II, s. 1671998, c. 19, s. 2112005, c. 30, s. 142007, c. 35, s. 1202017, c. 33, s. 66
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2007, c. 35, s. 1202017, c. 33, s. 66
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2007, c. 35, s. 1202017, c. 33, s. 66
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2007, c. 35, s. 1202017, c. 33, s. 66
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 2072005, c. 30, s. 142007, c. 35, s. 1202010, c. 25, s. 562017, c. 33, s. 66
207.01(1)The following definitions and the definitions in subsections 146(1) (other than the definitionbenefit), 146.1(1), 146.2(1), 146.3(1), 146.4(1) and 146.6(1) apply in this Part and Part XLIX of theIncome Tax Regulations.advantageadvantage, in relation to a registered plan, means(a)any benefit, loan or indebtedness that is conditional in any way on the existence of the registered plan, other than(i)a benefit derived from the provision of administrative or investment services in respect of the registered plan,(ii)a loan or an indebtedness (including, in the case of a TFSA, the use of the TFSA as security for a loan or an indebtedness) the terms and conditions of which are terms and conditions that persons dealing at arm’s length with each other would have entered into,(iii)a payment out of or under the registered plan in satisfaction of all or part of a beneficiary’s or controlling individual’s interest in the registered plan,(iv)the payment or allocation of any amount to the registered plan by the issuer, carrier or promoter,(iv.1)an amount paid under or because of theCanada Disability Savings Act, theCanada Education Savings Actor under a designated provincial program, and(v)a benefit provided under an incentive program that is — in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly — offered to a broad class of persons, if it is reasonable to conclude that none of the main purposes of the program is to enable a person or partnership to benefit from the exemption from tax under Part I of any amount in respect of the plan;(b)a benefit that is an increase in the total fair market value of the property held in connection with the registered plan if it is reasonable to consider, having regard to all the circumstances, that the increase is attributable, directly or indirectly, to(i)a transaction or event or a series of transactions or events that(A)would not have occurred in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, and(B)had as one of its main purposes to enable a person or a partnership to benefit from the exemption from tax under Part I of any amount in respect of the registered plan,(ii)a payment received as, on account or in lieu of, or in satisfaction of, a payment(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, in respect of property (other than property held in connection with the registered plan) held by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan,(iii)a swap transaction, or(iv)specified non-qualified investment income that has not been paid from the registered plan to its controlling individual within 90 days of receipt by the controlling individual of a notice issued by the Minister under subsection 207.06(4);(c)a benefit that is income (determined without reference to paragraph 82(1)(b)), or a capital gain, that is reasonably attributable, directly or indirectly, to(i)a prohibited investment in respect of the registered plan or any other registered plan of the controlling individual,(ii)in the case of a registered plan that is not a TFSA, an amount received by the controlling individual of the registered plan, or by a person who does not deal at arm’s length with the controlling individual (if it is reasonable to consider, having regard to all the circumstances, that the amount was paid in relation to, or would not have been paid but for, property held in connection with the registered plan) and the amount was paid as, on account or in lieu of, or in satisfaction of, a payment(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, or(iii)a deliberate over-contribution;(d)a registered plan strip in respect of the registered plan; and(e)a prescribed benefit. (avantage)allowable refundallowable refundof a person for a calendar year means the total of all amounts each of which is a refund, for the year, to which the person is entitled under subsection 207.04(4). (remboursement admissible)controlling individualcontrolling individual, of a registered plan, means(a)the holder of a TFSA;(b)a holder of a RDSP;(c)a subscriber of a RESP;(d)the annuitant of a RRIF or RRSP; or(e)the holder of a FHSA. (particulier contrôlant)deliberate over-contributiondeliberate over-contributionof an individual means a contribution made under a TFSA by the individual that results in, or increases, an excess TFSA amount, unless it is reasonable to conclude that the individual neither knew nor ought to have known that the contribution could result in liability for a penalty, tax or similar consequence under this Act. (cotisation excédentaire intentionnelle)designated amountdesignated amountof an individual means an amount, not exceeding the excess FHSA amount of the individual, designated by the individual in the prescribed form and manner that is(a)a transfer in accordance with subparagraph 146.6(7)(b)(ii) to a FHSA under which the individual is the holder, to the extent that it does not exceed the total of all amounts transferred under paragraph 146(16)(a.2) on or before the date of the designation less the total of all amounts previously designated under this paragraph; or(b)a withdrawal from a FHSA under which the individual is the holder, to the extent that it does not exceed the total of all amounts contributed to a FHSA under which the individual is the holder on or before the date of the designation less the total of all amounts previously designated under this paragraph. (montant désigné)equityequity, of a corporation, trust or partnership, means(a)in the case of a corporation, a share of the capital stock of the corporation;(b)in the case of a trust, an income or capital interest in the trust; and(c)in the case of a partnership, an interest as a member of the partnership. (droit sur l’actif)excess FHSA amountexcess FHSA amountof an individual at a particular time in a taxation year means the amount determined by the formulaA + B − C − D − EwhereAis the total of all amounts each of which is a contribution made to a FHSA by the individual at or before the particular time;Bis the total of all amounts transferred under paragraph 146(16)(a.2), at or before the particular time, to a FHSA under which the individual is the holder;Cis the lesser of(a)$40,000, and(b)the amount determined by the formula$8,000 + F + G + H − IwhereFis the amount of the FHSA carryforward for the taxation year,Gis the total of all amounts each of which is a contribution made to a FHSA by the individual at or before the end of the immediately preceding taxation year,His the total of all amounts transferred under paragraph 146(16)(a.2), at or before the end of the immediately preceding taxation year, to a FHSA under which the individual is the holder, andIis the excess FHSA amount determined at the end of the immediately preceding taxation year;Dis the total of all amounts each of which is a designated amount in respect of a transfer or withdrawal made by the individual in the taxation year but before the particular time; andEis the total of all amounts required to be included in computing the income of the individual in the taxation year under subsection 146.6(6) or (17) at or before the particular time. (excédent de CELIAPP)excess TFSA amountexcess TFSA amountof an individual at a particular time in a calendar year means the amount, if any, determined by the formulaA - B - C - D - EwhereAis the total of all amounts each of which is a contribution made under a TFSA by the individual in the calendar year and at or before the particular time, other than a contribution that is(a)a qualifying transfer, or(b)an exempt contribution;Bis the individual’s unused TFSA contribution room at the end of the preceding calendar year;Cis the total of all amounts each of which was a distribution made in the preceding calendar year under a TFSA of which the individual was the holder at the time of the distribution, other than a distribution that is(a)a qualifying transfer, or(b)a specified distribution;Dis(a)the TFSA dollar limit for the calendar year if, at any time in the calendar year, the individual is resident in Canada, and(b)nil, in any other case; andEis the total of all amounts each of which is the qualifying portion of a distribution made in the calendar year and at or before the particular time under a TFSA of which the individual was the holder at the time of the distribution and, for this purpose, the qualifying portion of a distribution is(a)nil, if the distribution is a qualifying transfer or a specified distribution, and(b)in any other case, the lesser of(i)the amount of the distribution, and(ii)the amount that would be the individual’s excess TFSA amount at the time of the distribution if the amount of the distribution were nil. (excédent CÉLI)excluded propertyexcluded property, at any time for a trust governed by a registered plan, means(a)property described in paragraph 4900(1)(j.1) of theIncome Tax Regulations;(b)an equity of a mutual fund corporation, mutual fund trust or registered investment if(i)either(A)the equity is equity of a mutual fund corporation or mutual fund trust that derives all or substantially all its value from one or more mutual funds that are subject to, and substantially