[37] Bill 19 Original (PDF)

Bill 19 2002

An Act to exempt
registered retirement income plans
and registered education savings plans
from attachment

Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Definitions

1. In this Act,

"DPSP" means a deferred profit sharing plan as defined in section 147 of the Income Tax Act (Canada); ("RPDB")

"enforcement process" means attachment, garnishment, execution, seizure, receivership or other legal process for the enforcement of a debt; ("exécution")

"planholder" means,

(a) with respect to a DPSP, a beneficiary within the meaning of section 147 of the Income Tax Act (Canada),

(b) with respect to an RESP, a subscriber within the meaning of section 146.1 of the Income Tax Act (Canada),

(c) with respect to an RRIF, an annuitant as defined in section 146.3 of the Income Tax Act (Canada), and

(d) with respect to an RRSP, an annuitant as defined in section 146 of the Income Tax Act (Canada); ("bénéficiaire")

"registered plan" means a DPSP, an RESP, an RRIF or an RRSP; ("régime enregistré ou agréé")

"RESP" means a registered education savings plan as defined in section 146.1 of the Income Tax Act (Canada); ("REEE")

"RRIF" means a registered retirement income fund as defined in section 146.3 of the Income Tax Act (Canada); ("FERR")

"RRSP" means a registered retirement savings plan as defined in section 146 of the Income Tax Act (Canada). ("REER")

Exemption from enforcement processes

2. Despite any other Act or regulation, all rights, property and interest of a planholder in a registered plan are exempt from any enforcement process.

Payments out of registered plans

3. (1) Subject to section 4 but despite any other Act or regulation, a payment out of a registered plan to a planholder or the legal representative of a planholder is not exempt from any enforcement process.

Transfer not a payment

(2) For the purposes of subsection (1), a transfer of property held in one registered plan to another registered plan does not constitute a payment out of a registered plan.

Enforcement against payments out

4. For the purposes of enforcing a creditor's rights against payments out of a registered plan to a debtor planholder,

(a) the amount of a payment out of the registered plan is deemed to be a debt due or accruing due to the person for or with respect to the person's wages or salary within the meaning of the Wages Act; and

(b) the exemptions set out in section 7 of the Wages Act apply, with any necessary modification.

Commencement

5. This Act comes into force on the day it receives Royal Assent.

Short title

6. The short title of this Act is the Registered Plan Exemption Act (Retirement Savings and Education Savings), 2002.

EXPLANATORY NOTE

The Bill exempts deferred profit sharing plans, registered retirement income funds, registered retirement savings plans and registered education savings plans from attachment, garnishment or other processes for the enforcement of debt.