Collecting Money from a Debtor's RRSP

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In 2008 the Legislative Assembly of British Columbia passed the Economic Incentive and Stabilization Statutes Amendment Act, a bill intended to protect registered savings plans of debtors from creditors. Such assets may not be completely inaccessible to creditors, however. In a section dealing with what the drafters entitled “Asset Protection” the bill altered the Court Order Enforcement Act. This amendment provided greater protection for debtors’ registered savings—in particular, deferred profit sharing plans (DPSPs), registered retirement income funds (RRIFs) and registered retirement savings plans (RRSPs). Collectively, these are defined as “Registered Plans”.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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