This report deals with creditor protection upon death of the plan holder. The principle issue in this report is whether registered retirement savings plans (RRSPs), registered retirement income funds (RRIFs) and deferred profit sharing plans (DPSPs) should be wholly or partially exempt from the remedies of the creditors of the deceased plan holder. Recommendations apply to all RRSPs, RRIFs and DPSPs and recommendations differ somewhat from the creditor protection that now exists for insurance RRSPs, RRIFs, and LIRAs, LIFs and LRIFs. This report does not deal with other future income plans such as pensions, annuities not falling into the definition of RRSP in section 146 of the Income Tax Act, and retirement compensation arrangements. This report examines the existing law, and the question of whether RRSPs, RRIFs and DPSPs should be protected from creditors of the deceased plan holder’s creditors, and whether these should also be exempt from attachment by the creditors of the designated beneficiary or pension partner. Draft legislation is included.
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