Part 10 — Exemptions
92.1 Exemption of registered plans and registered disability savings plans
(a) "beneficiary" with respect t o a registered education savings
plan means a beneficiary as defined in section 146.1 of the
federal Act;
(a.1) "current obligation or future obligation" means a current
obligation or future obligation within the meaning of section
77;
(b) "DPSP" means a deferred profit sharing plan as defined in
section 147 of the federal Act;
(c) "enforcement process" mea ns writ proceedings, attachment
orders under Part 3 and any other pre-judgment and post-
judgment remedies under any other enactment or law that
may result in a money judgment, but does not include a
remedy of a secured creditor enforcing the secured
creditor's security;
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(d) "federal Act" means the Income Tax Act (Canada);
(e) "plan holder" means
(i) with respect to an RRSP, an annuitant as defined in
section 146 of the federal Act,
(ii) with respect to an RRIF, an annuitant as defined in
section 146.3 of the federal Act,
(iii) with respect to a registered disability savings plan, a
beneficiary within the meaning of section 146.4 of the
federal Act, and
(iv) with respect to a DPSP, a beneficiary within the meaning
of section 147 of the federal Act;
(e.1) "refund of payments" m eans a refund of payments as
defined in section 146.1 of the federal Act;
(f) "registered disability savin gs plan" means a registered
disability savings plan as defined in section 146.4 of the
federal Act;
(f.1) "registered education savi ngs plan" means a registered
education savings plan as defined in section 146.1 of the
federal Act;
(g) "registered plan" means a DPSP, an RRIF or an RRSP;
(h) "RRIF" means a registere d retirement income fund as
defined in section 146.3 of the federal Act;
(i) "RRSP" means a registere d retirement savings plan as
defined in section 146 of the federal Act.
(2) Property in a registered plan, including any current obligation
or future obligation under the plan, is exempt from any
enforcement process, but a payment out of a registered plan to a
plan holder is not exempt.
(3) Property in a registered disability savings plan, including any
current obligation or future obligation under the plan and any
payments out of a registered disability savings plan to a plan holder
are exempt from any enforcement process.
(3.1) Property in a registered education savings plan, including any
current obligation or future obligation under the plan, and any
payments, or refunds of payments, out of a registered education
savings plan to or for a beneficiary to assist the beneficiary to
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further the beneficiary's education at a post-secondary school level
are exempt from any enforcement process, but any other payments
or refunds of payments out of a registered education savings plan
are not exempt.
(4) For the purposes of subsection (2), a transfer of property held
in one registered plan to another registered plan does not constitute
a payment out of a registered plan.
(4.1) For the purposes of subsection (3.1), the following transfers
do not constitute payments or refunds of payments out of a
registered education savings plan:
(a) a transfer of property held in one registered education
savings plan to another registered education savings plan as
described in subsection 146.1(6.1) of the federal Act;
(b) a transfer of property held in a registered education savings
plan to a registered disability savings plan pursuant to an
election under subsection 146.1(1.1) of the federal Act;
(c) a transfer of property held in a registered education savings
plan to an RRSP in respect of which subsection 204.94(2) of
the federal Act applies.
(5) A transfer of property held in one registered plan to another
registered plan does not constitute a fraudulent or preferential
transfer under the Fraudulent Preferences Act.
(5.1) A transfer of property held in a registered education savings
plan referred to in subsection (4.1) does not constitute a fraudulent
or preferential transfer under the Fraudulent Preferences Act.
(6) This section does not apply to a contract of life insurance under