Act
Execution Act, Amendments to Regulation 657/05
Regulation Number(s):
657/05
Instrument Type:
Act
Bill or Act:
Execution Act.
Summary of Decision:
This regulation was approved and filed on September 18, 2015.
http://www.ontario.ca/laws/regulation/050657
http://www.ontario.ca/laws/regulation/050657
Further Information:
Proposal Number:
15-MAG002
Posting Date:
July 14, 2015
Summary of Proposal:
On proclamation, a number of technical amendments would clarify the exemptions process in the Execution Act. Regulation 657/05 to the Execution Act sets out the prescribed exemption values for items that are exempt from seizure under any writ issued out of any court. A technical amendment to O. Reg. 657/05 will align the exemption categories (and their corresponding values) in the regulation with the categories in the new subsection 2(1) of the Act, providing clarity for creditors and debtors.
In addition, exemption amounts have not been updated to reflect inflation since 2005. The exemption amounts will be adjusted for inflation in accordance with the Consumer Price Index for Canada pursuant to s. 35(3) of the Act.
A technical amendment to O. Reg. 657/05 will add a prescribed amount to reflect the cost of a sheriff's land sale to ensure that land is only sold when there is a realistic chance of sale reducing the judgment debtor's debt. There is currently no prescribed amount for real property.
The Open for Business Act, 2010 also added legislative authority to prescribe rules and procedures for selecting and valuing property that is exempt from seizure, which can found be in section 35(1)(b) of the Execution Act. However, Ontario does not currently have a clear exemptions claim process. A regulatory amendment would correct this regulatory gap and provide clarity for debtors and creditors.
In addition, exemption amounts have not been updated to reflect inflation since 2005. The exemption amounts will be adjusted for inflation in accordance with the Consumer Price Index for Canada pursuant to s. 35(3) of the Act.
A technical amendment to O. Reg. 657/05 will add a prescribed amount to reflect the cost of a sheriff's land sale to ensure that land is only sold when there is a realistic chance of sale reducing the judgment debtor's debt. There is currently no prescribed amount for real property.
The Open for Business Act, 2010 also added legislative authority to prescribe rules and procedures for selecting and valuing property that is exempt from seizure, which can found be in section 35(1)(b) of the Execution Act. However, Ontario does not currently have a clear exemptions claim process. A regulatory amendment would correct this regulatory gap and provide clarity for debtors and creditors.
Contact Address:
Ministry of the Attorney General
Civil/Family Policy and Programs Branch
Court Services Division
720 Bay Street, 2nd Floor
Toronto, ON M7A 2S9
Civil/Family Policy and Programs Branch
Court Services Division
720 Bay Street, 2nd Floor
Toronto, ON M7A 2S9
Royal Assent Date:
September 18, 2015
Decision:
Approved