I-3 - Taxation Act

Section 776.1.5.0.6 Disposition versions

2024-06-01

776.1.5.0.6. In this division,

“eligible amount” of an individual means an amount received by the individual, at a particular time, on the redemption, in the circumstances described in the second paragraph, by a corporation referred to in section 776.1.1 of an original share;

“original share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section and held by a trust governed by a registered retirement savings plan under which the annuitant is the individual or the individual’s spouse;

“participation period” of an individual means each period that begins at the beginning of the calendar year in which an eligible amount of the individual is received and at the beginning of which the individual’s specified balance is nil and that ends immediately before the beginning of the first subsequent calendar year at the beginning of which the individual’s specified balance is nil;

“repayment period” has the meaning assigned by the first paragraph of section 935.12;

“replacement share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section in replacement of an original share that was redeemed in the circumstances described in the second paragraph;

“specified balance” of an individual at any time means an amount equal to the amount by which the aggregate of all the individual’s eligible amounts received by the individual at or before that time exceeds the aggregate of all amounts each of which is

(a)  an amount paid by the individual under section 776.1.5.0.7 or 776.1.5.0.8 on the acquisition of replacement shares in a taxation year that ended before that time;

(b)  100/15 of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares other than original shares described in paragraph c or d;

(c)  400% of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.1; or

(d)  500% of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.2.

This division applies if the annuitant under a registered retirement savings plan makes a request for redemption of original shares, at a particular time, pursuant to a purchase by agreement policy provided for in the second paragraph of section 8 of the Act to establish the Fonds de solidarité des travailleurs et des travailleuses du Québec (FTQ) (chapter F-3.2.1) or the second paragraph of section 9 of the Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (chapter F-3.1.2) in order to participate in the Lifelong Learning Incentive Plan, the provisions of which are provided for in Title IV.2 of Book VII.

2001, c. 53, s. 144; 2003, c. 2, s. 241; 2005, c. 38, s. 192; 2011, c. 1, s. 44; 2017, c. 1, s. 228; 2024, c. 11, s. 86.

2017-02-08

776.1.5.0.6. In this division,

“eligible amount” of an individual means an amount received by the individual, at a particular time, on the redemption, in the circumstances described in the second paragraph, by a corporation referred to in section 776.1.1 of an original share;

“original share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section and held by a trust governed by a registered retirement savings plan under which the annuitant is the individual or the individual’s spouse;

“participation period” of an individual means each period that begins at the beginning of the calendar year in which an eligible amount of the individual is received and at the beginning of which the individual’s specified balance is nil and that ends immediately before the beginning of the first subsequent calendar year at the beginning of which the individual’s specified balance is nil;

“repayment period” has the meaning assigned by the first paragraph of section 935.12;

“replacement share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section in replacement of an original share that was redeemed in the circumstances described in the second paragraph;

“specified balance” of an individual at any time means an amount equal to the amount by which the aggregate of all the individual’s eligible amounts received by the individual at or before that time exceeds the aggregate of all amounts each of which is

(a)  an amount paid by the individual under section 776.1.5.0.7 or 776.1.5.0.8 on the acquisition of replacement shares in a taxation year that ended before that time;

(b)  100/15 of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares other than original shares described in paragraph c or d;

(c)  400% of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.1; or

(d)  500% of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.2.

This division applies if the annuitant under a registered retirement savings plan makes a request for redemption of original shares, at a particular time, pursuant to a purchase by agreement policy provided for in the second paragraph of section 8 of the Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (chapter F-3.2.1) or the second paragraph of section 9 of the Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (chapter F-3.1.2) in order to participate in the Lifelong Learning Incentive Plan, the provisions of which are provided for in Title IV.2 of Book VII.

2001, c. 53, s. 144; 2003, c. 2, s. 241; 2005, c. 38, s. 192; 2011, c. 1, s. 44; 2017, c. 1, s. 228.

