Provincial Exempt Property in Bankruptcy January 4, 2023 10:29 pm Published by colleen Leave your thoughts Bankruptcy Exemptions by Province and Territory Before you Proceed, you should understand that Provincial Exempt Property in Bankruptcy vary from province to province. The exemption lists are for information purposes only. They summarize individual provincial legislation that changes from time to time and can be complex Exemptions can be limited to your individual situation and we suggest fulling understanding your rights before proceeding with any restructuring option. As such, we strongly recommend that you call our Licensed Insolvency Trustee to review your situation and determine which of your assets will be exempt if you file for bankruptcy or a proposal. Correct accurate and timely information can help to ensure you are making an informed decision. Please choose your province or territory: Alberta – Exempt Property Food: 12 months’ supply Clothing: up to $4,000 Household furniture and appliances: up to $4,000 One motor vehicle; up to $5,000 Health aids: no dollar limit Tools of your trade: up to $10,000 Farm property: requirements for 12 months’ operations Principal residence: up to $40,000, reduced to your share if you are a co-owner Farmland: up to 160 acres if principal residence is on same land Social allowance, handicap benefit or a widow’s pension if the proceeds from the payment are not intermingled with your other funds RRSPs, RRIFs, DPSPs and registered education savings plans, but not payments out of these plans, subject to certain conditions Statute: Alberta’s Provincial Exempt Property in Bankruptcy Legislation, Read Alberta’s Civil Enforcement Act and Civil Enforcement Regulation. British Columbia – Exempt Property Food and fuel: no exemption Necessary clothing: no dollar limit Household goods: up to $4,000 One motor vehicle: up to $5,000 (or $2,000 if you are late in making support payments) Medical and dental aids: no dollar limit Tools of your trade: up to $10,000 Principal residence: up to $9,000 (or $12,000 in Greater Vancouver or Victoria) RRSPs, RRIFs, DPSPs Statute: Read British Columbia’sProvincial Exempt Property in Bankruptcy Legislation Court Order Enforcement Act and Exemption Regulation. Manitoba – Exempt Property Food and fuel: six months’ supply or cash equivalent Necessary clothing: no dollar limit Household furniture and appliances: up to $4,500 One motor vehicle (needed for occupation): non-farmers up to $3,000, farmers no limit Health aids: no dollar limit Tools of your trade: up to $7,500 Farm property: buildings and requirements for 12 months’ operations Farm animals necessary for 12 months’ operations Seed sufficient to seed all farmland under cultivation Principal residence: if farmhouse, no limit; non-farmers up to $2,500, or $1,500 if you are a co-owner Farmland: up to 160 acres Items needed for religious services Municipal or school property Statutes: Manitoba Provincial Exempt Property in Bankruptcy Legislation Read the Executions Act and the Judgments Act. New Brunswick – Exempt Property Food and fuel: three months’ supply Necessary clothing: no dollar limit Household furniture and appliances: up to $5,000 (more in some cases) One motor vehicle (needed for occupation): up to $6,500 (more in some cases) Health aids: no dollar limit Tools of your trade: up to $6,500 Farm property: farm animals to specified limits, their feed for six months, and seed grain and potatoes to specified limits Principal residence: no exemption Consumer goods which are necessary to the debtor and/or have little realizable value: no dollar limit Pets Newfoundland & Labrador – Exempt Property Food and fuel: twelve months’ supply Necessary clothing: up to $4,000 Household furniture and appliances: specific types, up to $4,000 One motor vehicle: up to $2,000 Medical and dental aids: No dollar limit Tools of your trade: up to $10,000 Personal property for income earning incl. farming, fishing or aquaculture property: up to $10,000 Principal residence: up to $10,000 Pets Items of sentimental value: up to $500 Certain pension plans Certain income Statute: For Newfoundland and Labrador Provincial Exempt Property in Bankruptcy Legislation Read the Judgment Enforcement Act and its Regulations, and the Personal Property Security Act. Nova Scotia – Exempt Property Food and fuel: no dollar limit Necessary clothing: no dollar limit Consumer goods