Should the trustee hold on to my RRSP?
I am not working, I am trying to obtain social assistance from Ontario Services but they requested that I withdraw any monies from insurance or RRSP. That is the only reason why I am asking to withdraw some of my RRSP funds as a source of income to pay even the bankruptcy monthly installment since the savings kept from my EI is finished.
Note: I didn’t contribute to my RRSP during the 12 months prior to filing bankruptcy.
The law in Canada is that your RRSPs cannot be seized by the trustee, except (in some provinces) any contributions made in the 12 months prior to bankruptcy.
You can speak to a trustee in bankruptcy to learn more about how declaring bankruptcy can impact you based on your financial situation.
– Earl Sands BankruptcyCanada.com Licensed Insolvency Trustee (LIT)