VIII, s. 212000, c. 12, s. 1422001, c. 17, s. 239(F)
60.011(1)For the purpose of subsection (2), a trust is at any particular time a lifetime benefit trust with respect to a taxpayer and the estate of a deceased individual if(a)immediately before the death of the deceased individual, the taxpayer(i)was both a spouse or common-law partner of the deceased individual and mentally infirm, or(ii)was both a child or grandchild of the deceased individual and dependent on the deceased individual for support because of mental infirmity; and(b)the trust is, at the particular time, a personal trust under which(i)no person other than the taxpayer may receive or otherwise obtain the use of, during the taxpayer’s lifetime, any of the income or capital of the trust, and(ii)the trustees(A)are empowered to pay amounts from the trust to the taxpayer, and(B)are required — in determining whether to pay, or not to pay, an amount to the taxpayer — to consider the needs of the taxpayer including, without limiting the generality of the foregoing, the comfort, care and maintenance of the taxpayer.Meaning ofqualifying trust annuity(2)Each of the following is a qualifying trust annuity with respect to a taxpayer:(a)an annuity that meets the following conditions:(i)it is acquired after 2005,(ii)the annuitant under it is a trust that is, at the time the annuity is acquired, a lifetime benefit trust with respect to the taxpayer and the estate of a deceased individual,(iii)it is for the life of the taxpayer (with or without a guaranteed period), or for a fixed term equal to 90 years minus the age in whole years of the taxpayer at the time it is acquired, and(iv)if it is with a guaranteed period or for a fixed term, it requires that, in the event of the death of the taxpayer during the guaranteed period or fixed term, any amounts that would otherwise be payable after the death of the taxpayer be commuted into a single payment;(b)an annuity that meets the following conditions:(i)it is acquired after 1988,(ii)the annuitant under it is a trust under which the taxpayer is the sole person beneficially interested (determined without regard to any right of a person to receive an amount from the trust only on or after the death of the taxpayer) in amounts payable under the annuity,(iii)it is for a fixed term not exceeding 18 years minus the age in whole years of the taxpayer at the time it is acquired, and(iv)if it is acquired after 2005, it requires that, in the event of the death of the taxpayer during the fixed term, any amounts that would otherwise be payable after the death of the taxpayer be commuted into a single payment; and(c)an annuity that meets the following conditions:(i)it is acquired(A)after 2000 and before 2005 at a time at which the taxpayer was mentally or physically infirm, or(B)in 2005 at a time at which the taxpayer was mentally infirm,(ii)the annuitant under it is a trust under which the taxpayer is the sole person beneficially interested (determined without regard to any right of a person to receive an amount from the trust only on or after the death of the taxpayer) in amounts payable under the annuity, and(iii)it is for the life of the taxpayer (with or without a guaranteed period), or for a fixed term equal to 90 years minus the age in whole years of the taxpayer at the time it is acquired.Application of paragraph 60(l) toqualifying trust annuity(3)For the purpose of paragraph 60(l),(a)in determining if a qualifying trust annuity with respect to a taxpayer is an annuity described in subparagraph 60(l)(ii), clauses 60(l)(ii)(A) and (B) are to be read without regard to their requirement that the taxpayer be the annuitant under the annuity; and(b)if an amount paid to acquire a qualifying trust annuity with respect to a taxpayer would, if this Act were read without reference to this subsection, not be considered to have been paid by or on behalf of the taxpayer, the amount is deemed to have been paid on behalf of the taxpayer where(i)it is paid(A)by the estate of a deceased individual who was, immediately before death,(I)a spouse or common-law partner of the taxpayer, or(II)a parent or grandparent of the taxpayer on whom the taxpayer was dependent for support, or(B)by the trust that is the annuitant under the qualifying trust annuity, and(ii)it would, if it had been paid by the taxpayer, be deductible under paragraph 60(l) in computing the taxpayer’s income for a taxation year and the taxpayer elects, in the taxpayer’s return of income under this Part for that taxation year, to have this paragraph apply to the amount.
(a)immediately before the death of the deceased individual, the taxpayer(i)was both a spouse or common-law partner of the deceased individual and mentally infirm, or(ii)was both a child or grandchild of the deceased individual and dependent on the deceased individual for support because of mental infirmity; and(b)the trust is, at the particular time, a personal trust under which(i)no person other than the taxpayer may receive or otherwise obtain the use of, during the taxpayer’s lifetime, any of the income or capital of the trust, and(ii)the trustees(A)are empowered to pay amounts from the trust to the taxpayer, and(B)are required — in determining whether to pay, or not to pay, an amount to the taxpayer — to consider the needs of the taxpayer including, without limiting the generality of the foregoing, the comfort, care and maintenance of the taxpayer.
(i)was both a spouse or common-law partner of the deceased individual and mentally infirm, or(ii)was both a child or grandchild of the deceased individual and dependent on the deceased individual for support because of mental infirmity; and
(i)no person other than the taxpayer may receive or otherwise obtain the use of, during the taxpayer’s lifetime, any of the income or capital of the trust, and(ii)the trustees(A)are empowered to pay amounts from the trust to the taxpayer, and(B)are required — in determining whether to pay, or not to pay, an amount to the taxpayer — to consider the needs of the taxpayer including, without limiting the generality of the foregoing, the comfort, care and maintenance of the taxpayer.
(A)are empowered to pay amounts from the trust to the taxpayer, and(B)are required — in determining whether to pay, or not to pay, an amount to the taxpayer — to consider the needs of the taxpayer including, without limiting the generality of the foregoing, the comfort, care and maintenance of the taxpayer.
