Question: My wife and I have RESP’s for our kids and they are with a local Calgary credit union. We have been told RESP plans with credit unions are member accounts which are protected. Please advise.
Answer: In Alberta exempt assets are set out in the Civil Enforcement Act. There are no special exemptions for credit unions nor any other financial institutions in Alberta. RESP’s are not protected and may be seized by judgement creditors in settlement of any debts you may owe.
