An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — registered education savings plan)

Sponsor

Dan Albas  Conservative

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

Status

Introduced, as of June 3, 2019

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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 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 3rd, 2019 / 3:30 p.m.
See context

Conservative

Dan Albas Conservative Central Okanagan—Similkameen—Nicola, BC

moved for leave to introduce Bill C-453, An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — registered education savings plan).

Mr. Speaker, previously in this Parliament, I submitted a bill, Bill C-410, that would protect registered education savings plans and registered disability savings plans when someone declared bankruptcy. This was a good bill that was supported by many stakeholders. Clearly, the government agreed, because it took my idea of protecting RDSPs and put it into its last budget implementation act. Unfortunately, it did not afford RESPs the same protection, so I am happy today to table a bill to address this significant oversight.

RESPs deserve the same bankruptcy protection now afforded RDSPs. Parents deserve peace of mind that the money they set aside for their children will be protected if they experience financial difficulties. Entrepreneurs are often asked to put up their homes as collateral for a business loan. They should not have to sign up their children's RESPs as well.

As we continue to face a rapidly changing innovative and disruptive economy, we must ensure that laid off workers who have put their hard-earned money into their children's education savings plans are protected. I urge the government to feel free to steal this idea once again, as parents really do need help.

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