Bankruptcy Canada

Assets you can keep in bankruptcy, by Canadian province:

Alberta  |  British Columbia  |  Saskatchewan  |  Manitoba  |  Ontario

Quebec  |  New Brunswick  |  Newfoundland  |  Nova Scotia

See also what the Canadian Bankruptcy Federal Legislation allows you to keep,
including Directive 11-R.

Alberta In Alberta, what you are entitled to keep is determined by the Civil Enforcement Act.  In summary, you are generally able to keep the following property:
		Food required by you and your dependents during the next 12 months.
		Necessary clothing up to a value of $4, 000
		Household furnishings and appliances to a value of $4, 000
		One motor vehicle not exceeding a value of $5, 000 (equity)
		Medical and dental aids required by you and your dependents.
		The equity in your principal residence, including a mobile home, up to a value of $40,000. If you are a co-owner of the residence, the amount of the exemption is reduced to an amount that is proportionate to your ownership interest.
		Personal property (i.e., tools, equipment, books) that you require to earn income from your occupation up to a value of $10,000.
		Where you are a bona fide farmer and your principal source of livelihood is farming: 160 acres if your principal residence is located on that 160 acres and the 160 acres is part of your farm.
		Where your primary income is from farming operations, personal property that you require for the proper and efficient conduct of your farming operations for the next 12 months.

British Columbia

		Equity in a home in Greater Vancouver and Victoria up to a value of $12,000. In the rest of the province up to a value of $9,000
		Equity in household items up to a value of $4,000
		Equity in a vehicle up to a value of $5,000; The vehicle exemption drops to $2,000 if the debtor is behind on child care payments (to facilitate the enforcement of Maintenance Orders)
		Equity in work tools up to a value of $ 10,000
		Equity in essential clothing and medical aids is unlimited

Saskatchewan

	For Non-Farmers:
		Household furniture and personal effects to a value of $4,500 per person
		Tools of the trade to a value of $4,500
		A motor vehicle, if required for employment
		$32,000 equity in your home ($64,000 if jointly owned)
		Certain life insurance policies
		Certain pensions
	For Farmers:
		Furniture, furnishings and appliances to a value of $10,000
		The cash equivalent of produce sufficient to provide food and fuel for heating until the next harvest
		All livestock, farm machinery and equipment, including one car or truck, necessary for the next twelve months operations
		One motor vehicle, if required for business or profession, but not in addition to the one above
		Tools and equipment to a value of $4,500 used by a farmer in his trade or profession
		Equity in personal residence to a value of $32,000 ($64,000 if jointly owned)
		Seed grain equal to two bushels per acre of land under cultivation
		Cash equivalent of crop equal to: unpaid harvesting costs living expenses to next harvest necessary costs of farming until next harvest
		The homestead
		Certain life insurance policies
		Certain pensions

Manitoba

		Furniture, household furnishings and appliances not exceeding total value of $4,500
		Necessary and ordinary clothing of the debtor and family
		Food and fuel necessary to family for period of six months or cash equivalent
		If debtor is a farmer: animals necessary for farming operation for 12 months farm machinery, dairy utensils and farm equipment necessary for ensuing 12 months one motor vehicle if required for purposes of agricultural operations Home quarter
		Tools, implements, professional books and other necessaries not exceeding a total value of $7,500 used in practice of trade, occupation or profession
		One motor vehicle, if necessary for work or transportation to and from work, not exceeding $3,000 in value
		Articles and furniture necessary to performance of religious services
		Seed sufficient to seed all land of debtor under cultivation
		Health aids, including wheelchair, air conditioner, elevator, hearing aid, eye glasses, prosthetic or orthopaedic equipment, necessary to debtor or family
		Chattel property of municipalities and schools
		Actual residence of the bankrupt, equity of $1,500 each if in joint tenancy, or $2,500 if not in joint tenancy

