How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

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RRSP Cashed

Due to my wife’s loss of job i cashed RRSP’s and received net $5000 about a month ago. i paid various creditors monthly payments that i was in arrears and rent. I have about $1000 left from that.
Now i have been informed my job is about to be ended by end of Mar/31/07. My only option is to file bankruptcy as my debt is about $85,000. My surplus will be about $500 a month then in april i will go on EI – will i have to pay this $5000 back and if so how will i do it as my EI will only be $1800 or so a month. i filed bankruptcy once in 1991. Please help! You have a very informative website. Thanks

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One Response to “RRSP Cashed”

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

This is a tricky issue and it all comes down to intent. If you can prove that you did not make these payments purposely, with intent to give the creditors in question a preference, then you do not have to worry. Being a very difficult issue to discuss with so limited information you would be best to contact a licensed trustee in your area.