New Legislation Helps Nova Scotians Save Money

Legislation introduced today, Oct. 31, will allow Nova Scotians to more easily leave money to loved ones after they die.

That and two other housekeeping amendments were introduced by Justice Minister and Attorney General Cecil Clarke.

Amendments to the Beneficiaries Designation Act will govern how the proceeds of new tax-free savings accounts will pass to a person's designated beneficiary after their death.

"This legislation supports the federal government's new tax-free savings accounts which are similar to RRSPs," said Mr. Clarke. "We want Nova Scotians to be aware of this and be able to benefit by bringing in this legislation."

The accounts will allow Nova Scotians to set money aside in eligible investments and watch those savings grow tax-free throughout their lifetimes. The new accounts are now included within the definition of savings plan in the Beneficiaries Designation Act. With this amendment, designated beneficiaries can receive tax-free savings accounts outside of a will in the same way they can receive the proceeds of an RRSP.

Mr. Clarke also introduced an amendment to the Enforcement of Court Orders Act which closes a loophole that caught some consumers unaware. In the past, some Nova Scotians who bought second-hand cars found themselves unable to transfer the vehicle into their name because the previous owner had failed to pay outstanding fines.

The act stated that the Registrar of Motor Vehicles had to refuse to renew the driver's licence, owner's permit, vehicle transfer or registration of a person who is in default of a fine or costs imposed under federal law, such as the Criminal Code. With this amendment, the word transfer is being deleted, meaning the transaction can now be completed. This also allows those who owe fines under the Criminal Code to sell their car as a way to recover money they could put toward paying the fines.

"This amendment clears up any confusion or frustration innocent purchasers had to go through," Mr. Clarke said. "From now on transactions will proceed much more smoothly."

Mr. Clarke also introduced minor amendments to the Human Rights Act that allows for some grammatical changes. In one instance a job title is being changed to better reflect the position, co-ordinator of race relations is being renamed manager of race relations, equity and inclusion.