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What is considered `work tools`

Hello, I`m considering bankruptcy in BC. I am self employed and work has dried up. I have been reading that I am allowed to keep some tools, but I am curious what that includes. I am currently a house painter, but am hoping to switch to an audio engineer. This means I have began to slowly purchase (over the years) tools I need for this trade such as recording equipment and instruments. Will these items be considered valid tools as they are essential to what I hope to my future carrier path. Thanks

Posted from: British Columbia

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One Response to “What is considered `work tools`”

A licensed trustee said...

Tools of the trade or “work tools” are things you require to earn an income. If you have been accumulated equipment and tools for a new career, but you are not actively earning any income from that career then likely the exemption will not apply. In other words, if the tools aren’t making you any money then they are not work tools.

It is to your credit that you want to switch to a higher income career, but you can’t accumulate equipment and tools for this new career at the expense of old creditors.