Exemptions: Canada Debt .ca defines Exemptions

Bankruptcy Term Exemptions

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Canada Debt has the definition to the bankruptcy and debt term Exemptions. Finding answers to terms such as Exemptions can be difficult, especially if there is more than one definition which is why we have created a page dedicated to financial terms dealing exclusively with debt. Exemptions in financial terms means...

In debt and bankruptcy terms, the phrase / term 'Exemptions' is used as follows:

Under the Court Order Enforcement Act effective May 1, 1998 (in British Columbia), there are certain assets that are exempt from seizure by any execution creditor or by a Trustee in Bankruptcy.

Equity in a house in Vancouver or Victoria = $12,000; In the rest of the province = $9,000;
Equity in a motor vehicle = $5,000; The vehicle exemption drops to $2,000 if the debtor is behind on child care payment (to facilitate the enforcement of Maintenance Orders);
Equity in household items = $4,000;
Clothing/Medical aids = unlimited;
Tools of the Trade = $10,000.