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I-3, r. 1 - Regulation respecting the Taxation Act
Section 92.11r17
Disposition versions
92.11R17. An annuity contract referred to in paragraph e of section 92.11R16 is, for a taxation year, a contract
(a) under which annuity payments commenced in that year or in a preceding taxation year;
(b) the issuer of which is a corporation described in subparagraph ii of paragraph b of the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), a life insurance corporation, a registered charity, a corporation described in any of paragraphs a to c of the definition of “specified financial institution” in section 1 of the Act, or a corporation that is neither a mutual fund corporation nor a mortgage investment corporation, but whose principal activity consists in making loans;
(c) a holder of which
i. where the annuity payments commenced before 1 January 1987, notified the issuer of the contract in writing, before the end of the year, that the contract is to be treated as a prescribed annuity contract,
ii. where the annuity payments commenced after 31 December 1986, did not notify the issuer of the contract in writing, before the end of the taxation year in which the annuity payments commenced, that the contract is not to be treated as a prescribed annuity contract, or
iii. where the annuity payments commenced after 31 December 1986, notified the issuer of the contract in writing, before the end of the taxation year in which the annuity payments commenced, that the contract is not to be treated as a prescribed annuity contract, which notification was cancelled by a holder of the contract by means of a notice in writing addressed to the issuer of the contract before the end of the year;
(d) each holder of which is an annuitant under the contract who, throughout the year, dealt at arm’s length with the issuer of the contract and who is, as the case may be,
i. an individual other than a trust,
ii. a trust described in subparagraph a of the first paragraph of section 653 of the Act and in the second paragraph of that section,
iii. a qualified disability trust, within the meaning of the first paragraph of section 768.2 of the Act, for the taxation year in which the annuity is issued, or
iv. in the case where the annuity is issued before 1 January 2016, a testamentary trust at the time the annuity is issued;
(e) the terms of which require that from the time when the contract fulfils the requirements of this section, the conditions mentioned in the first paragraph of section 92.11R18 are satisfied; and
(f) for which none of the terms provide a remedy against the issuer in case of failure to make a payment prescribed by the contract.
92.11R17. An annuity contract referred to in paragraph e of section 92.11R16 is, for a taxation year, a contract
(a) under which annuity payments commenced in that year or in a preceding taxation year;
(b) the issuer of which is a corporation described in subparagraph ii of paragraph b of the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), a life insurance corporation, a registered charity, a corporation described in any of paragraphs a to c of the definition of “specified financial institution” in section 1 of the Act, or a corporation that is neither a mutual fund corporation nor a mortgage investment corporation, but whose principal activity consists in making loans;
(c) a holder of which
i. where the annuity payments commenced before 1 January 1987, notified the issuer of the contract in writing, before the end of the year, that the contract is to be treated as a prescribed annuity contract,
ii. where the annuity payments commenced after 31 December 1986, did not notify the issuer of the contract in writing, before the end of the taxation year in which the annuity payments commenced, that the contract is not to be treated as a prescribed annuity contract, or
iii. where the annuity payments commenced after 31 December 1986, notified the issuer of the contract in writing, before the end of the taxation year in which the annuity payments commenced, that the contract is not to be treated as a prescribed annuity contract, which notification was cancelled by a holder of the contract by means of a notice in writing addressed to the issuer of the contract before the end of the year;
(d) each holder of which is an annuitant under the contract who, throughout the year, dealt at arm’s length with the issuer of the contract and who is, as the case may be,
i. an individual other than a trust,
ii. a trust described in subparagraph a of the first paragraph of section 653 of the Act and in the second paragraph of that section,
iii. a qualified disability trust, within the meaning of the first paragraph of section 768.2 of the Act, for the taxation year in which the annuity is issued, or
iv. in the case where the annuity is issued before 1 January 2016, a testamentary trust at the time the annuity is issued;
(e) the terms of which require that from the time when the contract fulfils the requirement of this section, the conditions mentioned in section 92.11R18 are satisfied; and
(f) for which none of the terms provide a remedy against the issuer in case of failure to make a payment prescribed by the contract.
92.11R17. An annuity contract referred to in paragraph e of section 92.11R16 is, for a taxation year, a contract
(a) under which annuity payments commenced in that year or in a preceding taxation year;
(b) the issuer of which is a corporation described in subparagraph ii of paragraph b of the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), a life insurance corporation, a registered charity, a corporation described in any of paragraphs a to c of the definition of “specified financial institution” in section 1 of the Act, or a corporation that is neither a mutual fund corporation nor a mortgage investment corporation, but whose principal activity consists in making loans;
(c) a holder of which
i. where the annuity payments commenced before 1 January 1987, notified the issuer of the contract in writing, before the end of the year, that the contract is to be treated as a prescribed annuity contract,
ii. where the annuity payments commenced after 31 December 1986, did not notify the issuer of the contract in writing, before the end of the taxation year in which the annuity payments commenced, that the contract is not to be treated as a prescribed annuity contract, or
iii. where the annuity payments commenced after 31 December 1986, notified the issuer of the contract in writing, before the end of the taxation year in which the annuity payments commenced, that the contract is not to be treated as a prescribed annuity contract, which notification was cancelled by a holder of the contract by means of a notice in writing addressed to the issuer of the contract before the end of the year;
(d) each holder of which is an annuitant under the contract who, throughout the year, dealt at arm’s length with the issuer of the contract and who is an individual other than a trust that is neither a testamentary trust nor a trust described in subparagraph a of the first paragraph of section 653 of the Act and in the second paragraph of that section;
(e) the terms of which require that from the time when the contract fulfils the requirement of this section, the conditions mentioned in section 92.11R18 are satisfied; and
(f) for which none of the terms provide a remedy against the issuer in case of failure to make a payment prescribed by the contract.
