If he files for bankruptcy and was to pass what affect would that have on his two pensions?
My husband receives two pensions from the Government of Canada, one for disability (tax-free) as a veteran and the other for retirement from armed forces. He presently submitted objections for two years with CRA and we are awaiting the outcome.
Unfortunately, his health condition is very serious. If he files for bankruptcy and was to pass what affect would that have on his two pensions as I am the beneficiary of both as and would receive 50% upon his passing?
If he files bankruptcy his pensions will not be seized. He will just have to pay the bankruptcy costs, which will be based on his pension income.
You can find out what the payments will be by using our Bankruptcy Calculator:
If he dies while in bankruptcy you will receive any pension benefits he willed to you.