Versions of s. 147.5(18)

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.

2023-06-22 to present available View Source

There shall be included in computing the income for a taxation year of a taxpayer who is not a qualifying survivor in relation to a member of a PRPP, the total of all amounts each of which is an amount determined by the formula A – B where A is the amount of a distribution made in the year from the member’s account under the PRPP as a consequence of the member’s death to, or on behalf of, the taxpayer, and B is an amount designated by the administrator of the PRPP not exceeding the lesser of the amount of the distribution, and the amount by which the fair market value of all property held in connection with the account immediately before the death exceeds the total of all amounts each of which is the value of B in respect of any prior distribution made from the account, or an amount ~~included~~distributed ~~under subsection (16) in computing~~from the ~~income~~account ofto, or on behalf of, a qualifying survivor in relation to the member as a consequence of the death of the member.

Full text

There shall be included in computing the income for a taxation year of a taxpayer who is not a qualifying survivor in relation to a member of a PRPP, the total of all amounts each of which is an amount determined by the formula A – B where A is the amount of a distribution made in the year from the member’s account under the PRPP as a consequence of the member’s death to, or on behalf of, the taxpayer, and B is an amount designated by the administrator of the PRPP not exceeding the lesser of the amount of the distribution, and the amount by which the fair market value of all property held in connection with the account immediately before the death exceeds the total of all amounts each of which is the value of B in respect of any prior distribution made from the account, or an amount distributed from the account to, or on behalf of, a qualifying survivor in relation to the member as a consequence of the death of the member.
2017-12-14 to 2023-06-22 View Source

There shall be included in computing the income for a taxation year of a taxpayer who is not a qualifying survivor in relation to a member of a PRPP, the total of all amounts each of which is an amount determined by the formula A – B where A is the amount of a distribution made in the year from the member’s account under the PRPP as a consequence of the member’s death to, or on behalf of, the taxpayer, and B is an amount designated by the administrator of the PRPP not exceeding the lesser of the amount of the distribution, and the amount by which the fair market value of all property held in connection with the account immediately before the death exceeds the total of all amounts each of which is the value of B in respect of any prior distribution made from the account, or an amount included under subsection (16) in computing the income of a qualifying survivor in relation to the member.

Full text

There shall be included in computing the income for a taxation year of a taxpayer who is not a qualifying survivor in relation to a member of a PRPP, the total of all amounts each of which is an amount determined by the formula A – B where A is the amount of a distribution made in the year from the member’s account under the PRPP as a consequence of the member’s death to, or on behalf of, the taxpayer, and B is an amount designated by the administrator of the PRPP not exceeding the lesser of the amount of the distribution, and the amount by which the fair market value of all property held in connection with the account immediately before the death exceeds the total of all amounts each of which is the value of B in respect of any prior distribution made from the account, or an amount included under subsection (16) in computing the income of a qualifying survivor in relation to the member.
2012-12-14 to 2017-12-14 View Source

There shall be included in computing the income for a taxation year of a taxpayer who is not a qualifying survivor in relation to a member of a PRPP, the total of all amounts each of which is an amount determined by the formula A – B where A is the amount of a distribution made in the year from the member’s account under the PRPP as a consequence of the member’s death to, or on behalf of, the taxpayer, and B is an amount designated by the administrator of the PRPP not exceeding the lesser of the amount of the distribution, and the amount by which the fair market value of all property held in connection with the account immediately before the death exceeds the total of all amounts each of which is the value of B in respect of any prior distribution made from the account, or an amount included under subsection (16) in computing the income of a qualifying survivor in relation to the member.