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I am a senior living off my RSP’s and my CPP
Do I need to cash out my RSP’s
I have no other income

Posted from: Ontario

One Response to “RRP”

A licensed trustee said...

You won’t be required to cash out the RRSPs as part of your bankruptcy, but keep in mind at some point they do have to be converted into RRIFs or some other type of annuity. The only part of any RRSP that is seized during bankruptcy are funds deposited in the 12 months immediately before you file.

As a senior and a pensioner, you may not have to file anything – call a trustee in yoru area and ask them about being “creditor proof”…