(a)an annuity that meets the following conditions:(i)it is acquired after 2005,(ii)the annuitant under it is a trust that is, at the time the annuity is acquired, a lifetime benefit trust with respect to the taxpayer and the estate of a deceased individual,(iii)it is for the life of the taxpayer (with or without a guaranteed period), or for a fixed term equal to 90 years minus the age in whole years of the taxpayer at the time it is acquired, and(iv)if it is with a guaranteed period or for a fixed term, it requires that, in the event of the death of the taxpayer during the guaranteed period or fixed term, any amounts that would otherwise be payable after the death of the taxpayer be commuted into a single payment;(b)an annuity that meets the following conditions:(i)it is acquired after 1988,(ii)the annuitant under it is a trust under which the taxpayer is the sole person beneficially interested (determined without regard to any right of a person to receive an amount from the trust only on or after the death of the taxpayer) in amounts payable under the annuity,(iii)it is for a fixed term not exceeding 18 years minus the age in whole years of the taxpayer at the time it is acquired, and(iv)if it is acquired after 2005, it requires that, in the event of the death of the taxpayer during the fixed term, any amounts that would otherwise be payable after the death of the taxpayer be commuted into a single payment; and(c)an annuity that meets the following conditions:(i)it is acquired(A)after 2000 and before 2005 at a time at which the taxpayer was mentally or physically infirm, or(B)in 2005 at a time at which the taxpayer was mentally infirm,(ii)the annuitant under it is a trust under which the taxpayer is the sole person beneficially interested (determined without regard to any right of a person to receive an amount from the trust only on or after the death of the taxpayer) in amounts payable under the annuity, and(iii)it is for the life of the taxpayer (with or without a guaranteed period), or for a fixed term equal to 90 years minus the age in whole years of the taxpayer at the time it is acquired.
(i)it is acquired after 2005,(ii)the annuitant under it is a trust that is, at the time the annuity is acquired, a lifetime benefit trust with respect to the taxpayer and the estate of a deceased individual,(iii)it is for the life of the taxpayer (with or without a guaranteed period), or for a fixed term equal to 90 years minus the age in whole years of the taxpayer at the time it is acquired, and(iv)if it is with a guaranteed period or for a fixed term, it requires that, in the event of the death of the taxpayer during the guaranteed period or fixed term, any amounts that would otherwise be payable after the death of the taxpayer be commuted into a single payment;
(i)it is acquired after 1988,(ii)the annuitant under it is a trust under which the taxpayer is the sole person beneficially interested (determined without regard to any right of a person to receive an amount from the trust only on or after the death of the taxpayer) in amounts payable under the annuity,(iii)it is for a fixed term not exceeding 18 years minus the age in whole years of the taxpayer at the time it is acquired, and(iv)if it is acquired after 2005, it requires that, in the event of the death of the taxpayer during the fixed term, any amounts that would otherwise be payable after the death of the taxpayer be commuted into a single payment; and
(i)it is acquired(A)after 2000 and before 2005 at a time at which the taxpayer was mentally or physically infirm, or(B)in 2005 at a time at which the taxpayer was mentally infirm,(ii)the annuitant under it is a trust under which the taxpayer is the sole person beneficially interested (determined without regard to any right of a person to receive an amount from the trust only on or after the death of the taxpayer) in amounts payable under the annuity, and(iii)it is for the life of the taxpayer (with or without a guaranteed period), or for a fixed term equal to 90 years minus the age in whole years of the taxpayer at the time it is acquired.
(A)after 2000 and before 2005 at a time at which the taxpayer was mentally or physically infirm, or(B)in 2005 at a time at which the taxpayer was mentally infirm,
(a)in determining if a qualifying trust annuity with respect to a taxpayer is an annuity described in subparagraph 60(l)(ii), clauses 60(l)(ii)(A) and (B) are to be read without regard to their requirement that the taxpayer be the annuitant under the annuity; and(b)if an amount paid to acquire a qualifying trust annuity with respect to a taxpayer would, if this Act were read without reference to this subsection, not be considered to have been paid by or on behalf of the taxpayer, the amount is deemed to have been paid on behalf of the taxpayer where(i)it is paid(A)by the estate of a deceased individual who was, immediately before death,(I)a spouse or common-law partner of the taxpayer, or(II)a parent or grandparent of the taxpayer on whom the taxpayer was dependent for support, or(B)by the trust that is the annuitant under the qualifying trust annuity, and(ii)it would, if it had been paid by the taxpayer, be deductible under paragraph 60(l) in computing the taxpayer’s income for a taxation year and the taxpayer elects, in the taxpayer’s return of income under this Part for that taxation year, to have this paragraph apply to the amount.
(i)it is paid(A)by the estate of a deceased individual who was, immediately before death,(I)a spouse or common-law partner of the taxpayer, or(II)a parent or grandparent of the taxpayer on whom the taxpayer was dependent for support, or(B)by the trust that is the annuitant under the qualifying trust annuity, and(ii)it would, if it had been paid by the taxpayer, be deductible under paragraph 60(l) in computing the taxpayer’s income for a taxation year and the taxpayer elects, in the taxpayer’s return of income under this Part for that taxation year, to have this paragraph apply to the amount.
