spousal rrsp

May 20th, 2008 by Questions

my common-law husband took out a 5,000 spousal rrsp. this is his money but would i have to lose this if i am to go peronal bankrupt. this was to help him lower his taxes for that year but he put it in as a spousal as we told that was best because of our incomes.

Posted from: Ontario


One Response to “spousal rrsp”

, Barton Goth GCO Bankruptcy Trustees said:

You are correct, the moment that a contribution is made to a spousal RRSP the asset no longer belongs to the contributor, but the spouse. Normally this is done for tax planning purposes so that you will be able to maximize any funds available during retirement. However, if the spouse then files bankruptcy as it is an asset that is non-exempt, it is lost and becomes available for the general benefit of their unsecured creditors.

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