Is my retirement plan/pension safe if I file for Bankruptcy?

Is my retirement plan/pension safe if I file for Bankruptcy?
Is my retirement plan/pension safe if I file for Bankruptcy?

Is my retirement plan/pension safe if I file for Bankruptcy?

The Bankruptcy Act provides that a Bankrupt can retain:

  • Policies of life assurance or endowment assurance in respect of the life of the bankrupt or the spouse of the bankrupt

  • Funds in a regulated retirement pension
  • Funds in a Retirement Savings Account provided that the total value of the above three (3) items does not exceed the Bankrupt’s Pension Reasonable Benefits Limit

However, it is important to note that payments to an RRSP for the 12 month period prior to filing an assignment in bankruptcy go to the trustee.

Contact Rumanek & Company Ltd.  for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube  Channel.  Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.  

 

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