I-3 - Taxation Act

Section 935.30 Disposition versions

2023-09-26

935.30. In this Title,

“beneficiary” under a first home savings account means an individual, including a succession, or a qualified donee that has a right to receive a distribution from the first home savings account after the death of the holder of the account;

“holder” has the meaning assigned by subsection 1 of section 146.6 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));

“issuer” has the meaning assigned by subsection 1 of section 146.6 of the Income Tax Act;

“maximum participation period” of an individual means the period that

(a)  begins when an individual first enters into a qualifying arrangement; and

(b)  ends at the end of the calendar year following the calendar year in which the earliest of the following events occurs:

i.  the 14th anniversary of the date the individual enters into the first qualifying arrangement,

ii.  the individual attains 70 years of age, and

iii.  the individual first makes a qualifying withdrawal from a first home savings account;

“qualifying arrangement” has the meaning assigned by subsection 1 of section 146.6 of the Income Tax Act;

“qualifying home” means

(a)  a housing unit located in Canada; or

(b)  a share of the capital stock of a housing cooperative, the holder of which is entitled to possession of a housing unit located in Canada;

“qualifying individual” at a particular time means an individual who

(a)  is a resident of Canada;

(b)  is at least 18 years of age; and

(c)  did not, at any prior time in the calendar year or in the preceding four calendar years, inhabit as a principal place of residence a qualifying home (or a home that would be a qualifying home if it were located in Canada) that was owned, alone or jointly with another person, by

i.  the individual, or

ii.  the spouse of the individual at the particular time;

“qualifying withdrawal” has the meaning assigned by subsection 1 of section 146.6 of the Income Tax Act;

“survivor” of a qualifying individual means an individual who is, immediately before the qualifying individual’s death, the spouse of the qualifying individual.

In this Title, a reference to a qualifying home that is a share described in paragraph b of the definition of “qualifying home” in the first paragraph means, where the context so requires, the housing unit to which that share relates.

2023, c. 19, s. 98.