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Kenora Bankruptcy Trustees, Ontario, ON

Ontario Bankruptcy Exemptions

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logoL.C. Taylor & Co. Ltd., 807-468-3406,
Toll-Free: 1-800-463-8371 
2nd Floor - 225 Main Street South, Kenora, Ontario Email Website  
Click to get a Confidential Callback from this Bankruptcy Professional! MapClick for Audio 

 

BDO LogoBDO Canada Limited, 807-468-5531 
301 First Avenue South, Suite 300, Kenora, Ontario  Email Click to get a Confidential Callback from this Bankruptcy Professional!Website  Map 

Ontario Bankruptcy Exemptions - Assets you keep in a bankruptcy or a proposal

These exemptions are applicable to all seizures not just in a bankruptcy or proposal context.

NEWS FLASH! Ontario Sales Tax Transitional Benefits (OSTTB).

Eligible Ontario tax filers will receive three tax-free payments scheduled for June 10, 2010, December 2010 and June 2011. The OSTTB is time limited and no benefit will be paid after April 30, 2013.

The OSTTB is exempt from seizure by trustees in a bankruptcy and will not be taken into account when calculating surplus income.

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 $5,000 and there is a $2,000 secured debt against it then the equity in the car is $3,000. In Ontario the exemption for a car is $5,650 so in this example you are entitled to the equity of $3,000 and the unsecured creditors cannot take this.

 
Ontario Bankruptcy Exemptions are: 

.

Clothing 
$5,600.00
Household Goods
$11,300.00
Tools of the Trade
$11,300.00
Farmers
$28,300.00
Motor Vehicle
$  5,650.00

 

 

 

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.

Ontario Sales Tax Credit (OSTC).

For 2010, the new sales tax credit will provide annual relief of up to $260 for each adult and child. Ontario residents must apply for theOSTC, along with the goods and services / harmonized sales tax (GST/HST) credit when they file their income tax and benefit.

The OSTC is exempt from seizure by the trustee. However, the GST/HST tax credit will be available to the trustee to the amount necessary to cover trustee fees.

 

 


You'll find our Kenora bankruptcy trustees knowledgeable, helpful and friendly.  We'll start by scheduling a meeting with you to discuss the solutions best suited to your situation. This meeting is free, and it's confidential. We'll help you make the right decision so you can regain control of your life.


We are available to assist you in identifying your options and forming a plan to get you a fresh financial start. Our Kenora bankruptcy trustees have many ways to assist people with their financial problems. These include:

  • Consumer proposals,

  • Budgeting;

  • Debt Counselling;

  • Third party settlements with creditors and

  • Refinancing.

 

Important Information for your protection from our Kenora bankruptcy trustees:

Although you need a bankruptcy trustee to go bankrupt, bankruptcy is not the only thing bankruptcy trustees can help you with. Our Kenora bankruptcy trustees are highly trained professionals who will give you the best advice they can even if it means you do not use our services.

Our Kenora bankruptcy trustees are licensed and regulated by the Federal Government and subject to stringent codes of ethics. Bankruptcy trustees are the only debt professionals who can provide a full range of financial solutions. Furthermore, bankruptcy trustees are the only debt professionals who can guarantee that you will get protection from your creditors.

Our Kenora bankruptcy trustees are knowledgeable, helpful and friendly.  We'll start by scheduling a meeting with you to discuss the solutions best suited to your situation. This meeting is free, and it's confidential. We'll help you make the right decision so you can regain control of your life.

 

Our experienced financial counsellors help people manage and resolve severe financial problems. We understand how stressful this situation can be and know how to help. Our goal is to guide people through a very difficult time and help them move towards a brighter, more financially secure future.

Our bankruptcy trustees are members of provincial and national professional associations. We honour and respect the Codes of Ethics of these associations and The Superintendent of Bankruptcy.

 

 

 


You'll find our Kenora bankruptcy trustees knowledgeable, helpful and friendly.  We'll start by scheduling a meeting with you to discuss the solutions best suited to your situation. This meeting is free, and it's confidential. We'll help you make the right decision so you can regain control of your life.


We are available to assist you in identifying your options and forming a plan to get you a fresh financial start. Our Kenora bankruptcy trustees have many ways to assist people with their financial problems. These include:

  • Consumer proposals,

  • Budgeting;

  • Debt Counselling;

  • Third party settlements with creditors and

  • Refinancing.

 

Important Information for your protection from our Kenora bankruptcy trustees:

Although you need a bankruptcy trustee to go bankrupt, bankruptcy is not the only thing bankruptcy trustees can help you with. Our Kenora bankruptcy trustees are highly trained professionals who will give you the best advice they can even if it means you do not use our services.

Our Kenora bankruptcy trustees are licensed and regulated by the Federal Government and subject to stringent codes of ethics. Bankruptcy trustees are the only debt professionals who can provide a full range of financial solutions. Furthermore, bankruptcy trustees are the only debt professionals who can guarantee that you will get protection from your creditors.

Our Kenora bankruptcy trustees are knowledgeable, helpful and friendly.  We'll start by scheduling a meeting with you to discuss the solutions best suited to your situation. This meeting is free, and it's confidential. We'll help you make the right decision so you can regain control of your life.

 

Our experienced financial counsellors help people manage and resolve severe financial problems. We understand how stressful this situation can be and know how to help. Our goal is to guide people through a very difficult time and help them move towards a brighter, more financially secure future.

Our bankruptcy trustees are members of provincial and national professional associations. We honour and respect the Codes of Ethics of these associations and The Superintendent of Bankruptcy.

 

 

 

 

 

 

 

 

 

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