Third

Session, 45th General Assembly

Elizabeth II, 2006

BILL 54

AN ACT TO AMEND THE

JUDGMENT ENFORCEMENT ACT

Received and Read the First Time ...................................................................................................

Second Reading .................................................................................................................................

Committee ............................................................................................................................................

Third Reading .....................................................................................................................................

Royal Assent ......................................................................................................................................

HONOURABLE

THOMAS W. MARSHALL , QC

Minister of Justice and Attorney General

Ordered

to be printed by the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Judgment Enforcement Act to exempt from

enforcement proceedings under the Act property in retirement funds defined in

the Income Tax Act ( Canada ).

The exception to this exemption would

be with respect to actions taken under the Support

Orders Enforcement Act and its successor, the Support Orders Enforcement Act, 2006 .

A BILL

AN ACT TO AMEND THE JUDGMENT ENFORCEMENT

ACT

Analysis

S.131.1 Added

Exemption of registered plans

2. Commencement

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL1996 J-1.1

as amended

1. The Judgment

Enforcement Act is amended by adding immediately after

section 131 the

following:

Exemption of

registered plans

131.1

(1) In

this

section

(a) "current obligation or future

obligation" means a current obligation or future obligation within the

meaning of

section 110;

(b) "DPSP" means a deferred profit

sharing plan as defined in

section 147 of the federal Act;

(c) "federal Act" means the Income Tax Act ( Canada );

(d) "plan holder" means

(

i) with respect to a DPSP, an employee within the

meaning of

section 147 of the federal Act,

(ii) with respect to an RRIF, an annuitant as

defined in

section 146.3 of the federal Act, and

(iii) with respect to an RRSP, an annuitant as

defined in

section 146 of the federal Act;

(e) "registered plan" means a DPSP, an

RRIF or an RRSP;

(f) "RRIF" means a registered retirement

income fund as defined in

section 146.3 of the federal Act; and

(g) "RRSP" means a registered retirement

savings plan as defined in

section 146 of the federal Act.

(2) Property in a registered plan, including a

current obligation or future obligation under the plan, is exempt from the enforcement

process.

(3) An exemption under subsection (2) extends to a

direct transfer of property from one registered plan to another registered

plan.

(4) This

section does not apply to an enforcement

process commenced against a registered plan before this

section comes into

force.

(5) Where a provision of this

section is

inconsistent or in conflict with a provision of another Act, other than the Support Orders Enforcement Act and the Support Orders Enforcement Act, 2006 ,

the provision of this

section prevails unless the other Act expressly provides

that it, or a provision of it, prevails, notwithstanding this section.

Commencement

2. This Act comes into force on a day to be

proclaimed by the Lieutenant-Governor in Council.

Earl G. Tucker, Queen's Printer