In British Columbia, the Court Order Enforcement Act and Insurance Act both set out what assets are protected against the liquidation by creditors to satisfy unpaid debt (unless a creditor holds a purchase money security interest).
Category | Maximum Amount of Exemption (Realizable value) |
Unsecured Furniture, Household Appliances | $4000 |
Motor Vehicle | $5000, unless debtor owes for family or child support payments, in which case their exemption is reduced to $2,000 |
Food | No limit on necessary items for debtor and dependents. |
Clothing | No limit on necessary items for debtor and dependents. |
Tools of Trade | $10,000 (Cannot be applied to a work vehicle) |
Medical & Dental Aids | Medical aids required for debtor or dependents |
RRSPs and RDSPs | Exempt, except for RRSP contributions made in 12 months before bankruptcy |
Equity in Primary Residence | $12,000 if located in Capital Region or Metro Vancouver Region District (see below) $9,000 if located outside of these regions
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** Capital Region or Metro Vancouver Regional District includes: **
Vancouver, Surrey, Burnaby, Richmond, Coquitlam, Langley, Delta, North Vancouver, Maple Ridge, New Westminster, Port Coquitlam, West Vancouver, Port Moody, Langley, White Rock, Pitt Meadows, Bowen Island, Anmore, Lions Bay, Tsawwassen, Belcarra, Saanich, Central Saanich, North Saanich, Victoria, Langford, Oak Bay, Esquimalt, Colwood, Sooke, Sidney, View Royal, Metchosin, Salt Spring Island, Juan De Fuca, Southern Gulf Islands