comply with, the requirements ofNational Instrument 81–102 Mutual Funds, as amended from time to time, of the Canadian Securities Administrators, or(B)the corporation, trust or registered investment follows a reasonable policy of investment diversification,(ii)the time is(A)during the 24-month period that begins on the day on which the first taxation year of the corporation, trust or registered investment begins,(B)during the 24-month period that ends on the day on which the last taxation year of the corporation, trust or registered investment ends, or(C)where the equity is a share of the capital stock of a mutual fund corporation and the share derives all or substantially all its value from a particular mutual fund,(I)during the 24-month period that begins on the day on which the particular mutual fund is established, or(II)during the 24-month period that ends on the day on which the particular mutual fund is terminated,(iii)it is reasonable to conclude that none of the main purposes of the structure of the corporation, trust or registered investment, or of the terms and conditions of the equity, is to accommodate transactions or events that could affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, and(iv)it is reasonable to conclude that none of the main purposes of the incorporation, establishment or operation of the corporation, trust or registered investment, or of the particular mutual fund, is to benefit from this paragraph; or(c)equity of a corporation, partnership or trust (in this paragraph referred to as the “investment entity”) if at that time(i)the fair market value of the equity (in this paragraph referred to as the “arm’s length equity”) of the investment entity that is owned by persons who deal at arm’s length with the controlling individual of the registered plan is at least 90% of the fair market value of all the equity of the investment entity,(ii)the total fair market value of the arm’s length equity and the debt of the investment entity that is owned by persons who deal at arm’s length with the controlling individual is at least 90% of the total fair market value of all the equity and debt of the investment entity,(iii)the controlling individual, either alone or together with persons with whom the controlling individual does not deal at arm’s length, does not have the right to cast at least 10% of the votes, if any, that could be cast regarding the governance of the investment entity,(iv)the specific terms and conditions of each share or unit of equity of the investment entity held by the trust governed by the registered plan are the same as, or substantially similar to, the terms and conditions of particular equity that is included in the arm’s length equity,(v)the fair market value of the particular equity referred to in subparagraph (iv) is equal to at least 10% of the total fair market value of all equity of the investment entity having the specific terms and conditions referred to in subparagraph (iv) or terms and conditions that are substantially similar to those terms and conditions,(vi)the controlling individual deals at arm’s length with the investment entity, and(vii)it is reasonable to conclude that none of the main purposes of the structure of the investment entity, or of the terms and conditions of the equity, is to accommodate transactions or events that could affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly. (bien exclu)exempt contributionexempt contributionmeans a contribution made in a calendar year under a TFSA by the survivor of an individual if(a)the contribution is made during the period (in this definition referred to as the “rollover period”) that begins when the individual dies and that ends at the end of the first calendar year that begins after the individual dies (or at any later time that is acceptable to the Minister);(b)a payment (in this definition referred to as the “survivor payment”) was made to the survivor during the rollover period, as a consequence of the individual’s death, directly or indirectly out of or under an arrangement that ceased, because of the individual’s death, to be a TFSA;(c)the survivor designates, in prescribed form filed in prescribed manner within 30 days after the day on which the contribution is made (or at any later time that is acceptable to the Minister), the contribution in relation to the survivor payment; and(d)the amount of the contribution does not exceed the least of(i)the amount, if any, by which(A)the amount of the survivor paymentexceeds(B)the total of all other contributions designated by the survivor in relation to the survivor payment,(ii)the amount, if any, by which(A)the total proceeds of disposition that would, if section 146.2 were read without reference to subsection 146.2(9), be determined in respect of the arrangement under paragraph 146.2(8)(a), (10)(a) or (11)(a), as the case may be,exceeds(B)the total of all other exempt contributions in respect of the arrangement made by the survivor at or before the time of the contribution, and(iii)if the individual had, immediately before the individual’s death, an excess TFSA amount or if payments described in paragraph (b) are made to more than one survivor of the individual, nil or the greater amount, if any, allowed by the Minister in respect of the contribution. (cotisation exclue)non-qualified investmentnon-qualified investmentfor a trust governed by a registered plan means property that is not a qualified investment for the trust. (placement non admissible)prohibited investmentprohibited investment, at any time for a trust governed by a registered plan, means property (other than excluded property for the trust) that is at that time(a)a debt of the controlling individual of the registered plan;(b)a share of the capital stock of, an interest in, or a debt of(i)a corporation, partnership or trust in which the controlling individual has a significant interest, or(ii)a person or partnership that does not deal at arm’s length with the controlling individual;(c)an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a) or (b); or(d)prescribed property. (placement interdit)qualified investmentqualified investmentfor a trust governed by a FHSA or TFSA means(a)an investment that would be described by any of paragraphs (a) to (d), (f) and (g) of the definitionqualified investmentin section 204 if the reference in that definition to “a trust governed by a deferred profit sharing plan or revoked plan” were read as a reference to “a trust governed by a FHSA or TFSA” and if that definition were read without reference to the words “with the exception of excluded property in relation to the trust”;(b)a contract for an annuity issued by a licensed annuities provider if(i)the trust is the only person who, disregarding any subsequent transfer of the contract by the trust, is or may become entitled to any annuity payments under the contract, and(ii)the holder of the contract has a right to surrender the contract at any time for an amount that would, if reasonable sales and administration charges were ignored, approximate the value of funds that could otherwise be applied to fund future periodic payments under the contract; and(c)a prescribed investment. (placement admissible)qualifying transferqualifying transfermeans the transfer of an amount from a TFSA of which a particular individual is the holder if(a)the amount is transferred directly to another TFSA, the holder of which is the particular individual; or(b)the amount is transferred directly to another TFSA, the holder of which is a spouse or common-law partner or former spouse or common-law partner of the particular individual, and the following conditions are satisfied:(i)the individuals are living separate and apart at the time of the transfer, and(ii)the transfer is made under a decree, order or judgment of a competent tribunal, or under a written separation agreement, relating to a division of property between the individuals in settlement of rights arising out of, or on the breakdown of, their marriage or common-law partnership. (transfert admissible)registered planregistered planmeans a FHSA, RDSP, RESP, RRIF, RRSP or TFSA. (régime enregistré)registered plan stripregistered plan strip, in respect of a registered plan that is not a TFSA, means the amount of a reduction in the fair market value of property held in connection with the registered plan, if the value is reduced as part of a transaction or event or a series of transactions or events one of the main purposes of which is to enable the controlling individual of the registered plan, or a person who does not deal at arm’s length with the controlling individual, to obtain a benefit in respect of property held in connection with the registered plan or to obtain a benefit as a result of the reduction, but does not include an amount that is(a)included in the income of a person under section 146, 146.1, 146.3, 146.4 or 146.6;(b)an excluded withdrawal under section 146.01 or 146.02;(b.1)a qualifying withdrawal under section 146.6;(b.2)a designated amount;(c)described in subsection 146(16), 146.3(14.2) or 146.4(8);(d)a distribution to a trust governed by a RESP under circumstances to which subparagraph 204.9(5)(c)(i) or (ii) applies;(e)an accumulated income payment made to a RDSP under circumstances to which subsection 146.1(1.2) applies;(f)a refund of payments under a RESP; or(g)the non-taxable portion of a disability assistance payment made from a RDSP. (somme découlant d’un dépouillement de régime enregistré)restricted propertyrestricted property[Repealed, 2009, c. 2, s. 68]RRSP stripRRSP strip[Repealed, 