August 10th, 2009 by Questions
Are my children`s RESP`s safe from creditors if I am the subscriber and my wife is a joint subscriber and my child is the nominee?
Posted from: Ontario
August 11, 2009 at 8:15 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
RESP’s are not considered exempt when a bankruptcy is filed. Meaning that the RESP’s would be lost and distributed amongst your creditors. However, if they are held jointly by you and your wife, then only 50% of these RESP’s are considered yours and therefore only 50% of them are lost.
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