June 11th, 2014 by Questions
Is the income from an LIF considered as income or as an asset in bankruptcy?
Posted from: Alberta
June 11, 2014 at 3:59 pm, Desmond West-Chow, CIRP said:
The short answer is that it would be included as both. But, as an asset, it would be exempt and therefore the individual is allowed to keep it in a bankruptcy without consequence or penalty. Any income being drawn from the LIF would be considered as income when considered the individual’s situation.
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