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 […]
Show #6 - RESPS with Mike Davies, Barton Goth, and Ted Michalos. On today's podcast we cover several issues around Registered Education Savings Plans.
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. […]