2017, c. 33, s. 68]specified distributionspecified distributionmeans(a)a distribution made under a TFSA to the extent that it is, or is reasonably attributable to, an amount that is(i)an advantage in respect of the TFSA or any other TFSA of the holder,(ii)specified non-qualified investment income,(iii)an amount in respect of which tax was payable under Part I by a trust governed by the TFSA or any other TFSA of the holder, or(iv)an amount described in subparagraph 207.06(1)(b)(ii); or(b)a prescribed distribution. (distribution déterminée)specified non-qualified investment incomespecified non-qualified investment income, in respect of a registered plan and its controlling individual, means income (determined without reference to paragraph 82(1)(b)), or a capital gain, that is reasonably attributable, directly or indirectly, to an amount in respect of which tax was payable under Part I by a trust governed by the registered plan or by any other registered plan of the controlling individual. (revenu de placement non admissible déterminé)swap transactionswap transaction, in respect of a registered plan, means a transfer of property between the registered plan and its controlling individual or a person with whom the controlling individual does not deal at arm’s length, but does not include(a)a payment out of or under the registered plan in satisfaction of all or part of the controlling individual’s interest in the registered plan;(b)a payment into the registered plan that is(i)a contribution, a premium or an amount transferred in accordance with paragraph 146.3(2)(f),(ii)described in paragraph (a) or (b) of the definitioncontributionin subsection 146.1(1), or(iii)described in any of paragraphs (a) to (d) of the definitioncontributionin subsection 146.4(1);(c)a transfer of a prohibited investment or a non-qualified investment from the registered plan for consideration, in circumstances where the controlling individual is entitled to a refund under subsection 207.04(4) on the transfer;(d)a transfer of property from one registered plan of a controlling individual to another registered plan of the controlling individual if(i)both registered plans are RRIFs, RRSPs or FHSAs,(ii)both registered plans are TFSAs,(iii)both registered plans are RDSPs, or(iv)both registered plans are RESPs;(e)a transfer of a prohibited investment from the registered plan for consideration, if subsection (13) applies in respect of all or part of the consideration received by the registered plan;(f)a transfer of property from the registered plan in consideration for the issuance of a debt obligation that is an excluded property for the trust governed by the registered plan; or(g)a payment into the registered plan that is a payment of, or in satisfaction of, the principal amount of, or interest on, a debt obligation that is an excluded property for the trust governed by the registered plan. (opération de swap)TFSA dollar limitTFSA dollar limitfor a calendar year means,(a)for 2009 to 2012, $5,000;(b)for 2013 and 2014, $5,500;(c)for 2015, $10,000; and(d)for each year after 2015, the amount (rounded to the nearest multiple of $500, or if that amount is equidistant from two such consecutive multiples, to the higher multiple) that is equal to $5,000 adjusted for each year after 2009 in the manner set out in section 117.1. (plafond CÉLI)transitional prohibited investment benefittransitional prohibited investment benefit, of a controlling individual for a taxation year, means the amount determined by the formulaA – BwhereAis the total of all amounts each of which is income (determined without reference to paragraph 82(1)(b)) earned, or a capital gain realized, in the taxation year by a trust governed by a RRIF or RRSP of the controlling individual that(a)is reasonably attributable, directly or indirectly, to a property that is a prohibited investment, and a transitional prohibited property, for the trust, and(b)in the case of income, is earned after March 22, 2011 and, in the case of a capital gain, accrues after March 22, 2011; andBis the total of all amounts each of which is a capital loss (determined without reference to subparagraph 40(2)(g)(i) and subsection 40(3.4)) realized in the taxation year by a trust governed by a RRIF or RRSP of the controlling individual that(a)is reasonably attributable, directly or indirectly, to a property that is a prohibited investment, and a transitional prohibited property, for the trust, and(b)accrues after March 22, 2011. (bénéfice transitoire provenant d’un placement interdit)transitional prohibited propertytransitional prohibited property, at any time for a particular trust governed by a registered plan (other than a TFSA) of a controlling individual, means a property that is held by the particular trust at that time, that was held(a)on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual and that was a prohibited investment for that trust on March 23, 2011; or(b)on March 22, 2017 by a trust governed by a RDSP or RESP of the controlling individual and that was a prohibited investment for that trust on March 23, 2017. (bien interdit transitoire)unused TFSA contribution roomunused TFSA contribution roomof an individual at the end of a calendar year means,(a)if the year is before 2009, nil;(a.1)in circumstances where the Minister has, in accordance with section 207.06, waived or cancelled all or part of the liability imposed on the individual, the amount determined by the Minister; and(b)in any other case, the positive or negative amount determined by the formulaA + B + C - DwhereAis the individual’s unused TFSA contribution room at the end of the preceding calendar year,Bis the total of all amounts each of which was a distribution made in the preceding calendar year under a TFSA of which the individual was the holder at the time of the distribution, other than a distribution that is(i)a qualifying transfer, or(ii)a specified distribution,Cis(i)the TFSA dollar limit for the calendar year, if at any time in the calendar year the individual is 18 years of age or older and resident in Canada, and(ii)nil, in any other case, andDis the total of all amounts each of which is a contribution made under a TFSA by the individual in the calendar year, other than a contribution that is(i)a qualifying transfer, or(ii)an exempt contribution. (droits inutilisés de cotisation à un CÉLI)(2)[Repealed, 2009, c. 2, s. 68]Marginal note:Survivor as successor holder(3)If an individual’s survivor becomes the holder of a TFSA as a consequence of the individual’s death and, immediately before the individual’s death, the individual had an excess TFSA amount, the survivor is deemed (other than for the purposes of the definitionexempt contribution) to have made, at the beginning of the month following the individual’s death, a contribution under a TFSA equal to the amount, if any, by which(a)that excess TFSA amountexceeds(b)the total fair market value immediately before the individual’s death of all property held in connection with arrangements that ceased, because of the individual’s death, to be TFSAs.Marginal note:Significant interest(4)An individual has a significant interest in a corporation, partnership or trust at any time if(a)in the case of a corporation, the individual would, at that time, be a specified shareholder of the corporation if the references in the portion of the definitionspecified shareholderin subsection 248(1) before paragraph (a) to “in a taxation year” and “at any time in the year” were read as “at any time” and “at that time”, respectively;(b)in the case of a partnership, the individual, or the individual together with persons and partnerships with which the individual does not deal at arm’s length, holds at that time interests as a member of the partnership that have a fair market value of 10% or more of the fair market value of the interests of all members in the partnership; and(c)in the case of a trust, the individual, or the individual together with persons and partnerships with which the individual does not deal at arm’s length, holds at that time interests as a beneficiary (in this paragraph, as defined in subsection 108(1)) under the trust that have a fair market value of 10% or more of the fair market value of the interests of all beneficiaries under the trust.Marginal note:Obligation of issuer(5)The issuer, carrier or promoter of a registered plan shall exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that a trust governed by the registered plan holds a non-qualified investment.Marginal note:Deemed disposition and reacquisition of investments(6)If, at any time, a property held by a trust governed by a registered plan becomes, or ceases to be, a prohibited investment or non-qualified investment for the trust, the trust is deemed to have disposed of the property immediately before that time for proceeds of disposition equal to the fair market value of the property at that time and to have reacquired the property at that time at a cost equal to that fair market value.Marginal note:Adjusted cost base(7)For the purpose of computing the adjusted cost base to a trust governed by a registered plan (other than a TFSA) of a property that is a transitional prohibited property for the trust, the cost to the trust of the property until the property is disposed of by the trust is deemed to be equal to the fair market value of the property,(a)in the case of a RRIF or RRSP, at the end of March 22, 2011; and(b)in the case of a RDSP or RESP, at the end of March 22, 2017.Marginal note:Prohibited investment status(8)Subsection (9) applies in respect of a property if(a)the