I-3 - Taxation Act

Section 1029.8.126 Disposition versions

2021-06-04

1029.8.126. In this division,

“amount of eligible contributions” in respect of a beneficiary under an education savings plan for a taxation year means the amount that is the aggregate of all contributions each of which is a contribution made to the plan in the year by or on behalf of a subscriber under the plan in respect of the beneficiary, provided that the contribution has not been withdrawn from the plan before the education savings incentive provided for in the first paragraph of section 1029.8.128 is paid for the year, and provided that the beneficiary is under 17 years of age at the end of the preceding year and, if the beneficiary is 16 or 17 years of age at the end of the year, that the beneficiary is an eligible beneficiary for the year;

“beneficiary” has the meaning assigned by section 890.15;

“brother” includes, without reference to section 1, a person who is the son of the spouse of the father or mother of the beneficiary;

“Canada learning bond” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act (S.C. 2004, c. 26);

“CES grant” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act;

“CLB account” has the meaning assigned by section 1 of the Canada Education Savings Regulations (SOR/2005-151) made under the Canada Education Savings Act;

“cohabiting spouse” has the meaning assigned by section 1029.8.61.8;

“designated provincial program” has the meaning assigned by section 890.15;

“education savings incentive account” of a registered education savings plan means an account that includes any amount received by a trust governed by the plan on account of an education savings incentive under section 1029.8.128;

“education savings incentive agreement” means the agreement described in section 1029.8.140;

“education savings plan” has the meaning assigned by section 890.15;

“educational assistance payment” has the meaning assigned by section 890.15;

“eligible beneficiary” for a taxation year means a beneficiary who is 16 or 17 years of age at the end of the year and in respect of whom a CES grant has been paid for the year in relation to a contribution made in the year in respect of the beneficiary to a registered education savings plan;

“grant account” has the meaning assigned by section 1 of the Canada Education Savings Regulations;

“increase amount” for a taxation year means, provided that an education savings plan has only one beneficiary or, if it has more than one, that those beneficiaries are brothers and sisters,

(a)  if the applicable family income for the year in respect of the beneficiary is not more than $37,500, the lesser of $50 and 10% of the amount of eligible contributions in respect of the beneficiary under the plan for the year;

(b)  if the applicable family income for the year in respect of the beneficiary is greater than $37,500 but does not exceed $75,000, the lesser of $25 and 5% of the amount of eligible contributions in respect of the beneficiary under the plan for the year; and

(c)  in any other case, zero;

“promoter” has the meaning assigned by paragraph b of the definition of “education savings plan” in section 890.15;

“sister” includes, without reference to section 1, a person who is the daughter of the spouse of the father or mother of the beneficiary;

“subscriber” has the meaning assigned by section 890.15;

“trust” has the meaning assigned by section 890.15.

For the purposes of the definition of “amount of eligible contributions” in the first paragraph, a contribution made to an education savings plan in a taxation year does not include the portion of the contribution that—if added to the other contributions made or deemed to be made, for the purposes of Part X.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), to registered education savings plans in respect of the beneficiary, in the year or a preceding taxation year—exceeds the RESP lifetime limit for the year, within the meaning assigned by subsection 1 of section 204.9 of that Act.

2009, c. 5, s. 480; 2010, c. 5, s. 166; 2011, c. 6, s. 204; 2021, c. 18, s. 134.

2011-06-06

1029.8.126. In this division,

“amount of eligible contributions” in respect of a beneficiary under an education savings plan for a taxation year means the amount that is the aggregate of all contributions each of which is a contribution made to the plan in the year by or on behalf of a subscriber under the plan in respect of the beneficiary, provided that the contribution has not been withdrawn from the plan at the time the application referred to in subparagraph a of the second paragraph of section 1029.8.128 is made, and provided that the beneficiary is under 17 years of age at the end of the preceding year and, if the beneficiary is 16 or 17 years of age at the end of the year, that the beneficiary is an eligible beneficiary for the year;

“beneficiary” has the meaning assigned by section 890.15;

“brother” includes, without reference to section 1, a person who is the son of the spouse of the father or mother of the beneficiary;

“Canada learning bond” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act (S.C. 2004, c. 26);

“CES grant” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act;

“CLB account” has the meaning assigned by section 1 of the Canada Education Savings Regulations (SOR/2005-151) made under the Canada Education Savings Act;

“cohabiting spouse” has the meaning assigned by section 1029.8.61.8;

“designated provincial program” has the meaning assigned by section 890.15;

“education savings incentive account” of a registered education savings plan means an account that includes any amount received by a trust governed by the plan on account of an education savings incentive under section 1029.8.128;

