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GST refunds & RRSP?

My bankruptcy ends today – HOORAY!! HOORAY!!
It really wasn’t as bad as I imagined, but what a relief to have it finally over!

I was just thinking this morning about my GST refund. Do I start to get it now, or will it continue to go to the trustee, until I file my taxes at the end of the year?

Also, I had a forgotten RRSP with $25.00 in it, with the same bank I owed a line of credit to. I did report the RRSP to my trustee when I filed, and she said I could keep the account because it cost more to close it than it was worth.

Now that my bankruptcy is over, what do I do with the RRSP account? Can I start adding money to it, or will the bank not want my business due to the bankruptcy?

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One Response to “GST refunds & RRSP?”

A licensed trustee said...

Congratulations – it’s got to feel good to be done and to know that you’ve obtained a fresh financial start.

The Canada Revenue Agency (CRA) will continue to forward your GST cheques to your trustee until one of two things happens: either your trustee sends CRA a form redirectly the GST back to you or when your trustee finally closes thier file CRA will notified that the trustee’s interest in your GST is over.

Unfortunately, without knowing how quickly your trustee closes files, I can’t tell you how long it will be until your GST is returned to you. If it is a concern, you may want to call your trustee and ask them what their procedure is.

In regards to your RRSP – if your trustee has told you that they aren’t going to collapse the plan then you can do what you want with it. Before you deposit any new money, I suggest you confirm with the bank that holds the plan that there are no “holds” or other restrictions on the plan. If there are, you may have to ask your trustee to send them a letter disclaiming any interest in the plan.

Good luck with your future…