1. Food: 12 months’ supply.
2. Clothing: up to $4,000.
3. Household furniture and appliances: up to $4,000
4. One motor vehicle; up to $5,000
5. Health aids: no dollar limit.
6. Tools of your trade: up to $10,000.
7. Principal residence of a debtor, including a residence that is a mobile home, up to $40,000,but if the debtor is a co-owner of the residence, the amount of the exemption allowed under the provision is reduced to an amount that is proportionate to the debtor’s.
8. Farm property: requirements for 12 months operations.
9. Farm land: up to 160 acres if principal source of income is farming.
10. Social allowance, handicap benefit or a widow’s pension if the proceeds from the payment are not intermingled with your other funds.
11. Life insurance policies: all life insurance policies are exempt as long as the beneficiary is a spouse child grandchild or parent of the owner of the policy.
12. Pension plans: these are exempt in the province of Alberta.
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).
Except, 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 in an appropriate case.
Statute: Read the Civil Enforcement Act.
We strongly recommend that you contact our Financial Restructuring Specialist to review your personal situation and determine what you can keep if you file for bankruptcy or proposal in Alberta.
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Disclaimer: This is not intended as legal advice. This is offered for informational purposes only.
법무사 SUNNIE JUNG Licenced Paralegal | Financial Restructuring Specialist | firstname.lastname@example.org
1.888.510.ZERO (9376) | 647.560.HOPE (4673) | www.zero-debtcanada.com | www.facebook.com/ZeroDebtCanada | www.4debtors.ca