| Author: |
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Anonymous |
| Date: |
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October 11 , 2001 |
| Question: |
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Is it against the law to cash an RSP account and then file for bankruptcy?
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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October 14, 2001 |
| Answer: |
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If you cash in an RRSP in the three month to one year period prior to
filing for bankruptcy, the law requires you to tell the Trustee how much
you received and what you did with the proceeds. Depending on how the
funds were used, you may be required to repay some or all of those funds
into the bankruptcy estate.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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