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Bankruptcy and LIRA

Hi There…I owe a considerable amount to CRA. I do have 2 locked in accounts and see that Alberta allows unlocking to pay Rev Canada debts. My LIRA`s are NS and Federally admininstered which do not allow unlocking for tax debt. Bankruptcy is an option but is there any way since bankruptcy is looming to unlock these funds?

Posted from: Alberta

One Response to “Bankruptcy and LIRA”

Barton Goth – Goth & Company Inc. – Bankruptcy Trustees said...

I am not aware of any way to unlick these LIRA debts. But you may find that it is preferrable to file the bankruptcy as many of these locked in funds will likely be protected in a bankruptcy.