(A)by the estate of a deceased individual who was, immediately before death,(I)a spouse or common-law partner of the taxpayer, or(II)a parent or grandparent of the taxpayer on whom the taxpayer was dependent for support, or(B)by the trust that is the annuitant under the qualifying trust annuity, and
(I)a spouse or common-law partner of the taxpayer, or(II)a parent or grandparent of the taxpayer on whom the taxpayer was dependent for support, or
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2013, c. 34, s. 197
60.02(1)The definitions in this subsection apply in this section and section 146.4,eligible individualeligible individualmeans a child or grandchild of a deceased annuitant under a registered retirement savings plan or a registered retirement income fund, or of a deceased member of a pooled registered pension plan, a registered pension plan or a specified pension plan, who was financially dependent on the deceased for support, at the time of the deceased’s death, by reason of mental or physical infirmity. (particulier admissible)eligible proceedseligible proceedsmeans an amount (other than an amount that was deducted under paragraph 60(l) in computing the eligible individual’s income) received by an eligible individual as a consequence of the death after March 3, 2010 of a parent or grandparent of the eligible individual that is(a)a refund of premiums (as defined in subsection 146(1));(b)an eligible amount under subsection 146.3(6.11); or(c)a payment (other than a payment that is part of a series of periodic payments or that relates to an actuarial surplus) out of or under a pooled registered pension plan, a registered pension plan or a specified pension plan. (produit admissible)specified RDSP paymentspecified RDSP paymentin respect of an eligible individual means a payment that(a)is made to a registered disability savings plan under which the eligible individual is the beneficiary;(b)complies with the conditions set out in paragraphs 146.4(4)(f) to (h);(c)is made after June 2011;(d)has been designated in prescribed form for a taxation year by the holder of the plan and the eligible individual at the time that the payment is made; and(e)if the eligible individual is not aDTC-eligible individual(as defined in subsection 146.4(1)), is made not later than the end of the fourth taxation year following the first taxation year throughout which the beneficiary is not a DTC-eligible individual. (paiement de REEI déterminé)transitional eligible proceedstransitional eligible proceedsof a taxpayer means(a)any amount (other than an amount that is eligible proceeds or an amount that was deducted under paragraph 60(l) in computing the taxpayer’s income) that is received by the taxpayer as a consequence of the death of an individual after 2007 and before 2011 out of or under(i)a registered retirement savings plan or registered retirement income fund, or(ii)a registered pension plan (other than an amount that is received as part of a series of periodic payments or that relates to an actuarial surplus); or(b)an amount withdrawn from the taxpayer’s registered retirement savings plan or a registered retirement income fund (in this subsection referred to as the “RRSP withdrawal”) if(i)the taxpayer previously deducted an amount under paragraph 60(l) in respect of an amount that would be described by paragraph (a) if it were read without reference to “other than an amount that is eligible proceeds or an amount that was deducted under paragraph 60(l) in computing the taxpayer’s income”,(ii)the RRSP withdrawal is included in computing the taxpayer’s income for the year of the withdrawal, and(iii)the RRSP withdrawal does not exceed the amount deducted under subparagraph (i). (produit admissible transitoire)Marginal note:Rollover to RDSP on death(2)There may be deducted in computing the income for a taxation year of a taxpayer who is an eligible individual an amount that(a)does not exceed the lesser of(i)the total specified RDSP payments made in the year or within 60 days after the end of the year (or within any longer period after the end of the year that is acceptable to the Minister) in respect of the taxpayer; and(ii)the total amount of eligible proceeds that is included in computing the taxpayer’s income in the year; and(b)was not deducted in computing the taxpayer’s income for a preceding taxation year.Marginal note:Application of subsections (4) and (5)(3)Subsections (4) and (5) do not apply unless(a)a taxpayer who was the annuitant under a registered retirement savings plan or a registered retirement income fund or was a member of a registered pension plan died after 2007 and before 2011;(b)the taxpayer was, immediately before the taxpayer’s death, the parent or grandparent of an eligible individual;(c)transitional eligible proceeds were received from the plan or fund by(i)an eligible individual in respect of the taxpayer,(ii)a person who was the spouse or common-law partner of the taxpayer immediately before the taxpayer’s death, or(iii)a person who is a beneficiary of the taxpayer’s estate or who directly received transitional eligible proceeds as a consequence of the death of the taxpayer; and(d)the transitional eligible proceeds were included in computing the income of a person for a taxation year.Marginal note:Transitional rule(4)There may be deducted in computing the income of a taxpayer described in paragraph (3)(c) for a taxation year an amount approved by the Minister that does not exceed the lesser of(a)the total specified RDSP payments made by the taxpayer before 2012, and(b)the amount of transitional eligible proceeds included in computing the taxpayer’s income for the year.Marginal note:Transitional rule — deceased taxpayer(5)There may be deducted in computing the income of a taxpayer for the taxation year in which the taxpayer died an amount approved by the Minister that does not exceed the lesser of(a)the total specified RDSP payments made before 2012 by an individual described in subparagraph (3)(c)(iii), and(b)the amount by which the total of all amounts that were included in computing the taxpayer’s income for the year under subsection 146(8.8) or 146.3(6) exceeds the total of all amounts, if any, that were deducted in computing the taxpayer’s income for the year under subsection 146(8.92) or 146.3(6.3).Marginal note:Limitation(6)The total amounts that may be deducted under subsections (4) and (5) in respect of transitional eligible proceeds received in respect of the death of a taxpayer shall not exceed the total transitional eligible proceeds received in respect of the deceased taxpayer.
