February 16th, 2006 by Questions
If i have a spousal RRSP – i am the contributor and my wife is the annuitant -and if she files for bankruptcy – is this counted as her asset and does this go in the bankruptcy estate?
Thanks for your answer.
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February 17, 2006 at 3:50 pm, Barton Goth, GCO Inc. Bankruptcy Trustees said:
If your spouse files for bankruptcy, any spousal RRSPâ€™s are considered her property and currently be liquidated and the proceeds made available to the creditors through the bankruptcy proceedings. However, on June 30, 2006 the rules for RRSPâ€™s change drastically and a portion of those investments may be protected. For more information contact a bankruptcy reform for more details.