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Bankruptcy in Ontario  

What assets are exempt?

Declaring personal bankruptcy in Ontario will not mean losing all your assets.  Many personal assets are “exempt” during a bankruptcy.  Exempt assets are the ones you are allowed to keep.  The property laws in Ontario will determine what assets are exempt.

Ontario bankruptcy exemptions are:

  • Clothing and personal effects up to a value of $5,650.
  • Furniture and household goods up to a value of $11,300.
  • Tools of the trade up to a value of $11,300.
  • A motor vehicle up to a vlue of $5,650.
  • RRSPs - subject to a claw back for contributions made during the preceeding 12 months.
  • Insurance policies wherein the designated beneficiary falls within a particular class.

For more information please contact your local trustee.

 

  
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