Watch: John Oliver forgives $15 million in medical debt + MORE Jun 6th

Q: My adult daughter has a Registered Disability Savings Plan. But she has a bad credit record and there are still a few creditors out there who haven’t been settled with. Do you know if an RDSP can be seized by a creditor?
— Stressed in Sarnia, Ont.
A: Sorry to break it to you, but there is no specific creditor-proofing for RDSPs. “It’s something the feds have identified but I haven’t heard of any actual policy proposals,” says Joel Crocker of the Planned Lifetime Advocacy Network. That being said, your daughter isn’t necessarily bereft of options to protect her savings. “One way to get creditor protection may be to purchase segregated funds in your RDSP, as these are considered insurance products and are exempt from creditor claims,” says Toronto fee-only planner Jason Heath. Keep in mind, however, that you also pay higher annual operating expenses for these types of funds, which can lower your investment returns.
The post Can an RDSP be seized by a creditor? appeared first on MoneySense.

In last night’s episode of Last Week Tonight, host John Oliver took aim at the debt collection industry in America, slamming it for careless and sometimes unethical practices. He revealed his show (which has previously illuminated unethical financial practices by payday lenders and television preachers) started its own debt collection agency, bought the debt of nearly 9,000 Americans, only to forgive their $15 million in medical dues—making it the largest giveaway in TV history.
Debt repayment mistakes you’re probably making »
Oliver points out that when debt-buyers purchase dues, they often don’t receive any additional information about the debt. This lack of information sometimes results in mix-ups, where people who may have paid off their debts still owe the debt in the eyes of the collector.
He also mentioned how even though debt collectors can act ethically and legally, some use sleazy tactics like harassing debtors at home with threats and intimidation.
Watch: John Oliver takes down credit report errors »
To highlight how easy it is for Americans to get into the practice of collecting debt, he and his show paid $50 to set up a debt collection agency online, which they named Central Asset Recovery Professionals—also known as CARP, which Oliver gleefully pointed out, is a bottom-feeding fish…

Banks and real estate analysts were busy last week. There were reports of bank book losses, due to the decline in oil prices, and an international organization as well as two Canadian banks called on Ottawa to tighten up the risks associated with soaring home prices. Rebuttals were made. Bank economists defended their choices and the week ended.
But in light of concerns raised and counter-arguments offered, I wanted to point out that there is validity in the concerns being raised. We are at risk. Canadian homeowners are at risk. Canadian investors are at risk. And Canadian taxpayers are at risk. Here’s why.
Canadian Homeowner Risks
It’s no secret: Canadian households have gone on a borrowing binge in the last few years. Late last year, Statistics Canada released data showing that the average household had nearly $1.64 in debt for every dollar of disposable income. That was a record high.
Part of the equation are the persistently low interest rates; rates that became even cheaper in 2015, after the Bank of Canada twice dropped its benchmark rate to help cushion the blow of the global oil and resource price slump…

Canadians between 50 and 75 years old are set to inherit three quarters of a trillion dollars over the next decade, the largest intergenerational wealth transfer in Canadian history, CIBC says in a new report.

The hotel belongs to Kingdom Holding Co, an investment group owned by Saudi billionaire Prince Alwaleed bin Talal