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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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Parent

I have a Registered Education Savings Plan for my children. Is this exempt?

Posted from: New Brunswick

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One Response to “Parent”

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

No, an RESP is not exempt, if you file a bankruptcy that is liqudated as part of the bankruptcy. Now I do agree this doesn’t make sense, but it is the way the legislation is written (for reference my professional association lobbied quite heavily to get RESP’s status to be changed to exempt, but for whatever reason those efforts didn’t result in any changes). If you are wanting to retain the RESP you may want to consider the filing of a consumer proposal instead as then you don’t lose assets in the same way as you would with a bankruptcy.