RDSPs Exempt From Seizure in Bankruptcy in Canada

Posted in Personal Bankruptcy
Posted by Ted Michalos, BA, CPA - LIT

Unlike RRSPs, there is no provision in the Bankruptcy and Insolvency Act to specifically deal with funds in a Registered Disability Savings Plan (RDSP) in the event the beneficiary files for bankruptcy. This matter was dealt with in a recent BC Supreme Court ruling that held funds in a RDSP can not be seized by […]

Can Unsecured Creditors Take My Car For An Unpaid Debt?

Posted in Personal Bankruptcy
Posted by Ted Michalos, BA, CPA - LIT

A finance company that loaned you the money to buy the car is a secured creditor. If they registered a lien on the car, then they have a right to seize the car if you default on your payments. If you have an unsecured loan however, like a payday loan or credit card loan, is […]

Ontario Bankruptcy Exemption Law Changes Will Protect Home Equity

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Ontario increases protection for cars, furniture and houses effective December 1, 2015 NOTE: As these laws are new and have not been tested in court, we are giving our best guess as to how the courts will interpret these new laws.  We are providing information that is general in nature, and it may not be […]