Canadian Bankruptcy Exemptions for all Provinces & Territories.

How much am I allowed to keep?

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.

Canadian Bankruptcy Exemptions for all Provinces & Territories.

NWT and Nunavut Yukon

Overview:

Bankruptcy Information: