Hi,
When I file for bankruptcy in Toronto, will I lose everything I have in my RRSP?
FYI:
My RRSP are held with my bank, almost all of it are invested in various equities.
Thank you in advance
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RRSP and personal bankruptcy in Toronto
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Yes, if you file for bankruptcy in Toronto, you will lose everything you have in your RRSP. The only exception will be if your RRSP is “locked in” as a result of your previous employment. In your case your RRSP is with a bank, so you should review your last statement from the bank to see if they are locked in.
Feel free to contact us to help you review your RRSP.
If you have large debts but want to keep your RRSP, another option to consider would be a proposal.
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