I-3 - Taxation Act

Section 935.12 Disposition versions

2021-06-02

935.12. In this Title,

“annuitant” has the meaning assigned by paragraph b of section 905.1;

“benefit” has the meaning assigned by paragraph a of section 905.1;

“eligible amount” of an individual means a particular amount received at a particular time in a calendar year by the individual as a benefit out of or under a registered retirement savings plan if

(a)  the particular amount is received after 31 December 1998 pursuant to the individual’s written request in a prescribed form;

(b)  in respect of the particular amount, the individual designates in the form prescribed a person, in this definition referred to as the “designated person”, who is the individual or the individual’s spouse;

(c)  the aggregate of the eligible amount and all other eligible amounts received by the individual at or before the particular time and in the year does not exceed $10,000;

(d)  the aggregate of the particular amount and all other eligible amounts received by the individual at or before the particular time, other than amounts received in participation periods of the individual that ended before the year, does not exceed $20,000;

(e)  the individual did not receive an eligible amount at or before the particular time in respect of which someone other than the designated person was designated, other than an amount received in a participation period of the individual that ended before the year;

(f)  the designated person is enrolled at the particular time as a full-time student in a qualifying educational program or has received written notification before the particular time that the designated person is absolutely or contingently entitled to enroll before March of the following year as a full-time student in a qualifying educational program;

(g)  the individual is resident in Canada throughout the period that begins at the particular time and ends immediately before the earlier of the beginning of the following year and the time of the individual’s death;

(h)  except where the individual dies after the particular time and before April of the following year, the designated person is enrolled as a full-time student in a qualifying educational program after the particular time and before March of the following year and

i.  the designated person completes the qualifying educational program before April of the following year,

ii.  the designated person does not withdraw from the qualifying educational program before April of the following year, or

iii.  less than 75% of the tuition paid, after the beginning of the year and before April of the following year, in respect of the designated person and the qualifying educational program is refundable; and

(i)  if an eligible amount was received by the individual before the year, the particular time is neither

i.  in the individual’s repayment period for the individual’s participation period that includes the particular time, nor

ii.  after January, or a later month where the Minister so permits, of the fifth calendar year of the individual’s participation period that includes the particular time;

“excluded premium” of an individual means a premium that

(a)  was designated by the individual for the purposes of paragraph j, j.1 or l of section 60 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) or for the purposes of section 935.3;

(b)  was a repayment to which paragraph b or d of the definition of “excluded withdrawal” in the first paragraph of section 935.1 applies;

(c)  was an amount transferred directly from a registered retirement savings plan, registered pension plan, registered retirement income fund or deferred profit sharing plan; or

(d)  was deductible under section 923.5 in computing the individual’s income for any taxation year;

“excluded withdrawal” of an individual means

(a)  an eligible amount received by the individual; or

(b)  a particular amount, other than an eligible amount, received while the individual was resident in Canada and in a calendar year if

i.  the particular amount would be an eligible amount of the individual if the definition of “eligible amount” were read without reference to paragraphs g and h of that definition,

ii.  a payment, other than an excluded premium, equal to the particular amount is made by the individual under a retirement savings plan that is, at the end of the taxation year of the payment, a registered retirement savings plan under which the individual is the annuitant,

iii.  the payment is made before the particular time that is,

(1)  if the individual was not resident in Canada at the time the individual filed a fiscal return for the taxation year in which the particular amount was received, the earlier of the end of the following calendar year and the time at which the individual filed the fiscal return, and

(2)  in any other case, the end of the following calendar year, and

iv.  the payment, and no other payment, is designated under this subparagraph as a repayment of the particular amount in a prescribed form filed with the Minister on or before the particular time or before such later time as is acceptable to the Minister;

“participation period” of an individual means each period that begins at the beginning of a calendar year in which the individual receives an eligible amount and at the beginning of which the individual’s specified balance is nil and that ends immediately before the beginning of the first subsequent calendar year at the beginning of which the individual’s specified balance is nil;

“premium” has the meaning assigned by paragraph e of section 905.1;

“qualifying educational program” means a qualifying educational program within the meaning assigned by subsection 1 of section 146.02 of the Income Tax Act;

“repayment period” of an individual for a participation period of the individual in respect of a person designated under paragraph b of the definition of “eligible amount” means the period within the participation period that begins at one of the times referred to in subparagraphs i to iv of paragraph a of the definition of “repayment period” in subsection 1 of section 146.02 of the Income Tax Act and that ends at the end of the participation period;

“specified balance” of an individual at any time means the amount by which the aggregate of all eligible amounts received by the individual at or before that time exceeds the aggregate of all amounts designated under section 935.14 by the individual for taxation years that ended before that time, and all amounts each of which is included under section 935.15 or 935.16 in computing the individual’s income for a taxation year that ended before that time.

In this Title, a full-time student in a taxation year includes an individual to whom subsection 3 of section 118.6 of the Income Tax Act applies for the purpose of computing tax payable under Part I of that Act for the year or the following taxation year.

2001, c. 53, s. 201; 2013, c. 10, s. 78; 2021, c. 14, s. 108.

