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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 […]

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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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RESP and Bankruptcy

Hi, my husband & me have RESP account for our kids, one year ago I took off my name from the RESP, so my husband is the only plan-holder. I am wondering if I file a bankruptcy, will my kids RESP be affected, even though my name not included in it. Thanks.

Posted from: Ontario

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One Response to “RESP and Bankruptcy”

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

You will need to contact a local trustee to discuss this. When you remove your name from an asset that legally should belong to your creditors it can cause problems. Now there are specific time frames surrounding the nature of this transfer. There is a possibility that it is improper and will be reversed as part of the bankruptcy, but that really will depend on the specifics of the transaction.