Declaring personal bankruptcy in Saskatchewan 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 Saskatchewan will determine what assets are exempt.
Saskatchewan bankruptcy exemptions are:
- Household furniture and items up to a value of $4,500 per person
- Tools of your trade up to a value of $4,500
- A motor vehicle if needed for work
- Equity in your home, up to a value of $32,000 ($64,000 if jointly owned), and to a maximum of $128,000 if owned by four parties
- Certain life insurance policies
- All retirement savings plans, including RRSPs, RRIFs, and DPSPs
If you are a farmer, you can keep:
- Furniture, furnishings, and appliances, up to a value of $10,000
- The cash equivalent of the produce you need for food and heating, until the next harvest
- All livestock, farm machinery, and equipment, including one car or truck, needed for the next 12 months
- One motor vehicle, if you need it for business
- Work-related tools and equipment, up to a value of $4,500
- Seed grain equal to two bushels per acre of land under cultivation
- The cash equivalent of your crop, equal to unpaid harvesting costs, living expenses to the next harvest, and the necessary costs of farming to the next harvest
- The homestead (residence and one-quarter section of land)
For more information please contact your local trustee.