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Phone: (604) 605-3335  Toll Free: (888) 850-6585

 

 

Boale, Wood and Company

Boale, Wood and Company

Licensed Insolvency Trustee

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What assets can I keep?

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

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Phone: (604) 605-3335
Toll Free: (888) 850-6585
or use the Contact Form

We have offices located in Vancouver and Surrey.  We also provide services to residents and businesses in the Yukon Territory.

 

Looking for Forms?

We have a number of forms available for download here.

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