I-3 - Taxation Act

Section 905.0.21 Disposition versions

2020-09-24

905.0.21. The issuer of a registered disability savings plan shall,

(a)  if a person becomes a holder of the plan after the plan is entered into, so notify the Minister in the prescribed form containing prescribed information on or before the day that is 60 days after the day on which the issuer is notified that the person has become a holder of the plan or, if it is later, the day on which the issuer is provided with the new holder’s Social Insurance Number or business number;

(b)  not amend the plan before having received a written notice from the Minister that, in the Minister’s opinion, a plan whose terms are identical to the amended plan would, if entered into by a person eligible to enter into a disability savings plan, comply with the conditions set out in the first paragraph of section 905.0.6;

(c)  notify the Minister in writing on or before the day that is 30 days after the day on which the issuer becomes aware that the plan is, or is likely to become, non-compliant, as determined without reference to paragraph c of section 905.0.18 and section 905.0.19;

(d)  (paragraph repealed);

(e)  if the issuer enters into the plan with a qualifying family member who was a qualifying person in relation to the beneficiary under the plan at the time the plan (or another registered disability savings plan of the beneficiary) was entered into solely because of the application of paragraph c of the definition of “qualifying person” in the first paragraph of section 905.0.3,

i.  so notify the beneficiary under the plan without delay in writing and include in the notification information setting out the circumstances in which the holder of the plan may be replaced under section 905.0.3.1 or 905.0.3.2, and

ii.  collect and use any information provided by the holder of the plan that is relevant to the administration and operation of the plan.

Unless the Minister decides otherwise, an issuer is considered to have satisfied the obligation imposed under subparagraph b of the first paragraph in respect of the amended plan if the issuer has received, in relation to the plan, a notice from the Minister of National Revenue in accordance with paragraph a of subsection 2 of section 146.4 of the Income Tax Act.

2009, c. 15, s. 168; 2013, c. 10, s. 74; 2015, c. 21, s. 346; 2020, c. 16, s. 139.

2015-10-21

905.0.21. The issuer of a registered disability savings plan shall,

(a)  if a person becomes a holder of the plan after the plan is entered into, so notify the Minister in the prescribed form containing prescribed information on or before the day that is 60 days after the day on which the issuer is notified that the person has become a holder of the plan or, if it is later, the day on which the issuer is provided with the new holder’s Social Insurance Number or business number;

(b)  not amend the plan before having received a written notice from the Minister that, in the Minister’s opinion, a plan whose terms are identical to the amended plan would, if entered into by a person eligible to enter into a disability savings plan, comply with the conditions set out in the first paragraph of section 905.0.6;

(c)  notify the Minister in writing on or before the day that is 30 days after the day on which the issuer becomes aware that the plan is, or is likely to become, non-compliant, as determined without reference to paragraph c of section 905.0.18 and section 905.0.19;

(d)  exercise the care, prudence, diligence and skill of a reasonable person to minimize the possibility that a holder of the plan may become liable to pay tax under Part XI of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)); and

(e)  if the issuer enters into the plan with a qualifying family member who was a qualifying person in relation to the beneficiary under the plan at the time the plan (or another registered disability savings plan of the beneficiary) was entered into solely because of the application of paragraph c of the definition of “qualifying person” in the first paragraph of section 905.0.3,

i.  so notify the beneficiary under the plan without delay in writing and include in the notification information setting out the circumstances in which the holder of the plan may be replaced under section 905.0.3.1 or 905.0.3.2, and

ii.  collect and use any information provided by the holder of the plan that is relevant to the administration and operation of the plan.

Unless the Minister decides otherwise, an issuer is considered to have satisfied the obligation imposed under subparagraph b of the first paragraph in respect of the amended plan if the issuer has received, in relation to the plan, a notice from the Minister of National Revenue in accordance with paragraph a of subsection 2 of section 146.4 of the Income Tax Act.

2009, c. 15, s. 168; 2013, c. 10, s. 74; 2015, c. 21, s. 346.

2013-06-05

905.0.21. The issuer of a registered disability savings plan shall,

(a)  if a person becomes a holder of the plan after the plan is entered into, so notify the Minister in the prescribed form containing prescribed information on or before the day that is 60 days after the day on which the issuer is notified that the person has become a holder of the plan or, if it is later, the day on which the issuer is provided with the new holder’s Social Insurance Number or business number;

(b)  not amend the plan before having received a written notice from the Minister that, in the Minister’s opinion, a plan whose terms are identical to the amended plan would, if entered into by a person eligible to enter into a disability savings plan, comply with the conditions set out in the first paragraph of section 905.0.6;

(c)  notify the Minister in writing on or before the day that is 30 days after the day on which the issuer becomes aware that the plan is, or is likely to become, non-compliant, as determined without reference to paragraph c of section 905.0.18 and section 905.0.19;

(d)  exercise the care, prudence, diligence and skill of a reasonable person to minimize the possibility that a holder of the plan may become liable to pay tax under Part XI of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)); and

(e)  if the issuer enters into the plan with a qualifying family member who is a qualifying person solely because of the application of paragraph c of the definition of “qualifying person” in section 905.0.3,

i.  so notify the beneficiary under the plan without delay in writing and include in the notification information setting out the circumstances in which the holder of the plan may be replaced under section 905.0.3.1 or 905.0.3.2, and

ii.  collect and use any information provided by the holder of the plan that is relevant to the administration and operation of the plan.

Unless the Minister decides otherwise, an issuer is considered to have satisfied the obligation imposed under subparagraph b of the first paragraph in respect of the amended plan if the issuer has received, in relation to the plan, a notice from the Minister of National Revenue in accordance with paragraph a of subsection 2 of section 146.4 of the Income Tax Act.

2009, c. 15, s. 168; 2013, c. 10, s. 74.

2009-06-04

905.0.21. The issuer of a registered disability savings plan shall,

(a)  if a person becomes a holder of the plan after the plan is entered into, so notify the Minister in the prescribed form containing prescribed information on or before the day that is 60 days after the day on which the issuer is notified that the person has become a holder of the plan or, if it is later, the day on which the issuer is provided with the new holder’s Social Insurance Number or business number;

(b)  not amend the plan before having received a written notice from the Minister that, in the Minister’s opinion, a plan whose terms are identical to the amended plan would, if entered into by a person eligible to enter into a disability savings plan, comply with the conditions set out in the first paragraph of section 905.0.6;

(c)  notify the Minister in writing on or before the day that is 30 days after the day on which the issuer becomes aware that the plan is, or is likely to become, non-compliant, as determined without reference to paragraph c of section 905.0.18 and section 905.0.19; and

(d)  exercise the care, prudence, diligence and skill of a reasonable person to minimize the possibility that a holder of the plan may become liable to pay tax under Part XI of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).

Unless the Minister decides otherwise, an issuer is considered to have satisfied the obligation imposed under subparagraph b of the first paragraph in respect of the amended plan if the issuer has received, in relation to the plan, a notice from the Minister of National Revenue in accordance with paragraph a of subsection 2 of section 146.4 of the Income Tax Act.

2009, c. 15, s. 168.