I-3 - Taxation Act

Section 336.8 Disposition versions

2020-09-24

336.8. In this chapter,

“eligible retirement income” of an individual for a taxation year means the total of

(a)  the aggregate of all amounts each of which is an amount included in computing the individual’s income for the year and that is described in section 752.0.8, or that would be so described if section 752.0.10 were read without reference to its paragraph f; and

(b)  the lesser of

i.  the aggregate of all amounts each of which is a payment made in the year to the individual out of or under a retirement compensation arrangement that provides benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of the Income Tax Regulations made under the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)), and in respect of a life annuity attributable to periods of employment for which benefits are also provided to the individual under the registered pension plan, and

ii.  the amount by which the defined benefit limit (as defined by subsection 1 of section 8500 of the Income Tax Regulations made under the Income Tax Act) for the year multiplied by 35 exceeds the amount determined under paragraph a;

(c)  the lesser of

i.  the aggregate of all amounts received by the individual in the year on account of

(1)  a retirement income security benefit paid under Part 2 of the Veterans Well-being Act (S.C. 2005, c. 21), or

(2)  an income replacement benefit paid under Part 2 of the Veterans Well-being Act, if the amount is determined under subsection 1 of section 19.1, paragraph b of subsection 1 of section 23 or subsection 1 of section 26.1 of that Act (as modified, where applicable, under Part 5 of that Act), and

ii.  the amount by which the defined benefit limit (as defined by subsection 1 of section 8500 of the Income Tax Regulations made under the Income Tax Act) for the year multiplied by 35 exceeds the aggregate of the amounts determined under paragraphs a and b.

“eligible spouse” of an individual for a taxation year means the person who is the individual’s eligible spouse for the year within the meaning of sections 776.41.1 to 776.41.4;

“joint election” for a taxation year means an election made jointly for the year in the prescribed form by a transferor and the transferee who is the transferor’s eligible spouse for the year, and filed with the Minister with both the transferor’s and the transferee’s fiscal returns for the year on or before their respective filing-due dates for the year;

“split-retirement income amount” in respect of a transferor and a transferee for a taxation year means the amount elected by the transferor and the transferee in a joint election for the year not exceeding 50% of the transferor’s eligible retirement income for the year;

“transferee” for a taxation year means an individual who

(a)  is resident in Canada at the end of the year; and

(b)  is a transferor’s eligible spouse for the year;

“transferor” for a taxation year means an individual who

(a)  receives eligible retirement income for the year;

(b)  is resident in Canada at the end of the year; and

(c)  has reached 65 years of age before the end of the year.

For the purposes of section 336.9 and the definitions of “transferee” and “transferor” in the first paragraph, the taxation year of an individual that is the year in which the individual dies or ceases to be resident in Canada is deemed to end immediately before the individual’s death or at the end of the last day on which the individual was resident in Canada.

2009, c. 5, s. 121; 2012, c. 8, s. 47; 2015, c. 21, s. 167; 2019, c. 14, s. 119; 2020, c. 16, s. 60.

2019-06-19

336.8. In this chapter,

“eligible retirement income” of an individual for a taxation year means the total of

(a)  the aggregate of all amounts each of which is an amount included in computing the individual’s income for the year and that is described in section 752.0.8, or that would be so described if section 752.0.10 were read without reference to its paragraph f; and

(b)  the lesser of

i.  the aggregate of all amounts each of which is a payment made in the year to the individual out of or under a retirement compensation arrangement that provides benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of the Income Tax Regulations made under the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)), and in respect of a life annuity attributable to periods of employment for which benefits are also provided to the individual under the registered pension plan, and

ii.  the amount by which the defined benefit limit (as defined by subsection 1 of section 8500 of the Income Tax Regulations made under the Income Tax Act) for the year multiplied by 35 exceeds the amount determined under paragraph a;

(c)  the lesser of

i.  the aggregate of all amounts received by the individual in the year on account of a retirement income security benefit paid under Part 2 of the Veterans Well-being Act (S.C. 2005, c. 21), and

ii.  the amount by which the defined benefit limit (as defined by subsection 1 of section 8500 of the Income Tax Regulations made under the Income Tax Act) for the year multiplied by 35 exceeds the aggregate of the amounts determined under paragraphs a and b.

