little more work right now, it will make things easier in the long run.