FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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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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Cashing in RRSP’s

I have an RRSP for approximately 500.00 plus any interest it has accrued. I have not actually put into motion the bankruptcy. Can I still cash that out and keep the money if I do it before I start bankruptcy proceedings? How long after I have started bankruptcy proceedings would it be before I could cash the same RRSP?

Posted from: Ontario

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One Response to “Cashing in RRSP’s”

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

I wouldn’t recommend cashing in the RRSP just prior to filing a bankruptcy, doing so would likey result in you loosing the money that is currently invested. As long as you leave it intact the money will likely fall under the exemptions in your province. Then once you have filed bankruptcy if you cash it in it would be considered income in the month you do this, but not directly lost.