(a)a refund of premiums (as defined in subsection 146(1));(b)an eligible amount under subsection 146.3(6.11); or(c)a payment (other than a payment that is part of a series of periodic payments or that relates to an actuarial surplus) out of or under a pooled registered pension plan, a registered pension plan or a specified pension plan. (produit admissible)
(a)is made to a registered disability savings plan under which the eligible individual is the beneficiary;(b)complies with the conditions set out in paragraphs 146.4(4)(f) to (h);(c)is made after June 2011;(d)has been designated in prescribed form for a taxation year by the holder of the plan and the eligible individual at the time that the payment is made; and(e)if the eligible individual is not aDTC-eligible individual(as defined in subsection 146.4(1)), is made not later than the end of the fourth taxation year following the first taxation year throughout which the beneficiary is not a DTC-eligible individual. (paiement de REEI déterminé)
(a)any amount (other than an amount that is eligible proceeds or an amount that was deducted under paragraph 60(l) in computing the taxpayer’s income) that is received by the taxpayer as a consequence of the death of an individual after 2007 and before 2011 out of or under(i)a registered retirement savings plan or registered retirement income fund, or(ii)a registered pension plan (other than an amount that is received as part of a series of periodic payments or that relates to an actuarial surplus); or(b)an amount withdrawn from the taxpayer’s registered retirement savings plan or a registered retirement income fund (in this subsection referred to as the “RRSP withdrawal”) if(i)the taxpayer previously deducted an amount under paragraph 60(l) in respect of an amount that would be described by paragraph (a) if it were read without reference to “other than an amount that is eligible proceeds or an amount that was deducted under paragraph 60(l) in computing the taxpayer’s income”,(ii)the RRSP withdrawal is included in computing the taxpayer’s income for the year of the withdrawal, and(iii)the RRSP withdrawal does not exceed the amount deducted under subparagraph (i). (produit admissible transitoire)
(i)a registered retirement savings plan or registered retirement income fund, or(ii)a registered pension plan (other than an amount that is received as part of a series of periodic payments or that relates to an actuarial surplus); or
(i)the taxpayer previously deducted an amount under paragraph 60(l) in respect of an amount that would be described by paragraph (a) if it were read without reference to “other than an amount that is eligible proceeds or an amount that was deducted under paragraph 60(l) in computing the taxpayer’s income”,(ii)the RRSP withdrawal is included in computing the taxpayer’s income for the year of the withdrawal, and(iii)the RRSP withdrawal does not exceed the amount deducted under subparagraph (i). (produit admissible transitoire)
(a)does not exceed the lesser of(i)the total specified RDSP payments made in the year or within 60 days after the end of the year (or within any longer period after the end of the year that is acceptable to the Minister) in respect of the taxpayer; and(ii)the total amount of eligible proceeds that is included in computing the taxpayer’s income in the year; and(b)was not deducted in computing the taxpayer’s income for a preceding taxation year.
(i)the total specified RDSP payments made in the year or within 60 days after the end of the year (or within any longer period after the end of the year that is acceptable to the Minister) in respect of the taxpayer; and(ii)the total amount of eligible proceeds that is included in computing the taxpayer’s income in the year; and
(a)a taxpayer who was the annuitant under a registered retirement savings plan or a registered retirement income fund or was a member of a registered pension plan died after 2007 and before 2011;(b)the taxpayer was, immediately before the taxpayer’s death, the parent or grandparent of an eligible individual;(c)transitional eligible proceeds were received from the plan or fund by(i)an eligible individual in respect of the taxpayer,(ii)a person who was the spouse or common-law partner of the taxpayer immediately before the taxpayer’s death, or(iii)a person who is a beneficiary of the taxpayer’s estate or who directly received transitional eligible proceeds as a consequence of the death of the taxpayer; and(d)the transitional eligible proceeds were included in computing the income of a person for a taxation year.
(i)an eligible individual in respect of the taxpayer,(ii)a person who was the spouse or common-law partner of the taxpayer immediately before the taxpayer’s death, or(iii)a person who is a beneficiary of the taxpayer’s estate or who directly received transitional eligible proceeds as a consequence of the death of the taxpayer; and
(a)the total specified RDSP payments made by the taxpayer before 2012, and(b)the amount of transitional eligible proceeds included in computing the taxpayer’s income for the year.
(a)the total specified RDSP payments made before 2012 by an individual described in subparagraph (3)(c)(iii), and(b)the amount by which the total of all amounts that were included in computing the taxpayer’s income for the year under subsection 146(8.8) or 146.3(6) exceeds the total of all amounts, if any, that were deducted in computing the taxpayer’s income for the year under subsection 146(8.92) or 146.3(6.3).
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1990, c. 35, s. 52010, c. 25, s. 112011, c. 24, s. 122012, c. 31, s. 132021, c. 23, s. 9
60.021(1)In determining the amount that may be deducted because of paragraph 60(l) in computing a taxpayer’s income for the 2008 taxation year, clause 60(l)(v)(B.2) shall be read as follows:(B.2)the total of all amounts each of which is(I)the taxpayer’s eligible amount (within the meaning assigned by subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,(II)the taxpayer’s eligible RRIF withdrawal amount (within the meaning assigned by subsection 60.021(2)) for the year in respect of a registered retirement income fund, or(III)the taxpayer’s eligible variable benefit withdrawal amount (within the meaning assigned by subsection 60.021(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan,Marginal note:Meaning of eligible RRIF withdrawal amount(2)A taxpayer’s eligible RRIF withdrawal amount for a taxation year in respect of a registered retirement income fund under which the taxpayer is the annuitant at the beginning of the taxation year is(a)except where paragraph (b) applies, the amount determined by the formulaA – BwhereAis the lesser of(i)the total of all amounts included, because of subsection 146.3(5), in computing the income of the taxpayer for the taxation year in respect of amounts received out of or under the fund (other than an amount paid by direct transfer from the fund to another fund or to a registered retirement savings plan), and(ii)the amount that would, in the absence of subsection 146.3(1.1), be the minimum amount under the fund for the taxation year, andBis the minimum amount under the fund for the taxation year; and(b)if the taxpayer attained 70 years of age in 2007, nil.Marginal note:Meaning of eligible variable benefit withdrawal amount(3)A taxpayer’s eligible variable benefit withdrawal amount for a taxation year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan is the amount determined by the formulaA – B – CwhereAis the lesser of(a)the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs 8506(1)(a) to (e) of the Regulations) paid from the plan in the taxation year in respect of the account and included, because of paragraph 56(1)(a), in computing the taxpayer’s income for the taxation year, and(b)the amount that would, in the absence of paragraph 8506(7)(b) of the Regulations, be the minimum amount for the account for the taxation year;Bis the minimum amount for the account for the taxation year; andCis the total of all contributions made by the taxpayer under the provision and designated for the purposes of subsection 8506(10) of the Regulations.Marginal note:Expressions used in this section(4)For the purposes of this section,(a)the term “money purchase provision” has the meaning assigned by subsection 147.1(1);(b)the term “retirement benefit” has the meaning assigned by subsection 8500(1) of the Regulations; and(c)the minimum amount for an account of a taxpayer under a money purchase provision of a registered pension plan is the amount determined in accordance with subsection 8506(5) of the Regulations.
