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

Section 1015r25 Disposition versions

2014-03-19

1015R25. 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 a disabled person related to the individual who is entitled to the deduction provided for in subsection 1 of section 118.3 of the Income Tax Act in computing tax payable under Part I of that Act, has entered into an agreement in writing to acquire a dwelling;

(b)  the individual intends that the individual or the disabled person, as the case may be, will use the dwelling as a principal place of residence in Canada within 1 year after its acquisition;

(c)  the dwelling has not previously been owned by the individual, by the disabled person or by either of their respective spouses;

(d)  the individual is resident in Canada at that time;

(e)  the aggregate of the payment and all other similar payments received by the individual not later than that time in respect of the dwelling does not exceed the amount referred to in paragraph h of the definition of “regular eligible amount” in the first paragraph of section 935.1 of the Act;

(f)  except where the individual certifies that the individual is a disabled person who 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 that the withdrawal is made for the benefit of such a person, and that the individual is a qualified purchaser of a dwelling at the time of the certificate; and

(g)  where, before the calendar year in which the certificate is made, the individual withdrew an eligible amount, within the meaning assigned by the first paragraph of section 935.1 of the Act, that the aggregate of all amounts each of which is an amount received by the individual before that calendar year, does not exceed the aggregate of all amounts each of which is an amount that the individual previously designated under section 935.3 of the Act or that the individual included in computing the individual’s income under section 935.4 or 935.5 of the Act.

For the purposes of the first paragraph, the individual is a qualified purchaser of a dwelling at a particular time except where

(a)  the individual had an owner-occupied dwelling during the period commencing at the beginning of the fourth calendar year preceding the particular time and ending on the thirty-first day before that particular time; or

(b)  the individual’s spouse had an owner-occupied dwelling, during the period referred to in subparagraph a, that was inhabited by the individual while the individual was married to that spouse.

For the purposes of the second paragraph, an individual is deemed to have had an owner-occupied dwelling at a particular time if the individual owned it at that time, jointly with another person or otherwise, and used it, at that time, as the principal place of residence.

For the purposes of the first, second and third paragraphs, “dwelling” means

(a)  a housing unit;

(b)  a share of the capital stock of a housing cooperative, where the holder of the share is entitled to possession of a housing unit; or

(c)  where the context so requires, the housing unit to which a share referred to in subparagraph b relates.

s. 1015R12.1; O.C. 67-96, s. 59; O.C. 1631-96, s. 41; O.C. 1707-97, s. 98; O.C. 1451-2000, s. 43; O.C. 1470-2002, s. 76; O.C. 134-2009, s. 1; O.C. 229-2014, s. 13.

2012-09-01

1015R25. 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 a disabled person related to the individual who is entitled to the deduction provided for in subsection 1 of section 118.3 of the Income Tax Act in computing tax payable under Part I of that Act, has entered into an agreement in writing to acquire a dwelling;

(b)  the individual intends that the individual or the disabled person, as the case may be, will use the dwelling as a principal place of residence in Canada within 1 year after its acquisition;

(c)  the dwelling has not previously been owned by the individual, by the disabled person or by either of their respective spouses;

(d)  the individual is resident in Canada at that time;

(e)  the aggregate of the payment and all other similar payments received by the individual not later than that time in respect of the dwelling does not exceed $20,000;

(f)  except where the individual certifies that the individual is a disabled person who 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 that the withdrawal is made for the benefit of such a person, and that the individual is a qualified purchaser of a dwelling at the time of the certificate; and

(g)  where, before the calendar year in which the certificate is made, the individual withdrew an eligible amount, within the meaning assigned by the first paragraph of section 935.1 of the Act, that the aggregate of all amounts each of which is an amount received by the individual before that calendar year, does not exceed the aggregate of all amounts each of which is an amount that the individual previously designated under section 935.3 of the Act or that the individual included in computing the individual’s income under section 935.4 or 935.5 of the Act.

For the purposes of the first paragraph, the individual is a qualified purchaser of a dwelling at a particular time except where

(a)  the individual had an owner-occupied dwelling during the period commencing at the beginning of the fourth calendar year preceding the particular time and ending on the thirty-first day before that particular time; or

(b)  the individual’s spouse had an owner-occupied dwelling, during the period referred to in subparagraph a, that was inhabited by the individual while the individual was married to that spouse.

For the purposes of the second paragraph, an individual is deemed to have had an owner-occupied dwelling at a particular time if the individual owned it at that time, jointly with another person or otherwise, and used it, at that time, as the principal place of residence.

For the purposes of the first, second and third paragraphs, “dwelling” means

(a)  a housing unit;

(b)  a share of the capital stock of a housing cooperative, where the holder of the share is entitled to possession of a housing unit; or

(c)  where the context so requires, the housing unit to which a share referred to in subparagraph b relates.

s. 1015R12.1; O.C. 67-96, s. 59; O.C. 1631-96, s. 41; O.C. 1707-97, s. 98; O.C. 1451-2000, s. 43; O.C. 1470-2002, s. 76; O.C. 134-2009, s. 1.