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

Section 966r4 Disposition versions

2013-07-03

966R4. A life annuity contract does not cease to qualify as such by reason only of containing provisions to the effect that

(a)  the annuitant or the holder may transfer the annuity payments;

(b)  the annuity payments will end after a specified period of not less than 10 years or, if the identified individual dies before the end of that period, on the identified individual’s death;

(c)  the annuity payments will be paid to the annuitant throughout the lifetime of the identified individual or for a longer guaranteed time and, in the latter case, the payments will be made to a specified person;

(d)  an additional payment will be made on the death of the identified individual;

(e)  the annuitant or the holder may, at annuitant’s discretion, amend, in respect of the entire contract or part of it, the date on which the annuity payments begin or the date on which the holder becomes eligible to receive the proceeds of the disposition; or

(f)  all or part of the proceeds to be paid at a particular time under the contract may be received in the form of an annuity contract other than a life annuity contract.

s. 966R4; O.C. 7-87, s. 16; O.C. 134-2009, s. 1; O.C. 701-2013, s. 49.

2012-09-01

966R4. A life annuity contract does not cease to qualify as such by reason only of containing provisions to the effect that

(a)  the annuitant or the holder may transfer the annuity payments;

(b)  the annuity payments will end after a fixed period of not less than 10 years, or if the annuitant dies before the end of that period, on the annuitant’s death;

(c)  the annuity payments will be paid to the annuitant during the annuitant’s lifetime or for a longer guaranteed time and, in the latter case, the payments will be made to a particular person;

(d)  an additional payment will be made on the annuitant’s death;

(e)  the annuitant or the holder may, at annuitant’s discretion, amend, in respect of the entire contract or part of it, the date on which the annuity payments begin or the date on which the holder becomes eligible to receive the proceeds of the disposition; or

(f)  all or part of the proceeds to be paid at a particular time under the contract may be received in the form of an annuity contract other than a life annuity contract.

s. 966R4; O.C. 7-87, s. 16; O.C. 134-2009, s. 1.