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

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RESP changes?

Do the recent changes to bankruptcy involving RRSPs also apply to RESPs, or are they still not exempt during a bankruptcy?

Posted from: British Columbia

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One Response to “RESP changes?”

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

No, RESP’s are a non-exempt asset, which means that if a bankruptcy is filed the RESP’s vest in the trustee and the proceeds from these investments are distributed to the benefit of the creditors.

For reference, one of the recommendations of my professional association (Canadian Association of Insolvency and Restructuring Professionals) was to make the RESP’s exempt, just like RRSP’s, but unfortunately it is not a recommendation that was adopted.