Locked in Investment
If I have an investment that was originally locked in for 10 years, and there are 7 years left on it, how will it be treated if I go bankrupt? Will I sign it over or something? The other problem is they don’t tell me the return (if any) until the 10 year term is up (very speculative, I know)…how would I handle this situation?
It depends on what you mean by “locked in”. A locked in pension or RRSP is generally not seizable by the trustee. However, a GIC with a 10 year term is not locked in, and would be seized by the trustee.