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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.