“education savings incentive agreement” means the agreement described in section 1029.8.140;

“education savings plan” has the meaning assigned by section 890.15;

“educational assistance payment” has the meaning assigned by section 890.15;

“eligible beneficiary” for a taxation year means a beneficiary who is 16 or 17 years of age at the end of the year and in respect of whom

(a)  a CES grant has been paid for the year in relation to a contribution made in the year in respect of the beneficiary to a registered education savings plan;

(b)  (paragraph repealed);

(c)  in the case of the year 2007, a registered education savings plan existed in at least four years before the year 2007; or

(d)  in the case of the year 2008 and if the beneficiary reached 17 years of age in that year, a registered education savings plan existed in at least four years before the year 2007;

“grant account” has the meaning assigned by section 1 of the Canada Education Savings Regulations;

“increase amount” for a taxation year means, provided that an education savings plan has only one beneficiary or, if it has more than one, that those beneficiaries are brothers and sisters,

(a)  if the applicable family income for the year in respect of the beneficiary is not more than $37,500, the lesser of $50 and 10% of the amount of eligible contributions in respect of the beneficiary under the plan for the year;

(b)  if the applicable family income for the year in respect of the beneficiary is greater than $37,500 but does not exceed $75,000, the lesser of $25 and 5% of the amount of eligible contributions in respect of the beneficiary under the plan for the year; and

(c)  in any other case, zero;

“promoter” has the meaning assigned by paragraph b of the definition of “education savings plan” in section 890.15;

“sister” includes, without reference to section 1, a person who is the daughter of the spouse of the father or mother of the beneficiary;

“subscriber” has the meaning assigned by section 890.15;

“trust” has the meaning assigned by section 890.15.

For the purposes of the definition of “amount of eligible contributions” in the first paragraph, a contribution made to an education savings plan in a taxation year does not include the portion of the contribution that—if added to the other contributions made or deemed to be made, for the purposes of Part X.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), to registered education savings plans in respect of the beneficiary, in the year or a preceding taxation year—exceeds the RESP lifetime limit for the year, within the meaning assigned by subsection 1 of section 204.9 of that Act.

2009, c. 5, s. 480; 2010, c. 5, s. 166; 2011, c. 6, s. 204.

2010-04-20

1029.8.126. In this division,

“amount of eligible contributions” in respect of a beneficiary under an education savings plan for a taxation year means the amount that is the aggregate of all contributions each of which is a contribution made to the plan in the year by or on behalf of a subscriber under the plan in respect of the beneficiary, provided that the contribution has not been withdrawn from the plan at the time the application referred to in subparagraph a of the second paragraph of section 1029.8.128 is made, and provided that the beneficiary is under 17 years of age at the end of the preceding year and, if the beneficiary is 16 or 17 years of age at the end of the year, that the beneficiary is an eligible beneficiary for the year;

“beneficiary” has the meaning assigned by section 890.15;

“brother” includes, without reference to section 1, a person who is the son of the spouse of the father or mother of the beneficiary;

“Canada learning bond” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act (S.C. 2004, c. 26);

“CES grant” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act;

“CLB account” has the meaning assigned by section 1 of the Canada Education Savings Regulations (SOR/2005-151) made under the Canada Education Savings Act;

“cohabiting spouse” has the meaning assigned by section 1029.8.61.8;

“education savings incentive account” of a registered education savings plan means an account that includes any amount received by a trust governed by the plan on account of an education savings incentive under section 1029.8.128;

“education savings incentive agreement” means the agreement described in section 1029.8.140;

“education savings plan” has the meaning assigned by section 890.15;

“educational assistance payment” has the meaning assigned by section 890.15;

“eligible beneficiary” for a taxation year means a beneficiary who is 16 or 17 years of age at the end of the year and in respect of whom

(a)  a CES grant has been paid for the year in relation to a contribution made in the year in respect of the beneficiary to a registered education savings plan;

(b)  (paragraph repealed);

(c)  in the case of the year 2007, a registered education savings plan existed in at least four years before the year 2007; or

(d)  in the case of the year 2008 and if the beneficiary reached 17 years of age in that year, a registered education savings plan existed in at least four years before the year 2007;

“grant account” has the meaning assigned by section 1 of the Canada Education Savings Regulations;

“increase amount” for a taxation year means, provided that an education savings plan has only one beneficiary or, if it has more than one, that those beneficiaries are brothers and sisters,

(a)  if the applicable family income for the year in respect of the beneficiary is not more than $37,500, the lesser of $50 and 10% of the amount of eligible contributions in respect of the beneficiary under the plan for the year;

(b)  if the applicable family income for the year in respect of the beneficiary is greater than $37,500 but does not exceed $75,000, the lesser of $25 and 5% of the amount of eligible contributions in respect of the beneficiary under the plan for the year; and

(c)  in any other case, zero;

“promoter” has the meaning assigned by paragraph b of the definition of “education savings plan” in section 890.15;

“sister” includes, without reference to section 1, a person who is the daughter of the spouse of the father or mother of the beneficiary;

“subscriber” has the meaning assigned by section 890.15;

“trust” has the meaning assigned by section 890.15.

