If your RRSP is locked-in from a previous employment. For example, if you worked for a company with a pension plan, and left for retirement, the accumulated pension entitlement is transformed into a “locked-in” RRSP. Employees cannot cash in, or take money out of RRSPs until they retire.
RRSPs that have a life insurance component. We suggest contacting a professional for help with this exception, as it can often be confusing.
In November 2005, Bill C-55 was passed. The bill proposed that most RRSPs be exempt in a bankruptcy. The bill is currently being written and has not yet been become a part of the law.
It is crucial that you consult a licensed bankruptcy trustee in Richmond to discuss RRSPs. You will want to ensure that you are clear on the current laws in British Columbia. To find a bankruptcy trustee in Richmond, click here.