property would, in the absence of subsection (9), have ceased at any time (in this subsection and subsection (9) referred to as the “relevant time”) to be a prohibited investment for a trust governed by a registered plan (other than a TFSA) of a controlling individual;(b)the property is a transitional prohibited property for the trust immediately before the relevant time;(c)in the case of a property held under a RRIF or RRSP, the controlling individual elected under subsection 207.05(4); and(d)the controlling individual elects in prescribed form that subsection (9) apply in respect of the property and the election is filed with the Minister on or before the day that is 90 days after the end of the taxation year of the controlling individual that includes the relevant time.Marginal note:Prohibited investment status(9)If this subsection applies in respect of a property, the property is deemed to be a prohibited investment at and after the relevant time for every trust governed by a registered plan (other than a TFSA) of the controlling individual referred to in paragraph (8)(a).Marginal note:Breakdown of marriage or common-law partnership(10)Subsection (11) applies in respect of a property if(a)the property is transferred at any time (in this subsection and subsection (11) referred to as the “transfer time”) by a trust (in this subsection and subsection (11) referred to as the “transferor trust”) governed by a RRIF or RRSP of a controlling individual (in this subsection and subsection (11) referred to as the “transferor”) under paragraph 146(16)(b) or subsection 146.3(14) to a trust (in subsection (11) referred to as the “recipient trust”) governed by a RRIF or RRSP of which the spouse or common-law partner or former spouse or common-law partner (in this subsection and subsection (11) referred to as the “recipient”) of the transferor is the controlling individual;(b)the property is a prohibited investment, and a transitional prohibited property, for the transferor trust immediately before the transfer time;(c)the transferor elected under subsection 207.05(4); and(d)the transferor and the recipient jointly elect in prescribed form that subsection (11) apply in respect of the property and the election(i)is filed with the Minister on or before the day that is 90 days after the end of the taxation year of the transferor that includes the transfer time; and(ii)designates an amount (in subsection (11) referred to as the “designated amount”) in respect of the property that(A)is not less than the adjusted cost base to the transferor trust of the property immediately before the transfer time, and(B)does not exceed the greater of the amount determined under clause (A) and the fair market value of the property at the transfer time.Marginal note:Breakdown of marriage or common-law partnership(11)If this subsection applies in respect of a property,(a)the property is deemed to be, at and after the transfer time, a property that was held on March 22, 2011 by a trust governed by a RRIF or RRSP of the recipient and that was a prohibited investment for the trust on March 23, 2011;(b)where the property would, in the absence of this paragraph, not be a prohibited investment for the recipient trust immediately after the transfer time, the property is deemed to be a prohibited investment at and after the transfer time for every trust governed by a RRIF or RRSP of the recipient;(c)the recipient is deemed to have elected under subsection 207.05(4); and(d)notwithstanding any other provision of this Act, the designated amount is deemed to be(i)the proceeds of disposition to the transferor trust from the transfer described in paragraph (10)(a), and(ii)the cost of the property to a trust governed by a RRIF or RRSP of the recipient until the property is disposed of by the trust.Marginal note:Exchange of property(12)Subsection (13) applies in respect of a property other than money if(a)the property is acquired at any time (in this subsection and subsection (13) referred to as the “exchange time”) by a trust (in this section and subsection (13) referred to as the “exchanging trust”) governed by a registered plan (other than a TFSA) of a controlling individual in exchange for another property (in this subsection referred to as the “exchanged property”) in a transaction to which any of section 51, subsection 85(1) and sections 85.1, 86 and 87 apply;(b)the exchanged property is a prohibited investment, and a transitional prohibited property, for the exchanging trust immediately before the exchange time;(c)the property is, or would be, if subsection 4900(14) of theIncome Tax Regulationswere read without reference to its paragraph (b), a qualified investment for the exchanging trust immediately after the exchange time; and(d)in the case of a property held under a RRIF or RRSP, the controlling individual elected under subsection 207.05(4).Marginal note:Exchange of property(13)If this subsection applies in respect of a property,(a)other than for the purposes of subsection (7), the property is deemed to be, at and after the exchange time, a property,(i)in the case of a trust governed by a RRIF or RRSP, that was(A)held on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2011, and(ii)in the case of a trust governed by a RDSP or RESP, that was(A)held on March 22, 2017 by a trust governed by a RDSP or RESP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2017; and(b)if the property would, in the absence of this paragraph, not be a prohibited investment for the exchanging trust immediately after the exchange time, the property is deemed to be a prohibited investment at and after the exchange time for every trust governed by a registered plan (other than a TFSA) of the controlling individual.
(a)any benefit, loan or indebtedness that is conditional in any way on the existence of the registered plan, other than(i)a benefit derived from the provision of administrative or investment services in respect of the registered plan,(ii)a loan or an indebtedness (including, in the case of a TFSA, the use of the TFSA as security for a loan or an indebtedness) the terms and conditions of which are terms and conditions that persons dealing at arm’s length with each other would have entered into,(iii)a payment out of or under the registered plan in satisfaction of all or part of a beneficiary’s or controlling individual’s interest in the registered plan,(iv)the payment or allocation of any amount to the registered plan by the issuer, carrier or promoter,(iv.1)an amount paid under or because of theCanada Disability Savings Act, theCanada Education Savings Actor under a designated provincial program, and(v)a benefit provided under an incentive program that is — in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly — offered to a broad class of persons, if it is reasonable to conclude that none of the main purposes of the program is to enable a person or partnership to benefit from the exemption from tax under Part I of any amount in respect of the plan;(b)a benefit that is an increase in the total fair market value of the property held in connection with the registered plan if it is reasonable to consider, having regard to all the circumstances, that the increase is attributable, directly or indirectly, to(i)a transaction or event or a series of transactions or events that(A)would not have occurred in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, and(B)had as one of its main purposes to enable a person or a partnership to benefit from the exemption from tax under Part I of any amount in respect of the registered plan,(ii)a payment received as, on account or in lieu of, or in satisfaction of, a payment(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, in respect of property (other than property held in connection with the registered plan) held by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan,(iii)a swap transaction, or(iv)specified non-qualified investment income that has not been paid from the registered plan to its controlling individual within 90 days of receipt by the controlling individual of a notice issued by the Minister under subsection 207.06(4);(c)a benefit that is income (determined without reference to paragraph 82(1)(b)), or a capital gain, that is reasonably attributable, directly or indirectly, to(i)a prohibited investment in respect of the registered plan or any other registered plan of the controlling individual,(ii)in the case of a registered plan that is not a TFSA, an amount received by the controlling individual of the registered plan, or by a person who does not deal at arm’s length with the controlling individual (if it is reasonable to consider, having regard to all the circumstances, that the amount was paid in relation to, or would not have been paid but for, property held in connection with the registered plan) and the amount was paid as, on account or in lieu of, or in satisfaction of, a payment(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, or(iii)a deliberate over-contribution;(d)a registered plan strip in respect of the registered plan; and(e)a prescribed benefit. (avantage)
