RRSPs now protected against creditors in case of bankruptcy

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Jul 25 2008

RRSPs now protected against creditors in case of bankruptcy

Published by rational at 1:57 pm under Uncategorized Edit This

Effective July 7, RRSPs, RRIFs and Deferred Profit Sharing Plans can no longer be seized by creditors in case of bankruptcy.

This follows recent legislative amendments to the federal Bankruptcy and Insolvency Act (BIA) and the Companies’ Creditors Arrangement Act (CCAA). These changes are facilitating the coming into force of the Wage Earner Protection Program Act (WEPPA). As a result, all types of registered investments are now subject to protection against the claims of creditors due to bankruptcy proceedings.

So, you can be safe in your thinking that RRSPs cannot be touched in times of trouble by your creditors

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