2013-06-05

935.12. In this Title,

“annuitant” has the meaning assigned by paragraph b of section 905.1;

“benefit” has the meaning assigned by paragraph a of section 905.1;

“eligible amount” of an individual means a particular amount received at a particular time in a calendar year by the individual as a benefit out of or under a registered retirement savings plan if

(a)  the particular amount is received after 31 December 1998 pursuant to the individual’s written request in a prescribed form;

(b)  in respect of the particular amount, the individual designates in the form prescribed a person, in this definition referred to as the “designated person”, who is the individual or the individual’s spouse;

(c)  the aggregate of the eligible amount and all other eligible amounts received by the individual at or before the particular time and in the year does not exceed $10,000;

(d)  the aggregate of the particular amount and all other eligible amounts received by the individual at or before the particular time, other than amounts received in participation periods of the individual that ended before the year, does not exceed $20,000;

(e)  the individual did not receive an eligible amount at or before the particular time in respect of which someone other than the designated person was designated, other than an amount received in a participation period of the individual that ended before the year;

(f)  the designated person is enrolled at the particular time as a full-time student in a qualifying educational program or has received written notification before the particular time that the designated person is absolutely or contingently entitled to enroll before March of the following year as a full-time student in a qualifying educational program;

(g)  the individual is resident in Canada throughout the period that begins at the particular time and ends immediately before the earlier of the beginning of the following year and the time of the individual’s death;

(h)  except where the individual dies after the particular time and before April of the following year, the designated person is enrolled as a full-time student in a qualifying educational program after the particular time and before March of the following year and

i.  the designated person completes the qualifying educational program before April of the following year,

ii.  the designated person does not withdraw from the qualifying educational program before April of the following year, or

iii.  less than 75% of the tuition paid, after the beginning of the year and before April of the following year, in respect of the designated person and the qualifying educational program is refundable; and

(i)  if an eligible amount was received by the individual before the year, the particular time is neither

i.  in the individual’s repayment period for the individual’s participation period that includes the particular time, nor

ii.  after January, or a later month where the Minister so permits, of the fifth calendar year of the individual’s participation period that includes the particular time;

“excluded premium” of an individual means a premium that

(a)  was designated by the individual for the purposes of paragraph j, j.1 or l of section 60 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) or for the purposes of section 935.3;

(b)  was a repayment to which paragraph b of the definition of “excluded withdrawal” in the first paragraph of section 935.1 applies;

(c)  was an amount transferred directly from a registered retirement savings plan, registered pension plan, registered retirement income fund or deferred profit sharing plan; or

(d)  was deductible under section 923.5 in computing the individual’s income for any taxation year;

“excluded withdrawal” of an individual means

(a)  an eligible amount received by the individual; or

(b)  a particular amount, other than an eligible amount, received while the individual was resident in Canada and in a calendar year if

i.  the particular amount would be an eligible amount of the individual if the definition of “eligible amount” were read without reference to paragraphs g and h of that definition,

ii.  a payment, other than an excluded premium, equal to the particular amount is made by the individual under a retirement savings plan that is, at the end of the taxation year of the payment, a registered retirement savings plan under which the individual is the annuitant,

iii.  the payment is made before the particular time that is,

(1)  if the individual was not resident in Canada at the time the individual filed a fiscal return for the taxation year in which the particular amount was received, the earlier of the end of the following calendar year and the time at which the individual filed the fiscal return, and

(2)  in any other case, the end of the following calendar year, and

iv.  the payment, and no other payment, is designated under this subparagraph as a repayment of the particular amount in a prescribed form filed with the Minister on or before the particular time or before such later time as is acceptable to the Minister;

“participation period” of an individual means each period that begins at the beginning of a calendar year in which the individual receives an eligible amount and at the beginning of which the individual’s specified balance is nil and that ends immediately before the beginning of the first subsequent calendar year at the beginning of which the individual’s specified balance is nil;

“premium” has the meaning assigned by paragraph e of section 905.1;

“qualifying educational program” means a qualifying educational program within the meaning assigned by subsection 1 of section 146.02 of the Income Tax Act;

“repayment period” of an individual for a participation period of the individual in respect of a person designated under paragraph b of the definition of “eligible amount” means the period within the participation period that begins at one of the times referred to in subparagraphs i to iv of paragraph a of the definition of “repayment period” in subsection 1 of section 146.02 of the Income Tax Act and that ends at the end of the participation period;

“specified balance” of an individual at any time means the amount by which the aggregate of all eligible amounts received by the individual at or before that time exceeds the aggregate of all amounts designated under section 935.14 by the individual for taxation years that ended before that time, and all amounts each of which is included under section 935.15 or 935.16 in computing the individual’s income for a taxation year that ended before that time.

In this Title, a full-time student in a taxation year includes an individual to whom subsection 3 of section 118.6 of the Income Tax Act applies for the purpose of computing tax payable under Part I of that Act for the year or the following taxation year.

2001, c. 53, s. 201; 2013, c. 10, s. 78.

