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

"*" indicates required fields

Name*

Phone Number*

Email*

Hidden

What's the best time to contact you?*

Location*

What city do you live in?*

Hidden

Source

How can we help you?

Comments

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

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?

Share this post:

X (Twitter) Facebook LinkedIn Email

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.