(i)a benefit derived from the provision of administrative or investment services in respect of the registered plan,(ii)a loan or an indebtedness (including, in the case of a TFSA, the use of the TFSA as security for a loan or an indebtedness) the terms and conditions of which are terms and conditions that persons dealing at arm’s length with each other would have entered into,(iii)a payment out of or under the registered plan in satisfaction of all or part of a beneficiary’s or controlling individual’s interest in the registered plan,(iv)the payment or allocation of any amount to the registered plan by the issuer, carrier or promoter,(iv.1)an amount paid under or because of theCanada Disability Savings Act, theCanada Education Savings Actor under a designated provincial program, and(v)a benefit provided under an incentive program that is — in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly — offered to a broad class of persons, if it is reasonable to conclude that none of the main purposes of the program is to enable a person or partnership to benefit from the exemption from tax under Part I of any amount in respect of the plan;
(i)a transaction or event or a series of transactions or events that(A)would not have occurred in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, and(B)had as one of its main purposes to enable a person or a partnership to benefit from the exemption from tax under Part I of any amount in respect of the registered plan,(ii)a payment received as, on account or in lieu of, or in satisfaction of, a payment(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, in respect of property (other than property held in connection with the registered plan) held by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan,(iii)a swap transaction, or(iv)specified non-qualified investment income that has not been paid from the registered plan to its controlling individual within 90 days of receipt by the controlling individual of a notice issued by the Minister under subsection 207.06(4);
(A)would not have occurred in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, and(B)had as one of its main purposes to enable a person or a partnership to benefit from the exemption from tax under Part I of any amount in respect of the registered plan,
(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, in respect of property (other than property held in connection with the registered plan) held by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan,
(i)a prohibited investment in respect of the registered plan or any other registered plan of the controlling individual,(ii)in the case of a registered plan that is not a TFSA, an amount received by the controlling individual of the registered plan, or by a person who does not deal at arm’s length with the controlling individual (if it is reasonable to consider, having regard to all the circumstances, that the amount was paid in relation to, or would not have been paid but for, property held in connection with the registered plan) and the amount was paid as, on account or in lieu of, or in satisfaction of, a payment(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, or(iii)a deliberate over-contribution;
(A)for services provided by a person who is, or who does not deal at arm’s length with, the controlling individual of the registered plan, or(B)of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, or
(a)the holder of a TFSA;(b)a holder of a RDSP;(c)a subscriber of a RESP;(d)the annuitant of a RRIF or RRSP; or(e)the holder of a FHSA. (particulier contrôlant)
(a)a transfer in accordance with subparagraph 146.6(7)(b)(ii) to a FHSA under which the individual is the holder, to the extent that it does not exceed the total of all amounts transferred under paragraph 146(16)(a.2) on or before the date of the designation less the total of all amounts previously designated under this paragraph; or(b)a withdrawal from a FHSA under which the individual is the holder, to the extent that it does not exceed the total of all amounts contributed to a FHSA under which the individual is the holder on or before the date of the designation less the total of all amounts previously designated under this paragraph. (montant désigné)
(a)in the case of a corporation, a share of the capital stock of the corporation;(b)in the case of a trust, an income or capital interest in the trust; and(c)in the case of a partnership, an interest as a member of the partnership. (droit sur l’actif)
(a)$40,000, and(b)the amount determined by the formula$8,000 + F + G + H − IwhereFis the amount of the FHSA carryforward for the taxation year,Gis the total of all amounts each of which is a contribution made to a FHSA by the individual at or before the end of the immediately preceding taxation year,His the total of all amounts transferred under paragraph 146(16)(a.2), at or before the end of the immediately preceding taxation year, to a FHSA under which the individual is the holder, andIis the excess FHSA amount determined at the end of the immediately preceding taxation year;
(a)a qualifying transfer, or(b)an exempt contribution;
(a)a qualifying transfer, or(b)a specified distribution;
(a)the TFSA dollar limit for the calendar year if, at any time in the calendar year, the individual is resident in Canada, and(b)nil, in any other case; and
(a)nil, if the distribution is a qualifying transfer or a specified distribution, and(b)in any other case, the lesser of(i)the amount of the distribution, and(ii)the amount that would be the individual’s excess TFSA amount at the time of the distribution if the amount of the distribution were nil. (excédent CÉLI)
(i)the amount of the distribution, and(ii)the amount that would be the individual’s excess TFSA amount at the time of the distribution if the amount of the distribution were nil. (excédent CÉLI)
(a)property described in paragraph 4900(1)(j.1) of theIncome Tax Regulations;(b)an equity of a mutual fund corporation, mutual fund trust or registered investment if(i)either(A)the equity is equity of a mutual fund corporation or mutual fund trust that derives all or substantially all its value from one or more mutual funds that are subject to, and substantially comply with, the requirements ofNational Instrument 81–102 Mutual Funds, as amended from time to time, of the Canadian Securities Administrators, or(B)the corporation, trust or registered investment follows a reasonable policy of investment diversification,(ii)the time is(A)during the 24-month period that begins on the day on which the first taxation year of the corporation, trust or registered investment begins,(B)during the 24-month period that ends on the day on which the last taxation year of the corporation, trust or registered investment ends, or(C)where the equity is a share of the capital stock of a mutual fund corporation and the share derives all or substantially all its value from a particular mutual fund,(I)during the 24-month period that begins on the day on which the particular mutual fund is established, or(II)during the 24-month period that ends on the day on which the particular mutual fund is terminated,(iii)it is reasonable to conclude that none of the main purposes of the structure of the corporation, trust or registered investment, or of the terms and conditions of the equity, is to accommodate transactions or events that could affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, and(iv)it is reasonable to conclude that none of the main purposes of the incorporation, establishment or operation of the corporation, trust or registered investment, or of the particular mutual fund, is to benefit from this paragraph; or(c)equity of a corporation, partnership or trust (in this paragraph referred to as the “investment entity”) if at that time(i)the fair market value of the equity (in this paragraph referred to as the “arm’s length equity”) of the investment entity that is owned by persons who deal at arm’s length with the controlling individual of the registered plan is at least 90% of the fair market value of all the equity of the investment entity,(ii)the total fair market value of the arm’s length equity and the debt of the investment entity that is owned by persons who deal at arm’s length with the controlling individual is at least 90% of the total fair market value of all the equity and debt of the investment entity,(iii)the controlling individual, either alone or together with persons with whom the controlling individual does not deal at arm’s length, does not have the right to cast at least 10% of the votes, if any, that could be cast regarding the governance of the investment entity,(iv)the specific terms and conditions of each share or unit of equity of the investment entity held by the trust governed by the registered plan are the same as, or substantially similar to, the terms and conditions of particular equity that is included in the arm’s length equity,(v)the fair market value of the particular equity referred to in subparagraph (iv) is equal to at least 10% of the total fair market value of all equity of the investment entity having the specific terms and conditions referred to in subparagraph (iv) or terms and conditions that are substantially similar to those terms and conditions,(vi)the controlling individual deals at arm’s length with the investment entity, and(vii)it is reasonable to conclude that none of the main purposes of the structure of the investment entity, or of the terms and conditions of the equity, is to accommodate transactions or events that could affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly. (bien exclu)
