2017 Legislative Session: 2nd Session, 41st Parliament

FIRST READING

The following electronic version is for informational purposes only.

The printed version remains the official version.

MR. ANDREW WEAVER

BILL M 206 – 2017

COURT ORDER ENFORCEMENT AMENDMENT ACT, 2017

This Bill will ensure that Registered Education Savings Plans (RESPs) and Registered Disability Savings Plans (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 (1) of the Court Order Enforcement Act, R.S.B.C. 1996, c. 78, is amended

(

a) by repealing the

definitions of "registered plan" and "planholder" and substituting the following:

"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 an 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 an 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; , and

(

b) by adding the following

definitions:

"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 Plans (RDSPs) receive the same creditor protection that currently exists for RRIFs and RRSPs in British Columbia.

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