890.15. In this Title,“accumulated income payment” under an education savings plan means any amount paid out of the plan, other than a payment described in any of paragraphs a and c to e of the definition of “trust”, to the extent that the amount so paid exceeds the fair market value of any consideration given to the plan for the payment of the amount;
“beneficiary” under an education savings plan means a person, designated by a subscriber under the plan, to whom or on whose behalf an educational assistance payment under the plan is to be paid if the person qualifies under the plan;
“designated provincial program” means(a) a program administered pursuant to an agreement entered into by the government of a province under section 12 of the Canada Education Savings Act (S.C. 2004, c. 26); or
(b) a program established under the laws of a province, other than Québec, to encourage the financing of children’s post-secondary education through savings in registered education savings plans;
“education savings plan” means(a) a contract described in section 893; or
(b) a contract entered into after 31 December 1997 between an individual, other than a trust, such an individual and the spouse of the individual or the public primary caregiver of a beneficiary, and a person, in this Title referred to as a “promoter”, under which the promoter agrees to pay or to cause to be paid educational assistance payments to or for one or more beneficiaries;
“educational assistance payment” means any amount, other than a refund of contributions, paid out of an education savings plan to or for an individual to assist the individual to further the individual’s education at the post-secondary school level;
“public primary caregiver” of a beneficiary under an education savings plan in respect of whom a special allowance is payable under the Children’s Special Allowances Act (S.C. 1992, c. 48), means the department, body, agency or institution that maintains the beneficiary or the public curator or public trustee of the province in which the beneficiary resides;
“qualified investment” for a trust governed by a registered education savings plan has the meaning assigned by subsection 1 of section 146.1 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));
“refund of contributions” at any time under a registered education savings plan means(a) an amount paid at that time as a refund of a contribution that had been made to the plan at a previous time by or on behalf of a subscriber under the plan, otherwise than by way of a transfer from another registered education savings plan; and
(b) an amount paid at that time as a refund of an amount that had been paid into the plan at a previous time by way of a transfer from another registered education savings plan, where the amount would have been a refund of contributions under the other plan if it had been paid at the previous time directly to a subscriber under the other plan;
“registered education savings plan” means, subject to section 890.16, an education savings plan registered or deemed to be registered by the Minister for the purposes of this Part or a registered education savings plan as it is amended from time to time; in that respect, every education savings plan whose registration was effective on 1 January 1998, or that is accepted for registration after 31 December 1997, for the purposes of the Income Tax Act is, subject to the Minister’s power to refuse or revoke a registration, deemed to be registered by the Minister for the purposes of this Part;
“specified plan” means an education savings plan(a) that does not allow more than one beneficiary under the plan at any one time;
(b) under which the beneficiary is an individual in respect of whom subparagraphs a to c of the first paragraph of section 752.0.14 apply for the beneficiary’s taxation year that ends in the 31st year following the year in which the plan was entered into; and
(c) that provides that, at all times after the end of the 35th year following the year in which the plan was entered into, no other individual may be designated as a beneficiary under the plan;
“subscriber” under an education savings plan at any time means(a) in the case of an education savings plan under a contract described in section 893, the individual referred to in that section with whom the promoter of the plan has entered into the contract; or
(b) in the case of another education savings plan and subject to section 890.17,i. each individual or the public primary caregiver with whom the promoter of the plan has entered into the plan,
i.1. another individual or another public primary caregiver who has before that time, under a written agreement, acquired a public primary caregiver’s rights as a subscriber under the plan,
ii. an individual who has before that time acquired a subscriber’s rights under the plan pursuant to a decree, order or judgment of a competent tribunal, or under a written agreement, relating to a partition of property between the individual and a subscriber under the plan in settlement of rights arising out of, or on the breakdown of, their marriage, or
iii. after the death of an individual described in any of subparagraphs i to ii, any other person, including the succession of the subscriber, who acquires the individual’s rights as a subscriber under the plan or who makes contributions to the plan in respect of a beneficiary under the plan;
“trust”, except in paragraphs d and e and paragraph b of the definition of “education savings plan”, means any person who irrevocably holds property under an education savings plan for any of, or any combination of, the following purposes:(a) the payment of educational assistance payments;
(b) the payment after 31 December 1997 of accumulated income payments;
(c) the payment of a refund of contributions;
(c.1) the repayment of amounts, including the payment of amounts related to that repayment, under the Canada Education Savings Act or under a designated provincial program;
(c.2) the payment of tax under any of sections 1129.66.2, 1129.66.4 and 1129.66.5, including the payment of an amount related to that tax;
(d) the payment of an amount to, or to a trust in favour of, a prescribed educational institution; and
(e) the payment of an amount to another trust that irrevocably holds property under a registered education savings plan for one or more of the purposes set out in paragraphs a to d.