How much property am I allowed to keep?
The property exempt from seizure in Ontario is set by the provinces and territories individually. In Ontario, the following assets are exempt and cannot be seized by a trustee:
1. Household Furniture valued to a maximum of $11,300.00
2. Personal Possessions (clothing etc.) to a maximum value of $5,650.00
3. Tools of Trade to a maximum value of $11,300.00
4. A car or truck to a maximum value of $5,650.00
5. Certain life insurance policies and pensions
6. Farmers tools and supplies, in certain situations, to a maximum of $28,300.00
Note that if you are self-employed in a business which requires use of your car or truck (e.g. to transport materials, passengers, or packages), your vehicle could be considered as a Tool of Trade, which increases its exemption from $5,650.00 to $11,300.00.
Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the 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.
