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I-3 - Taxation Act

Section 346
Disposition versions

Full text
346. Where, at a particular time, an income-averaging annuity ceases to qualify as such otherwise than by virtue of the surrender, cancellation, redemption, sale or disposition of such contract, the individual is deemed to have received at that time as proceeds of disposition of the contract an amount equal to its fair market value at that time, and to have acquired immediately thereafter a contract other than an income-averaging annuity at a cost corresponding to that fair market value.
Any payment under an income-averaging annuity contract to which a deceased individual was entitled under the contract before he died and that is made under that contract after his death is deemed to be a payment made under such a contract.
1972, c. 23, s. 315; 1977, c. 26, s. 32.
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