Canada (National Revenue) v. Cameron

Canada (National Revenue) v. Cameron

Where an RRSP is exigible because the plan allows the account holder to demand collapse and redemption, a writ of seizure and sale delivered by a sheriff to the trustee financial institution constitutes sufficient authority under Ontario's Execution Act s.19(1)-(2) to require the trustee to sell the RRSP assets and remit the proceeds to the sheriff without a further specific court order.

Citation
2007 FC 319
Parties
Moving Party: Her Majesty the Queen (Canada - National Revenue); Judgment Debtor/respondent: Paul Cameron; Respondent/trustee: CIBC Trust / CIBC Securities
Court
Federal Court
Jurisdiction
Canada
Judgment Date
26 March 2007
Procedural Posture
Income Tax Assessment Enforcement / Motion to Enforce Writ of Seizure and Sale
Outcome
Motion granted; writ enforced against CIBC
Legal Topics
Writ of Seizure and Sale, RRSP Exigibility, Sheriff's Powers, Obligations of Financial Institutions
Source Language
English
Execution of Judgments Tax Law Property Law Trusts and Estates Writ of Seizure and Sale RRSP Exigibility Sheriff's Powers Obligations of Financial Institutions

Case Brief

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Parties

Her Majesty the Queen (Canada - National Revenue)

Moving Party

Paul Cameron

Judgment Debtor/respondent

CIBC Trust / CIBC Securities

Respondent/trustee

Procedural Posture

Income Tax Assessment Enforcement / Motion to Enforce Writ of Seizure and Sale

Legal Issues

  1. 1 Whether a writ of seizure and sale delivered by a sheriff is sufficient authority in Ontario to compel a trustee financial institution to collapse an exigible RRSP and remit the proceeds without a further court order
  2. 2 Whether the Federal Court decision in Canada (Minister of National Revenue) v. Guterres, based on British Columbia law, is applicable in Ontario
  3. 3 Whether the RRSP at issue is exigible under Ontario law

Ratio Decidendi

Where an RRSP is exigible because the plan allows the account holder to demand collapse and redemption, a writ of seizure and sale delivered by a sheriff to the trustee financial institution constitutes sufficient authority under Ontario's Execution Act s.19(1)-(2) to require the trustee to sell the RRSP assets and remit the proceeds to the sheriff without a further specific court order.

Court Disposition

Motion granted; writ enforced against CIBC

Orders

  • CIBC Securities, as agent for CIBC Trust, shall comply with the writ of seizure and sale served by the Sheriff of the City of Toronto in respect of the debt owed to the Crown by Paul Cameron by selling the assets in the Judgment Debtor's registered retirement savings plans held at CIBC until the proceeds of that...
  • There shall be no costs on this motion.