I-3 - Taxation Act

Section 935.45 Disposition versions

2023-09-26

935.45. Where an amount from the first home savings account of a deceased holder is distributed at a particular time to the holder’s legal representative and a survivor of the holder is entitled to all or a portion of the amount in full or partial satisfaction of the survivor’s rights as a person beneficially interested under the holder’s succession, the following rules apply:

(a)  if a payment is made from the succession to a first home savings account, a registered retirement savings plan or a registered retirement income fund of the survivor, the payment is deemed to be a transfer from the account to the extent that

i.  it is so designated jointly by the legal representative and the survivor in the prescribed form filed with the Minister, and

ii.  it meets the conditions to be a transferred amount in accordance with any of sections 935.38 to 935.40;

(b)  if a payment is made from the succession to the survivor, the payment is deemed for the purposes of section 935.44 to be a distribution to the survivor as a beneficiary to the extent that it is so designated jointly by the legal representative and the survivor in the prescribed form filed with the Minister; and

(c)  for the purposes of section 935.44, the amount distributed to the legal representative from the first home savings account is deemed to be reduced by the amounts designated in accordance with paragraphs a and b.

2023, c. 19, s. 98.