Sent: Thursday, April 14, 2005 12:26 PM To: taxman at centa.com Subject: Post bankruptcy RRSP collapse Hi Yes I am one of those sorry people who should have obtained legal advice prior to seeing the insolvency trustee! I was discharged from bankruptcy May 2001. In May 2004 the trustee seized my Working Opportunity Fund RRSP because they "made a mistake" when they originally marked it exempt from seizure. Now it is 2005 and I have received a T4RSP for $9269 withdrawn and $1,853 taken for taxes. This means I will have to pay an additional $1600 taxes this year even though it arises from bankruptcy operations. Do I have recourse? Thank you very much. BC =============================== DAVID INGRAM REPLIES: I am jut too busy to get involved in this right now. However, Murray Morrison LLB is a superb bankruptcy lawyer who helped me when I was put into receivership for $4,800,000 by the CRA. It is obviously worth a phone call to him at 1-604-930-9013. I recommend that anyone with "anything" consult a bankruptcy lawyer like Murray BEFORE seeing a trustee. NO matter how nice they seem (and I regularly recommend Gerry Foran at Sands and Co - (604) 684-3030), as soon as you sign the dotted line, the trustee is now charged with getting the most for the creditors at "your" expense. Anyone with a business, a house, cars, boat, etc., should have a BANKRUPTCY lawyer to represent them and give them advice. That means that you do NOT use the person who transferred the house or the person who looked after your mother's estate. You want a BANKRUPTCY specialist and believe it, they are hard to find. Strangely enough, although Murray's advice was important as an advocate during the actual bankruptcy proceedings, it was more important during my subsequent divorce. His advice on the bankruptcy part of my life was amazingly important when My lawyer David Bellamy (604) 662-8900 was working his way through the complexities of who gets what and "why". So I also recommend David Bellamy for anybody divorcing with a bankruptcy happening at the same time. In fact, I just plain recommend David as a divorce lawyer. Both David and Murray are sole practitioners. When you deal with them, you deal with them and they were amazingly quick in returning phone calls and dealing with matters in a timely manner. So, now that I have used your question to plug two other professionals, call Murray and ask him if there is something that you can do. For instance, if the trustees actions are costing you tax, you can likely sue the trustee for your loss. david ingram Answers to this and other similar questions can be obtained free on Air every Sunday morning. Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee Wealth Management has me as a guest on his LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com Local calls are taken at (604) 280-0600 and Long Distance calls (BC only) are taken at 1( 866) 778-0600 Callers to the show are invited to attend free seminars on financial planning with such specialities as deductible mortgage interest. They are held at Fred Snyder's Office at 1764 West 7th in Vancouver - (604) 731-8900 for more information. ========================================= -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.308 / Virus Database: 266.10.3 - Release Date: 4/25/05 -------------- next part -------------- An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/20050427/24d2cad0/attachment.htm
