S-30First Session, Thirty-eighth Parliament,53-54 Elizabeth II, 2004-2005SENATE OF CANADABILL S-30An Act to amend the Bankruptcy and Insolvency Act (RRSP and RESP)first reading, May 10, 2005THE HONOURABLE SENATOR BIRON0504Available on the Parliament of Canada Web Site at the following address:
http://www.parl.gc.caSUMMARYThis enactment amends the Bankruptcy and Insolvency Act to exclude property held by a bankrupt in a registered retirement savings plan or a registered education savings plan from the property of the bankrupt that is divisible among the bankrupt’s creditors.05041st Session, 38th Parliament,53-54 Elizabeth II, 2004-2005senate of canadaBILL S-30An Act to amend the Bankruptcy and Insolvency Act (RRSP and RESP)R.S., c. B-3; 1992, c. 27, s. 2
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:1. (1) Subsection 67(1) of the Bankruptcy and Insolvency Act is amended by adding the following after paragraph (a):Bankruptcy and Insolvency ActClause 1: (1) Relevant portion of subsection 67(1):67. (1) The property of a bankrupt divisible among his creditors shall not comprise. . . but it shall comprise(a.1) property held by the bankrupt in a retirement savings plan or an education savings plan registered under the Income Tax Act, other than any amount contributed to the plan within the period beginning on the day that is one year before the date of the initial bankruptcy event and ending on the date of the bankruptcy, both dates included,Application
(2) Subsection (1) applies to bankruptcies in respect of which proceedings are commenced after that subsection comes into force.
Published under authority of the Senate of Canada