2006-03-01

935.12. In this Title,

“annuitant” has the meaning assigned by paragraph b of section 905.1;

“benefit” has the meaning assigned by paragraph a of section 905.1;

“eligible amount” of an individual means a particular amount received at a particular time in a calendar year by the individual as a benefit out of or under a registered retirement savings plan if

(a)  the particular amount is received after 31 December 1998 pursuant to the individual’s written request in a prescribed form;

(b)  in respect of the particular amount, the individual designates in the form prescribed a person, in this definition referred to as the “designated person”, who is the individual or the individual’s spouse;

(c)  the aggregate of the eligible amount and all other eligible amounts received by the individual at or before the particular time and in the year does not exceed $10,000;

(d)  the aggregate of the particular amount and all other eligible amounts received by the individual at or before the particular time, other than amounts received in participation periods of the individual that ended before the year, does not exceed $20,000;

(e)  the individual did not receive an eligible amount at or before the particular time in respect of which someone other than the designated person was designated, other than an amount received in a participation period of the individual that ended before the year;

(f)  the designated person is enrolled at the particular time as a full-time student in a qualifying educational program or has received written notification before the particular time that the designated person is absolutely or contingently entitled to enroll before March of the following year as a full-time student in a qualifying educational program;

(g)  the individual is resident in Canada throughout the period that begins at the particular time and ends immediately before the earlier of the beginning of the following year and the time of the individual’s death;

(h)  except where the individual dies after the particular time and before April of the following year, the designated person is enrolled as a full-time student in a qualifying educational program after the particular time and before March of the following year and

i.  the designated person completes the qualifying educational program before April of the following year,

ii.  the designated person does not withdraw from the qualifying educational program before April of the following year, or

iii.  less than 75% of the tuition paid, after the beginning of the year and before April of the following year, in respect of the designated person and the qualifying educational program is refundable ; and

(i)  if an eligible amount was received by the individual before the year, the particular time is neither

i.  in the individual’s repayment period for the individual’s participation period that includes the particular time, nor

ii.  after January, or a later month where the Minister so permits, of the fifth calendar year of the individual’s participation period that includes the particular time;

“excluded premium” of an individual means a premium that

(a)  was designated by the individual for the purposes of paragraph j, j.1 or l of section 60 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) or for the purposes of section 935.3;

(b)  was a repayment to which paragraph b of the definition of “excluded withdrawal” in the first paragraph of section 935.1 applies;

(c)  was an amount transferred directly from a registered retirement savings plan, registered pension plan, registered retirement income fund, deferred profit sharing plan or a provincial pension plan prescribed for the purposes of paragraph v of section 60 of the Income Tax Act; or

(d)  was deductible under section 923.5 in computing the individual’s income for any taxation year;

“excluded withdrawal” of an individual means

(a)  an eligible amount received by the individual; or

(b)  a particular amount, other than an eligible amount, received while the individual was resident in Canada and in a calendar year if

i.  the particular amount would be an eligible amount of the individual if the definition of “eligible amount” were read without reference to paragraphs g and h of that definition,

ii.  a payment, other than an excluded premium, equal to the particular amount is made by the individual under a retirement savings plan that is, at the end of the taxation year of the payment, a registered retirement savings plan under which the individual is the annuitant,

iii.  the payment is made before the particular time that is,

(1)  if the individual was not resident in Canada at the time the individual filed a fiscal return for the taxation year in which the particular amount was received, the earlier of the end of the following calendar year and the time at which the individual filed the fiscal return, and

(2)  in any other case, the end of the following calendar year, and

iv.  the payment, and no other payment, is designated under this subparagraph as a repayment of the particular amount in a prescribed form filed with the Minister on or before the particular time or before such later time as is acceptable to the Minister;

“participation period” of an individual means each period that begins at the beginning of a calendar year in which the individual receives an eligible amount and at the beginning of which the individual’s specified balance is nil and that ends immediately before the beginning of the first subsequent calendar year at the beginning of which the individual’s specified balance is nil;

“premium” has the meaning assigned by paragraph e of section 905.1;

“qualifying educational program” means a qualifying educational program within the meaning assigned by subsection 1 of section 146.02 of the Income Tax Act;

“repayment period” of an individual for a participation period of the individual in respect of a person designated under paragraph b of the definition of “eligible amount” means the period within the participation period that begins at one of the times referred to in subparagraphs i to iv of paragraph a of the definition of “repayment period” in subsection 1 of section 146.02 of the Income Tax Act and that ends at the end of the participation period;

“specified balance” of an individual at any time means the amount by which the aggregate of all eligible amounts received by the individual at or before that time exceeds the aggregate of all amounts designated under section 935.14 by the individual for taxation years that ended before that time, and all amounts each of which is included under section 935.15 or 935.16 in computing the individual’s income for a taxation year that ended before that time.

In this Title, a full-time student in a taxation year includes an individual to whom subsection 3 of section 118.6 of the Income Tax Act applies for the purpose of computing tax payable under Part I of that Act for the year or the following taxation year.

2001, c. 53, s. 201.