rrsp safe if I go bankrupt?
December 29th, 2005 by Questions
I have been self-employed for over 15 years and through out those years i managed to save about $75 000 in RRSP (segregated fund, insurance company with my daughter as beneficiary). I have become ill in the last year, and I am forced to close my business as i can no longer work or afford to pay someone to replace me. I sold my home about 2 years ago and have been living off that money. I owe about $80 000 to unsecured creditors. If i cashed in my RRSPs i still would not have enough after taxes to pay off my debt. I think going bankrupt is the best option for me, but will i lose my RRSPs?
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)