My company has a pension plan and a Deffered Profit Sharing Plan. The DPSP is registered. Are either one of these effected if you go bankrupt in Ontaqrio?
Today 02/11/2012
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As a general rule, pensions are exempt, meaning you would not lose them if you went bankrupt in Ontario. DPSPs are also generally exempt, but you should contact a trustee to review your DPSP documents. When you file bankruptcy, the trustee will send a letter to the DPSP operator requesting the funds. If the funds are locked in, the trustee will not get them, which is usually the case. To be sure, you should also contact your human resources person at work and ask them to confirm that your DPSP is locked in in the event of a bankruptcy.