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Disparity of exemptions across Canada

There is a huge disparity in exemptions within Canada with respect to home equity. In Alberta you can keep up to $40,000 of equity, BC $12,000, Newfoundland $10,000, Saskatchewan $32,000. Ontario, however, does not provide an exemption for equity in real estate; nor do Nova Scotia, New Brunswick, Quebec and Prince Edward Island. Who is it that sets these exemptions? It seems crazy that in Ontario there is no exemption for any amount.

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One Response to “Disparity of exemptions across Canada”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

I agree, the disparity is significant and something that I think should be looked at. Currently these exemptions are set by provincial legislation and as a result it is very difficult to get each province and territory to come to a consensus.