Question: can my life insurance policies be seized if I go bankrupt in Ontario, and how do i know if my RRSPs are locked in?
Answer: In most cases life insurance policies are exempt from seizure, however, it depends on the cash surrender value of the policy, and the beneficiary of the policy (who gets the money if you die).
To determine if your RRSPs are locked in, look at your most recent statement; if it says "LIRA" or "Locked in Retirement Account" on the statement, they are locked in. You can also contact the company that holds your RRSP to confirm their status.
In both cases, you can contact a trustee to review your paperwork and determine what you would lose if you declared bankruptcy in Ontario (the rules are different in other provinces).
Answer: In most cases life insurance policies are exempt from seizure, however, it depends on the cash surrender value of the policy, and the beneficiary of the policy (who gets the money if you die).
To determine if your RRSPs are locked in, look at your most recent statement; if it says "LIRA" or "Locked in Retirement Account" on the statement, they are locked in. You can also contact the company that holds your RRSP to confirm their status.
In both cases, you can contact a trustee to review your paperwork and determine what you would lose if you declared bankruptcy in Ontario (the rules are different in other provinces).
Labels: bankruptcy, bankruptcy Ontario, what do I get to keep if I go bankrupt
posted by Questions @ 3:53 PM
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