Each province has legislation that outlines assets that are exempt from seizure. In BC, the exemptions are set out in the Court Order Enforcement Act. You are allowed to keep the following assets: - Household goods and furnishings up to $4,000
- Tools of the trade up to $10,000
- Equity in a motor vehicle up to $5,000 if there is no family maintenance debt
- Equity in a motor vehicle up to $2,000 if there is a family maintenance debt
- Equity in a home up to $12,000 in the Metro Vancouver Regional District and CRD $9,000 outside these areas
An amendment to the Bankruptcy and Insolvency Act (July 2008) also allows money in an RRSP, RIF or a Deferred Profit Sharing Plan to be claimed as exempt property. However, any contributions made in the previous 12 months are to be paid to the Trustee. A list of the items you can keep can be found by clicking on the link below.
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