Bankruptcy and pensions

January 2nd, 2011 by Questions

I am 64. Will the government take away my Quebec Pension and my CPP when i apply for them at 65?

Posted from: Quebec

Questions

One Response to “Bankruptcy and pensions”



, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

The filing of a bankruptcy won’t impact your pensions. You will continue to receive your pensions from teh government regardless of whether or not you file for bankruptcy.

The only indirect impact these will have is on the cost of bankruptcy. This is because there is a guideline sent to every trustee in Canada that sets a threshold amout people are able to make to qualify for the minimum cost of bankruptcy. If your total income is greater than this threshold then the cost of filing bankruptcy and potentially the length of the bankruptcy are increased. Although if you are on a fixed income that is only composed of CPP and QPP I don’t think you are going to have to worry much as you will likely be right around that threshold mark.

Otherwise the presence of the pensions or any other source of income really don’t affect the bankruptcy process much.

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