The Bankruptcy and Insolvency Act is a federal statute that has been amended on several occasions over the years in order to keep it current and relevant to current financial and social regimes. It was amended in 1992, 1997 and most recently in 2009. The most recent amendments in 2009 changed the length of time for individuals to be in bankruptcy and obtain an automatic discharge based on surplus income payable, the status of RRSP’s as an exempt asset and other changes designed to streamline and update the administration process.
If you owe Canada Revenue Agency or owe student loan debt or have RRSP’s, these are areas where changes to legislation could have an affect on your situation. To determine if these changes are beneficial or not, we encourage you to consult with our office for more information.
You may also consult with the Government of Canada web-site to review the pending legislative changes and monitor its status.
Content for Legislation.