Free Consultation

WHAT ABOUT RRSP`S AND SAVINGS BONDS

Me and my wife are thinking about bankruptcy due to poor descision making with credit cards!
If we apply for bankrupcy will my wifes retirment savings she as be affected like her saving bonds and her RRSP`s?

One Response to “WHAT ABOUT RRSP`S AND SAVINGS BONDS”

Barton Goth GCO Bankruptcy Trustees said...

If you file for bankruptcy all of the Canada Savings Bonds would be lost and in most cases the RRSP’s.

However, there are some very specific rules when it comes to RRSP’s and in some cases they are protected (i.e. RRSP held by insurance company and the designated beneficiary is a spouse, parent, or child). The best thing to do is to contact a local trustee and have them review these investments to determine how they would be treated.