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RESP – Is it affected during bankrupcy

Greetings…

I am considering filing for bankrupcy if things in my life don`t change in the next 1-2 months.
In the mean time, I was just curious to know the following :

Will the funds in a RESP (for my daughter) be affected if I file for Personal Bankrupcy ?

Thank-you very much

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One Response to “RESP – Is it affected during bankrupcy”

Barton Goth GCO Bankruptcy Trustees said...

Yes, an RESP will be affected by a personal bankruptcy. The RESP is legally considered your property and therefore vests in the trustee.

Therefore one of two things may happen. The first alternative is that the RESP will be liquidated by the trustee and the monies will be sent directly to them. The second option is if you wish to provide the same amount of money that the Trustee would net from the liquidation of the fund then you would be permitted to keep the investment.