Statute: Read the Exemptions Act
- all necessary household goods, unlimited
- clothing, unlimited
- food for the next 12 months.
- tools of the trade and hunting tools, unlimited.
- vehicle, unlimited
- the house and buildings occupied by the debtor and the lot on which they are situated (your principal residence), not exceeding $35,000.
- medical aids
- Exemptions are in effect for all registered retirement savings plans (RRSP’s, RRIF’s and DPSP’s (Deferred Profit Sharing Plans). There will be no upper cap on the amount of RRSPs that can be protected however contributions made in the 12 months prior to the date of bankruptcy will be recovered (clawed back) for the benefit of the bankruptcy estate for RRSPs in provinces without RRSP exemption laws (BC, Alberta, Ontario, NB, and NS). There will be no need to set up the RRSPs in a locked in plan to make them eligible for exemption; The court will have no jurisdiction to extend the one year claw back period period in an appropriate case.
The above exemptions do not apply:
- where the debtor has absconded or is about to abscond from the Territories leaving no spouse or family in the Territories.
- to a writ of execution issued on a judgment or order for the payment of support, or a judgment on a domestic contract, as defined in the Family Law Act.
What do I do now?
We recommend that you call an accredited trustee in bankruptcy to arrange for free, no obligation personal consultation. They will be happy to answer your questions related to filing bankruptcy and bankruptcy exemptions, and provide you with other useful information on debt management matters.