Ontario

		Clothing up to a value of $ 5,000.00
		Household Goods up to a value of $10,000.00
		Tools of the Trade up to a value of $10,000.00
		Farmers up to a value of $25,000.00
		Motor Vehicle up to a value of $ 5,000.00

Quebec

		The movable property which furnishes his main residence, used by and necessary for the life of the household, up to a market value of $6,000 established by the seizing officer
		The food, fuel, linens and clothing necessary for the life of the household
		The instruments of work needed for the personal exercise of his professional activity
		Family papers and portraits, medals and other decorations
		Property declared by a donor or a testament to be exempt from seizure except in certain cases
		Judicially awarded support and sums given or bequeathed as support
		Benefits payable under a supplemental pension plan to which an employer contributes on behalf of his employees, other amounts declared unseizable by an Act governing such plans and contributions paid or to be paid into such plans
		Periodic disability benefits and expense reimbursements under a contract of accident and sickness insurance
		Property of a person that he requires to compensate for a handicap
		A certain portion of salaries and wages based on the number of dependants
	* Nevertheless, the property referred to in first and third items above may be seized and sold by a creditor holding a hypothec thereon.

New Brunswick

		Furniture, household furnishings and appliances used by the debtor or a dependent to a realizable value of $5,000 or to any greater amount that may be prescribed
		Food, clothing and fuel necessary for the debtor and his family
		Two horses and sets of harness, two cows, ten sheep, two hogs and twenty fowl, and food therefor for six months
		Necessary tools, equipment and books to the value of $6,500 used in the practice of the debtor's trade or profession
		Necessary seed grain and potatoes required for planting purposes to the following quantities: forty bushels of oats, ten bushels of barley, ten bushels of buckwheat, ten bushels of wheat and thirty-five barrels of potatoes
		One motor vehicle having a realizable value of not more than six thousand five hundred dollars at the time the claim for exemption is made, or not more that any greater amount that may be prescribed, if the motor vehicle is required by the debtor in the course of or to retain employment or in the course of and necessary to the debtor's trade, profession or occupation or for transportation to a place of employment where public transportation facilities are not reasonably available
		Necessary medical and health aids
		Pets belonging to the debtor
		Pension plans

Newfoundland

		Food required by debtor and dependants during the next 12 months
		Medical and dental aids required by debtor and dependants
		Domesticated animals which are kept as pets and not used for business purpose
		Fuel or heating as a necessity for the debtor and his or her dependants
		Clothing of the debtor and his or her dependants, of a value totalling $4,000
		Appliances and household furnishings (which are defined as washing machine, clothes dryer, "reasonably necessary" bedroom suites and bedding, oven and stove top burners, "necessary" dishes and kitchen utensils, and "necessary" strollers, cribs and highchairs), of a value totalling $4,000
		Motor vehicle of the debtor, value totalling $2,000
		Items of a sentimental value to the debtor, a value totalling $500
		The debtor's equity in his or her principal residence, $10,000
		Personal property used by and necessary for debtor to earn income from occupation, trade, business or calling, $10,000

Nova Scotia

		Necessary wearing apparel, household furnishings and furniture
		Necessary fuel and food
		Necessary grain, seeds, cattle, hogs, fowl, sheep and other livestock
		Necessary medical and health aids
		Farm equipment, fishing nets, tools and implements used in debtor's chief occupation, not exceeding $1,000
		Motor vehicle not exceeding $3,000

Other Legislation

Other Legislation also allows you to keep:
		cash surrender value of life insurance policies (including some R.R.S.P.'s) where the beneficiary named is the spouse, child, parent or grandchild.
		generally, pension plans.
		For further details on what you can keep, see Directive 11-R (from the Superintendent of Bankruptcy) The Meaning of Directive 11-R When a person files an Assignment in Bankruptcy, a portion of their take-home pay may be payable to the Trustee for the benefit of all creditors. The actual amount payable depends on several factors, such as the take-home pay of the family unit, the number of people in the family and whether the family has non-discretionary expenses such as child care or child support. Any questions you have with respect to surplus income can be addressed with the Trustee at the first assessment.