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I successfully completed a Consumer Proposal almost two years ago. For some reason, one of the banks involved did not seize $20 left in a mutual fund RSP acount. The money sits there to this day and I get quarterly statements.

My question is: Could I start to contribute to this fund again or would I risk having all the money seized. I do not have any other RSP accounts.

Posted from: Alberta

One Response to “Return to Original Bank”

A licensed trustee said...

The bank did not seize the fuudns in your RSP because they are not legally permitted to do so. Funds of this type are held in trust (as opposed to being on deposit) and that means the bank can’t just decide to take them.

If you want to start using the account again you can, but I think you’d be better off simply opening a new account wherever you are currently banking.