Ontario Bankruptcy Exemptions: What Can I Keep If I Go Bankrupt in Ontario?

The Executions Act

Statute: Click here to read the Executions Act of Ontario

The Executions Act of Ontario lists various personal property that you would be permitted to keep if you were to file bankruptcy in Ontario. The following property is exempt:

Exempt Property

1. Necessary and ordinary wearing apparel of the debtor and his or her family not exceeding $5,650 in value.
2. The household furniture, utensils, equipment, food and fuel that are contained in and form part of the permanent home of the debtor not exceeding $11,300 in value.
3. tools and instruments and other chattels ordinarily used by the debtor in the debtor's business, profession or calling not exceeding $11,300 in value.
4. A motor vehicle not exceeding $5,650 in value.

Farm Property

1. the livestock, fowl, bees, books, tools and implements and other chattels ordinarily used by the debtor in the debtor's business or calling not exceeding $25,000 in value.
2. sufficient seed to seed all the person's land under cultivation, not exceeding 100 acres.
3. fourteen bushels of potatoes.
4. where seizure is made between the October 1st and the April 30th, such food and bedding as are necessary to feed and bed the exempt livestock and fowl until the following April 30th.

The amounts that are exempt in a bankruptcy in Ontario have changed a number of times over the last few years, so we strongly recommend that you contact an Ontario Bankruptcy Trustee to review your personal situation to determine what you would get to keep if you filed for bankruptcy in Ontario.