I-3 - Taxation Act

Section 890.6 Disposition versions

2006-03-01

890.6. For the purposes of this Part, where a resident’s contribution has been made under a plan or arrangement, in this section referred to as the “plan”, the following rules apply:

(a)  the plan is deemed, in respect of its application to all resident’s contributions made under the plan and all property that can reasonably be considered to be derived from those contributions, to be a separate arrangement, in this section referred to as the “residents’ arrangement”, independent of the plan in respect of its application to all other contributions and property that can reasonably be considered to derive from those other contributions;

(b)  the residents’ arrangement is deemed to be a retirement compensation arrangement; and

(c)  each person and partnership to whom a contribution is made under the residents’ arrangement is deemed to be a custodian of the residents’ arrangement.

1989, c. 77, s. 95; 1991, c. 25, s. 176; 1995, c. 49, s. 195; 1997, c. 3, s. 71.