Each province or territory 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
- Certain insurance investments, where designated beneficiary is spouse, child, grandchild, or parent of the person whose life is insured, and,
- RRSPs, except for contributions made in the previous twelve months.
In the Yukon Territory, exemptions are governed under the Exemptions Act.
- Unencumbered household goods household furniture, utensils and equipment that are contained in and form part of the debtor’s permanent home;
- Tools of the trade to a maximum value of $600;
- Food, fuel and other necessaries of life required by the debtor and the family of the debtor for the next 12 months;
- House and buildings occupied by the debtor and the lot on which they are situated to a maximum value of $3,000.00;
- All necessary clothing and all required medical aids (of a debtor or a dependent);
- Certain insurance investments, where designated beneficiary is spouse, child, grandchild, or parent of the person whose life is insured, and,
- RRSPs, except for contributions made in the previous twelve months.
A list of the items you can keep can be found by clicking on the link below.
Property Exempt from Seizure – BC
Property Exempt from Seizure – Yukon Territory