Bank Account & RRSP

My husband and I are thinking about doing a consumer proposal. We met a trustee this am, she advised us to open a new bank account that we don’t owe money to. She also said to move everything over to that new account. Should I also move my RRSP’s as they are with the bank I currently owe most debt to.

Posted from: Ontario

One Response to “Bank Account & RRSP”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You can move the RRSP’s if you like, but realistically you don’t have to. RRSP’s are exempt items that for the most part a bank can’t seize. That is not the case with cash, so that is why it is important to move the bank accounts. But if you wanted to move the RRSP’s it wouldn’t cause any problems.