The Executions Act
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:
Ontario dollar limits are as prescribed December 1, 2015. Limit amounts will be indexed with inflation.
- Necessary clothing of the debtor and the debtor’s dependants (an unlimited amount).
- Household furnishings and appliances that are of a value not exceeding $13,150 in value.
- Tools and other personal property of the debtor, not exceeding the prescribed amount in value, that are used by the debtor to earn income from the debtor’s occupation. ($11,300 in most cases, $29,100 for farmers)
- One motor vehicle that is of a value not exceeding $6,600.
A principal residence is exempt from forced seizure or sales if the equity does not exceed the prescribed amount ($10,000).
What do I do now?
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.