I-3 - Taxation Act

Section 905.0.3.1 Disposition versions

2015-10-21

905.0.3.1. Any holder of a disability savings plan who was a qualifying person in relation to the beneficiary under the plan at the time the plan (or another registered disability savings plan of the beneficiary) was entered into solely because of the application of paragraph c of the definition of “qualifying person” in the first paragraph of section 905.0.3 ceases to be a holder of the plan and the beneficiary becomes the holder of the plan if

(a)  the beneficiary is determined to be contractually competent by a competent tribunal or other authority under the laws of a province or, in the issuer’s opinion after reasonable inquiry, the beneficiary’s contractual competence to enter into a disability savings plan is no longer in doubt; and

(b)  the beneficiary notifies the issuer that the beneficiary chooses to become the holder of the plan.

2013, c. 10, s. 72; 2015, c. 21, s. 337.

2013-06-05

905.0.3.1. Any holder of a disability savings plan who is a qualifying person in relation to the beneficiary under the plan solely because of the application of paragraph c of the definition of “qualifying person” in section 905.0.3 ceases to be a holder of the plan and the beneficiary becomes the holder of the plan if

(a)  the beneficiary is determined to be contractually competent by a competent tribunal or other authority under the laws of a province or, in the issuer’s opinion after reasonable inquiry, the beneficiary’s contractual competence to enter into a disability savings plan is no longer in doubt; and

(b)  the beneficiary notifies the issuer that the beneficiary chooses to become the holder of the plan.

2013, c. 10, s. 72.