(i)either(A)the equity is equity of a mutual fund corporation or mutual fund trust that derives all or substantially all its value from one or more mutual funds that are subject to, and substantially comply with, the requirements ofNational Instrument 81–102 Mutual Funds, as amended from time to time, of the Canadian Securities Administrators, or(B)the corporation, trust or registered investment follows a reasonable policy of investment diversification,(ii)the time is(A)during the 24-month period that begins on the day on which the first taxation year of the corporation, trust or registered investment begins,(B)during the 24-month period that ends on the day on which the last taxation year of the corporation, trust or registered investment ends, or(C)where the equity is a share of the capital stock of a mutual fund corporation and the share derives all or substantially all its value from a particular mutual fund,(I)during the 24-month period that begins on the day on which the particular mutual fund is established, or(II)during the 24-month period that ends on the day on which the particular mutual fund is terminated,(iii)it is reasonable to conclude that none of the main purposes of the structure of the corporation, trust or registered investment, or of the terms and conditions of the equity, is to accommodate transactions or events that could affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, and(iv)it is reasonable to conclude that none of the main purposes of the incorporation, establishment or operation of the corporation, trust or registered investment, or of the particular mutual fund, is to benefit from this paragraph; or
(A)the equity is equity of a mutual fund corporation or mutual fund trust that derives all or substantially all its value from one or more mutual funds that are subject to, and substantially comply with, the requirements ofNational Instrument 81–102 Mutual Funds, as amended from time to time, of the Canadian Securities Administrators, or(B)the corporation, trust or registered investment follows a reasonable policy of investment diversification,
(A)during the 24-month period that begins on the day on which the first taxation year of the corporation, trust or registered investment begins,(B)during the 24-month period that ends on the day on which the last taxation year of the corporation, trust or registered investment ends, or(C)where the equity is a share of the capital stock of a mutual fund corporation and the share derives all or substantially all its value from a particular mutual fund,(I)during the 24-month period that begins on the day on which the particular mutual fund is established, or(II)during the 24-month period that ends on the day on which the particular mutual fund is terminated,
(I)during the 24-month period that begins on the day on which the particular mutual fund is established, or(II)during the 24-month period that ends on the day on which the particular mutual fund is terminated,
(i)the fair market value of the equity (in this paragraph referred to as the “arm’s length equity”) of the investment entity that is owned by persons who deal at arm’s length with the controlling individual of the registered plan is at least 90% of the fair market value of all the equity of the investment entity,(ii)the total fair market value of the arm’s length equity and the debt of the investment entity that is owned by persons who deal at arm’s length with the controlling individual is at least 90% of the total fair market value of all the equity and debt of the investment entity,(iii)the controlling individual, either alone or together with persons with whom the controlling individual does not deal at arm’s length, does not have the right to cast at least 10% of the votes, if any, that could be cast regarding the governance of the investment entity,(iv)the specific terms and conditions of each share or unit of equity of the investment entity held by the trust governed by the registered plan are the same as, or substantially similar to, the terms and conditions of particular equity that is included in the arm’s length equity,(v)the fair market value of the particular equity referred to in subparagraph (iv) is equal to at least 10% of the total fair market value of all equity of the investment entity having the specific terms and conditions referred to in subparagraph (iv) or terms and conditions that are substantially similar to those terms and conditions,(vi)the controlling individual deals at arm’s length with the investment entity, and(vii)it is reasonable to conclude that none of the main purposes of the structure of the investment entity, or of the terms and conditions of the equity, is to accommodate transactions or events that could affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly. (bien exclu)
(a)the contribution is made during the period (in this definition referred to as the “rollover period”) that begins when the individual dies and that ends at the end of the first calendar year that begins after the individual dies (or at any later time that is acceptable to the Minister);(b)a payment (in this definition referred to as the “survivor payment”) was made to the survivor during the rollover period, as a consequence of the individual’s death, directly or indirectly out of or under an arrangement that ceased, because of the individual’s death, to be a TFSA;(c)the survivor designates, in prescribed form filed in prescribed manner within 30 days after the day on which the contribution is made (or at any later time that is acceptable to the Minister), the contribution in relation to the survivor payment; and(d)the amount of the contribution does not exceed the least of(i)the amount, if any, by which(A)the amount of the survivor paymentexceeds(B)the total of all other contributions designated by the survivor in relation to the survivor payment,(ii)the amount, if any, by which(A)the total proceeds of disposition that would, if section 146.2 were read without reference to subsection 146.2(9), be determined in respect of the arrangement under paragraph 146.2(8)(a), (10)(a) or (11)(a), as the case may be,exceeds(B)the total of all other exempt contributions in respect of the arrangement made by the survivor at or before the time of the contribution, and(iii)if the individual had, immediately before the individual’s death, an excess TFSA amount or if payments described in paragraph (b) are made to more than one survivor of the individual, nil or the greater amount, if any, allowed by the Minister in respect of the contribution. (cotisation exclue)
(i)the amount, if any, by which(A)the amount of the survivor paymentexceeds(B)the total of all other contributions designated by the survivor in relation to the survivor payment,(ii)the amount, if any, by which(A)the total proceeds of disposition that would, if section 146.2 were read without reference to subsection 146.2(9), be determined in respect of the arrangement under paragraph 146.2(8)(a), (10)(a) or (11)(a), as the case may be,exceeds(B)the total of all other exempt contributions in respect of the arrangement made by the survivor at or before the time of the contribution, and(iii)if the individual had, immediately before the individual’s death, an excess TFSA amount or if payments described in paragraph (b) are made to more than one survivor of the individual, nil or the greater amount, if any, allowed by the Minister in respect of the contribution. (cotisation exclue)
(A)the amount of the survivor payment
(B)the total of all other contributions designated by the survivor in relation to the survivor payment,
(A)the total proceeds of disposition that would, if section 146.2 were read without reference to subsection 146.2(9), be determined in respect of the arrangement under paragraph 146.2(8)(a), (10)(a) or (11)(a), as the case may be,
(B)the total of all other exempt contributions in respect of the arrangement made by the survivor at or before the time of the contribution, and
(a)a debt of the controlling individual of the registered plan;(b)a share of the capital stock of, an interest in, or a debt of(i)a corporation, partnership or trust in which the controlling individual has a significant interest, or(ii)a person or partnership that does not deal at arm’s length with the controlling individual;(c)an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a) or (b); or(d)prescribed property. (placement interdit)
(i)a corporation, partnership or trust in which the controlling individual has a significant interest, or(ii)a person or partnership that does not deal at arm’s length with the controlling individual;
(a)an investment that would be described by any of paragraphs (a) to (d), (f) and (g) of the definitionqualified investmentin section 204 if the reference in that definition to “a trust governed by a deferred profit sharing plan or revoked plan” were read as a reference to “a trust governed by a FHSA or TFSA” and if that definition were read without reference to the words “with the exception of excluded property in relation to the trust”;(b)a contract for an annuity issued by a licensed annuities provider if(i)the trust is the only person who, disregarding any subsequent transfer of the contract by the trust, is or may become entitled to any annuity payments under the contract, and(ii)the holder of the contract has a right to surrender the contract at any time for an amount that would, if reasonable sales and administration charges were ignored, approximate the value of funds that could otherwise be applied to fund future periodic payments under the contract; and(c)a prescribed investment. (placement admissible)
(i)the trust is the only person who, disregarding any subsequent transfer of the contract by the trust, is or may become entitled to any annuity payments under the contract, and(ii)the holder of the contract has a right to surrender the contract at any time for an amount that would, if reasonable sales and administration charges were ignored, approximate the value of funds that could otherwise be applied to fund future periodic payments under the contract; and
