How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Debra Your Own Question
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100382
Experience:  Lawyer
Type Your Canada Law Question Here...
Debra is online now
A new question is answered every 9 seconds

1.does BC law protect RRSP against creditors outside

Customer Question

1.does BC law protect RRSP against creditors outside bankruptcy or do I have to file bankruptcy to protect my self directed RRSP?
2. could my self directed RRSP be seized by a California court judgment?
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

In BC RRSPs are protected when there is a formal bankruptcy application.

That means that if you declare bankruptcy these RRSP's do not form part of the estate seized by the trustee in bankruptcy. Therefore declaring bankruptcy would protect your RRSPeven in the absence of other legislation.

At the same time there is now legislation that protects your RRSP from being seized by a creditor even where you do not declare bankruptcy. So it will not be possible for the California judgment to be used in BC to seize your RRSP.

Customer: replied 1 year ago.
if I declare bankruptcy in California USA is there a treaty between USA and CANADA that protects my RRSP in California?could I loose my RRSP in bankruptcy in California USA? I am a duel citizen of Canada and USA
Expert:  Debra replied 1 year ago.

Your citizenship does not.

The law is that your RRSP cannot be seized that is located in BC.

I don't know what the law is in the US but I know that no US judgment or bankruptcy can touch your RRSP in Canada.

Related Canada Law Questions