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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Super Intendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Do you lose your RRSP’s. LIRA’s or Pension through a consumer proposal?

Do you lose your RRSP`s. LIRA`s and any other pension money through a consumer proposal or bankruptcy?

Posted from: Ontario

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One Response to “Do you lose your RRSP’s. LIRA’s or Pension through a consumer proposal?”

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

There are very specific rules governing how each of these are treated, so it is recommended that you have any documents related to these reviewed by a local trustee.

However, generally a bankruptcy any contributions made to your RRSP’s outside of the 12 months preceeding the filing of a bankruptcy, your Lira’s and your pension monies are considered exempt assets and are protected during bankruptcy.

With a consumer proposal it is slightly different as there is no vesting of assets as there is in a bankruptcy, but because you have to offer at least as much to your creditors as would be available in a bankruptcy, indirectly the same rules then apply with a consumer proposal.