Income Tax Act — I-3.3 146.01
r”; and (d) paragraph (a) of the description of E in subsection (4) is to be read as follows: “(a) if the preceding taxation year is the year that includes the completion date, or one of the three taxation years immediately following the year that includes the completion date, the total of all amounts each of which is designated under subsection (3) by the individual for the particular taxation year or any preceding taxation year included in the particular period, and”. Temporary repayment relief — conditions (4.2) This subsection applies to a taxation year and to an eligible amount received by an individual if (a) the year is 2024 and the completion date in respect of the amount was in 2023; (b) the year is 2025 and the completion date in respect of the amount was in 2023 or 2024; (c) the year is 2026 and the completion date in respect of the amount was in 2023, 2024 or 2025; (d) the year is 2027 and the completion date in respect of the amount was in 2024, 2025 or 2026; (e) the year is 2028 and the completion date in respect of the amount was in 2025 or 2026; and (f) the year is 2029 and the completion date in respect of the amount was in 2026. Where individual becomes a non-resident (5) Where at any time in a taxation year an individual ceases to be resident in Canada, there shall be included in computing the income of the individual for the period in the year during which the individual was resident in Canada the amount, if any, by which (a) the total of all amounts each of which is an eligible amount received by the individual in the year or a preceding taxation year exceeds the total of (b) all amounts designated under subsection 146.01(3) by the individual in respect of amounts paid not later than 60 days after that time and before the individual files a return of income for the year, and (c) all amounts included under subsection (4) or this subsection in computing the individual’s income for preceding taxation years. Death of individual (6) If an individual dies at any time in a taxation year, there shall be included in computing the individual’s income for the year the amount, if any, by which (a) the individual’s HBP balance immediately before that time exceeds (b) the amount designated under subsection (3) by the individual for the year. Exception (7) If a spouse or common-law partner of an individual was resident in Canada immediately before the individual’s death at a particular time in a taxation year and the spouse or common-law partner and the individual’s legal representatives jointly so elect in writing in the individual’s return of income for the year, (a) subsection (6) does not apply to the individual; (b) the spouse or common-law partner is deemed to have received a particular eligible amount at the particular time equal to the amount that, but for this subsection, would be determined under subsection (6) in respect of the individual; (c) for the purposes of subsection (4) and paragraph (d), the completion date in respect of the particular amount is deemed to be (i) if the spouse or common-law partner received an eligible amount before the death (other than an eligible amount received in a participation period of the spouse or common-law partner that ended before the beginning of the year), the completion date in respect of that amount, and (ii) in any other case, the completion date in respect of the last eligible amount received by the individual; and (d) for the purpose of subsection (4), the completion date in respect of each eligible amount received by the spouse or common-law partner, after the death and before the end of the spouse’s or common-law partner’s participation period that includes the time of the death, is deemed to be the completion date in respect of the particular amount. (8) [Repealed, 2013, c. 34, s. 297] (9) to (13) [Repealed, 1995, c. 3, s. 44(13)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch.