Category Archives: Cost of Bankruptcy

If you’ve read about what goes into determining the cost of your bankruptcy in Canada, you know that one of the factors is something called Surplus Income. Conceptually surplus income in a bankruptcy says that the amount you pay is more if your income is higher. There is a base amount…

In 2008 the Parliament of Canada amended the Bankruptcy and Insolvency Act to protect your registered retirement savings plan (RRSP) from seizure except for contributions you have made in the last year. This new law was in addition to the protections provided under the Insurance Act of Ontario that protects…