I-3 - Taxation Act

Section 924.2 Disposition versions

2010-04-20

924.2. If an individual who is an annuitant under a registered retirement savings plan dies before the date provided for the first payment of benefits under the plan, there may be deducted in computing the individual’s income for the taxation year in which the individual dies an amount not exceeding the amount determined, after all amounts payable under the plan have been paid, by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the aggregate of all amounts each of which is

i.  the amount deemed by the first paragraph of section 915.2 to have been received by the individual as a benefit out of or under the plan,

ii.  an amount (other than an amount described in subparagraph iii) received, after the death of the individual, by another individual as a benefit out of or under the plan and included under section 929 in computing the other individual’s income, or

iii.  a tax-paid amount in respect of the plan; and

(b)  B is the aggregate of all amounts paid out of or under the plan after the death of the individual who is the annuitant.

2010, c. 5, s. 90.