Versions of s. 146.3(1), definition “minimum amount”

I-3.3 — Income Tax Act · 3 versions · View current text

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

2015-06-23 to present available View Source

minimum amount under a retirement income fund for a year means, for the year in which the fund was entered into, a nil amount, and, for any other year, the amount determined by the formula(A × B) + C where A is the total fair market value of all properties held in connection with the fund at the beginning of the year (other than annuity contracts held by a trust governed by the fund that, at the beginning of the year, are not described in paragraph (b.1) of the definition qualified investment); B is where the first annuitant under the fund elected in respect of the fund under paragraph (b) of the definition minimum amount in this subsection, as it read before 1992, or under subparagraph 146.3(1)(f)(i) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, to use the age of another individual, the prescribed factor for the year in respect of the other individual, where paragraph (a) does not apply and the first annuitant under the fund so elects before any payment has been made under the fund by the carrier, the prescribed factor for the year in respect of an individual who was the spouse or common-law partner of the first annuitant at the time of the election, and in any other case, the prescribed factor for the year in respect of the first annuitant under the fund, and C is, where the fund governs a trust, the total of all amounts each of which is a periodic payment under an annuity contract held by the trust at the beginning of the year (other than an annuity contract described at the beginning of the year in paragraph (b.1) of the definition qualified investment) that is paid to the trust in the year, or if the periodic payment under such an annuity contract is not made to the trust because the trust disposed of the right to that payment in the year, a reasonable estimate of that payment on the assumption that the annuity contract had been held throughout the year and no rights under the contract were disposed of in the year; (minimum)

Full text

minimum amount under a retirement income fund for a year means, for the year in which the fund was entered into, a nil amount, and, for any other year, the amount determined by the formula(A × B) + C where A is the total fair market value of all properties held in connection with the fund at the beginning of the year (other than annuity contracts held by a trust governed by the fund that, at the beginning of the year, are not described in paragraph (b.1) of the definition qualified investment); B is where the first annuitant under the fund elected in respect of the fund under paragraph (b) of the definition minimum amount in this subsection, as it read before 1992, or under subparagraph 146.3(1)(f)(i) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, to use the age of another individual, the prescribed factor for the year in respect of the other individual, where paragraph (a) does not apply and the first annuitant under the fund so elects before any payment has been made under the fund by the carrier, the prescribed factor for the year in respect of an individual who was the spouse or common-law partner of the first annuitant at the time of the election, and in any other case, the prescribed factor for the year in respect of the first annuitant under the fund, and C is, where the fund governs a trust, the total of all amounts each of which is a periodic payment under an annuity contract held by the trust at the beginning of the year (other than an annuity contract described at the beginning of the year in paragraph (b.1) of the definition qualified investment) that is paid to the trust in the year, or if the periodic payment under such an annuity contract is not made to the trust because the trust disposed of the right to that payment in the year, a reasonable estimate of that payment on the assumption that the annuity contract had been held throughout the year and no rights under the contract were disposed of in the year; (minimum)
2007-06-22 to 2015-06-23 View Source

minimum amount under a retirement income fund for a year ismeans, for the year in which the fund was entered into, a nil amount, and, for any other year, the amount determined by the formula(A × B) + C where A is the total fair market value of all properties held in connection with the fund at the beginning of the year (other than annuity contracts held by a trust governed by the fund that, at the beginning of the year, are not described in paragraph (b.1) of the definition qualified investment); B is where the first annuitant under the fund elected in respect of the fund under paragraph (b) of the definition minimum amount in this subsection, as it read before 1992, or under subparagraph 146.3(1)(f)(i) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, to use the age of another individual, the prescribed factor for the year in respect of the other individual, where paragraph (a) does not apply and the first annuitant under the fund so elects before any payment has been made under the fund by the carrier, the prescribed factor for the year in respect of an individual who was the spouse or common-law partner of the first annuitant at the time of the election, and in any other case, the prescribed factor for the year in respect of the first annuitant under the fund, and C is, where the fund governs a trust, the total of all amounts each of which is a periodic payment under an annuity contract held by the trust at the beginning of the year (other than an annuity contract described at the beginning of the year in paragraph (b.1) of the definition qualified investment) that is paid to the trust in the year, or if the periodic payment under such an annuity contract is not made to the trust because the trust disposed of the right to that payment in the year, a reasonable estimate of that payment on the assumption that the annuity contract had been held throughout the year and no rights under the contract were disposed of in the year;

Full text

minimum amount under a retirement income fund for a year means, for the year in which the fund was entered into, a nil amount, and, for any other year, the amount determined by the formula(A × B) + C where A is the total fair market value of all properties held in connection with the fund at the beginning of the year (other than annuity contracts held by a trust governed by the fund that, at the beginning of the year, are not described in paragraph (b.1) of the definition qualified investment); B is where the first annuitant under the fund elected in respect of the fund under paragraph (b) of the definition minimum amount in this subsection, as it read before 1992, or under subparagraph 146.3(1)(f)(i) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, to use the age of another individual, the prescribed factor for the year in respect of the other individual, where paragraph (a) does not apply and the first annuitant under the fund so elects before any payment has been made under the fund by the carrier, the prescribed factor for the year in respect of an individual who was the spouse or common-law partner of the first annuitant at the time of the election, and in any other case, the prescribed factor for the year in respect of the first annuitant under the fund, and C is, where the fund governs a trust, the total of all amounts each of which is a periodic payment under an annuity contract held by the trust at the beginning of the year (other than an annuity contract described at the beginning of the year in paragraph (b.1) of the definition qualified investment) that is paid to the trust in the year, or if the periodic payment under such an annuity contract is not made to the trust because the trust disposed of the right to that payment in the year, a reasonable estimate of that payment on the assumption that the annuity contract had been held throughout the year and no rights under the contract were disposed of in the year;
2004-08-31 to 2007-06-22 View Source

minimum amount under a retirement income fund for a year is the amount determined by the formula(A × B) + C where A is the total fair market value of all properties held in connection with the fund at the beginning of the year (other than annuity contracts held by a trust governed by the fund that, at the beginning of the year, are not described in paragraph (b.1) of the definition qualified investment); B is where the first annuitant under the fund elected in respect of the fund under paragraph (b) of the definition minimum amount in this subsection, as it read before 1992, or under subparagraph 146.3(1)(f)(i) of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952, to use the age of another individual, the prescribed factor for the year in respect of the other individual, where paragraph (a) does not apply and the first annuitant under the fund so elects before any payment has been made under the fund by the carrier, the prescribed factor for the year in respect of an individual who was the spouse or common-law partner of the first annuitant at the time of the election, and in any other case, the prescribed factor for the year in respect of the first annuitant under the fund, and C is, where the fund governs a trust, the total of all amounts each of which is a periodic payment under an annuity contract held by the trust at the beginning of the year (other than an annuity contract described at the beginning of the year in paragraph (b.1) of the definition qualified investment) that is paid to the trust in the year, or if the periodic payment under such an annuity contract is not made to the trust because the trust disposed of the right to that payment in the year, a reasonable estimate of that payment on the assumption that the annuity contract had been held throughout the year and no rights under the contract were disposed of in the year;