FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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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 deduction limit

I have accumulated an RRSP deduction limit over the past 10 years since I have never put money into any RRSP.

Will filing for bankruptcy eliminate this deduction limit and set it back to nil?

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One Response to “rrsp deduction limit”

A licensed trustee said...

That is a very good question. Unfortunately, neither the Income Tax Act nor the Bankruptcy and Insolvency Act deals specifically with all of a persons various tax accounts. By that I am referring to things like your RRSP carryforward limit, Capital Gains exemptions, Loss carryforwards, etc.

I can tell you this – based on the Notices of Assessment that we have received for POST-bankruptcy tax returns, it does not appear that the RRSP carry-forward has been affected by the bankruptcy. That is, the carry-forward amounts for the clients that we have processed have not been lost.

I am sorry I can’t provide you with a more definitive answer.