Versions of s. 146(8.9)

I-3.3 — Income Tax Act · 2 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2017-12-14 to present available View Source

There may be deducted from the amount deemed by subsection 146(8.8) to have been received by an annuitant as a benefit out of or under a registered retirement savings plan an amount not exceeding the amount determined by the formula A × [1 - ((B + C - D) / (B + C))] where A is the total of all refunds of premiums in respect of the plan, all tax-paid amounts in respect of the plan paid to individuals who, otherwise than because of subsection 146(8.1), received refunds of premiums in respect of the plan, and all amounts each of which is a tax-paid amount in respect of the plan paid to the legal representative of the annuitant under the plan, to the extent that the legal representative would have been entitled to designate that tax-paid amount under subsection 146(8.1) if tax-paid amounts were not excluded in determining refunds of premiums; B is the fair market value of the property of the plan at the particular time that is the later of the end of the first calendar year that begins after the death of the annuitant, and the time immediately after the last time that any refund of premiums in respect of the plan is paid out of or under the plan; C is the total of all amounts paid out of or under the plan after the death of the annuitant and before the particular time; and D is the lesser of the fair market value of the property of the plan at the time of the annuitant’s death, and the sum of the values of B and C in respect of the plan.

Full text

There may be deducted from the amount deemed by subsection 146(8.8) to have been received by an annuitant as a benefit out of or under a registered retirement savings plan an amount not exceeding the amount determined by the formula A × [1 - ((B + C - D) / (B + C))] where A is the total of all refunds of premiums in respect of the plan, all tax-paid amounts in respect of the plan paid to individuals who, otherwise than because of subsection 146(8.1), received refunds of premiums in respect of the plan, and all amounts each of which is a tax-paid amount in respect of the plan paid to the legal representative of the annuitant under the plan, to the extent that the legal representative would have been entitled to designate that tax-paid amount under subsection 146(8.1) if tax-paid amounts were not excluded in determining refunds of premiums; B is the fair market value of the property of the plan at the particular time that is the later of the end of the first calendar year that begins after the death of the annuitant, and the time immediately after the last time that any refund of premiums in respect of the plan is paid out of or under the plan; C is the total of all amounts paid out of or under the plan after the death of the annuitant and before the particular time; and D is the lesser of the fair market value of the property of the plan at the time of the annuitant’s death, and the sum of the values of B and C in respect of the plan.
2004-08-31 to 2017-12-14 View Source

There may be deducted from the amount deemed by subsection 146(8.8) to have been received by an annuitant as a benefit out of or under a registered retirement savings plan an amount not exceeding the amount determined by the formula A × [1 - ((B + C - D) / (B + C))] where A is the total of all refunds of premiums in respect of the plan, all tax-paid amounts in respect of the plan paid to individuals who, otherwise than because of subsection 146(8.1), received refunds of premiums in respect of the plan, and all amounts each of which is a tax-paid amount in respect of the plan paid to the legal representative of the annuitant under the plan, to the extent that the legal representative would have been entitled to designate that tax-paid amount under subsection 146(8.1) if tax-paid amounts were not excluded in determining refunds of premiums; B is the fair market value of the property of the plan at the particular time that is the later of the end of the first calendar year that begins after the death of the annuitant, and the time immediately after the last time that any refund of premiums in respect of the plan is paid out of or under the plan; C is the total of all amounts paid out of or under the plan after the death of the annuitant and before the particular time; and D is the lesser of the fair market value of the property of the plan at the time of the annuitant’s death, and the sum of the values of B and C in respect of the plan.