RRSP Exemption: Bankruptcy Alberta

Posted on Monday, January 15, 2007

If I filed a bankruptcy in Alberta, What type of RRSP's can I keep? If they are from my previous jobs pension plan would I be able to keep them? When I was laid off I was told that I had to put them into a locked-in account and they cannot be touched for another 5 years.

1 Comments:

At 11:41 AM, Barton Goth, GCO Inc. Bankruptcy Trustees said…

The laws surrounding RRSP’s are complicated. Essentially if those funds are invested in an insurance related investment and the beneficiary is listed as a spouse or child or if the RRSP’s are a result of a work pension, have been transferred into RRSP’s and are locked in until you reach “retirement age” as prescribed by the original pension agreement. In most other cases the RRSP’s are lost. To clarify which category your funds would fall into you are best to contact a licensed trustee and have them review any documents relating to this investment.