Saskatchewan bankruptcy exemptions
Property exempt from seizure in a bankruptcy is set by the provincial government and applies to the equity in an asset. Equity is the difference between the value of the asset and what is owed on the asset.
If you declare bankruptcy in Saskatchewan, you can keep (per person):
Clothing, including jewelry, up to $7,500 in value
Medical and dental aids required
Household furnishings
Pets up to a value of $2,000
One motor vehicle up to $10,000
Personal property required to earn income
Funds that were received as the result of compensation for injury
Prepaid funeral services
The Homestead
Equity in your active residence (including trailers) up to $50,000
Most RRSPs, RRIFs and Pensions
Exempt farm property
- The necessary and ordinary clothing of the farmer and his family.
- Furniture and household furnishings and household appliances, to the extent of $10,000.
- Produce of a farm sufficient, when converted into cash, to provide food and fuel for heating purposes for the farmer and his family until the next harvest.
- All livestock, farm machinery and equipment, including one automobile or one farm truck, that are reasonably necessary for the proper and efficient conduct of the
- One motor vehicle, where it is necessary for the proper and efficient conduct of the farmer's business, trade, calling or profession, but only if that motor vehicle is not in addition to one mentioned in the above point.
- Farmer's agricultural operations for the next 12 months.
- The books related to any profession practiced by the farmer.
- The tools and necessary implements and office furniture and equipment, to the extent of $4,500 used by the farmer in the practice of his business, trade, calling or profession.
- The house and buildings occupied by the farmer as his bona fide residence and the lot or lots on which they are situated according to an approved plan to the extent of $32,000.
- Seed grain chosen by the farmer, that is sufficient to sow all his farm land under cultivation to a maximum amount equal to the product of:
- Two bushels per acre,
- and the number of acres of farm land under cultivation by the farmer.
- The crop of the farmer to the extent that is sufficient, when converted into cash, along with any other means that he may have, to: (i) pay all unpaid legitimate costs of harvesting the crop.
- Provide a necessary living allowance for the support of the farmer and his family until the crop of the following year is about to be harvested; and
- Provide necessary costs of his farming operations until that time.
- The homestead
- Any trailer that is occupied by the farmer as living quarters and not in addition to the house and buildings already exempt.
For more information about the rules regulating bankruptcy exemptions, contact a BDO trustee in Saskatchewan.