I-3, r. 1 - Regulation respecting the Taxation Act

Section 1015r26 Disposition versions

2012-09-01

1015R26. No amount is to deducted from a payment made by a person as a benefit of a registered retirement savings plan or under such a plan paid during the lifetime of an individual referred to in paragraph a of the definition of the term “annuitant” in subsection 1 of section 146 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) for whom a retirement income is provided under the plan, if, at the time of payment, the individual certifies in prescribed form to that person that

(a)  the individual or the individual’s spouse fulfills any of the following conditions at the time of the certificate:

i.  the individual is a full-time student in a qualifying educational program,

ii.  the individual is a part-time student and is entitled to the deduction provided for in subsection 1 of section 118.3 of the Income Tax Act in computing the individual’s tax payable under Part I of that Act, or

iii.  the individual received a written notice indicating that the individual has the right, either absolutely or contingently, to enroll before March of the year following the certificate, as:

(1)  a full-time student in a qualifying educational program, or

(2)  a part-time student in a qualifying educational program, where the individual or the individual’s spouse is entitled to the deduction provided for in subsection 1 of section 118.3 of the Income Tax Act in computing the individual’s or the individual’s spouse’s tax payable under Part I of that Act;

(b)  the individual is resident in Canada;

(c)  the aggregate of the payment and all other similar payments received by the individual for the year and not later than that time does not exceed $10,000; and

(d)  the aggregate of the payments received by the individual not later than that time does not exceed $20,000 for the entire period in which the individual participates in the Lifelong Learning Plan.

For the purposes of the first paragraph, a qualifying educational program means a qualifying educational program within the meaning assigned by subsection 1 of section 146.02 of the Income Tax Act.

s. 1015R12.2; O.C. 1470-2002, s. 77; O.C. 134-2009, s. 1.