Canadian Bankruptcy Exemptions for all Provinces & Territories.
These exemptions are applicable to all seizures not just in a bankruptcy or proposal context.
Alberta; B.C.; Manitoba; New Brunswick; Newfoundland; Nova Scotia;
NWT/Nunavut; Ontario; PEI; Quebec; Saskatchewan; Yukon.
The property exempt from seizure is set by the provinces and territories and applies to the equity in the asset.
Equity is the excess that the value of an asset has over any charges or encumbrances against that asset.
For example, if you have a car worth $10,000 and there is a $6,000 secured debt against it then the equity in the car is $4,000. In BC the exemption for a car is $5,000 so in this example you are entitled to the equity of $4,000 and the unsecured creditors cannot take this.
NWT 
and Nunavut 
Yukon 
Exemptions Act
Personal Property:
Paragraph 2(1)(a) and subsection 2(2) provide an exemption for household furniture, utensils and equipment that are contained in and form part of the debtor's permanent home.
Paragraph 2(1)(b) necessary and ordinary clothing of the debtor and the family of the debtor;
Paragraph 2(1)(c) food, fuel and other necessaries of life required by the debtor and the family of the debtor for the next 12 months;
Paragraph 2(1)(d) provides an exemption for tools, implements and other chattels necessary to, and actually used by the debtor in his business, profession or calling (not exceeding $600.00).
House, buildings and lot:
Paragraph 2(1)(e) provides an exemption for the house and buildings occupied by the debtor and the lot on which they are situated (not exceeding $3,000.00).
RRSP's associated with life insurance policies are exempt from seizure or attachment.
Effective July 7, 2008 exemptions are in effect for all registered retirement savings plans (RRSP's, RRIF's and DPSP's (Deferred Profit Sharing Plans).
- Contributions made in the 12 months prior to the date of bankruptcy will be recovered (clawed back) for the benefit of the bankruptcy estate for RRSPs in provinces without RRSP exemption laws (BC, Alberta, Ontario, NB, and NS);
- There will be no upper cap on the amount of RRSPs that can be protected;
- There will be no need to set up the RRSPs in a locked in plan to make them eligible for exemption;
- The court will have no jurisdiction to extend the one year claw back period period in an appropriate case.
