Answer: Potentially, yes. If your RRSP is not locked in, you will probably lose it if you file for bankruptcy. There have been many proposed rule changes, but as of today no changes are imminent.

For full details, and for a free initial consultation, we suggest you contact an Ottawa bankruptcy trustee.

Answer: The answer depends on the type of RRSP. If the RRSP is an RRSP that you have contributed to over the years, perhaps at your bank, than it is probably not protected, meaning you would lose your RRSP if you filed for bankruptcy.

If your RRSP is a locked in RRSP, you would generally not lose it if you filed for bankruptcy. An RRSP is typically locked in when you convert a pension from your former employer to an RRSP, or if your RRSP is through work, where your employer is making the contributions.

This is a complicated area, and there are many exceptions to these rules, so we strongly suggest that you contact a trustee to review your RRSP paperwork before you decide whether or not to fie bankruptcy.