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ARTICLE · 21 MARCH 2011

Collecting Money From Debtor's RRSP

Singleton Urquhart Reynolds Vogel LLP
Singleton Urquhart Reynolds Vogel LLP
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In 2008 the Legislative Assembly of British Columbia passed the Economic Incentive and Stabilization Statutes Amendment Act, a bill intended to protect registered savings plans of debtors from creditors.

CanadaFinance and Banking
Mark Stacey
Mark Stacey
Mitch Dermer
Mitch Dermer

In 2008 the Legislative Assembly of British Columbia passed the Economic Incentive and Stabilization Statutes Amendment Act, a bill intended to protect registered savings plans of debtors from creditors. Such assets may not be completely inaccessible to creditors, however. In a section dealing with what the drafters entitled "Asset Protection" the bill altered the Court Order Enforcement Act. This amendment provided greater protection for debtors' registered savings—in particular, deferred profit sharing plans (DPSPs), registered retirement income funds (RRIFs) and registered retirement savings plans (RRSPs). Collectively, these are defined as "Registered Plans".

This amendment added to the protection already available for certain investments governed by the Insurance Act, which are known as segregated funds. Execution against such funds is restricted on the basis that they include a life insurance component. In such cases the individual policies need to be examined

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