April 8th, 2009 by Questions

Are RRSPs, LIRA and TFSA surrendered when filing Consuner Proposals?
I am collecting EI benefits. Am I eligible to file CP?

Posted from: Ontario


One Response to “RRSP, LIRA and TFSA”

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

No, in a consumer proposal there is no automatic vesting of assets like there is in a bankruptcy. All you have to do is ensure you are offering more to your creditors than they would receive in a consumer proposal.

Now in terms of eligibility, as long as you can afford a reasonable payment to the creditors, owe greater than $1000 and your income is fairly stable and dependable then you are eligible. But it is best to discuss this with a local trustee and they will run through your situation and let you know if it is a good fit given where you are sitting.

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.)