Bill C-410 (Historical)

An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — exclusion)

This bill is from the 42nd Parliament, 1st session, which ended in September 2019.

Sponsor

Introduced as a private member’s bill. (These don’t often become law.)

Status

Outside the Order of Precedence (a private member's bill that hasn't yet won the draw that determines which private member's bills can be debated), as of June 18, 2018
(This bill did not become law.)

Summary

This is from the published bill.

This enactment amends the Bankruptcy and Insolvency Act to exclude property in a registered education savings plan and a registered disability savings plan from the property of a bankrupt.

Elsewhere

All sorts of information on this bill is available at LEGISinfo, an excellent resource from the Library of Parliament. You can also read the full text of the bill.

Bill numbers are reused for different bills each new session. Perhaps you were looking for one of these other C-410s:

C-410 (2024) An Act to amend the Income Tax Act (campgrounds)

C-410 (2013) Pan-Canadian Strategy for Chronic Cerebrospinal Venous Insufficiency (CCSVI) Act

C-410 (2012) Pan-Canadian Strategy for Chronic Cerebrospinal Venous Insufficiency (CCSVI) Act

C-410 (2010) National Infant and Child Loss Awareness Day Act

C-410 (2009) National Infant and Child Loss Awareness Day Act

C-410 (2007) An Act to amend the Immigration and Refugee Protection Act (victim — trafficking in persons)

Bankruptcy and Insolvency ActRoutine Proceedings

June 18th, 2018 / 3:30 p.m.

Conservative

Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC

moved for leave to introduce Bill C-410, An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — exclusion).

Mr. Speaker, today I have the honour of tabling a bill that I believe will provide necessary clarity and reassurance for the hard-earned savings of Canadians. I would also like to take the time to thank the member for Edmonton Riverbend for seconding the bill and note the tireless work he does on behalf of his constituents.

This bill would enact a simple change. Currently, when a Canadian files for bankruptcy or insolvency, their RRSPs are protected from creditors. However, there are no such protections for registered education savings plans and registered disability savings plans. The bill would amend the Bankruptcy and Insolvency Act to exclude the property in RESPs and RDSPs from a bankruptcy. It seeks to give clarity to those. Savings are not vulnerable accounts. The money Canadians put into these accounts to save for their children's education or for the highs costs of caring for a family member with a disability is off limits to creditors.

This bill is in large part a way of remembering the legacy of the late Hon. Jim Flaherty and his efforts to create the RDSP and RESP.

I would also like to thank the MPP-elect for Ottawa West—Nepean, Jeremy Roberts, for his work on preparing the bill.

I hope the bill will be supported by all members of this place. The amount of support and feedback from all colleagues and stakeholders has certainly been a motivation to me to see this become law.

(Motions deemed adopted, bill read the first time and printed)