2011-02-17

776.1.5.0.6. In this division,

“eligible amount” of an individual means an amount received by the individual, at a particular time, on the redemption, in the circumstances described in the second paragraph, by a corporation referred to in section 776.1.1 of an original share;

“original share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section and held by a trust governed by a registered retirement savings plan under which the annuitant is the individual or the individual’s spouse;

“participation period” of an individual means each period that begins at the beginning of the calendar year in which an eligible amount of the individual is received and at the beginning of which the individual’s specified balance is nil and that ends immediately before the beginning of the first subsequent calendar year at the beginning of which the individual’s specified balance is nil;

“repayment period” has the meaning assigned by the first paragraph of section 935.12;

“replacement share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section in replacement of an original share that was redeemed in the circumstances described in the second paragraph;

“specified balance” of an individual at any time means an amount equal to the amount by which the aggregate of all the individual’s eligible amounts received by the individual at or before that time exceeds the aggregate of all amounts each of which is

(a)  an amount paid by the individual under section 776.1.5.0.7 or 776.1.5.0.8 on the acquisition of replacement shares in a taxation year that ended before that time;

(b)  100/15 of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares other than original shares described in paragraph c; or

(c)  400% of an amount that the individual is required to pay under section 1086.20 or 1086.22 for a taxation year that ended before that time in respect of replacement shares that were not acquired by the individual and that relate to original shares referred to in paragraph b of section 776.1.1 and acquired by the individual in the period specified in the second paragraph of section 776.1.1.1.

This division applies if the annuitant under a registered retirement savings plan makes a request for redemption of original shares, at a particular time, pursuant to a purchase by agreement policy provided for in the second paragraph of section 8 of the Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (chapter F-3.2.1) or the second paragraph of section 9 of the Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (chapter F-3.1.2) in order to participate in the Lifelong Learning Incentive Plan, the provisions of which are provided for in Title IV.2 of Book VII.

2001, c. 53, s. 144; 2003, c. 2, s. 241; 2005, c. 38, s. 192; 2011, c. 1, s. 44.

2006-03-01

776.1.5.0.6. In this division,

“eligible amount” of an individual means an amount received by the individual, at a particular time, on the redemption, in the circumstances described in the second paragraph, by a corporation referred to in section 776.1.1 of an original share;

“original share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section and held by a trust governed by a registered retirement savings plan under which the annuitant is the individual or the individual’s spouse;

“participation period” of an individual means each period that begins at the beginning of the calendar year in which an eligible amount of the individual is received and at the beginning of which the individual’s specified balance is nil and that ends immediately before the beginning of the first subsequent calendar year at the beginning of which the individual’s specified balance is nil;

“repayment period” has the meaning assigned by the first paragraph of section 935.12;

“replacement share” means a class “A” share described in section 776.1.1 issued to an individual by a corporation referred to in that section in replacement of an original share that was redeemed in the circumstances described in the second paragraph;

“specified balance” of an individual at any time means an amount equal to the amount by which the aggregate of all the individual’s eligible amounts received by the individual at or before that time exceeds the aggregate of all amounts paid by the individual under sections 776.1.5.0.7 and 776.1.5.0.8 on the acquisition of replacement shares in the taxation years that ended before that time.

This division applies if the annuitant under a registered retirement savings plan makes a request for redemption of original shares, at a particular time, pursuant to a purchase by agreement policy provided for in the second paragraph of section 8 of the Act to establish the Fonds de solidarité des travailleurs du Québec (F.T.Q.) (chapter F-3.2.1) or the second paragraph of section 9 of the Act to establish Fondaction, le Fonds de développement de la Confédération des syndicats nationaux pour la coopération et l’emploi (chapter F-3.1.2) in order to participate in the Lifelong Learning Incentive Plan, the provisions of which are provided for in Title IV.2 of Book VII.

2001, c. 53, s. 144; 2003, c. 2, s. 241; 2005, c. 38, s. 192.