March 16th, 2010 by Questions
My dad has recently become Ill and my sister and I are now trying to look after him as well as his finances.
He has $14000 owing in credit cards and the same in a line of credit. So owes just under $30,000. He has $20,000 still in an RSP account.
He also owes $130,000 on his house but due to his medical situation we will be putting his house up for sale and having him in assisted living.
Basically I am wondering if we declare bankruptcy for him ( we are his power of attorney) Will he lose his RRSP or his house if we dont put it up for sale?? If we do and have the funds gifted to us is that a better alternative??
Posted from: Ontario