locked in rrsp

July 30th, 2013 by Questions

Hell, I have around 60,000 dollars debt which includes an eight year old student loan. I’m considering bankruptcy however I have around 40,000 dollars in a locked in RRSP which I can only get at 55 years of age. What alternatives do I have, can the locked in RRSP use to paid the debts. If I file bankruptcy can that money be use to pay any charges.

Posted from: Ontario

Questions

One Response to “locked in rrsp”



, A licensed trustee said:

The funds are locked in for a reason – the government has decided there is a benefit to society to you having some additional pension money when you retire. There are rules which will allow you to access a portion of these funds – it is called a hardship application, but think long and hard before you do so, particularly if what you want to use the money for is to pay down debt. Your creditors cannot access these funds – they are protected under the law.

Before you decide to do anything you should speak to a financial planner about your current situation and your retirement plans.

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