I-3 - Taxation Act

Section 961.1.5 Disposition versions

2006-03-01

961.1.5. In this Title,

(a)  “property held” in connection with a retirement income fund means property held by the carrier of the fund, whether held by the carrier as trustee or beneficial owner thereof, the value of which, or the income or loss from which is relevant in determining the amount for a year payable to the annuitant under the fund;

(b)  “carrier” of a retirement income fund has the meaning assigned by subsection 1 of section 146.3 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement);

(c)  “minimum amount” under a retirement income fund for a year means the amount determined under section 961.1.5.0.1 in respect of the fund for the year;

(c.1)  “designated benefit” of an individual in respect of a registered retirement income fund means the aggregate of

i.  such amounts paid out of or under the fund after the death of the last annuitant thereunder to the legal representative of that annuitant

(1)  as would, had they been paid under the fund to the individual, have been refunds of premiums within the meaning assigned by the first paragraph of section 908, if the fund were a registered retirement savings plan under which the date provided for the first payment of benefits was subsequent to the death, and

(2)  as are designated jointly by the legal representative and the individual on the prescribed form filed with the Minister; and

ii.  amounts paid out of or under the fund after the death of the last annuitant thereunder to the individual that would be refunds of premiums within the meaning assigned by the first paragraph of section 908 had the fund been a registered retirement savings plan under which the date provided for the first payment of benefits was subsequent to the death;

(d)  “annuitant” under a retirement income fund at any time means any of the following persons:

i.  the first individual to whom the carrier has undertaken to make the payments described in the definition of “retirement income fund” in subsection 1 of section 146.3 of the Income Tax Act out of or under the fund, where the first individual is alive at that time;

ii.  after the death of the first individual, a spouse, in this subparagraph referred to as the “surviving spouse”, of the first individual to whom the carrier has undertaken to make payments described in the definition of “retirement income fund” in subsection 1 of section 146.3 of the Income Tax Act out of or under the fund after the death of the first individual, where the surviving spouse is alive at that time and the undertaking was made pursuant to an election described in the said definition of the first individual or with the consent of the legal representative of the first individual; and

iii.  after the death of the surviving spouse, another spouse of the surviving spouse to whom the carrier has undertaken, with the consent of the legal representative of the surviving spouse, to make payments described in the definition of “retirement income fund” in subsection 1 of section 146.3 of the Income Tax Act out of or under the fund after the death of the surviving spouse, where that other spouse is alive at that time.

1988, c. 18, s. 92; 1991, c. 25, s. 140; 1994, c. 22, s. 291; 1995, c. 49, s. 213; 1996, c. 39, s. 245; 2000, c. 5, s. 215.