Versions of s. 146.3(6.2)

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.

2015-06-23 to present available View Source

There may be deducted from the amount deemed by subsection 146.3(6) to be received by an annuitant out of or under a registered retirement income fund an amount not exceeding the amount determined by the formula A × [1 - ((B + C - D) / (B + C))] where A is the total of all designated benefits of individuals in respect of the fund, all amounts that would, if the fund were a registered retirement savings plan, be tax-paid amounts (in this subsection having the meaning assigned by subsection 146(1)) in respect of the fund received by individuals who received, otherwise than because of subsection 146.3(6.1), designated benefits in respect of the fund, and all amounts each of which is an amount that would, if the fund were a registered retirement savings plan, be a tax-paid amount in respect of the fund received by the legal representative of the last annuitant under the fund, to the extent that the legal representative would have been entitled to designate that tax-paid amount under paragraph (a) of the definition designated benefit in subsection 146.3(1) if tax-paid amounts were not excluded in determining refunds of premiums (as defined in subsection 146(1)); B is the fair market value of the property of the fund 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 designated benefit in respect of the fund is received by an individual; C is the total of all amounts paid out of or under the fund after the death of the last annuitant thereunder and before the particular time; and D is the lesser of the fair market value of the property of the fund at the time of the death of the last annuitant thereunder, and the sum of the values of B and C in respect of the fund.

Full text

There may be deducted from the amount deemed by subsection 146.3(6) to be received by an annuitant out of or under a registered retirement income fund an amount not exceeding the amount determined by the formula A × [1 - ((B + C - D) / (B + C))] where A is the total of all designated benefits of individuals in respect of the fund, all amounts that would, if the fund were a registered retirement savings plan, be tax-paid amounts (in this subsection having the meaning assigned by subsection 146(1)) in respect of the fund received by individuals who received, otherwise than because of subsection 146.3(6.1), designated benefits in respect of the fund, and all amounts each of which is an amount that would, if the fund were a registered retirement savings plan, be a tax-paid amount in respect of the fund received by the legal representative of the last annuitant under the fund, to the extent that the legal representative would have been entitled to designate that tax-paid amount under paragraph (a) of the definition designated benefit in subsection 146.3(1) if tax-paid amounts were not excluded in determining refunds of premiums (as defined in subsection 146(1)); B is the fair market value of the property of the fund 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 designated benefit in respect of the fund is received by an individual; C is the total of all amounts paid out of or under the fund after the death of the last annuitant thereunder and before the particular time; and D is the lesser of the fair market value of the property of the fund at the time of the death of the last annuitant thereunder, and the sum of the values of B and C in respect of the fund.
2004-08-31 to 2015-06-23 View Source

There may be deducted from the amount deemed by subsection 146.3(6) to be received by an annuitant out of or under a registered retirement income fund an amount not exceeding the amount determined by the formula A × [1 - ((B + C - D) / (B + C))] where A is the total of all designated benefits of individuals in respect of the fund, all amounts that would, if the fund were a registered retirement savings plan, be tax-paid amounts (in this subsection having the meaning assigned by subsection 146(1)) in respect of the fund received by individuals who received, otherwise than because of subsection 146.3(6.1), designated benefits in respect of the fund, and all amounts each of which is an amount that would, if the fund were a registered retirement savings plan, be a tax-paid amount in respect of the fund received by the legal representative of the last annuitant under the fund, to the extent that the legal representative would have been entitled to designate that tax-paid amount under paragraph (a) of the definition designated benefit in subsection 146.3(1) if tax-paid amounts were not excluded in determining refunds of premiums (as defined in subsection 146(1)); B is the fair market value of the property of the fund 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 designated benefit in respect of the fund is received by an individual; C is the total of all amounts paid out of or under the fund after the death of the last annuitant thereunder and before the particular time; and D is the lesser of the fair market value of the property of the fund at the time of the death of the last annuitant thereunder, and the sum of the values of B and C in respect of the fund.