Quebec Bankruptcy Exemptions

Quebec bankruptcy exemptions list the equity in assets you can retain when making a consumer proposal or filing bankruptcy.

For example, if you have furnishings worth $10,000 and there is a $4,500 secured debt owed on the furnishings then the equity in those furnishings is $5,500.

In Quebec the exemption for furnishings is set as $6,000 and therefore you are entitled to the equity of $5,500 and you are able to keep these furnishings if you go bankrupt or make a proposal.

Personal Bankruptcy Exemptions in Quebec:

• The movable property which furnishes his main residence, used by and necessary for the life of the household, up to a market value of $6,000 established by the seizing officer;
• The food, fuel, linens and clothing necessary for the life of the household;
• Food, lodging, and transportation passes received for employment travel;
• Principal residence: $10,000;
• Motor vehicle: no dollar limit;
• The instruments of work needed for the personal exercise of his professional activity;
• Family papers and portraits, medals and other decorations;
• Property declared by a donor or a testament to be exempt from seizure except in certain cases;
• Judicially awarded support and sums given or bequeathed as support;
• Support received through court order, donation, or bequest;
• Benefits payable under a supplemental pension plan to which an employer contributes on behalf of his employees, other amounts declared un-seizable by an Act governing such plans and contributions paid or to be paid into such plans;
• Items used in religious worship;
• Income for services as a minister of religion;
• Periodic disability benefits and expense reimbursements under a contract of accident and sickness insurance;
• Tools of your trade: no dollar limit;
• Disability aids, accident benefits: no dollar limit;
• Property of a person that he requires to compensate for a handicap;
• RRSPs, Registered Retirement Income Funds (RRIFs) and Deferred Profit Sharing Plans (DPSPs);
• A certain portion of salaries and wages based on the number of dependants.

* Nevertheless, the property referred to in first and third items above may be seized and sold by a creditor holding a hypothec thereon.

From Quebec’s Code of Civil Procedure.