Statute: Click here to read the Statute
- the household furniture, utensils, and equipment that are contained in and form part of the permanent home of a debtor not exceeding $200 in value.
- the necessary and ordinary wearing apparel of the debtor and the debtor’s family.
- the food, fuel, and other necessaries of life required by the debtor and the debtor’s family for the next ensuing 12 months.
- live-stock, fowl, bees, books, tools, and implements and other chattels necessary to and actually in use by the debtor in the debtor’s business, profession, or calling to the extent of $600.
- the house and buildings occupied by the debtor and the lot on which they are situated to the extent of $3,000.
- RRSP’s associated with life insurance policies are exempt from seizure or attachment.
- Exemptions are in effect for all registered retirement savings plans (RRSP’s, RRIF’s and DPSP’s (Deferred Profit Sharing Plans) except 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 upper cap on the amount of RRSPs that can be protected. 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.
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.