Income Tax Act — I-3.3 60
income under this Part for the year, and (ii) does not exceed the least of (A) $6,000, (B) the amount, if any, by which that total exceeds the part of that total designated for the year for the purposes of paragraph 60(j) of this Act or deducted under paragraph 60(k) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, in computing the taxpayer’s income for the year, and (C) the total of all amounts each of which is paid by the taxpayer in the year or within 60 days after the end of the year as a premium (within the meaning assigned by subsection 146(1)) under a registered retirement savings plan under which the taxpayer’s spouse or common-law partner (or, where the taxpayer died in the year or within 60 days after the end of the year, an individual who was the taxpayer’s spouse or common-law partner immediately before the death) is the annuitant (within the meaning assigned by subsection 146(1)), to the extent that the amount was not deducted in computing the taxpayer’s income for a preceding taxation year; Transfer of refund of premiums under RRSP (l) the total of all amounts each of which is an amount paid by or on behalf of the taxpayer in the year or within 60 days after the end of the year (or within such longer period after the end of the year as is acceptable to the Minister) (i) as a premium under a registered retirement savings plan under which the taxpayer is the annuitant, (ii) to acquire, from a person licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada an annuities business, an annuity (A) under which the taxpayer is the annuitant (I) for the taxpayer’s life, or for the lives jointly of the taxpayer and the taxpayer’s spouse or common-law partner either without a guaranteed period, or with a guaranteed period that is not greater than 90 years minus the lesser of the age in whole years of the taxpayer and the age in whole years of the taxpayer’s spouse or common-law partner at the time the annuity was acquired, or (II) for a term equal to 90 years minus the age in whole years of the taxpayer or the age in whole years of the taxpayer’s spouse or common-law partner, at the time the annuity was acquired, or (B) under which the taxpayer is the annuitant for a term not exceeding 18 years minus the age in whole years of the taxpayer at the time the annuity was acquired that does not provide for any payment thereunder except (C) the single payment by or on behalf of the taxpayer, (D) annual or more frequent periodic payments (I) beginning not later than one year after the date of the payment referred to in clause 60(l(ii)(C), and (II) each of which is equal to all other such payments or not equal to all other such payments solely because of an adjustment that would, if the annuity were an annuity under a retirement savings plan, be in accordance with subparagraphs 146(3)(b)(iii) to 146(3)(b)(v), and (E) payments in full or partial commutation of the annuity and, where the commutation is partial, (I) equal annual or more frequent periodic payments thereafter, or (II) annual or more frequent periodic payments thereafter that are not equal solely because of an adjustment that would, if the annuity were an annuity under a retirement savings plan, be in accordance with subparagraphs 146(3)(b)(iii) to 146(3)(b)(v); or (iii) to a carrier as consideration for a registered retirement income fund under which the taxpayer is the annuitant where that total (iv) is designated by the taxpayer in the taxpayer’s return of income under this Part for the year, (v) does not exceed the total of (A) the amount included in computing the taxpayer’s income for the year as a refund of premiums out of or under a registered retirement savings plan under which the taxpayer’s spouse or common-law partner was the annuitant, (A.1) the amount included in computing the taxpayer’s income for the year as a payment (other than a payment that is part of a series of periodic payments) received