I-3 - Taxation Act

Section 905.0.19 Disposition versions

2009-06-04

905.0.19. If, but for this section, a registered disability savings plan would be non-compliant at a particular time because of a failure described in paragraph a or b of section 905.0.18,

(a)  the Minister may waive the application of either paragraph with respect to the failure, if it is just and equitable to do so;

(b)  the Minister may deem the failure to have occurred at a later time;

(c)  if the failure consists of the making of a contribution that is prohibited under any of subparagraphs f to h of the first paragraph of section 905.0.6, an amount equal to the amount of the contribution has been withdrawn from the plan within such period as is specified by the Minister and the Minister has approved the application of this paragraph with respect to the failure, the following rules apply:

i.  the contribution is deemed never to have been made, and

ii.  the withdrawal is deemed not to be a disability assistance payment and not to be in contravention of the condition set out in subparagraph i of the first paragraph of section 905.0.6; or

(d)  if the failure consists of the plan not being terminated within the period specified in subparagraph p of the first paragraph of section 905.0.6 and was due either to the issuer not being aware of the circumstances under which the plan ceases to exist or to some uncertainty as to the existence of those circumstances, the Minister may specify a later date on or before which it is reasonable to consider that the plan ceases to exist in an orderly manner and, for the purposes of paragraphs a and b of section 905.0.18, subparagraph p of the first paragraph of section 905.0.6 and the plan terms are to be read as though they required the plan to cease to exist at the date so specified.

2009, c. 15, s. 168.