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RESP and banckruptcy

I opened an RESP for my daughter 3 years ago with the minimum of $2000 and automatically, there has been about $1500 grants from government added to this account. I haven`t been able to contribute anything since then. I am in debt and was wondering if the creditors are allowed to withdraw money from this RESP account ! specially the bank where i have this account and i owe them in the meantime.

thanks.

Posted from: Alberta

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One Response to “RESP and banckruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

Hello,

This is an asset that your creditors can go after as RESP’s are not considered an exempt asset under the Civil Enforcement Act of Alberta. Now they typically can’t simply withdraw money from that account, but would have to go to court to obtain a judgment and get an order for the RESP to be seized.