Bankruptcy Legislation in Canada - It's Update Time

Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

We live in a rapidly changing economy and our legislation, including bankruptcy legislation, needs to adapt to those changes. To ensure that bankruptcy in Canada continues to meet the needs of both consumers and creditors, Industry Canada conducts a review of insolvency rules and legislation every five years. As part of the process they ask […]

Personal Bankruptcy and Registered Education Saving Plans (RESP)

Posted in Personal Bankruptcy
Posted by Scott Schaefer, CPA, CA, CIRP - LIT

Are RESP's lost in a bankruptcy? Unless an asset is exempt, you are required to surrender your assets to the trustee when you go bankrupt. Since an RESP is not an exempt asset, RESPs are surrendered in a bankruptcy. What is an RESP? An RESP is a registered savings plan for a child's future education. […]