For the purposes of the definition of “amount of eligible contributions” in the first paragraph, a contribution made to an education savings plan in a taxation year does not include the portion of the contribution that—if added to the other contributions made or deemed to be made, for the purposes of Part X.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), to registered education savings plans in respect of the beneficiary, in the year or a preceding taxation year—exceeds the RESP lifetime limit for the year, within the meaning assigned by subsection 1 of section 204.9 of that Act.

2009, c. 5, s. 480; 2010, c. 5, s. 166.

2009-05-15

1029.8.126. In this division,

“amount of eligible contributions” in respect of a beneficiary under an education savings plan for a taxation year means the amount that is the aggregate of all contributions each of which is a contribution made to the plan in the year by or on behalf of a subscriber under the plan in respect of the beneficiary, provided that the contribution has not been withdrawn from the plan at the time the application referred to in subparagraph a of the second paragraph of section 1029.8.128 is made, and provided that the beneficiary is under 17 years of age at the end of the preceding year and, if the beneficiary is 16 or 17 years of age at the end of the year, that the beneficiary is an eligible beneficiary for the year;

“beneficiary” has the meaning assigned by section 890.15;

“brother” includes, without reference to section 1, a person who is the son of the spouse of the father or mother of the beneficiary;

“Canada learning bond” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act (S.C. 2004, c. 26);

“CES grant” has the meaning assigned by subsection 1 of section 2 of the Canada Education Savings Act;

“CLB account” has the meaning assigned by section 1 of the Canada Education Savings Regulations (SOR/2005-151) made under the Canada Education Savings Act;

“cohabiting spouse” has the meaning assigned by section 1029.8.61.8;

“education savings incentive account” of a registered education savings plan means an account that includes any amount received by a trust governed by the plan on account of an education savings incentive under section 1029.8.128;

“education savings incentive agreement” means the agreement described in section 1029.8.140;

“education savings plan” has the meaning assigned by section 890.15;

“educational assistance payment” has the meaning assigned by section 890.15;

“eligible beneficiary” for a taxation year means a beneficiary who is 16 or 17 years of age at the end of the year and in respect of whom

(a)  a minimum of $2,000 of contributions has been made to, and not withdrawn from, registered education savings plans before the end of the year in which the beneficiary reached 15 years of age;

(b)  a minimum of $100 of annual contributions has been made to, and not withdrawn from, registered education savings plans in at least any four years before the year in which the beneficiary reached 16 years of age;

(c)  in the case of the year 2007, a registered education savings plan existed in at least four years before the year 2007; or

(d)  in the case of the year 2008 and if the beneficiary reached 17 years of age in that year, a registered education savings plan existed in at least four years before the year 2007;

“grant account” has the meaning assigned by section 1 of the Canada Education Savings Regulations;

“increase amount” for a taxation year means, provided that an education savings plan has only one beneficiary or, if it has more than one, that those beneficiaries are brothers and sisters,

(a)  if the applicable family income for the year in respect of the beneficiary is not more than $37,500, the lesser of $50 and 10% of the amount of eligible contributions in respect of the beneficiary under the plan for the year;

(b)  if the applicable family income for the year in respect of the beneficiary is greater than $37,500 but does not exceed $75,000, the lesser of $25 and 5% of the amount of eligible contributions in respect of the beneficiary under the plan for the year; and

(c)  in any other case, zero;

“promoter” has the meaning assigned by paragraph b of the definition of “education savings plan” in section 890.15;

“sister” includes, without reference to section 1, a person who is the daughter of the spouse of the father or mother of the beneficiary;

“subscriber” has the meaning assigned by section 890.15;

“trust” has the meaning assigned by section 890.15.

For the purposes of the definition of “amount of eligible contributions” in the first paragraph, a contribution made to an education savings plan in a taxation year does not include the portion of the contribution that—if added to the other contributions made or deemed to be made, for the purposes of Part X.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), to registered education savings plans in respect of the beneficiary, in the year or a preceding taxation year—exceeds the RESP lifetime limit for the year, within the meaning assigned by subsection 1 of section 204.9 of that Act.

2009, c. 5, s. 480.