MPP Lou Rinaldi's "An Act respecting protection for registered retirement savings"
Bill Passes Second Reading
MPP Lou Rinaldi introduced Bill 70, entitled An Act respecting protection for registered retirement savings, on March 3, 2015.
The purpose of the Bill is to protect registered retirement savings plans and registered retirement income funds, as well as deferred profit sharing plans, from most creditors. Those plans are, however, still subject to support orders enforced under the Family Responsibility and Support Arrears Enforcement Act, 1996 and orders respecting the separation of property in family matters.
"Bill 70 respects the lifetime of effort to create retirement savings such as RRSP's that are crucial to most Ontarian's retirement plans. Now these funds will be creditor protected. These savings often form the backbone of financial security for retiree's and our Government t recognizes how precious these funds are for many people's long term financial security. We are moving to enshrine their protection through legislation, " stated Lou Rinaldi M.P.P., Northumberland-Quinte West
This bill, as introduced, will protect retirement savings from creditors in various forms of registered retirement savings plans. Similar legislation to this has already occurred in other provinces such as Saskatchewan, Newfoundland and Labrador, Prince Edward Island, British Columbia, Quebec, Manitoba and Alberta. The majority of the other provinces across Canada have already adopted similar legislation.
Following debate, Bill 70 passed Second Reading on March 5, 2015 and has been referred to the Standing Committee on Justice Policy.
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Lou Rinaldi, M.P.P.
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