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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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Should I cash in my RRSPs before I go bankrupt?

We are concerened of the possibility of having to declare bankruptcy,we have about $8,000 left in RRSP’s.

Should we cash these before we declare.

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One Response to “Should I cash in my RRSPs before I go bankrupt?”

A licensed trustee said...

When you declare personal bankruptcy in Canada you are required to declare all assets you have disposed of in the year prior to bankruptcy. If you cash in an RRSP, you are required to disclose that fact. Since the creditors may be upset that you spent $8,000 without paying them, and then went bankrupt, it is possible that your discharge from bankruptcy may be delayed.

You could instead file a consumer proposal and keep your RRSP.

Either way, I strongly recommend that you contact a licensed trustee to fully explore your options.