(October 5 – 16:20ET) – National
Financial Planning Week continues
and today the Canadian Association
of Financial Planners released the
results of its survey on creditor-
proofing and registered savings
plans.
Of the 2,000 personal finance
professionals polled, nearly 75%
agreed that RRSPs and RESPs
should be creditor-proofed. In
the events of seizure, lawsuit, or
bankruptcy, 26% of those surveyed
believed creditor-proofing would
wreak havoc in the credit
industry.
Unlike pension plans, RRSPs and
RESPs are not protected should the
investor declare bankruptcy, or
get sued. “It is unfair that when
it comes to creditor protection,
individuals who have saved for
their retirement through RRSPs
are treated differently than those
who save through registered pension
plans,” said CAFP chairman and CEO
Ron Graham.
The CAFP has not said whether it
will seek legislative remedies to
rectify the results found by
survey.
-IE Staff
For more information on the CAFP see: