Understanding the Basics - Servus Credit Union

• Provincial legislation– The Alberta Civil Enforcement Act provides protectionof RRSP/RRIF funds, held by annuitants residingin Alberta, from any enforcement process with theexception of an enforcement under the MaintenanceEnforcement Act. An enforcement in process prior toNovember 1, 2010 is not protected.– The British Columbia Court Order Enforcement Actprovides protection of RRSP/RRIF funds, held byannuitants residing in British Columbia, from creditorswith the exception of an enforcement under the FamilyMaintenance Enforcement Act. An enforcementprocess commenced prior to November 1, 2008, is notprotected.– The Manitoba Registered Retirement Savings ProtectionAct provides protection of RRSP/RRIF funds, held byannuitants residing in Manitoba, from creditors with theexception of enforcement under The Family PropertyAct or The Family Maintenance Act. An enforcement inprocess prior to November 1, 2007, is not protected.– The Newfoundland and Labrador JudgmentEnforcement Act provides protection of RRSP/RRIFfunds held by annuitants residing in Newfoundlandand Labrador from creditors with the exception ofenforcement under the Support Orders EnforcementAct, 2006. An enforcement in process prior to April 5,2007, is not protected.– The Prince Edward Island Designation of BeneficiariesUnder Benefit Plans Act provides protection of RRSPand RRIF funds from execution or seizure, held byannuitants residing in Prince Edward Island, wherea designation in favour of a spouse, child, grandchildor parent of an annuitant is in effect.– The Saskatchewan Registered Plan (Retirement Income)Exemption Act provides protection of RRSP/RRIF fundsfrom creditors with the exception of enforcement underthe Enforcement of Maintenance Orders Act, 1997. Ifthe Court determines the jurisdiction of the RRSP/RRIFannuitant to be Saskatchewan, the RRSP/RRIF will beprotected from creditors.UNDERSTANDING ALL THE BASICS 11