HER MAJESTY, by and with the advice and consent of the Legislative Assembly of the Province of British Columbia, enacts as follows:

1 Section 71.3 of the Court Order Enforcement Amendment Act, R.S.B.C. 1996, c. 78, is amended by repealing the definition for "registered plan" and "planholder" and by adding the following definitions:

Registered plans exempt from seizure

71.3   (1) In this section:

"registered plan" means a DPSP, an RRIF, an RRSP, an RESP or an RDSP whether registered before, on or after November 1, 2008

"planholder means"

(a) with respect to a DPSP, a beneficiary under the plan

(b) with respect to a RRIF, an annuitant as defined in paragraph (a) of the definition of "annuitant" in section 146.3 (1) of the federal Act,

(c) with respect to a RRSP, an annuitant as defined in paragraph (a) of the definition of "annuitant" in section 146 (1) of the federal Act,

(d) with respect to an RDSP, a beneficiary under the plan, and

(e) with respect to an RESP, a beneficiary under the plan;

"RDSP" means a registered disability savings plan as defined in section 146.4 of the federal Act;

"RESP" means a registered education savings plan as defined in section 146.1 of the federal act;

Explanatory Note

This Bill will ensure that Registered Education Savings Plans (RESPs) and Registered Disability Savings Plan (RDSPs) receive the same creditor protection that currently exists for RRIFs and RRSPs in British Columbia.