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Alger Bankruptcy Services


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Alger & Associates personal bankruptcy services are
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Edmonton, Calgary bankruptcy Q&A forum

Author:

 

Janet

Question:

 

If I take a one time lump sum from my RSP's to buy something during bankruptcy, does this amount get added to my income?



From:

 

Alger & Associates Inc.

Date:

 

Apr 27, 2013

Answer:

 

Janet If you liquidate all or a portion of your exempt RRSP's during bankruptcy, you must disclose the funds and it will be added into income, furthermore it will also be income for tax purposes and may generatea post bankruptcy tax liability. If you have not as yet filed for bankruptcy, you should deal with this purchase before proceeding. Thanks for the question. If you need further information please contact me.

Marie Kozlowski
T 403-296-3082
Marie.Kozlowski@ca.gt.com

 

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