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RRSP

I currently owe $80,000 in credit card debt and my wife and I are exploring bankruptcy as an option. My car is leased and coming due in 6 months. If I am in a bankruptcy proceeding and I cash in my RRSP to buy a car, are the proceeds considered surplus income?

Posted from: Ontario

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One Response to “RRSP”

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

As long as you cash the RRSP in after you have filed bankruptcy you likely won’t have any issues. But the practice of a trustee (and creditors) can vary significantly acoss the country, so I would recommend speaking directly with a local trustee to confirm this won’t cause you any difficulties.