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Using my RRSP to pay off debt?

I`m trying to get my debt down and heard something about if you use your RRSP`s to pay off your debt, you can`t go bankrupt too. Is this true? I really don`t want to go bankrupt and am trying to do everything I can to avoid it. Suggestions??

Posted from: Ontario

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One Response to “Using my RRSP to pay off debt?”

A licensed trustee said...

That’s a new one – there is no truth to your statement. Before you cash out your RRSPs speak to a trustee. The only RRSPs that you lose if/when you file for bankruptcy are funds you have had on deposit for less than 12 months – I am not suggesting that you file for bankruptcy, but I think you want to speak to someone more knowledgeable than whomever you have spoken to so that you may make an informed decision.