ExemptionsThere is certain property that does not form part of a bankruptcy estate. What this means is that this property does not have to be sold by the Trustee for the benefit of creditors. This property is determined by the Exemptions act. Each province has their own Exemptions Act. You would be eligible for the exemptions in the province that you reside in at the time that a Bankruptcy or proposal is filed.  If you are filing a bankruptcy or a proposal you must file it with a Trustee that is licensed for that province. For example, if you live in Lloydminster, Alberta you can not file with a Saskatchewan Trustee, you must file with an Alberta Trustee. If you live in Lloydminster, Saskatchewan you must file with a Saskatchewan Trustee. 

Summary of the Exemptions Act

the necessary and ordinary clothing of the debtor and his or her family;

household furniture, appliances and furnishings to a maximum of $4,500;

grain, flour, vegetables and meat, sufficient when converted into cash to provide food and fuel for heating purposes until the next harvest;

one motor vehicle when it is necessary for the debtor’s business, trade, calling or profession;

the books of a professional person;

the tools, necessary implements, office furniture and equipment, to a maximum of $4,500, used by the debtor in his or her business, trade, calling or profession;

the homestead, provided it is not more than 160 acres and, if it is more, the surplus may be sold subject to any lien or encumbrance;

the house and buildings in which the debtor lives and the lot or lots on which the homestead is situated, to a maximum of $32,000; and

the trailer or portable shack occupied by the debtor as living quarters, provided these are not in addition to the house and buildings.

The exemptions from seizure and sale extend to the surviving spouse if the debtor dies. If the debtor possesses more personal property than the amount exempt from seizure and sale, the debtor may choose which articles he or she will claim as exempt.

In addition RRSP’s have also been made exempt in Saskatchewan. The Registered Plan (Retirement Income) Exemption Act extends the existing exemption from registered pension plans to registered retirement savings plans (RRSPs) and deferred profit sharing plans (DPSPs).

For more information please refer to the following: 

The Saskatchewan Exemptions Act
http://www.saskjustice.gov.sk.ca/legislation/summaries/exemptionsact.shtml 

Saskatchewan Exemption for RRSP’s
http://www.saskjustice.gov.sk.ca/legislation/summaries/registeredplanact.shtml