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| Author: |
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Anonymous |
| Date: |
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January 20, 2005 |
| Question: |
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When one declares bankruptcy, can the courts touch RESP money that has been saved for the children? What about RRSPs?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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January 20, 2005 |
| Answer: |
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If the RESP funds are held in the bankrupt's name, they must be turned over to the Trustee. If the RESPs are specified to be "In Trust For" someone, they cannot be taken. RRSP's may or may not be available depending on where they are held, how they were set up and where the funds originally came from. A Trustee will be able to advise you once the details are known.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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