Income Tax Act — I-3.3 146.01
red to have been deducted in computing the individual’s income, or designated under this subsection, for the preceding taxation year) paid by the individual in the year or within 60 days after the end of the year under a retirement savings plan that is at the end of the year or the following taxation year a registered retirement savings plan under which the individual is the annuitant, and (b) the amount, if any, by which (i) the total of all eligible amounts received by the individual before the end of the year exceeds the total of (ii) all amounts designated by the individual under this subsection for preceding taxation years, and (iii) all amounts each of which is an amount included in computing the income of the individual under subsection 146.01(4) or 146.01(5) for a preceding taxation year. Portion of eligible amount not repaid (4) Subject to subsection (4.1), there shall be included in computing an individual’s income for a particular taxation year included in a particular participation period of the individual the amount determined by the formula [(A - B - C) / (15 - D)] - E where A is (a) where (i) the individual died or ceased to be resident in Canada in the particular year, or (ii) the completion date in respect of an eligible amount received by the individual was in the particular year nil and (b) in any other case, the total of all eligible amounts received by the individual in preceding taxation years included in the particular period, B is (a) nil, if the completion date in respect of an eligible amount received by the individual was in the preceding taxation year, and (b) in any other case, the total of all amounts each of which is designated under subsection (3) by the individual for a preceding taxation year included in the particular period; C is the total of all amounts each of which is included under this subsection or subsection (5) in computing the individual’s income for a preceding taxation year included in the particular period; D is the lesser of 14 and the number of taxation years of the individual ending in the period beginning (a) where the completion date in respect of an eligible amount received by the individual was before 1995, January 1, 1995, and (b) in any other case, January 1 of the first calendar year beginning after the completion date in respect of an eligible amount received by the individual and ending at the beginning of the particular year, and E is (a) if the completion date in respect of an eligible amount received by the individual was in the preceding taxation year, the total of all amounts each of which is designated under subsection (3) by the individual for the particular year or any preceding taxation year included in the particular period, and (b) in any other case, the amount designated under subsection (3) by the individual for the particular year. Temporary repayment relief — application (4.1) If the completion date in respect of an eligible amount received by an individual is after 2022 and before 2027 (a) subparagraphs (a)(i) and (ii) of the description of A in subsection (4) are to be read as follows: “(i) the individual died or ceased to be resident in Canada in the particular year, (ii) the completion date in respect of an eligible amount received by the individual was in the particular year, or (iii) subsection (4.2) applies to the particular year and to an eligible amount received by the individual”; (b) paragraph (a) of the description of B in subsection (4) is to be read as follows: “(a) nil, if the amount determined for A, after the application of paragraph (4.1)(a), was nil in the preceding taxation year, and”; (c) the reference to “first calendar year” in paragraph (b) of the description of D in subsection (4) is to be read as a reference to “fourth calendar year”; 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 tax