Assets Exempt From Seizure in Nova Scotia

by: Ken Rowan, CA-CIRP | Apr Tue 2, 2013 6:11 PM | 0 comment
Assets Exempt From Seizure in Nova Scotia

Dawn Golding of Kings County, Nova Scotia provides a great summary of those assets you can keep - no creditor can take these from you if you are having a financial problem and you live in Nova Scotia.

The Canadian government established that in many circumstances a person can keep all or a portion of their formal retirement monies (RRSPs, RIFs, etc.) Also, if you have an insurance policy with cash surrender value, often that value can be saved under the Insurance Act

Thanks to Dawn Golding, BA, CIRP, here is a great summary regarding the other down-to-earth things many of us have and want to keep.

Consumer goods exemption rules are found in both the Judicature Act of Nova Scotia and the Personal Property Security Act of Nova Scotia.  You can rely on the exemption rules found in both pieces of leglislation.

Exemptions - what you can keep - are as follows:

  • wearing apparel, household furnishings, and furniture which are reasonably necessary for the debtor and his family;
  • all fuel and food reasonably necessary for the ordinary use of the family;
  • all grain and seeds, and all cattle, hogs, fowl, sheep, and other livestock which are necessary for the domestic use of the debtor and his family;
  • all medical and health aids reasonably neceessary for the debtor and his family;
  • such farm equipment, fishing nets, tools and implements of, or other chattels, as are used in the debtor's chief occupation, not exceeding $1,000; and
  • one motor vehicle not exceeding $3,000 in value.  This is increased to $6,500 in value if the vehicle is used in the course of employment, is necessary to retain employment, or is required for transportation to a place of employment where no public transportation is reasonably available.

And yes, there are exceptions, and the big one is this - if you pledged as collateral something you could otherwise keep, such as your car or your household furniture, then you have authorized the lender to take it towards repaying your debt to them.  That just doesn't change.

Now, this is how the laws are roughly written, and they always need professional interpretation.  You will have questions regarding the assets you own and, in Nova Scotia, speak with Dawn Golding at tel. 902-365-3032 or email her your questions at - her website is


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