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

Sponsor

Dan Albas  Conservative

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

Status

Introduced, as of June 18, 2018

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Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

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, provided by the Library of Parliament. You can also read the full text of the bill.

Bankruptcy and Insolvency ActRoutine Proceedings

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

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)