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How is an LIF treated in a bankruptcy?

Is the income from an LIF considered as income or as an asset in bankruptcy?

Posted from: Alberta

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One Response to “How is an LIF treated in a bankruptcy?”

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.