Are Registered Disability Savings Plan (RDSP) and Canada Pension Plan Disability (CPPD) Benefits Protected Against Lawsuits from the Insurance Corporation of British Columbia (ICBC)?

Question from Emi, Are Registered Disability Savings Plan (RDSP) and Canada Pension Plan Disability (CPPD) Benefits Protected Against Lawsuits from the Insurance Corporation of British Columbia (ICBC)?

Answer from AI:

In general, the Registered Disability Savings Plan (RDSP) and Canada Pension Plan Disability (CPPD) benefits are designed to provide financial support to individuals with disabilities. However, whether these benefits are protected against lawsuits from the Insurance Corporation of British Columbia (ICBC) can depend on several factors.

Protection of RDSP and CPPD Benefits

In Canada, certain types of income and assets are protected from seizure by creditors under federal and provincial laws. These laws are designed to ensure that individuals have the basic necessities of life, even if they owe money to creditors.

RDSP: The RDSP is a long-term savings plan to help Canadians with disabilities and their families save for the future. As per the Bankruptcy and Insolvency Act, assets held in an RDSP are exempt from seizure in bankruptcy, except for contributions made in the 12 months before the bankruptcy. However, this protection may not extend to lawsuits from ICBC or other creditors.

CPPD: The CPPD provides benefits to people who have made enough contributions to the CPP and who are disabled and cannot work at any job on a regular basis. As per the Canada Pension Plan, these benefits are generally protected from seizure by creditors.

ICBC Claims and Lawsuits

The ICBC is a provincial crown corporation that provides basic and optional vehicle insurance, driver licensing services, and road safety programs to residents of British Columbia. If you are involved in a car accident and found at fault, you may be sued by ICBC to recover the costs of the claim.

Legal Advice

The protection of RDSP and CPPD benefits against ICBC lawsuits is a complex issue that can depend on the specifics of your situation. It is recommended that you consult with a legal professional for personalized advice.

Resources

For more information, you can refer to the following resources:

• Registered Disability Savings Plan (RDSP)
• Canada Pension Plan Disability benefits
• Insurance Corporation of British Columbia (ICBC)

Please note that this information is intended to provide a general understanding of the law, not to provide specific legal advice. Always consult with a legal professional for advice on your specific situation.