I-3 - Taxation Act

Section 961.21.0.1 Disposition versions

2010-04-20

961.21.0.1. If the last annuitant under a registered retirement income fund dies, there may be deducted in computing the annuitant’s income for the taxation year in which the annuitant dies an amount not exceeding the amount determined, after all amounts payable under the fund have been paid, by the formula

A - B.

In the formula in the first paragraph,

(a)  A is the aggregate of all amounts each of which is

i.  the amount deemed by the first paragraph of section 961.17.1 to have been received by the annuitant out of or under the fund,

ii.  an amount (other than an amount described in subparagraph iii) received, after the death of the annuitant, by an individual out of or under the fund and included under the first paragraph of section 961.17 in computing the individual’s income, or

iii.  an amount that would, if the fund were a registered retirement savings plan, be a tax-paid amount, within the meaning of section 905.1, in respect of the fund; and

(b)  B is the aggregate of all amounts paid out of or under the fund after the death of the annuitant.

2010, c. 5, s. 94.