(B.2)the total of all amounts each of which is(I)the taxpayer’s eligible amount (within the meaning assigned by subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,(II)the taxpayer’s eligible RRIF withdrawal amount (within the meaning assigned by subsection 60.021(2)) for the year in respect of a registered retirement income fund, or(III)the taxpayer’s eligible variable benefit withdrawal amount (within the meaning assigned by subsection 60.021(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan,
(I)the taxpayer’s eligible amount (within the meaning assigned by subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,(II)the taxpayer’s eligible RRIF withdrawal amount (within the meaning assigned by subsection 60.021(2)) for the year in respect of a registered retirement income fund, or(III)the taxpayer’s eligible variable benefit withdrawal amount (within the meaning assigned by subsection 60.021(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan,
(a)except where paragraph (b) applies, the amount determined by the formulaA – BwhereAis the lesser of(i)the total of all amounts included, because of subsection 146.3(5), in computing the income of the taxpayer for the taxation year in respect of amounts received out of or under the fund (other than an amount paid by direct transfer from the fund to another fund or to a registered retirement savings plan), and(ii)the amount that would, in the absence of subsection 146.3(1.1), be the minimum amount under the fund for the taxation year, andBis the minimum amount under the fund for the taxation year; and(b)if the taxpayer attained 70 years of age in 2007, nil.
(i)the total of all amounts included, because of subsection 146.3(5), in computing the income of the taxpayer for the taxation year in respect of amounts received out of or under the fund (other than an amount paid by direct transfer from the fund to another fund or to a registered retirement savings plan), and(ii)the amount that would, in the absence of subsection 146.3(1.1), be the minimum amount under the fund for the taxation year, and
(a)the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs 8506(1)(a) to (e) of the Regulations) paid from the plan in the taxation year in respect of the account and included, because of paragraph 56(1)(a), in computing the taxpayer’s income for the taxation year, and(b)the amount that would, in the absence of paragraph 8506(7)(b) of the Regulations, be the minimum amount for the account for the taxation year;
(a)the term “money purchase provision” has the meaning assigned by subsection 147.1(1);(b)the term “retirement benefit” has the meaning assigned by subsection 8500(1) of the Regulations; and(c)the minimum amount for an account of a taxpayer under a money purchase provision of a registered pension plan is the amount determined in accordance with subsection 8506(5) of the Regulations.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2009, c. 2, s. 15
60.022(1)In determining the amount that may be deducted because of paragraph 60(l) in computing a taxpayer’s income for the 2015 taxation year, clause 60(l)(v)(B.2) is to be read as follows:(B.2)the total of all amounts each of which is(I)the taxpayer’s eligible amount (within the meaning of subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,(II)the taxpayer’s eligible RRIF withdrawal amount (within the meaning of subsection 60.022(2)) for the year in respect of a RRIF,(III)the taxpayer’s eligible variable benefit withdrawal amount (within the meaning of subsection 60.022(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan, or(IV)the taxpayer’s eligible PRPP withdrawal amount (within the meaning of subsection 60.022(4)) for the year in respect of an account of the taxpayer under a PRPP,Marginal note:Eligible RRIF withdrawal amount(2)A taxpayer’s eligible RRIF withdrawal amount for the taxation year in respect of a RRIF under which the taxpayer is the annuitant at the beginning of the taxation year is the amount determined by the formulaA – BwhereAis the lesser of(a)the total of all amounts included, because of subsection 146.3(5), in computing the taxpayer’s income for the taxation year in respect of amounts received out of or under the fund (other than an amount paid by direct transfer from the fund to another fund or to a registered retirement savings plan), and(b)the amount that would be the minimum amount under the fund for the 2015 taxation year if it were determined using the prescribed factors under subsection 7308(3) or (4), as the case may be, of theIncome Tax Regulationsas they read on December 31, 2014; andBis the minimum amount under the fund for the taxation year.Marginal note:Eligible variable benefit withdrawal amount(3)A taxpayer’s eligible variable benefit withdrawal amount for a taxation year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan is the amount determined by the formulaA – B – CwhereAis the lesser of(a)the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs 8506(1)(a) to (e) of theIncome Tax Regulations) paid from the plan in the taxation year in respect of the account and included, because of paragraph 56(1)(a), in computing the taxpayer’s income for the taxation year, and(b)the amount that would be the minimum amount for the account for the 2015 taxation year if it were determined using the factor designated under subsection 7308(4) of theIncome Tax Regulationsas they read on December 31, 2014;Bis the minimum amount for the account for the taxation year; andCis the total of all contributions made by the taxpayer under the provision and designated for the purposes of subsection 8506(12) of theIncome Tax Regulations.Marginal note:Eligible PRPP withdrawal amount(4)A taxpayer’s eligible PRPP withdrawal amount for a taxation year in respect of an account of the taxpayer under a PRPP is the amount determined by the formulaA – BwhereAis the lesser of(a)the total of all amounts each of which is the amount of a distribution made from the account in the taxation year and included, because of subsection 147.5(13), in computing the taxpayer’s income for the taxation year, and(b)the amount that would be the minimum amount for the account for the 2015 taxation year if it were determined using the factor designated under subsection 7308(4) of theIncome Tax Regulationsas they read on December 31, 2014, andBis the minimum amount for the account for the taxation year.Marginal note:Expressions used in this section(5)For the purposes of this section,(a)money purchase provisionhas the same meaning as in subsection 147.1(1);(b)retirement benefitshas the same meaning as in subsection 8500(1) of theIncome Tax Regulations;(c)the minimum amount for an account of a taxpayer under a money purchase provision of a registered pension plan is the amount determined under subsection 8506(5) of theIncome Tax Regulations; and(d)the minimum amount for an account of a taxpayer under a PRPP is the amount that would be the minimum amount for the calendar year under subsection 8506(5) of theIncome Tax Regulationsif the taxpayer’s account were an account under a money purchase provision of a registered pension plan.
