Re Morgan Trust Co. and Dellelce, 85 DTC 5492 (S.C.O.)

Since a tax debtor had not taken any steps to withdraw properties from his RRSP, the trustee of the RRSP had no moneys which were immediately payable to the debtor nor any moneys which it within 90 days would be liable to pay to the tax debtor. A s. 224(1) demand accordingly could not require the trustee to pay moneys to the Crown.

A judgment debtor as cestui que trust of an RRSP holds the equitable or beneficial interest in the fund, and the sheriff is allowed to seize and sell that equitable interest.