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Can my bank seize my RRSP after I applied for consumer proposal?

I have a credit card and line of credit with my bank. Can my bank seize my RRSP after I applied for consumer proposal?

Posted from: British Columbia

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One Response to “Can my bank seize my RRSP after I applied for consumer proposal?”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

No. RRSPs are held in trust by the financial institution; the stay of proceedings comes into effect upon the filing of the consumer proposal. This prevents further collection practises by the creditor.