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Property Bankruptcy Exemptions in Ontario
PLEASE NOTE: A $10,000.00 PERSONAL RESIDENCE EXEMPTION HAS BEEN ENACTED FOR ONTARIO DEBTORS. CHECK WITH YOUR TRUSTEE FOR ADDITIONAL INFORMATION.
- Clothing $Unlimited
- Household goods and appliances $13,150.00
- Tools of the Trade $11,300.00
- Farmers $28,300.00
- One Motor Vehicle $6,600.00
- Pensions
- Registered retirement savings plans (RRSP's, RRIF's and DPSP's (Deferred Profit Sharing Plans). Contributions made in the year prior to the date of bankruptcy will be redeemed for the benefit of your creditors.
Property that is subject to seizure by the Trustee in Ontario
- Your principal residence, if equity exceeds $10,000.00
- RESP - registered educational savings plans
- TFSA - tax free savings accounts
- RDSP - registered disability savings plans
- A second and/or third car registered in your name
- Stocks
- Canada Savings Bonds
- Payroll savings plans
- Interest in a time share
- Cottage property
- Mutual funds, if not in a registered plan
If you have property subject to seizure talk to the trustee about buying the asset back from the estate.
Rather than have the trustee seize and sell the asset, make an offer to pay for the item instead of losing it. Often a payment plan can be set such that you get to keep your property and the creditors get a fair amount in return.