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Bill C-453

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First Session, Forty-second Parliament,
64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019
HOUSE OF COMMONS OF CANADA
BILL C-453
An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — registered education savings plan)
FIRST READING, June 3, 2019
Mr. Albas
421601


SUMMARY

This enactment amends the Bankruptcy and Insolvency Act to exclude property in a registered education savings plan from the property of a bankrupt.
Available on the House of Commons website at the following address:
www.ourcommons.ca


1st Session, 42nd Parliament,
64-65-66-67-68 Elizabeth II, 2015-2016-2017-2018-2019
HOUSE OF COMMONS OF CANADA
BILL C-453
An Act to amend the Bankruptcy and Insolvency Act (property of bankrupt — registered education savings plan)
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. 2

Bankruptcy 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-97
2If 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,
Published under authority of the Speaker of the House of Commons

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