(B.2)the total of all amounts each of which is(I)the taxpayer’s eligible amount (within the meaning of subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,(II)the taxpayer’s eligible RRIF withdrawal amount (within the meaning of subsection 60.022(2)) for the year in respect of a RRIF,(III)the taxpayer’s eligible variable benefit withdrawal amount (within the meaning of subsection 60.022(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan, or(IV)the taxpayer’s eligible PRPP withdrawal amount (within the meaning of subsection 60.022(4)) for the year in respect of an account of the taxpayer under a PRPP,
(I)the taxpayer’s eligible amount (within the meaning of subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,(II)the taxpayer’s eligible RRIF withdrawal amount (within the meaning of subsection 60.022(2)) for the year in respect of a RRIF,(III)the taxpayer’s eligible variable benefit withdrawal amount (within the meaning of subsection 60.022(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan, or(IV)the taxpayer’s eligible PRPP withdrawal amount (within the meaning of subsection 60.022(4)) for the year in respect of an account of the taxpayer under a PRPP,
(a)the total of all amounts included, because of subsection 146.3(5), in computing the taxpayer’s income for the taxation year in respect of amounts received out of or under the fund (other than an amount paid by direct transfer from the fund to another fund or to a registered retirement savings plan), and(b)the amount that would be the minimum amount under the fund for the 2015 taxation year if it were determined using the prescribed factors under subsection 7308(3) or (4), as the case may be, of theIncome Tax Regulationsas they read on December 31, 2014; and
(a)the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs 8506(1)(a) to (e) of theIncome Tax Regulations) paid from the plan in the taxation year in respect of the account and included, because of paragraph 56(1)(a), in computing the taxpayer’s income for the taxation year, and(b)the amount that would be the minimum amount for the account for the 2015 taxation year if it were determined using the factor designated under subsection 7308(4) of theIncome Tax Regulationsas they read on December 31, 2014;
(a)the total of all amounts each of which is the amount of a distribution made from the account in the taxation year and included, because of subsection 147.5(13), in computing the taxpayer’s income for the taxation year, and(b)the amount that would be the minimum amount for the account for the 2015 taxation year if it were determined using the factor designated under subsection 7308(4) of theIncome Tax Regulationsas they read on December 31, 2014, and
(a)money purchase provisionhas the same meaning as in subsection 147.1(1);(b)retirement benefitshas the same meaning as in subsection 8500(1) of theIncome Tax Regulations;(c)the minimum amount for an account of a taxpayer under a money purchase provision of a registered pension plan is the amount determined under subsection 8506(5) of theIncome Tax Regulations; and(d)the minimum amount for an account of a taxpayer under a PRPP is the amount that would be the minimum amount for the calendar year under subsection 8506(5) of theIncome Tax Regulationsif the taxpayer’s account were an account under a money purchase provision of a registered pension plan.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2015, c. 36, s. 2
60.03(1)The following definitions apply in this section.eligible pension incomeeligible pension income, of an individual for a taxation year, means the total of(a)the eligible pension income (as defined in subsection 118(7)) of the individual for the year,(b)if the individual has attained the age of 65 years before the end of the year, the lesser of(i)the total of all amounts each of which is a payment made in the year to the individual(A)out of or under a retirement compensation arrangement that provides benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of theIncome Tax Regulations), and(B)in respect of a life annuity that is attributable to periods of employment for which benefits are also provided to the individual under the registered pension plan,(ii)the amount, if any, by which the defined benefit limit (as defined in subsection 8500(1) of theIncome Tax Regulations) for the year multiplied by 35 exceeds the amount determined under paragraph (a), and(c)the lesser of(i)the total of all amounts received by the individual in the year on account of(A)a retirement income security benefit payable to the individual under Part 2 of theVeterans Well-being Act, or(B)an income replacement benefit payable to the individual under Part 2 of theVeterans Well-being Act, if the amount is determined under subsection 19.1(1), paragraph 23(1)(b) or subsection 26.1(1) of that Act (as modified, where applicable, under Part 5 of that Act), and(ii)the amount, if any, by which thedefined benefit limit(as defined in subsection 8500(1) of theIncome Tax Regulations) for the year multiplied by 35 exceeds the total of the amounts determined under paragraphs (a) and (b). (revenu de pension déterminé)joint electionjoint electionin respect of a pensioner and a pension transferee for a taxation year means an election made jointly in prescribed form by the pensioner and the pension transferee and filed with the Minister with both the pensioner’s and the pension transferee’s returns of income for the taxation year in respect of which the election is made, on or before their respective filing-due dates for the taxation year. (choix conjoint)pensionerpensionerfor a taxation year means an individual who(a)receives eligible pension income in the taxation year; and(b)is resident in Canada,(i)if the individual dies in the taxation year, at the time that is immediately before the individual’s death, or(ii)in any other case, at the end of the calendar year in which the taxation year ends. (pensionné)pension incomepension incomehas the meaning assigned by section 118. (revenu de pension)pension transfereepension transfereefor a taxation year means an individual who(a)is resident in Canada,(i)if the individual dies in the taxation year, at the time that is immediately before the individual’s death, or(ii)in any other case, at the end of the calendar year in which the taxation year ends; and(b)at any time in the taxation year is married to, or in a common-law partnership with, a pensioner and is not, by reason of the breakdown of their marriage or common-law partnership, living separate and apart from the pensioner at the end of the taxation year and for a period of at least 90 days commencing in the taxation year. (cessionnaire)qualified pension incomequalified pension incomehas the meaning assigned by section 118. (revenu de pension admissible)split-pension amountsplit-pension amountfor a taxation year is the amount elected by a pensioner and a pension transferee in a joint election for the taxation year not exceeding the amount determined