I-3 - Taxation Act

Section 905.0.16 Disposition versions

2015-10-21

905.0.16. An amount is transferred from a registered disability savings plan (in this section referred to as the “prior plan”) of a beneficiary in accordance with this section if

(a)  the amount is transferred directly to another registered disability savings plan (in this section referred to as the “new plan”) of the beneficiary;

(b)  the prior plan ceases to exist immediately after the transfer;

(c)  the issuer of the prior plan provides the issuer of the new plan with all information in its possession concerning the prior plan (other than information provided to the issuer of the new plan by the Minister responsible for the administration of the Canada Disability Savings Act (S.C. 2007, c. 35)) as may reasonably be considered necessary for compliance, in respect of the new plan, with the requirements of this Part and the issuer of the new plan confirms that it has in its possession all information provided by the issuer of the prior plan and by that Minister that is necessary for the purposes of paragraph c of subsection 8 of section 146.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)); and

(d)  if the beneficiary reached 59 years of age before the calendar year in which the transfer occurs, the issuer of the new plan undertakes to make—in addition to any other disability assistance payments that would otherwise have been made under the new plan in the year—one or more disability assistance payments under the plan in the year, the total of which is equal to the amount by which the total amount of disability assistance payments that would have been required to be made under the prior plan in the year if the transfer had not occurred exceeds the total amount of disability assistance payments made under the prior plan in the year.

2009, c. 15, s. 168; 2015, c. 21, s. 345.

2009-06-04

905.0.16. An amount is transferred from a registered disability savings plan (in this section referred to as the “prior plan”) of a beneficiary in accordance with this section if

(a)  the amount is transferred directly to another registered disability savings plan (in this section referred to as the “new plan”) of the beneficiary;

(b)  the prior plan ceases to exist immediately after the transfer;

(c)  the issuer of the prior plan provides the issuer of the new plan with all the information in its possession concerning the prior plan as may reasonably be considered necessary for compliance, in respect of the new plan, with the requirements of this Part and the issuer of the new plan confirms that it has in its possession all the information provided by the issuer of the prior plan that is necessary for the purposes of paragraph c of subsection 8 of section 146.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)); and

(d)  if the beneficiary reached 59 years of age before the calendar year in which the transfer occurs, the issuer of the new plan undertakes to make—in addition to any other disability assistance payments that would otherwise have been made under the new plan in the year—one or more disability assistance payments under the plan in the year, the total of which is equal to the amount by which the total amount of disability assistance payments that would have been required to be made under the prior plan in the year if the transfer had not occurred exceeds the total amount of disability assistance payments made under the prior plan in the year.

2009, c. 15, s. 168.