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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 Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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RRSP gray areas

As an Ontario resident, I understand my RRSP is protected if; It is locked in or is with an insurance company with my spouse as beneficiary.
However:
1. Although my RRSP is not legally locked in, when I tried to cash it to help pay debt. my employer would not let me. The group plan is in their name and it is their policy to deny access until retirement.
2. The RRSP IS with an insurer and my spouse is beneficiary but we would be filing jointly, could this be a problem?

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One Response to “RRSP gray areas”

Barton Goth GCO Bankruptcy Trustees said...

The best thing to do given this situtiaon is to gather up all the documents that relate to your RRSP and have them reviewed by a local trustee.

From the sounds of it these funds will be exempt, but until I review the details it is difficult to determine.