New Brunswick Asset Exemptions

What are the New Brunswick Provincial Asset Exemptions?

*Information provided by Allan Marshall & Associates Inc. – New Brunswick Trustees in Bankruptcy*

 

  • Furniture, household furnishings and appliances used by the debtor or a dependent to a realizable value of $5,000.
  • One motor vehicle having a realizable value of not more than $6,500 at the time the claim for exemption is made, if the vehicle is required by the debtor for:
    1. Employment
    2. To retain employment,
    3. For the debtor’s trade, profession or occupation
    4. For transportation to a place of employment where public transportation is not reasonably available.
  • Necessary tools, equipment and books to the value of $6,500 used by the debtor in their trade or profession (Tools of Trade)
  • Necessary medical and health aids
  • Pension plans
  • Food, clothing and fuel necessary for the debtor and his family
  • Two horses and sets of harness, two cows, ten sheep, two hogs and twenty fowl, and food therefor for six months
  • Necessary seed grain and potatoes required for planting purposes to the following quantities: forty bushels of oats, ten bushels of barley, ten bushels of buckwheat, ten bushels of wheat and thirty-five barrels of potatoes
  • Pets belonging to the debtor

Exceptions to the exemption(s)

  • The exempt status does not apply to assets or chattel subject to a purchase money security interest (PMSI). A PMSI is when a loan is given to facilitate the purchase of a specific asset, exempt or not. The lien would be valid against that asset until the loan is paid, if the lien is properly registered.
  • RRSPs are exempt in New Brunswick under the bankruptcy and insolvency Act:
    1. There is a claw back period of any contributions made to the RRSP in the 12 months leading up to the bankruptcy.