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