I-3 - Taxation Act

Section 1029.8.140 Disposition versions

2011-06-06

1029.8.140. An education savings incentive agreement means a written agreement that must be entered into between the Minister and the trustee under a trust governed by an education savings plan and under which the trustee undertakes, in particular,

(a)  to provide the Minister with the information that the Minister requires for the purposes of this division, including the name, address and social insurance number of each beneficiary;

(b)  to maintain a record containing the information enabling the determination of any amount relating to the education savings incentive;

(c)  to keep an education savings incentive account and to credit to that account any amount received by the trust on account of the education savings incentive;

(d)  to allow the Minister access to any information relating to contributions made to the plan after 20 February 2007, withdrawals of contributions, transfers and replacements of beneficiaries made after that date;

(e)  in the case of a transfer described in section 1029.8.136, to send to the trustee under the trust governed by the transferee plan the amount of the contributions made to the transferor plan in respect of each of the beneficiaries for the period beginning, as the case may be, on 21 February 2007 if the year of the transfer is the year 2007 or on 1 January of the year of the transfer and ending on the date of the transfer;

(f)  to make no apportionment of the education savings incentive and the income arising from it otherwise than among the beneficiaries under the plan;

(g)  to make no distribution of the properties held by the trust governed by the plan, unless, immediately after the distribution, the fair market value of those properties is equal to or greater than the aggregate of the balances of the education savings incentive account, the grant account, the CLB account and any account of assistance paid under a designated provincial program, or unless the distribution consists in making an educational assistance payment to a beneficiary under the plan and all of the educational assistance payment is attributable to the education savings incentive, a CES grant and the Canada learning bond;

(h)  to report to the Minister the portion of an educational assistance payment made under the plan that is attributable to the education savings incentive; and

(i)  to charge no fees relating to the plan in respect of the balance of the education savings incentive account.

2009, c. 5, s. 480; 2011, c. 6, s. 205.

2009-05-15

1029.8.140. An education savings incentive agreement means a written agreement that must be entered into between the Minister and the trustee under a trust governed by an education savings plan and under which the trustee undertakes, in particular,

(a)  to provide the Minister with the information that the Minister requires for the purposes of this division, including the name, address and social insurance number of each beneficiary;

(b)  to maintain a record containing the information enabling the determination of any amount relating to the education savings incentive;

(c)  to keep an education savings incentive account and to credit to that account any amount received by the trust on account of the education savings incentive;

(d)  to allow the Minister access to any information relating to contributions made to the plan after 20 February 2007, withdrawals of contributions, transfers and replacements of beneficiaries made after that date;

(e)  in the case of a transfer described in section 1029.8.136, to send to the trustee under the trust governed by the transferee plan the amount of the contributions made to the transferor plan in respect of each of the beneficiaries for the period beginning, as the case may be, on 21 February 2007 if the year of the transfer is the year 2007 or on 1 January of the year of the transfer and ending on the date of the transfer;

(f)  to make no apportionment of the education savings incentive and the income arising from it otherwise than among the beneficiaries under the plan;

(g)  to make no distribution of the properties held by the trust governed by the plan, unless, immediately after the distribution, the fair market value of those properties is equal to or greater than the aggregate of the balances of the education savings incentive account, the grant account, the CLB account and any account of assistance paid in accordance with an agreement entered into with the government of a province under section 12 of the Canada Education Savings Act (S.C. 2004, c. 26), or unless the distribution consists in making an educational assistance payment to a beneficiary under the plan and all of the educational assistance payment is attributable to the education savings incentive, a CES grant and the Canada learning bond;

(h)  to report to the Minister the portion of an educational assistance payment made under the plan that is attributable to the education savings incentive; and

(i)  to charge no fees relating to the plan in respect of the balance of the education savings incentive account.

2009, c. 5, s. 480.