I-3 - Taxation Act

Section 904.1 Disposition versions

2020-09-24

904.1. A taxpayer shall include in computing the taxpayer’s income for a taxation year the aggregate of

(a)  any accumulated income payment (other than an accumulated income payment made under section 894.1) received in the year by the taxpayer under a registered education savings plan that exceeds the total of all excluded amounts in relation to a plan and the individual for the year; and

(b)  any amount received in the year by the taxpayer in full or partial satisfaction of a subscriber’s interest under a registered education savings plan, other than any excluded amount in relation to the plan.

For the purposes of section 904 and subparagraph a of the first paragraph, an excluded amount in relation to a registered education savings plan is an amount in respect of which a subscriber pays a tax under section 207.05 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in relation to the plan, or another plan for which the plan was substituted by the subscriber, that

(a)  has not been waived, cancelled or refunded; and

(b)  has not reduced any other amount that would otherwise be included in computing an individual’s income for the year or a preceding year under the first paragraph or section 904.

For the purposes of subparagraph b of the first paragraph, an excluded amount in relation to a registered education savings plan is

(a)  any amount received under the plan;

(b)  any amount received in satisfaction of a right to a refund of contributions under the plan; or

(c)  any amount received by a taxpayer under a decree, order or judgment of a competent tribunal, or under a written agreement, relating to a partition of property between the taxpayer and the taxpayer’s spouse or former spouse in settlement of rights arising out of, or on the breakdown of, their marriage.

2000, c. 5, s. 206; 2015, c. 21, s. 335; 2020, c. 16, s. 134.

2015-10-21

904.1. A taxpayer shall include in computing the taxpayer’s income for a taxation year the aggregate of

(a)  any accumulated income payment (other than an accumulated income payment made under section 894.1) received in the year by the taxpayer under a registered education savings plan; and

(b)  any amount received in the year by the taxpayer in full or partial satisfaction of a subscriber’s interest under a registered education savings plan, other than any excluded amount in relation to the plan.

For the purposes of subparagraph b of the first paragraph, an excluded amount in relation to a registered education savings plan is

(a)  any amount received under the plan;

(b)  any amount received in satisfaction of a right to a refund of contributions under the plan; or

(c)  any amount received by a taxpayer under a decree, order or judgment of a competent tribunal, or under a written agreement, relating to a partition of property between the taxpayer and the taxpayer’s spouse or former spouse in settlement of rights arising out of, or on the breakdown of, their marriage.

2000, c. 5, s. 206; 2015, c. 21, s. 335.

2006-03-01

904.1. A taxpayer shall include in computing the taxpayer’s income for a taxation year the aggregate of

(a)  any accumulated income payment received in the year by the taxpayer under a registered education savings plan; and

(b)  any amount received in the year by the taxpayer in full or partial satisfaction of a subscriber’s interest under a registered education savings plan, other than any excluded amount in relation to the plan.

For the purposes of subparagraph b of the first paragraph, an excluded amount in relation to a registered education savings plan is

(a)  any amount received under the plan;

(b)  any amount received in satisfaction of a right to a refund of contributions under the plan; or

(c)  any amount received by a taxpayer under a decree, order or judgment of a competent tribunal, or under a written agreement, relating to a partition of property between the taxpayer and the taxpayer’s spouse or former spouse in settlement of rights arising out of, or on the breakdown of, their marriage.

2000, c. 5, s. 206.