In our first technical tidbit podcast, Doug Hoyes explores the tax and legal implications of withdrawing money from your RRSP to pay off debt. He explains how RRSP savings are protected from seizure in a bankruptcy in Canada.
You've used your credit cards a few more times than you thought and now looking through your statements, the balances are much higher than you've planned for. When you add it all up, paying only the minimums will to take you 42 years and nine months to pay off the total amount. To top it all off, you just lost […]
Unable to focus at work because of the stress, Sammy needed to stop the creditor calls and find a solution to her debt problems. Read her solution.
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 […]
An estimated 37,000 seniors and baby boomers will file bankruptcy or a consumer proposal in Canada this year. The numbers for Ontario are just as staggering with over 12,000 older Ontarians needing to declare insolvency in order to deal with the burden of overwhelming debt they cannot pay on a fixed, and often reduced, income. With […]
Are you thinking about retirement but are not sure if you can realistically afford to retire? You’re in good company. According to a BMO Retirement Institute report, almost a third of Canadians expect to delay their retirement and continue working due to a lack of financial means. Obviously, the last thing you want is to […]
Do I Lose My RRSP After Filing Bankruptcy? In most cases you can keep your RRSP after filing bankruptcy. The only part of your RRSP that your trustee is permitted to seize are any contributions made to your RRSP in the twelve months before the date of bankruptcy. How do we advise a potential bankrupt […]
In most cases you do not lose your RRSP if you file for bankruptcy in Ontario.
On July 7, 2008 the federal government put two long-awaited changes to federal bankruptcy law into force. Although this came unexpectedly, it is good news for many Canadians in financial trouble. The first change reduces the student loan discharge period from ten years to seven. This means that if you have been out of school […]