Am I Responsible for Paying Tax on a RRSP that My Trustee Cashes in During a Bankruptcy?
No. The bankruptcy estate is responsible to pay any tax on that RRSP. But you should be aware that in general you will retain ownership of your RRSP – except for any contributions made within the last 12 months prior to bankruptcy
Read More About Bankruptcy and RRSPs
- Your RRSPs – Learn How To Hold Onto Them If You File For Protection From Your Creditors
- How To Protect Your RRSP
Thank you for your consideration and help.
May I take this moment to say that I was very impressed and I am very grateful for the professionalism in your organization. Every person I spoke with from Ivanna up until you were professional, organized, respectful, knowledgeable. Bankruptcy is difficult. I felt shame when I contacted A Farber. Quickly, I was able to move forward through your organized steps.
I hope you never have to experience the hard time that fell on me. Know that your work mattered to me who needed help.
Regards,
Lori J.
<< Go Back to Main Questions