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RESP & bankruptcy

I am considering bankruptcy and need to know if my children`s RESP`s will be taken.

Posted from: Alberta

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One Response to “RESP & bankruptcy”

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

If a bankruptcy is filed, any RESP’s are lost.

The reason for this is how an RESP has been set up by the government. While many people believe that these funds have been set aside for their children, this is not the case.

An RESP is not to be a true trust because it is cashable by the plan-holder (usually the parent). Because you can cash out the RESP at any time, the RESP is not trust property it is technically your asset.

Therefore, if you file for bankruptcy any RESP’s that exist must be liquidated by your trustee for the general benefit of the creditors.