I-3 - Taxation Act

Section 1034.1 Disposition versions

2023-09-26

1034.1. (1)  Where an amount is received out of or under a registered retirement savings plan by an individual other than an annuitant within the meaning of paragraph b of section 905.1 under the plan, and that amount or part thereof would, but for subparagraph i of paragraph a of that section, be received by the individual as a benefit within the meaning of the said paragraph a, the individual and the last annuitant under the plan are solidarily liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 915.2 that the aggregate of all amounts received from the plan by the individual and that would, but for the said subparagraph i, be a benefit, within the meaning of the said paragraph a, received by the taxpayer, is of the amount included under section 915.2 in computing the income of the annuitant.

(2)  Where an amount is received out of or under a registered retirement income fund by an individual, other than an annuitant under the fund, and that amount or part thereof would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section, the individual and the annuitant under the fund are solidarily liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 961.17.1 that the aggregate of all amounts each of which is an amount received from the fund by the individual and that would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section is of the amount included pursuant to section 961.17.1 in computing the annuitant’s income.

(2.0.1)  If a taxpayer is deemed under section 467.2 to have received at any time an amount out of or under an annuity that is a qualifying trust annuity with respect to the taxpayer, the taxpayer, the annuitant under the annuity and the policyholder are solidarily liable to pay the part of the taxpayer’s tax under this Part for the taxation year of the taxpayer that includes that time that is equal to the amount by which that tax exceeds the tax that would have been computed in respect of the taxpayer for the year if no amount were deemed under section 467.2 to have been received by the taxpayer out of or under the annuity in the year.

(2.0.2)  Where an amount required to be included in the income of the holder of a first home savings account by virtue of Title IV.4 of Book VII is received by a taxpayer other than the holder, the taxpayer is solidarily liable with the holder to pay a part of the holder’s tax under this Part for the taxation year in which the amount is received equal to the amount by which that tax exceeds the amount that would be the holder’s tax for the year if the amount had not been received.

(2.1)  Where an amount required to be included in the income of a taxpayer by virtue of paragraph a of section 890.9 is received by a person with whom the taxpayer is not dealing at arm’s length, that person is solidarily liable with the taxpayer to pay a part of the taxpayer’s tax under this Part for the taxation year in which the amount is received equal to the amount by which the taxpayer’s tax for the year exceeds the amount that would be his tax for the year if the amount had not been received.

(3)  However, this section does not free the annuitant under the plan or fund, the taxpayer or the holder, as the case may be, from liabilities under any other provision of this Act.

1980, c. 13, s. 105; 1988, c. 18, s. 115; 1989, c. 77, s. 104; 1991, c. 25, s. 168; 1995, c. 1, s. 199; 2009, c. 15, s. 353; 2020, c. 16, s. 163; 2023, c. 19, s. 120.

2020-09-24

1034.1. (1)  Where an amount is received out of or under a registered retirement savings plan by an individual other than an annuitant within the meaning of paragraph b of section 905.1 under the plan, and that amount or part thereof would, but for subparagraph i of paragraph a of that section, be received by the individual as a benefit within the meaning of the said paragraph a, the individual and the last annuitant under the plan are solidarily liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 915.2 that the aggregate of all amounts received from the plan by the individual and that would, but for the said subparagraph i, be a benefit, within the meaning of the said paragraph a, received by the taxpayer, is of the amount included under section 915.2 in computing the income of the annuitant.

(2)  Where an amount is received out of or under a registered retirement income fund by an individual, other than an annuitant under the fund, and that amount or part thereof would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section, the individual and the annuitant under the fund are solidarily liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 961.17.1 that the aggregate of all amounts each of which is an amount received from the fund by the individual and that would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section is of the amount included pursuant to section 961.17.1 in computing the annuitant’s income.

(2.0.1)  If a taxpayer is deemed under section 467.2 to have received at any time an amount out of or under an annuity that is a qualifying trust annuity with respect to the taxpayer, the taxpayer, the annuitant under the annuity and the policyholder are solidarily liable to pay the part of the taxpayer’s tax under this Part for the taxation year of the taxpayer that includes that time that is equal to the amount by which that tax exceeds the tax that would have been computed in respect of the taxpayer for the year if no amount were deemed under section 467.2 to have been received by the taxpayer out of or under the annuity in the year.

(2.1)  Where an amount required to be included in the income of a taxpayer by virtue of paragraph a of section 890.9 is received by a person with whom the taxpayer is not dealing at arm’s length, that person is solidarily liable with the taxpayer to pay a part of the taxpayer’s tax under this Part for the taxation year in which the amount is received equal to the amount by which the taxpayer’s tax for the year exceeds the amount that would be his tax for the year if the amount had not been received.