necessary to the debtor, and/or of little realizable value: no dollar limit Household goods: $1,000, or up to $6,500 in some cases One motor vehicle: up to $3,000, or up to $6,500 if needed in occupation Health aids: no dollar limit Tools of any occupation: up to $1,000 Seeds and livestock for domestic use: no dollar limit Farm equipment to a certain value Principal residence: no exemption Statute: For Nova Scotia Provincial Exempt Property in Bankruptcy Legislation Read the Judicature Act, the Value of Chattels Regulation and the Personal Property Security Act (PDF). Ontario – Exempt Property Food, fuel, household furniture, appliances: up to $13,150 Necessary clothing: up to $5,650 One motor vehicle (needed for occupation): up to $6,600 Medical devices: no dollar limit Tools of your trade: up to $11,300; or, for full-time farmers: livestock, bees, books, tools and implements up to $29,100 Principal residence: $10,000 equity is exempt Statute: For Ontario’s Provincial Exempt Property in Bankruptcy Legislation Read Ontario’s Execution Act and its Regulations. Exemptions can be confusing, and statutes are updated and revised regularly. A Licensed Insolvency Trustee has current information and can advise on your best course of action. There is no obligation when you have your first conversation with a Trustee, and your discussion is confidential. Prince Edward Island – Exempt Property Food, fuel, household furniture, appliances: up to $2,000 Necessary clothing: no dollar limit One motor vehicle: $3,000 Tools of your trade: up to $2,000 Farm property: seed for up to 100 acres, other farm chattels and equipment up to $5,000 Principal residence: no exemption If you are behind on child or spousal support payments, the above exemptions do not apply to any item but tools of your trade. Statute: Read PEI’s Judgment and Execution Act and the Personal Property Security Act. Quebec – Exempt Property “Moveable property” and household furnishings, up to $6,000 Food, fuel, linens and clothing: no dollar limit Motor vehicle: no dollar limit Disability aids, accident benefits: no dollar limit Tools of your trade: no dollar limit Principal residence: $10,000 Support received through court order, donation, or bequest Most property declared exempt by a donor or will A certain portion of your wages and salaries, based on number of dependants Benefits payable and employer contributions under employer-sponsored pension plan Family papers and portraits, medals and other decorations, documents Items used in religious worship Income for services as a minister of religion Food, lodging, and transportation passes received for employment travel Statute: For Quebec’s Provincial Exempt Property in Bankruptcy Legislation Read Quebec’s Code of Civil Procedure. Saskatchewan – Exempt Property Food and fuel: supply until the next harvest or cash equivalent Clothing including jewellery: $7,500 Household furniture and appliances: up to $4,500 (or $10,000 for a farm) One motor vehicle valued at up to $10,000 Medical and dental aids: no dollar limit Tools of your trade: up to $4,500 Farm property: among other exemptions, livestock and equipment for up to 12 months, two bushels seed per acre of land under cultivation, and enough cash or current crop for farming costs to the next harvest Principal residence: up to $50,000 (your share) Pets valued at up to $2,000 Statute: For Saskatchewan’s Provincial Exempt Property in Bankruptcy Legislation Read The Enforcement of Money Judgments Act, The Enforcement of Money Judgments Regulations and the Saskatchewan Farm Security Act (PDF). Northwest Territories / Nunavut / Yukon – Exempt Property Food and fuel: twelve months’ supply Necessary clothing: no dollar limit Household furniture and appliances: no dollar limit Medical and dental aids: no dollar limit in Nunavut and Northwest Territories Tools and animals of your trade (or, in Nunavut, for hunting/fishing for food): up to prescribed limits in Nunavut and Northwest Territories; up to $600 in Yukon Principal residence One motor vehicle in Nunavut and Northwest Territories The above exemptions for the territories do not apply if: You are behind on child or spousal support payments. At C.E. Craig & Associates as a Licensed Insolvency Trustee we have up-to-date information on exemptions for every province and can advise you on how these apply to your situation. 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