by the formula0.5A × B/CwhereAis the eligible pension income of the pensioner for the taxation year;Bis the number of months in the pensioner’s taxation year at any time during which the pensioner was married to, or was in a common-law partnership with, the pension transferee; andCis the number of months in the pensioner’s taxation year. (montant de pension fractionné)Marginal note:Effect of pension income split(2)For the purpose of subsection 118(3), if a pensioner and a pension transferee have made a joint election in a taxation year,(a)the pensioner is deemed not to have received the portion of the pensioner’s pension income or qualified pension income, as the case may be, for the taxation year that is equal to the amount of the pensioner’s split-pension amount for that taxation year; and(b)the pension transferee is deemed to have received the split-pension amount(i)as pension income, to the extent that the split-pension amount was pension income to the pensioner, and(ii)as qualified pension income, to the extent that the split-pension amount was qualified pension income to the pensioner.Marginal note:Limitation(3)A pensioner may file only one joint election for a particular taxation year.Marginal note:False declaration(4)A joint election is invalid if the Minister establishes that a pensioner or a pension transferee has knowingly or under circumstances amounting to gross negligence made a false declaration in the joint election.
(a)the eligible pension income (as defined in subsection 118(7)) of the individual for the year,(b)if the individual has attained the age of 65 years before the end of the year, the lesser of(i)the total of all amounts each of which is a payment made in the year to the individual(A)out of or under a retirement compensation arrangement that provides benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of theIncome Tax Regulations), and(B)in respect of a life annuity that is attributable to periods of employment for which benefits are also provided to the individual under the registered pension plan,(ii)the amount, if any, by which the defined benefit limit (as defined in subsection 8500(1) of theIncome Tax Regulations) for the year multiplied by 35 exceeds the amount determined under paragraph (a), and(c)the lesser of(i)the total of all amounts received by the individual in the year on account of(A)a retirement income security benefit payable to the individual under Part 2 of theVeterans Well-being Act, or(B)an income replacement benefit payable to the individual under Part 2 of theVeterans Well-being Act, if the amount is determined under subsection 19.1(1), paragraph 23(1)(b) or subsection 26.1(1) of that Act (as modified, where applicable, under Part 5 of that Act), and(ii)the amount, if any, by which thedefined benefit limit(as defined in subsection 8500(1) of theIncome Tax Regulations) for the year multiplied by 35 exceeds the total of the amounts determined under paragraphs (a) and (b). (revenu de pension déterminé)
(i)the total of all amounts each of which is a payment made in the year to the individual(A)out of or under a retirement compensation arrangement that provides benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of theIncome Tax Regulations), and(B)in respect of a life annuity that is attributable to periods of employment for which benefits are also provided to the individual under the registered pension plan,(ii)the amount, if any, by which the defined benefit limit (as defined in subsection 8500(1) of theIncome Tax Regulations) for the year multiplied by 35 exceeds the amount determined under paragraph (a), and
(A)out of or under a retirement compensation arrangement that provides benefits that supplement the benefits provided under a registered pension plan (other than an individual pension plan for the purposes of Part LXXXIII of theIncome Tax Regulations), and(B)in respect of a life annuity that is attributable to periods of employment for which benefits are also provided to the individual under the registered pension plan,
(i)the total of all amounts received by the individual in the year on account of(A)a retirement income security benefit payable to the individual under Part 2 of theVeterans Well-being Act, or(B)an income replacement benefit payable to the individual under Part 2 of theVeterans Well-being Act, if the amount is determined under subsection 19.1(1), paragraph 23(1)(b) or subsection 26.1(1) of that Act (as modified, where applicable, under Part 5 of that Act), and(ii)the amount, if any, by which thedefined benefit limit(as defined in subsection 8500(1) of theIncome Tax Regulations) for the year multiplied by 35 exceeds the total of the amounts determined under paragraphs (a) and (b). (revenu de pension déterminé)
(A)a retirement income security benefit payable to the individual under Part 2 of theVeterans Well-being Act, or(B)an income replacement benefit payable to the individual under Part 2 of theVeterans Well-being Act, if the amount is determined under subsection 19.1(1), paragraph 23(1)(b) or subsection 26.1(1) of that Act (as modified, where applicable, under Part 5 of that Act), and
(a)receives eligible pension income in the taxation year; and(b)is resident in Canada,(i)if the individual dies in the taxation year, at the time that is immediately before the individual’s death, or(ii)in any other case, at the end of the calendar year in which the taxation year ends. (pensionné)
(i)if the individual dies in the taxation year, at the time that is immediately before the individual’s death, or(ii)in any other case, at the end of the calendar year in which the taxation year ends. (pensionné)
(a)is resident in Canada,(i)if the individual dies in the taxation year, at the time that is immediately before the individual’s death, or(ii)in any other case, at the end of the calendar year in which the taxation year ends; and(b)at any time in the taxation year is married to, or in a common-law partnership with, a pensioner and is not, by reason of the breakdown of their marriage or common-law partnership, living separate and apart from the pensioner at the end of the taxation year and for a period of at least 90 days commencing in the taxation year. (cessionnaire)
(i)if the individual dies in the taxation year, at the time that is immediately before the individual’s death, or(ii)in any other case, at the end of the calendar year in which the taxation year ends; and
(a)the pensioner is deemed not to have received the portion of the pensioner’s pension income or qualified pension income, as the case may be, for the taxation year that is equal to the amount of the pensioner’s split-pension amount for that taxation year; and(b)the pension transferee is deemed to have received the split-pension amount(i)as pension income, to the extent that the split-pension amount was pension income to the pensioner, and(ii)as qualified pension income, to the extent that the split-pension amount was qualified pension income to the pensioner.