“eligible spouse” of an individual for a taxation year means the person who is the individual’s eligible spouse for the year within the meaning of sections 776.41.1 to 776.41.4;

“joint election” for a taxation year means an election made jointly for the year in the prescribed form by a transferor and the transferee who is the transferor’s eligible spouse for the year, and filed with the Minister with both the transferor’s and the transferee’s fiscal returns for the year on or before their respective filing-due dates for the year;

“split-retirement income amount” in respect of a transferor and a transferee for a taxation year means the amount elected by the transferor and the transferee in a joint election for the year not exceeding 50% of the transferor’s eligible retirement income for the year;

“transferee” for a taxation year means an individual who

(a)  is resident in Canada at the end of the year; and

(b)  is a transferor’s eligible spouse for the year;

“transferor” for a taxation year means an individual who

(a)  receives eligible retirement income for the year;

(b)  is resident in Canada at the end of the year; and

(c)  has reached 65 years of age before the end of the year.

For the purposes of section 336.9 and the definitions of “transferee” and “transferor” in the first paragraph, the taxation year of an individual that is the year in which the individual dies or ceases to be resident in Canada is deemed to end immediately before the individual’s death or at the end of the last day on which the individual was resident in Canada.

2009, c. 5, s. 121; 2012, c. 8, s. 47; 2015, c. 21, s. 167; 2019, c. 14, s. 119.

2015-10-21

336.8. In this chapter,

“eligible retirement income” of an individual for a taxation year means the total of

(a)  the aggregate of all amounts each of which is an amount included in computing the individual’s income for the year and that is described in section 752.0.8, or that would be so described if section 752.0.10 were read without reference to its paragraph f; and

(b)  the lesser of

i.  the aggregate of all amounts each of which is a payment made in the year to the individual out of or under a retirement compensation arrangement that provides benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of the Income Tax Regulations made under the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)), and in respect of a life annuity attributable to periods of employment for which benefits are also provided to the individual under the registered pension plan, and

ii.  the amount by which the defined benefit limit (as defined by subsection 1 of section 8500 of the Income Tax Regulations made under the Income Tax Act) for the year multiplied by 35 exceeds the amount determined under paragraph a;

“eligible spouse” of an individual for a taxation year means the person who is the individual’s eligible spouse for the year within the meaning of sections 776.41.1 to 776.41.4;

“joint election” for a taxation year means an election made jointly for the year in the prescribed form by a transferor and the transferee who is the transferor’s eligible spouse for the year, and filed with the Minister with both the transferor’s and the transferee’s fiscal returns for the year on or before their respective filing-due dates for the year;

“split-retirement income amount” in respect of a transferor and a transferee for a taxation year means the amount elected by the transferor and the transferee in a joint election for the year not exceeding 50% of the transferor’s eligible retirement income for the year;

“transferee” for a taxation year means an individual who

(a)  is resident in Canada at the end of the year; and

(b)  is a transferor’s eligible spouse for the year;

“transferor” for a taxation year means an individual who

(a)  receives eligible retirement income for the year;

(b)  is resident in Canada at the end of the year; and

(c)  has reached 65 years of age before the end of the year.

For the purposes of section 336.9 and the definitions of “transferee” and “transferor” in the first paragraph, the taxation year of an individual that is the year in which the individual dies or ceases to be resident in Canada is deemed to end immediately before the individual’s death or at the end of the last day on which the individual was resident in Canada.

2009, c. 5, s. 121; 2012, c. 8, s. 47; 2015, c. 21, s. 167.

