The Bankruptcy and Insolvency Act Canada
The Bankruptcy and Insolvency Act Ensures the Fair Treatment of Canadians Facing Financial Hardships
Bankruptcy and insolvency law in Canada is standardized by the Bankruptcy and Insolvency Act (“BIA”) to oversee any consumer and business proposals, bankruptcies and receiverships. It was introduced to ensure the fair treatment of Canadians facing financial hardships. The BIA also grants authority to the Office of the Superintendent of Bankruptcy. This federal agency regulates trustees, debtors and those who access the system.
The Bankruptcy and Insolvency Act is More Generous in Alberta
The BIA allows each province to determine what an individual debtor is able to keep from their creditors. In Alberta, RRSP’s, RRIF’s, RDSP’s, and DPSP investments are exempt from seizure. In addition to retirement plans one may also keep other property. What you can and cannot keep is covered in more detail on the Exempt and Non-Exempt Assets page.
The Bankruptcy and Insolvency Act Helps to Reintegrate Those Involved Back Into Society
The intention of the BIA isn’t just to protect the assets of a debtor. It is intended to help an individual get a fresh start without the overwhelming burden of unmanageable debt.
Want to know more about the protections the Bankruptcy and Insolvency Act
has in place, please call us at 403-265-4357