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Creditor Protection

Who can benefit?

Are you a business owner or a professional? Are you self-employed, or do you have substantial financial assets?

By designating a beneficiary under one of our savings contracts, you could benefit from protection against creditors.

Events that could lead to financial difficulty:

  • Financial loss by your business
  • Loss of a major client
  • Non-payment by a client
  • Civil lawsuit
  • Bankruptcy of a business partner
  • Conflict with a business partner
  • Employee fraud
  • Substantial increase in your company’s fixed costs
  • Critical illness
  • Loss of employment

What are the conditions?

In order for its assets to be exempt from seizure, a savings contract issued by a life and health insurance company must include an appropriate beneficiary designation1.

Appropriate beneficiary designations


When the designated beneficiary is the contract holder’s spouse (married or civil union), ascendant or descendant, or when the designation is irrevocable, the assets in the contract are exempt from seizure.

Do you know who your ascendants and descendants are?

Ascendants: parents and grandparents
Descendants: children and grandchildren

Keep in mind that this relationship must exist between the beneficiary and the contract holder.


For a savings contract to be exempt from seizure, a relationship must exist between the beneficiary and the annuitant, who can be someone other than the contract owner in the case of a non-registered contract.

Who can the annuitant designate as a beneficiary?

  • Their spouse (common-law spouses are excluded in certain Canadian jurisdictions)
  • Their child or grandchild
  • Their parent
  • Anyone designated as an irrevocable beneficiary

Our savings contracts can help you protect your financial assets from creditors.

1 Under the Bankruptcy and Insolvency Act, RRSPs/RRIFs/DPSPs are also exempt from seizure in the event of a bankruptcy, except for any contributions made during the twelve months preceding the date of the bankruptcy. Other conditions may apply, depending on your situation and the type of creditor. Interested parties should consult a legal advisor (lawyer or notary) for an assessment of their specific situation.

*Mutual funds distributed through Desjardins Financial Security Investments Inc.

As an advisor at Desjardins I look forward to meeting you and understanding your goals and needs.

As a professional in the field of insurance and investments, my understanding of people's goals and aspirations has created a lasting bond over two decades. The key to their success has been my passion for excellence.

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