2012-05-09

336.8. In this chapter,

“eligible retirement income” of an individual for a taxation year means

(a)  if the individual has reached 65 years of age before the end of the year or—if the individual ceased to be resident in Canada in the year—on the last day on which the individual was resident in Canada, the aggregate of all amounts each of which is an amount that the individual included in computing the individual’s income for the year and that is described in section 752.0.8, or that would be so described if section 752.0.10 were read without reference to its paragraph f; or

(b)  if the individual has not reached 65 years of age before the end of the year or—if the individual ceased to be resident in Canada in the year—on the last day on which the individual was resident in Canada, the aggregate of all amounts each of which is an amount that the individual included in computing the individual’s income for the year and that is described in subparagraph i of paragraph a of section 752.0.8 or—if that amount is received by the individual because of the death of a spouse of the individual—in any of subparagraphs ii to vi of that paragraph a or in paragraph b of that section, or that would be so described if section 752.0.10 were read without reference to its paragraph f;

“eligible spouse” of an individual for a taxation year means the person who is the individual’s eligible spouse for the year within the meaning of sections 776.41.1 to 776.41.4;

“joint election” for a taxation year means an election made jointly for the year in the prescribed form by a transferor and the transferee who is the transferor’s eligible spouse for the year, and filed with the Minister with both the transferor’s and the transferee’s fiscal returns for the year on or before their respective filing-due dates for the year;

“split-retirement income amount” in respect of a transferor and a transferee for a taxation year means the amount elected by the transferor and the transferee in a joint election for the year not exceeding 50% of the transferor’s eligible retirement income for the year;

“transferee” for a taxation year means an individual who

(a)  is resident in Canada at the end of the year; and

(b)  is a transferor’s eligible spouse for the year;

“transferor” for a taxation year means an individual who

(a)  receives eligible retirement income for the year; and

(b)  is resident in Canada at the end of the year.

For the purposes of section 336.9 and the definitions of “transferee” and “transferor” in the first paragraph, the taxation year of an individual that is the year in which the individual dies or ceases to be resident in Canada is deemed to end immediately before the individual’s death or at the end of the last day on which the individual was resident in Canada.

2009, c. 5, s. 121; 2012, c. 8, s. 47.

2009-05-15

336.8. In this chapter,

“eligible retirement income” of an individual for a taxation year means

(a)  if the individual has reached 65 years of age before the end of the year or—if the individual ceased to be resident in Canada in the year—on the last day on which the individual was resident in Canada, the aggregate of all amounts each of which is an amount that the individual included in computing the individual’s income for the year and that is described in section 752.0.8; or

(b)  if the individual has not reached 65 years of age before the end of the year or—if the individual ceased to be resident in Canada in the year—on the last day on which the individual was resident in Canada, the aggregate of all amounts each of which is an amount that the individual included in computing the individual’s income for the year and that is described in subparagraph i of paragraph a of section 752.0.8 or—if that amount is received by the individual because of the death of a spouse of the individual—in any of subparagraphs ii to vi of that paragraph a or in paragraph b of that section;

“eligible spouse” of an individual for a taxation year means the person who is the individual’s eligible spouse for the year within the meaning of sections 776.41.1 to 776.41.4;

“joint election” for a taxation year means an election made jointly for the year in the prescribed form by a transferor and the transferee who is the transferor’s eligible spouse for the year, and filed with the Minister with both the transferor’s and the transferee’s fiscal returns for the year on or before their respective filing-due dates for the year;

“split-retirement income amount” in respect of a transferor and a transferee for a taxation year means the amount elected by the transferor and the transferee in a joint election for the year not exceeding 50% of the transferor’s eligible retirement income for the year;

“transferee” for a taxation year means an individual who

(a)  is resident in Canada at the end of the year; and

(b)  is a transferor’s eligible spouse for the year;

“transferor” for a taxation year means an individual who

(a)  receives eligible retirement income for the year; and

(b)  is resident in Canada at the end of the year.

For the purposes of section 336.9 and the definitions of “transferee” and “transferor” in the first paragraph, the taxation year of an individual that is the year in which the individual dies or ceases to be resident in Canada is deemed to end immediately before the individual’s death or at the end of the last day on which the individual was resident in Canada.

2009, c. 5, s. 121.