(i)as pension income, to the extent that the split-pension amount was pension income to the pensioner, and(ii)as qualified pension income, to the extent that the split-pension amount was qualified pension income to the pensioner.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]2007, c. 29, s. 52012, c. 31, s. 142017, c. 33, s. 162018, c. 12, s. 4
60.1(1)For the purposes of paragraph 60(b) and subsection 118(5), where an order or agreement, or any variation thereof, provides for the payment of an amount by a taxpayer to a person or for the benefit of the person, children in the person’s custody or both the person and those children, the amount or any part thereof(a)when payable, is deemed to be payable to and receivable by that person; and(b)when paid, is deemed to have been paid to and received by that person.Marginal note:Agreement(2)For the purposes of section 60, this section and subsection 118(5), the amount determined by the formulaA - BwhereAis the total of all amounts each of which is an amount (other than an amount that is otherwise a support amount) that became payable by a taxpayer in a taxation year, under an order of a competent tribunal or under a written agreement, in respect of an expense (other than an expenditure in respect of a self-contained domestic establishment in which the taxpayer resides or an expenditure for the acquisition of tangible property, or for civil law corporeal property, that is not an expenditure on account of a medical or education expense or in respect of the acquisition, improvement or maintenance of a self-contained domestic establishment in which the person described in paragraph (a) or (b) resides) incurred in the year or the preceding taxation year for the maintenance of a person, children in the person’s custody or both the person and those children, if the person is(a)the taxpayer’s spouse or common-law partner or former spouse or common-law partner, or(b)where the amount became payable under an order made by a competent tribunal in accordance with the laws of a province, an individual who is a parent of a child of whom the taxpayer is a legal parent,andBis the amount, if any, by which(a)the total of all amounts each of which is an amount included in the total determined for A in respect of the acquisition or improvement of a self-contained domestic establishment in which that person resides, including any payment of principal or interest in respect of a loan made or indebtedness incurred to finance, in any manner whatever, such acquisition or improvementexceeds(b)the total of all amounts each of which is an amount equal to 1/5 of the original principal amount of a loan or indebtedness described in paragraph (a),is, where the order or written agreement, as the case may be, provides that this subsection and subsection 56.1(2) shall apply to any amount paid or payable thereunder, deemed to be an amount payable by the taxpayer to that person and receivable by that person as an allowance on a periodic basis, and that person is deemed to have discretion as to the use of that amount.Marginal note:Prior payments(3)For the purposes of this section and section 60, where a written agreement or order of a competent tribunal made at any time in a taxation year provides that an amount paid before that time and in the year or the preceding taxation year is to be considered to have been paid and received thereunder,(a)the amount is deemed to have been paid thereunder; and(b)the agreement or order is deemed, except for the purpose of this subsection, to have been made on the day on which the first such amount was paid, except that, where the agreement or order is made after April 1997 and varies a child support amount payable to the recipient from the last such amount paid to the recipient before May 1997, each varied amount of child support paid under the agreement or order is deemed to have been payable under an agreement or order the commencement day of which is the day on which the first payment of the varied amount is required to be made.Marginal note:Definitions(4)The definitions in subsection 56.1(4) apply in this section and section 60.
(a)when payable, is deemed to be payable to and receivable by that person; and(b)when paid, is deemed to have been paid to and received by that person.
(a)the taxpayer’s spouse or common-law partner or former spouse or common-law partner, or(b)where the amount became payable under an order made by a competent tribunal in accordance with the laws of a province, an individual who is a parent of a child of whom the taxpayer is a legal parent,
(a)the total of all amounts each of which is an amount included in the total determined for A in respect of the acquisition or improvement of a self-contained domestic establishment in which that person resides, including any payment of principal or interest in respect of a loan made or indebtedness incurred to finance, in any manner whatever, such acquisition or improvement
(b)the total of all amounts each of which is an amount equal to 1/5 of the original principal amount of a loan or indebtedness described in paragraph (a),
(a)the amount is deemed to have been paid thereunder; and(b)the agreement or order is deemed, except for the purpose of this subsection, to have been made on the day on which the first such amount was paid, except that, where the agreement or order is made after April 1997 and varies a child support amount payable to the recipient from the last such amount paid to the recipient before May 1997, each varied amount of child support paid under the agreement or order is deemed to have been payable under an agreement or order the commencement day of which is the day on which the first payment of the varied amount is required to be made.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 60.11994, c. 7, Sch