I-3 - Taxation Act

Section 1034.10 Disposition versions

2015-10-21

1034.10. If, in computing taxable income for a taxation year, a taxpayer is required to include an amount in respect of a disability assistance payment, within the meaning assigned by the first paragraph of section 905.0.3, that is deemed under subparagraph b or c of the first paragraph of section 905.0.20 to have been made at a particular time from a registered disability savings plan, the taxpayer and each holder, within the meaning assigned by the first paragraph of section 905.0.3, of the plan immediately after the particular time are solidarily liable to pay a part of the taxpayer’s tax under this Part for that taxation year that is equal to the amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the amount of the taxpayer’s tax under this Part for the year; and

(b)  B is the amount that would be the taxpayer’s tax under this Part for the year if no disability assistance payment were deemed by subparagraph b or c of the first paragraph of section 905.0.20 to have been made from a registered disability savings plan at a particular time.

However, this section limits neither the liability of the taxpayer under any other provision of this Act, nor the liability of any holder for the interest that the holder is liable to pay under this Act on an assessment in respect of an amount that the holder is liable to pay because of this section.

2009, c. 15, s. 354; 2015, c. 21, s. 494.

2009-06-04

1034.10. If, in computing taxable income for a taxation year, a taxpayer is required to include an amount in respect of a disability assistance payment, within the meaning assigned by section 905.0.3, that is deemed under subparagraph b or c of the first paragraph of section 905.0.20 to have been made at a particular time from a registered disability savings plan, the taxpayer and each holder, within the meaning assigned by section 905.0.3, of the plan immediately after the particular time are solidarily liable to pay a part of the taxpayer’s tax under this Part for that taxation year that is equal to the amount determined by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the amount of the taxpayer’s tax under this Part for the year; and

(b)  B is the amount that would be the taxpayer’s tax under this Part for the year if no disability assistance payment were deemed by subparagraph b or c of the first paragraph of section 905.0.20 to have been made from a registered disability savings plan at a particular time.

However, this section limits neither the liability of the taxpayer under any other provision of this Act, nor the liability of any holder for the interest that the holder is liable to pay under this Act on an assessment in respect of an amount that the holder is liable to pay because of this section.

2009, c. 15, s. 354.