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Statutes of Newfoundland and Labrador 2006


CHAPTER 44

AN ACT TO AMEND THE JUDGMENT ENFORCEMENT ACT

(Assented to December 12, 2006)

Analysis


        1.   S.131.1 Added
Exemption of registered plans

        2.   Commencement


Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows:

SNL1996 J-1.1
as amended

        1. The Judgment Enforcement Act is amended by adding immediately after section 131 the following:

Exemption of registered plans

131.1 (1) In this section

             (a)  "current obligation or future obligation" means a current obligation or future obligation within the meaning of section 110;

             (b)  "DPSP" means a deferred profit sharing plan as defined in section 147 of the federal Act;

             (c)  "federal Act" means the Income Tax Act (Canada);

             (d)  "plan holder" means

                      (i)  with respect to a DPSP, an employee within the meaning of section 147 of the federal Act,

                     (ii)  with respect to an RRIF, an annuitant as defined in section 146.3 of the federal Act, and

                    (iii)  with respect to an RRSP, an annuitant as defined in section 146 of the federal Act;

             (e)  "registered plan" means a DPSP, an RRIF or an RRSP;

              (f)  "RRIF" means a registered retirement income fund as defined in section 146.3 of the federal Act; and

             (g)  "RRSP" means a registered retirement savings plan as defined in section 146 of the federal Act.

             (2)  Property in a registered plan, including a current obligation or future obligation under the plan, is exempt from the enforcement process.

             (3)  An exemption under subsection (2) extends to a direct transfer of property from one registered plan to another registered plan.

             (4)  This section does not apply to an enforcement process commenced against a registered plan before this section comes into force.

             (5)  Where a provision of this section is inconsistent or in conflict with a provision of another Act, other than the Support Orders Enforcement Act and the Support Orders Enforcement Act, 2006, the provision of this section prevails unless the other Act expressly provides that it, or a provision of it, prevails, notwithstanding this section.

Commencement

        2. This Act comes into force on a day to be proclaimed by the Lieutenant-Governor in Council.