(3)  However, this section does not free the annuitant under the plan or fund or the taxpayer, as the case may be, from his liabilities under any other provision of this Act.

1980, c. 13, s. 105; 1988, c. 18, s. 115; 1989, c. 77, s. 104; 1991, c. 25, s. 168; 1995, c. 1, s. 199; 2009, c. 15, s. 353; 2020, c. 16, s. 163.

2009-06-04

1034.1. (1)  Where an amount is received out of or under a registered retirement savings plan by an individual other than an annuitant within the meaning of paragraph b of section 905.1 under the plan, and that amount or part thereof would, but for subparagraph i of paragraph a of that section, be received by the individual as a benefit within the meaning of the said paragraph a, the individual and the last annuitant under the plan are solidarily liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 915.2 that the aggregate of all amounts received from the plan by the individual and that would, but for the said subparagraph i, be a benefit, within the meaning of the said paragraph a, received by the taxpayer, is of the amount included under section 915.2 in computing the income of the annuitant.

(2)  Where an amount is received out of or under a registered retirement income fund by an individual, other than an annuitant under the fund, and that amount or part thereof would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section, the individual and the annuitant under the fund are jointly and severally liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 961.17.1 that the aggregate of all amounts each of which is an amount received from the fund by the individual and that would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section is of the amount included pursuant to section 961.17.1 in computing the annuitant’s income.

(2.0.1)  If a taxpayer is deemed under section 467.2 to have received at any time an amount out of or under an annuity that is a qualifying trust annuity with respect to the taxpayer, the taxpayer, the annuitant under the annuity and the policyholder are solidarily liable to pay the part of the taxpayer’s tax under this Part for the taxation year of the taxpayer that includes that time that is equal to the amount by which that tax exceeds the tax that would have been computed in respect of the taxpayer for the year if no amount were deemed under section 467.2 to have been received by the taxpayer out of or under the annuity in the year.

(2.1)  Where an amount required to be included in the income of a taxpayer by virtue of paragraph a of section 890.9 is received by a person with whom the taxpayer is not dealing at arm’s length, that person is solidarily liable with the taxpayer to pay a part of the taxpayer’s tax under this Part for the taxation year in which the amount is received equal to the amount by which the taxpayer’s tax for the year exceeds the amount that would be his tax for the year if the amount had not been received.

(3)  However, this section does not free the annuitant under the plan or fund or the taxpayer, as the case may be, from his liabilities under any other provision of this Act.

1980, c. 13, s. 105; 1988, c. 18, s. 115; 1989, c. 77, s. 104; 1991, c. 25, s. 168; 1995, c. 1, s. 199; 2009, c. 15, s. 353.

2006-03-01

1034.1. (1)  Where an amount is received out of or under a registered retirement savings plan by an individual other than an annuitant within the meaning of paragraph b of section 905.1 under the plan, and that amount or part thereof would, but for subparagraph i of paragraph a of that section, be received by the individual as a benefit within the meaning of the said paragraph a, the individual and the last annuitant under the plan are solidarily liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 915.2 that the aggregate of all amounts received from the plan by the individual and that would, but for the said subparagraph i, be a benefit, within the meaning of the said paragraph a, received by the taxpayer, is of the amount included under section 915.2 in computing the income of the annuitant.

(2)  Where an amount is received out of or under a registered retirement income fund by an individual, other than an annuitant under the fund, and that amount or part thereof would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section, the individual and the annuitant under the fund are jointly and severally liable to pay a part of the annuitant’s tax under this Part for the year of his death equal to that proportion of the amount by which that tax exceeds the tax that would have been computed but for section 961.17.1 that the aggregate of all amounts each of which is an amount received from the fund by the individual and that would, but for subparagraph a of the first paragraph of section 961.17, be included in computing the individual’s income for the year of receipt pursuant to the first paragraph of the said section is of the amount included pursuant to section 961.17.1 in computing the annuitant’s income.

(2.1)  Where an amount required to be included in the income of a taxpayer by virtue of paragraph a of section 890.9 is received by a person with whom the taxpayer is not dealing at arm’s length, that person is solidarily liable with the taxpayer to pay a part of the taxpayer’s tax under this Part for the taxation year in which the amount is received equal to the amount by which the taxpayer’s tax for the year exceeds the amount that would be his tax for the year if the amount had not been received.

(3)  However, this section does not free the annuitant under the plan or fund or the taxpayer, as the case may be, from his liabilities under any other provision of this Act.

1980, c. 13, s. 105; 1988, c. 18, s. 115; 1989, c. 77, s. 104; 1991, c. 25, s. 168; 1995, c. 1, s. 199.