I-3 - Taxation Act

Section 928 Disposition versions

2006-03-01

928. (1)  Where, in a taxation year, a loan for which a trust governed by a registered retirement savings plan has used or permitted to be used trust property as security ceases to be extant and the fair market value of the property so used was included, under section 933, in computing the income of the individual who is the annuitant under the plan, the individual may deduct, in computing his income for the year, the amount by which the amount so included in computing his income in consequence of the trust’s using or permitting to be used the property as security for the loan exceeds the net loss sustained by the trust in consequence of its using or permitting to be used the property as security for the loan.

(2)  The loss contemplated in subsection 1 does not however include payments made by the trust as interest or a change in the fair market value of the property.

1972, c. 23, s. 688; 1991, c. 25, s. 132.