Think about it for a moment: When you reach retirement.. whether that is in 10 years or 30 years, your RRSPs, which are one of your most valuable assets, could be the one asset that you are going to rely on to care for you and your spouse.
Often when people find themselves in financial difficulty, they think about cashing in their RRSPs to try to deal with their debts.
For most people, this is the wrong decision. Many people we see have cashed in a portion or all of their RRSPs. Unfortunately, after doing so they frequently still find themselves in financial difficulty — and they have a large tax burden to deal with at the same time.
Under a consumer proposal or a bankruptcy, you can protect your RRSP. Yes, even in a bankruptcy, other then contributions in the last 12 months, your RRSP is protected.
At A. Farber & Partners, as part of our R-plan, we will listen to what you have to say, we will review your situation and develop a plan that saves your RRSP. So before you make a decision to cash your RRSP, give us a call at (844) 507-7526, or you can book a meeting right on our website.