2016 Legislative Session: 5th Session, 40th Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

MR. ANDREW WEAVER

BILL M 208 – 2016

COURT ORDER ENFORCEMENT AMENDMENT ACT, 2016

This Bill will ensure that Registered Education Savings Plans (RESPs) and Registered Disability Savings Plan (RDSPs) receive

the same creditor protection that currently exists for RRIFs and RRSPs in British Columbia.

HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as

follows:

Section 71.3 of the Court Order Enforcement Amendment Act, R.S.B.C. 1996, c. 78, is amended by repealing the definition

for "registered plan" and "planholder" and by adding the following

definitions:

Registered plans exempt from seizure

71.3

(1) In this section:

"registered plan" means a DPSP, an RRIF, an RRSP, an RESP or an RDSP whether registered before, on or after November 1, 2008

"planholder means"

(

a) with respect to a DPSP, a beneficiary under the plan

(

b) with respect to a RRIF, an annuitant as defined in paragraph (

a) of the definition of "annuitant" in

section 146.3 (1)

of the federal Act,

(

c) with respect to a RRSP, an annuitant as defined in paragraph (

a) of the definition of "annuitant" in

section 146 (1)

of the federal Act,

(

d) with respect to an RDSP, a beneficiary under the plan, and

(

e) with respect to an RESP, a beneficiary under the plan;

"RDSP" means a registered disability savings plan as defined in

section 146.4 of the federal Act;

"RESP" means a registered education savings plan as defined in

section 146.1 of the federal act;

Explanatory Note

This Bill will ensure that Registered Education Savings Plans (RESPs) and Registered Disability Savings Plan (RDSPs) receive

the same creditor protection that currently exists for RRIFs and RRSPs in British Columbia.

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