Income property and Consumer Proposal
April 28th, 2016 by Anonymous
I have a question regarding a rental property and appliances inside it. If I were to file a consumer proposal and let the bank take back, my income property am I entitled to remove the machines before giving the property back? We are just curious because we’ve replaced almost everything in the last year and would like to have newer stuff for our home we are keeping as the stuff here is getting old.
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April 28, 2016 at 7:08 am, Doug Stuive, CA | Trustee | CIRP said:
Yes you would be able to remove the appliances from the rental property along with any other contents. These appliances would be considered personal assets and generally would be disclosed to the trustee. Usually household goods do not form part of the assets that the trustee would need to take into consideration when structuring a consumer proposal. Most provinces have an exemption limit for household goods and appliances that is very generous so it will probably not be an issue. However if these appliances are new and of significant value, and if you have other household appliances as well, then it may be that the value of the household goods may exceed the exemption for your province. You would be responsible to discuss this with your trustee so they can determine if the appliances affect your proposal in any way.