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Property Bankruptcy Exemptions in Saskatchewan
Non-Farmers:
- Household furniture and personal effects to a value of $4,500 per person;
- Tools of the trade to a value of $4,500;
- A motor vehicle, if required for employment;
- Equity in personal residence to a value of $32,000 ($64,000 if jointly owned) to a maximum of $128,000 if held by four parties;
- Certain life insurance policies;
- RRSPs, RRIFs and DPSPs are exempt from seizure.
Farmers:
- Furniture, furnishings and appliances to a value of $10,000;
- The cash equivalent of produce sufficient to provide food and fuel for heating until the next harvest;
- All livestock, farm machinery and equipment, including one car or truck, necessary for the next twelve months operations;
- One motor vehicle, if required for business or profession, but not in addition to the one above;
- Tools and equipment to a value of $4,500 used by a farmer in his trade or profession;
- Equity in personal residence to a value of $32,000 ($64,000 if jointly owned) to a maximum of $128,000 if held by four parties;
- Seed grain equal to two bushels per acre of land under cultivation;
- RRSPs, RRIFs and DPSPs are exempt from seizure;
- Certain life insurance policies.
- Cash equivalent of crop equal to:
- Unpaid harvesting costs;
- Living expenses to next harvest;
- Necessary costs of farming until next harvest.
If you have property subject to seizure talk to the trustee about buying the asset back from the estate.
Rather than have the trustee seize and sell the asset, make an offer to pay for the item instead of losing it. Often a payment plan can be set such that you get to keep your property and the creditors get a fair amount in return.