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Mike

If i declare bankruptcy after i retire can i keep all of my CPP benefits and monthly annuitys from my RRSP ?

Thank you for your reply .

Posted from: Ontario

One Response to “Mike”

A licensed trustee said...

Your various pensions and RRSP annuities are protected to a point – whatever you receive monthly as “income” will be subject to the Surplus Income Rules (directive 11r) of the bankruptcy and Insolvency Act. Further, if your purchased annuities permit you to withdraw lumpsums of money then your may be required to make sucha withdraw during yoru bankruptcy.

You need to discuss your concerns with your trustee BEFORE you file to be certain there won’t be any unpleasant surprises after you file…