Registered Retirement Savings Protection Act, 2015 Rinaldi, Lou — Bill 70 (41st Parliament, 1st Session)

Bill 70, 41-1

Ontario — Bills

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Bill 70, Registered Retirement Savings Protection Act, 2015

Rinaldi, Lou

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[41] Bill 70 Original (PDF)

Bill 70 2015

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, 2015 .

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

March 5, 2015

Ordered referred to Standing Committee

Standing Committee on Justice Policy

March 5, 2015

Second Reading

Carried

March 5, 2015

Second Reading

Debate

March 3, 2015

First Reading

Carried

Debates and Progress

First Reading

March 3, 2015

Committee

Second Reading

March 5, 2015

Mr. Lou Rinaldi, Mr. Jim McDonell, Mr. Paul Miller, Mr. Arthur Potts, Mrs. Gila Martow, Mr. Wayne Gates, Mr. Han Dong, Mrs. Julia Munro

March 5, 2015

Declared carried. Referred to the Standing Committee on Justice Policy.

Committee

Standing Committee on Justice Policy

Third Reading

Royal Assent

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Document details

Collection	Ontario — Bills
Citation	Bill 70, 41-1
Type	bill
Volume / chapter	p41 s1 bill 70 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	c30f713cc81a890d7907643db96bf49f3f882d82

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