Registered Retirement Savings Protection Act, 2012 Leal, Jeff — Bill 120 (40th Parliament, 1st Session)

Bill 120, 40-1

Ontario — Bills

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Bill 120, Registered Retirement Savings Protection Act, 2012

Leal, Jeff

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[40] Bill 120 Original (PDF)

Bill 120 2012

Act respecting protection for registered retirement savings

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,

"enforcement

process" means,

(

a) garnishment,

execution, seizure or attachment, or

(

b) any

other remedy or legal process to enforce payment of an amount payable by a

planholder; ("procédure d'exécution")

"planholder", in relation to a registered plan, means,

(

a) in

the case of a deferred profit sharing plan, a beneficiary under the plan and a

spouse or common-law partner, as defined in subsection 248 (1) of the Income Tax Act (Canada), who receives amounts payable on

the beneficiary's death,

(

b) in

the case of a registered retirement income fund, an annuitant as defined in

subsection 146.3 (1) of the Income Tax Act (Canada), or

(

c) in

the case of a registered retirement savings plan, an annuitant as defined in

subsection 146 (1) of the Income Tax Act (Canada); ("titulaire")

"registered plan" means,

(

a) a

deferred profit sharing plan, as defined in subsection 147 (1) of the Income Tax Act (Canada),

(

b) a

registered retirement income fund, as defined in subsection 146.3 (1) of the Income Tax Act (Canada), or

(

c) a

registered retirement savings plan, as defined in subsection 146 (1) of the Income Tax Act (Canada). ("régime enregistré")

Application

2. This Act applies to every

registered plan, whether it is registered before or after this Act comes into

force, except a plan to which subsections 66 (1), (2) and (3) of the Pension Benefits Act apply.

Exemption

from enforcement process

(1) Subject

to subsection (2), all rights, property and interests of a planholder in a

registered plan are exempt from any enforcement process.

Exceptions

(2) Subsection (1) and subsections 191 (1) and 196 (2) of

the Insurance Act do not apply to an enforcement

process,

(

a) to

satisfy an order made under the Family Law Act or

under similar legislation of any other province or territory of Canada;

(

b) by

the Director of the Family Responsibility Office under the Family Responsibility and Support Arrears Enforcement Act, 1996 in

enforcement proceedings the Director may take under that Act in respect of a

registered plan;

(

c) to

satisfy an order made under the Interjurisdictional

Support Orders Act, 2002 ; or

(

d) otherwise

to recover support or arrears of support.

Payment

out of registered plan

(1) A

payment out of a registered plan is not exempt from any enforcement process.

Exception,

Insurance Act

(2) Subsection (1) does not apply with respect to payments

out of registered plans to which the Insurance Act

applies.

Transfer

not a payment

(3) For the purposes of subsection (1), a transfer from

one registered plan of a planholder directly to another registered plan of the

planholder is not a payment out of a registered plan.

Status

of payments

5. Subsections

7 (2), (3), (4) and (5) of the Wages Act apply with

respect to payments out of a registered plan as if the payments were wages.

Conflict

with other Acts

(1) If

a provision of this Act conflicts with a provision of another Act, this Act

prevails unless the other Act expressly provides that it or the provision

prevails.

Fraudulent Conveyances Act

(2) Despite subsection (1), nothing in this Act affects

the operation of the Fraudulent Conveyances Act .

Insurance Act

(3) Despite subsection (1), nothing in this Act, other

than subsection 3 (2), affects the operation of the Insurance

Act .

Commencement

7. This

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

Short

title

8. The

short title of this Act is the Registered Retirement

Savings Protection Act, 2012 .

EXPLANATORY

NOTE

The

purpose of the Bill is to protect registered retirement savings plans and

registered retirement income funds, as well as deferred profit sharing plans,

from most creditors. Those plans are, however, still subject to support orders

enforced under the Family Responsibility and Support

Arrears Enforcement Act, 1996 and orders respecting the separation of

property in family matters.

Date Bill stage Activity Committee

October 4, 2012

Ordered referred to Standing Committee

Standing Committee on Finance and Economic Affairs

October 4, 2012

Second Reading

Carried

October 4, 2012

Second Reading

Debate

September 12, 2012

First Reading

Carried

Debates and Progress

First Reading

September 12, 2012

Committee

Second Reading

October 4, 2012

Mr. Jeff Leal, Mrs. Julia Munro, Mr. Michael Prue, Ms. Helena Jaczek, Mr. John O'Toole, Mr. Rosario Marchese, Mr. David Zimmer, Ms. Soo Wong

October 4, 2012

Declared carried. Referred to the Standing Committee on Finance and Economic Affairs.

Committee

Standing Committee on Finance and Economic Affairs

Third Reading

Royal Assent

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Document details

Collection	Ontario — Bills
Citation	Bill 120, 40-1
Type	bill
Volume / chapter	p40 s1 bill 120 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	20a4a3b5bb76ac3386ebf0006fcb377797135492

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