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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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rrsp safe if I go bankrupt?

I have been self-employed for over 15 years and through out those years i managed to save about $75 000 in RRSP (segregated fund, insurance company with my daughter as beneficiary). I have become ill in the last year, and I am forced to close my business as i can no longer work or afford to pay someone to replace me. I sold my home about 2 years ago and have been living off that money. I owe about $80 000 to unsecured creditors. If i cashed in my RRSPs i still would not have enough after taxes to pay off my debt. I think going bankrupt is the best option for me, but will i lose my RRSPs?

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One Response to “rrsp safe if I go bankrupt?”

A licensed trustee said...

If your RRSPs are in a segregated fund with an insurance company and your daughter as a named beneficiary they are probably exempt from seizure in a bankruptcy. However, we recommend that you have a personal bankruptcy trustee review your RRSP documentation prior to filing bankruptcy to confirm that your RRSPs are exempt.