I-3 - Taxation Act

Section 905.1 Disposition versions

2012-05-09

905.1. In this Title,

(a)  “benefit” includes any amount received out of or under a retirement savings plan, whether in accordance with the terms of the plan, resulting from an amendment to or modification of the plan or resulting from the termination of the plan, other than

i.  the portion thereof received by a person other than the annuitant that can reasonably be regarded as part of the amount included in computing the income of the annuitant by virtue of section 915.2,

ii.  an amount received by the person with whom the annuitant entered into a contract or arrangement contemplated in the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) as a premium under the plan,

ii.1.  an amount in respect of which the annuitant pays a tax under Part XI.01 of the Income Tax Act, unless the tax is waived, cancelled or refunded,

iii.  an amount, or part thereof, received in respect of the income of the trust governed by the plan, for a taxation year contemplated in section 921.1, and

iv.  a tax-paid amount described in subparagraph ii of paragraph c.1 that relates to interest or to another amount included in computing income otherwise than because of any of the provisions of this Title;

(b)  “annuitant” means, until such time after the date provided for the first payment of benefits as his spouse becomes entitled, as a consequence of his death, to receive benefits to be paid out of or under the plan, the individual referred to in the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act for whom, under a retirement savings plan, a retirement income is to be provided, and, after the individual’s death, his spouse;

(c)  “issuer” means the person referred to in the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act with whom an annuitant has a contract or arrangement that is a retirement savings plan;

(c.1)  “tax-paid amount”, in respect of a registered retirement savings plan, means

i.  an amount paid to a person in respect of the amount that would, if this Part were read without reference to paragraph a of section 657 and section 657.1, be income of a trust governed by the plan for a taxation year for which the trust is subject to tax under this Part because of section 921.1, or

ii.  where the plan is a deposit with a depositary referred to in clause B of subparagraph iii of paragraph b of the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act, and an amount is received at any time out of or under the plan by a person, the portion of the amount that may reasonably be considered to relate to interest or another amount in respect of the deposit that is required to be included in computing the income of any person, other than the annuitant, otherwise than because of any of the provisions of this Title;

(d)  (paragraph repealed);

(e)  “premium” has the meaning assigned by subsection 1 of section 146 of the Income Tax Act;

(f)  “spousal plan”, in relation to an individual, means

i.  a registered retirement savings plan

(1)  to which the individual has paid a premium at a time when his spouse was the annuitant under the plan, or

(2)  that has received a payment out of or a transfer from a registered retirement savings plan or a registered retirement income fund that was a spousal plan in relation to the individual, or

ii.  a registered retirement income fund that has received a payment out of or a transfer from a spousal plan in relation to the individual;

(g)  “retirement income” has the meaning assigned by subsection 1 of section 146 of the Income Tax Act.

1980, c. 13, s. 76; 1984, c. 15, s. 195; 1986, c. 15, s. 130; 1988, c. 18, s. 71; 1991, c. 25, s. 113; 1995, c. 49, s. 197; 2000, c. 5, s. 209; 2001, c. 53, s. 187; 2005, c. 1, s. 198; 2012, c. 8, s. 147.

2006-03-01

905.1. In this Title,

(a)  “benefit” includes any amount received out of or under a retirement savings plan, whether in accordance with the terms of the plan, resulting from an amendment to or modification of the plan or resulting from the termination of the plan, other than

i.  the portion thereof received by a person other than the annuitant that can reasonably be regarded as part of the amount included in computing the income of the annuitant by virtue of section 915.2,

ii.  an amount received by the person with whom the annuitant entered into a contract or arrangement contemplated in the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) as a premium under the plan,

iii.  an amount, or part thereof, received in respect of the income of the trust governed by the plan, for a taxation year contemplated in section 921.1, and

iv.  a tax-paid amount described in subparagraph ii of paragraph c.1 that relates to interest or to another amount included in computing income otherwise than because of any of the provisions of this Title;

(b)  “annuitant” means, until such time after the date provided for the first payment of benefits as his spouse becomes entitled, as a consequence of his death, to receive benefits to be paid out of or under the plan, the individual referred to in the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act for whom, under a retirement savings plan, a retirement income is to be provided, and, after the individual’s death, his spouse;

(c)  “issuer” means the person referred to in the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act with whom an annuitant has a contract or arrangement that is a retirement savings plan;

(c.1)  “tax-paid amount”, in respect of a registered retirement savings plan, means

i.  an amount paid to a person in respect of the amount that would, if this Part were read without reference to paragraph a of section 657 and section 657.1, be income of a trust governed by the plan for a taxation year for which the trust is subject to tax under this Part because of section 921.1, or

ii.  where the plan is a deposit with a depositary referred to in clause B of subparagraph iii of paragraph b of the definition of “retirement savings plan” in subsection 1 of section 146 of the Income Tax Act, and an amount is received at any time out of or under the plan by a person, the portion of the amount that may reasonably be considered to relate to interest or another amount in respect of the deposit that is required to be included in computing the income of any person, other than the annuitant, otherwise than because of any of the provisions of this Title;

(d)  (paragraph repealed);

(e)  “premium” has the meaning assigned by subsection 1 of section 146 of the Income Tax Act;

(f)  “spousal plan”, in relation to an individual, means

i.  a registered retirement savings plan

(1)  to which the individual has paid a premium at a time when his spouse was the annuitant under the plan, or

(2)  that has received a payment out of or a transfer from a registered retirement savings plan or a registered retirement income fund that was a spousal plan in relation to the individual, or

ii.  a registered retirement income fund that has received a payment out of or a transfer from a spousal plan in relation to the individual;

(g)  “retirement income” has the meaning assigned by subsection 1 of section 146 of the Income Tax Act.

1980, c. 13, s. 76; 1984, c. 15, s. 195; 1986, c. 15, s. 130; 1988, c. 18, s. 71; 1991, c. 25, s. 113; 1995, c. 49, s. 197; 2000, c. 5, s. 209; 2001, c. 53, s. 187; 2005, c. 1, s. 198.