(a)the amount is transferred directly to another TFSA, the holder of which is the particular individual; or(b)the amount is transferred directly to another TFSA, the holder of which is a spouse or common-law partner or former spouse or common-law partner of the particular individual, and the following conditions are satisfied:(i)the individuals are living separate and apart at the time of the transfer, and(ii)the transfer is made under a decree, order or judgment of a competent tribunal, or under a written separation agreement, relating to a division of property between the individuals in settlement of rights arising out of, or on the breakdown of, their marriage or common-law partnership. (transfert admissible)
(i)the individuals are living separate and apart at the time of the transfer, and(ii)the transfer is made under a decree, order or judgment of a competent tribunal, or under a written separation agreement, relating to a division of property between the individuals in settlement of rights arising out of, or on the breakdown of, their marriage or common-law partnership. (transfert admissible)
(a)included in the income of a person under section 146, 146.1, 146.3, 146.4 or 146.6;(b)an excluded withdrawal under section 146.01 or 146.02;(b.1)a qualifying withdrawal under section 146.6;(b.2)a designated amount;(c)described in subsection 146(16), 146.3(14.2) or 146.4(8);(d)a distribution to a trust governed by a RESP under circumstances to which subparagraph 204.9(5)(c)(i) or (ii) applies;(e)an accumulated income payment made to a RDSP under circumstances to which subsection 146.1(1.2) applies;(f)a refund of payments under a RESP; or(g)the non-taxable portion of a disability assistance payment made from a RDSP. (somme découlant d’un dépouillement de régime enregistré)
(a)a distribution made under a TFSA to the extent that it is, or is reasonably attributable to, an amount that is(i)an advantage in respect of the TFSA or any other TFSA of the holder,(ii)specified non-qualified investment income,(iii)an amount in respect of which tax was payable under Part I by a trust governed by the TFSA or any other TFSA of the holder, or(iv)an amount described in subparagraph 207.06(1)(b)(ii); or(b)a prescribed distribution. (distribution déterminée)
(i)an advantage in respect of the TFSA or any other TFSA of the holder,(ii)specified non-qualified investment income,(iii)an amount in respect of which tax was payable under Part I by a trust governed by the TFSA or any other TFSA of the holder, or(iv)an amount described in subparagraph 207.06(1)(b)(ii); or
(a)a payment out of or under the registered plan in satisfaction of all or part of the controlling individual’s interest in the registered plan;(b)a payment into the registered plan that is(i)a contribution, a premium or an amount transferred in accordance with paragraph 146.3(2)(f),(ii)described in paragraph (a) or (b) of the definitioncontributionin subsection 146.1(1), or(iii)described in any of paragraphs (a) to (d) of the definitioncontributionin subsection 146.4(1);(c)a transfer of a prohibited investment or a non-qualified investment from the registered plan for consideration, in circumstances where the controlling individual is entitled to a refund under subsection 207.04(4) on the transfer;(d)a transfer of property from one registered plan of a controlling individual to another registered plan of the controlling individual if(i)both registered plans are RRIFs, RRSPs or FHSAs,(ii)both registered plans are TFSAs,(iii)both registered plans are RDSPs, or(iv)both registered plans are RESPs;(e)a transfer of a prohibited investment from the registered plan for consideration, if subsection (13) applies in respect of all or part of the consideration received by the registered plan;(f)a transfer of property from the registered plan in consideration for the issuance of a debt obligation that is an excluded property for the trust governed by the registered plan; or(g)a payment into the registered plan that is a payment of, or in satisfaction of, the principal amount of, or interest on, a debt obligation that is an excluded property for the trust governed by the registered plan. (opération de swap)
(i)a contribution, a premium or an amount transferred in accordance with paragraph 146.3(2)(f),(ii)described in paragraph (a) or (b) of the definitioncontributionin subsection 146.1(1), or(iii)described in any of paragraphs (a) to (d) of the definitioncontributionin subsection 146.4(1);
(i)both registered plans are RRIFs, RRSPs or FHSAs,(ii)both registered plans are TFSAs,(iii)both registered plans are RDSPs, or(iv)both registered plans are RESPs;
(a)for 2009 to 2012, $5,000;(b)for 2013 and 2014, $5,500;(c)for 2015, $10,000; and(d)for each year after 2015, the amount (rounded to the nearest multiple of $500, or if that amount is equidistant from two such consecutive multiples, to the higher multiple) that is equal to $5,000 adjusted for each year after 2009 in the manner set out in section 117.1. (plafond CÉLI)
(a)is reasonably attributable, directly or indirectly, to a property that is a prohibited investment, and a transitional prohibited property, for the trust, and(b)in the case of income, is earned after March 22, 2011 and, in the case of a capital gain, accrues after March 22, 2011; and
(a)is reasonably attributable, directly or indirectly, to a property that is a prohibited investment, and a transitional prohibited property, for the trust, and(b)accrues after March 22, 2011. (bénéfice transitoire provenant d’un placement interdit)
(a)on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual and that was a prohibited investment for that trust on March 23, 2011; or(b)on March 22, 2017 by a trust governed by a RDSP or RESP of the controlling individual and that was a prohibited investment for that trust on March 23, 2017. (bien interdit transitoire)
(a)if the year is before 2009, nil;(a.1)in circumstances where the Minister has, in accordance with section 207.06, waived or cancelled all or part of the liability imposed on the individual, the amount determined by the Minister; and(b)in any other case, the positive or negative amount determined by the formulaA + B + C - DwhereAis the individual’s unused TFSA contribution room at the end of the preceding calendar year,Bis the total of all amounts each of which was a distribution made in the preceding calendar year under a TFSA of which the individual was the holder at the time of the distribution, other than a distribution that is(i)a qualifying transfer, or(ii)a specified distribution,Cis(i)the TFSA dollar limit for the calendar year, if at any time in the calendar year the individual is 18 years of age or older and resident in Canada, and(ii)nil, in any other case, andDis the total of all amounts each of which is a contribution made under a TFSA by the individual in the calendar year, other than a contribution that is(i)a qualifying transfer, or(ii)an exempt contribution. (droits inutilisés de cotisation à un CÉLI)
(i)a qualifying transfer, or(ii)a specified distribution,
(i)the TFSA dollar limit for the calendar year, if at any time in the calendar year the individual is 18 years of age or older and resident in Canada, and(ii)nil, in any other case, and
(i)a qualifying transfer, or(ii)an exempt contribution. (droits inutilisés de cotisation à un CÉLI)
(a)that excess TFSA amount
(b)the total fair market value immediately before the individual’s death of all property held in connection with arrangements that ceased, because of the individual’s death, to be TFSAs.
(a)in the case of a corporation, the individual would, at that time, be a specified shareholder of the corporation if the references in the portion of the definitionspecified shareholderin subsection 248(1) before paragraph (a) to “in a taxation year” and “at any time in the year” were read as “at any time” and “at that time”, respectively;(b)in the case of a partnership, the individual, or the individual together with persons and partnerships with which the individual does not deal at arm’s length, holds at that time interests as a member of the partnership that have a fair market value of 10% or more of the fair market value of the interests of all members in the partnership; and(c)in the case of a trust, the individual, or the individual together with persons and partnerships with which the individual does not deal at arm’s length, holds at that time interests as a beneficiary (in this paragraph, as defined in subsection 108(1)) under the trust that have a fair market value of 10% or more of the fair market value of the interests of all beneficiaries under the trust.
(a)in the case of a RRIF or RRSP, at the end of March 22, 2011; and(b)in the case of a RDSP or RESP, at the end of March 22, 2017.
(a)the property would, in the absence of subsection (9), have ceased at any time (in this subsection and subsection (9) referred to as the “relevant time”) to be a prohibited investment for a trust governed by a registered plan (other than a TFSA) of a controlling individual;(b)the property is a transitional prohibited property for the trust immediately before the relevant time;(c)in the case of a property held under a RRIF or RRSP, the controlling individual elected under subsection 207.05(4); and(d)the controlling individual elects in prescribed form that subsection (9) apply in respect of the property and the election is filed with the Minister on or before the day that is 90 days after the end of the taxation year of the controlling individual that includes the relevant time.
