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RRSPs are one place the creditors will never be able to grab your money – Financial Post

In the past year, more than 120,000 Canadians were declared insolvent. You know the one thing they didnt have to give up?

The creditors may have been breathing down their throats, looking to get their hands on any assets, but they wouldnt have been able to penetrate the legislative vault their Registered Retirement Savings Plan is locked in.

Tax-free savings accounts may be the shiny new toy on the street and registered education savings plans come with that 20 per cent grant from Ottawa but those plans, along with Registered Disability Savings Plan, dont have the same protection as the 60-year-old RRSP which is covered under Canadas Bankruptcy and Insolvency Act once you declare bankruptcy.

Bankruptcy may sound like a lon…

Read the full article at: http://business.financialpost.com/personal-finance/retirement/rrsp/rrsps-are-one-place-the-creditors-will-never-be-able-to-grab-your-money/wcm/a4ad6036-6f62-49d4-885e-e5cfcec118bf

Category: BankruptcyBy Insolvency GuardianJune 20, 2017

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RRSPs are one place the creditors will never be able to grab your money – Financial Post

In the past year, more than 120,000 Canadians were declared insolvent. You know the one thing they didnt have to give up?

The creditors may have been breathing down their throats, looking to get their hands on any assets, but they wouldnt have been able to penetrate the legislative vault their Registered Retirement Savings Plan is locked in.

Tax-free savings accounts may be the shiny new toy on the street and registered education savings plans come with that 20 per cent grant from Ottawa but those plans, along with Registered Disability Savings Plan, dont have the same protection as the 60-year-old RRSP which is covered under Canadas Bankruptcy and Insolvency Act.

Bankruptcy may sound like a long shot but the threat of it is why some …

Read the full article at: http://business.financialpost.com/personal-finance/retirement/rrsp/rrsps-are-one-place-the-creditors-will-never-be-able-to-grab-your-money

Category: BankruptcyBy Insolvency GuardianFebruary 7, 2017

Post navigation

PreviousPrevious post:TeleNet Marketing Productivity Increases 60% After Restructuring – NewsFactor NetworkNextNext post:Debt restructuring and bankruptcy could be the biggest growth industry of 2017 – Business Insider

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May 31, 2025
Microsoft Unit In Russia To File For Bankruptcy
May 31, 2025
Label paper company Feldmuehle enters insolvency proceedings under self-administration
May 31, 2025
Invest in Courageous, Progressive Journalism
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