I-3 - Taxation Act

Section 935.3 Disposition versions

2021-06-02

935.3. An individual may designate a single amount for a taxation year in a prescribed form filed with the fiscal return the individual is required to file under section 1000 for the year, if the amount does not exceed the lesser of

(a)  the aggregate of all amounts, other than excluded premiums, repayments to which paragraph b or d of the definition of “excluded withdrawal” in the first paragraph of section 935.1 applies and amounts paid by the individual in the first 60 days of the year that can reasonably be considered to have been deducted in computing the individual’s income, or designated under this section, for the preceding taxation year, paid by the individual in the year or within 60 days after the end of the year under a retirement savings plan that is at the end of the year or the following taxation year a registered retirement savings plan under which the individual is the annuitant; and

(b)  the amount by which

i.  the aggregate of all eligible amounts received by the individual before the end of the year exceeds

ii.  the aggregate of

(1)  all amounts designated by the individual under this section for preceding taxation years, and

(2)  all amounts each of which is an amount included in computing the income of the individual under section 935.4 or 935.5 for a preceding taxation year.

1994, c. 22, s. 290; 1996, c. 39, s. 239; 1997, c. 31, s. 88; 2001, c. 53, s. 196; 2021, c. 14, s. 107.

2006-03-01

935.3. An individual may designate a single amount for a taxation year in a prescribed form filed with the fiscal return the individual is required to file under section 1000 for the year, if the amount does not exceed the lesser of

(a)  the aggregate of all amounts, other than excluded premiums, repayments to which paragraph b of the definition of “excluded withdrawal” in the first paragraph of section 935.1 applies and amounts paid by the individual in the first 60 days of the year that can reasonably be considered to have been deducted in computing the individual’s income, or designated under this section, for the preceding taxation year, paid by the individual in the year or within 60 days after the end of the year under a retirement savings plan that is at the end of the year or the following taxation year a registered retirement savings plan under which the individual is the annuitant; and

(b)  the amount by which

i.  the aggregate of all eligible amounts received by the individual before the end of the year exceeds

ii.  the aggregate of

(1)  all amounts designated by the individual under this section for preceding taxation years, and

(2)  all amounts each of which is an amount included in computing the income of the individual under section 935.4 or 935.5 for a preceding taxation year.

1994, c. 22, s. 290; 1996, c. 39, s. 239; 1997, c. 31, s. 88; 2001, c. 53, s. 196.