(a)the property is transferred at any time (in this subsection and subsection (11) referred to as the “transfer time”) by a trust (in this subsection and subsection (11) referred to as the “transferor trust”) governed by a RRIF or RRSP of a controlling individual (in this subsection and subsection (11) referred to as the “transferor”) under paragraph 146(16)(b) or subsection 146.3(14) to a trust (in subsection (11) referred to as the “recipient trust”) governed by a RRIF or RRSP of which the spouse or common-law partner or former spouse or common-law partner (in this subsection and subsection (11) referred to as the “recipient”) of the transferor is the controlling individual;(b)the property is a prohibited investment, and a transitional prohibited property, for the transferor trust immediately before the transfer time;(c)the transferor elected under subsection 207.05(4); and(d)the transferor and the recipient jointly elect in prescribed form that subsection (11) apply in respect of the property and the election(i)is filed with the Minister on or before the day that is 90 days after the end of the taxation year of the transferor that includes the transfer time; and(ii)designates an amount (in subsection (11) referred to as the “designated amount”) in respect of the property that(A)is not less than the adjusted cost base to the transferor trust of the property immediately before the transfer time, and(B)does not exceed the greater of the amount determined under clause (A) and the fair market value of the property at the transfer time.
(i)is filed with the Minister on or before the day that is 90 days after the end of the taxation year of the transferor that includes the transfer time; and(ii)designates an amount (in subsection (11) referred to as the “designated amount”) in respect of the property that(A)is not less than the adjusted cost base to the transferor trust of the property immediately before the transfer time, and(B)does not exceed the greater of the amount determined under clause (A) and the fair market value of the property at the transfer time.
(A)is not less than the adjusted cost base to the transferor trust of the property immediately before the transfer time, and(B)does not exceed the greater of the amount determined under clause (A) and the fair market value of the property at the transfer time.
(a)the property is deemed to be, at and after the transfer time, a property that was held on March 22, 2011 by a trust governed by a RRIF or RRSP of the recipient and that was a prohibited investment for the trust on March 23, 2011;(b)where the property would, in the absence of this paragraph, not be a prohibited investment for the recipient trust immediately after the transfer time, the property is deemed to be a prohibited investment at and after the transfer time for every trust governed by a RRIF or RRSP of the recipient;(c)the recipient is deemed to have elected under subsection 207.05(4); and(d)notwithstanding any other provision of this Act, the designated amount is deemed to be(i)the proceeds of disposition to the transferor trust from the transfer described in paragraph (10)(a), and(ii)the cost of the property to a trust governed by a RRIF or RRSP of the recipient until the property is disposed of by the trust.
(i)the proceeds of disposition to the transferor trust from the transfer described in paragraph (10)(a), and(ii)the cost of the property to a trust governed by a RRIF or RRSP of the recipient until the property is disposed of by the trust.
(a)the property is acquired at any time (in this subsection and subsection (13) referred to as the “exchange time”) by a trust (in this section and subsection (13) referred to as the “exchanging trust”) governed by a registered plan (other than a TFSA) of a controlling individual in exchange for another property (in this subsection referred to as the “exchanged property”) in a transaction to which any of section 51, subsection 85(1) and sections 85.1, 86 and 87 apply;(b)the exchanged property is a prohibited investment, and a transitional prohibited property, for the exchanging trust immediately before the exchange time;(c)the property is, or would be, if subsection 4900(14) of theIncome Tax Regulationswere read without reference to its paragraph (b), a qualified investment for the exchanging trust immediately after the exchange time; and(d)in the case of a property held under a RRIF or RRSP, the controlling individual elected under subsection 207.05(4).
(a)other than for the purposes of subsection (7), the property is deemed to be, at and after the exchange time, a property,(i)in the case of a trust governed by a RRIF or RRSP, that was(A)held on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2011, and(ii)in the case of a trust governed by a RDSP or RESP, that was(A)held on March 22, 2017 by a trust governed by a RDSP or RESP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2017; and(b)if the property would, in the absence of this paragraph, not be a prohibited investment for the exchanging trust immediately after the exchange time, the property is deemed to be a prohibited investment at and after the exchange time for every trust governed by a registered plan (other than a TFSA) of the controlling individual.
(i)in the case of a trust governed by a RRIF or RRSP, that was(A)held on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2011, and(ii)in the case of a trust governed by a RDSP or RESP, that was(A)held on March 22, 2017 by a trust governed by a RDSP or RESP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2017; and
(A)held on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2011, and
(A)held on March 22, 2017 by a trust governed by a RDSP or RESP of the controlling individual referred to in subsection (12), and(B)a prohibited investment for the trust on March 23, 2017; and
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2008, c. 28, s. 312009, c. 2, s. 682010, c. 25, s. 572011, c. 24, s. 642013, c. 40, s. 742015, c. 36, s. 192016, c. 11, s. 92017, c. 33, s. 682022, c. 19, s. 50
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2008, c. 28, s. 31
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2022, c. 19, s. 51
(a)that excess FHSA amount
(b)the total fair market value immediately before the individual’s death of all property held under the FHSAs of the individual (other than a FHSA in respect of which the survivor became the successor holder as a consequence of the individual’s death).
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2022, c. 19, s. 51
(a)the first time after the particular time at which the amount of the contribution is equalled or exceeded by the total of all amounts each of which is a distribution(i)that is made after the particular time under a TFSA of which the individual is the holder, and(ii)that the individual designates in prescribed manner to be a distribution in connection with the contribution and not in connection with any other contribution, and(b)the time at which the individual becomes resident in Canada.
(i)that is made after the particular time under a TFSA of which the individual is the holder, and(ii)that the individual designates in prescribed manner to be a distribution in connection with the contribution and not in connection with any other contribution, and
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2008, c. 28, s. 312009, c. 2, s. 69
207.04(1)The controlling individual of a registered plan that governs a trust shall pay a tax under this Part for a calendar year if, at any time in the year, the trust acquires property that is a prohibited investment, or a non-qualified investment, for the trust.Marginal note:Amount of tax payable(2)The amount of tax payable in respect of each property described in subsection (1) is 50% of the fair market value of the property at the time referred to in that subsection.Marginal note:Both prohibited and non-qualified investment(3)For the purposes of this section and subsections 146(10.1), 146.1(5), 146.2(6), 146.3(9), 146.4(5) and 207.01(6), if a trust governed by a registered plan holds property at any time that is, for the trust, both a prohibited investment and a non-qualified investment, the property is deemed at that time not to be a non-qualified investment, but remains a prohibited investment, for the trust.Marginal note:Refund of tax on disposition of investment(4)If in a calendar year a trust governed by a registered plan disposes of a property in respect of which a tax is imposed under subsection (1) on the controlling individual of the registered plan, the controlling individual is entitled to a refund for the year of an amount equal to(a)except where paragraph (b) applies, the amount of the tax so imposed; or(b)nil,(i)if it is reasonable to consider that the controlling individual knew, or ought to have known, at the time the property was acquired by the trust, that it was, or would become, a property described in subsection (1), or(ii)if the property is not disposed of by the trust before the end of the calendar year following the calendar year in which the tax arose, or any later time that the Minister considers reasonable in the circumstances.Marginal note:Apportionment of refund(5)If more than one person is entitled to a refund under subsection (4) for a calendar year in respect of the disposition of a property, the total of all amounts so refundable shall not exceed the amount that would be so refundable for the year to any one of those persons in respect of that disposition if that person were the only person entitled to a refund for the year under that subsection in respect of the disposition