C-45314264-65-66-67-68Elizabeth II2015-2016-2017-2018-2019An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — registered education savings plan)An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — registered education savings plan)20196

3

Mr. Albas421601

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

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:R.S., c. B-3; 1992, c. 27, s. 2Bankruptcy and Insolvency Act

1Paragraph 67(1)(b.3) of the Bankruptcy and Insolvency Act is replaced by the following:(b.3)without restricting the generality of paragraph (b), property in a registered retirement savings plan, a registered retirement income fund or a registered education savings plan, as those expressions are defined in the Income Tax Act, or in any prescribed plan, other than property contributed to any such plan or fund in the 12 months before the date of bankruptcy,

Coordinating Amendment

Bill C-972If Bill C-97, introduced in the 1st session of the 42nd Parliament and entitled the Budget Implementation Act, 2019, No. 1, receives royal assent, then, on the first day on which both section 134 of that Act and section 1 of this Act are in force, paragraph 67(1)(b.3) of the Bankruptcy and Insolvency Act is replaced by the following:(b.3)without restricting the generality of paragraph (b), property in a registered retirement savings plan, a registered retirement income fund, a registered education savings plan or a registered disability savings plan, as those expressions are defined in the Income Tax Act, or in any prescribed plan, other than property contributed to any such plan or fund in the 12 months before the date of bankruptcy,