Income Tax Act — I-3.3 146.6
t of Canada throughout the period that begins at the particular time and ends at the earlier of the time of the individual’s death and the time at which the individual acquires the qualifying home, and (ii) does not have an owner-occupied home within the meaning of paragraph 146.01(2)(a.1) in the period (A) that begins at the beginning of the fourth preceding calendar year that ended before the particular time, and (B) that ends on the 31st day before the particular time; (c) the individual entered into an agreement in writing before the particular time for the acquisition or construction of the qualifying home before October 1 of the calendar year following the year in which the amount was received; and (d) the individual did not acquire the qualifying home more than 30 days before the particular time. ( retrait admissible ) survivor of a holder means another individual who is, immediately before the holder’s death, a spouse or common-law partner of the holder.‍ ( survivant ) Qualifying arrangement conditions (2) For the purposes of paragraph (e) of the definition qualifying arrangement in subsection (1), the conditions are as follows: (a) the arrangement requires that it be maintained for the exclusive benefit of the holder (determined without regard to any right of a person to receive a payment out of or under the arrangement only on or after the death of the holder); (b) the arrangement prohibits, while there is a holder of the arrangement, anyone that is neither the holder nor the issuer of the arrangement from having rights under the arrangement relating to the amount and timing of distributions and the investing of funds; (c) the arrangement prohibits anyone other than the holder from making contributions under the arrangement; (d) the arrangement permits distributions to be made to reduce the amount of tax otherwise payable by the holder under section 207.021; (e) the arrangement provides that, at the direction of the holder, the issuer shall transfer all or any part of the property held in connection with the arrangement (or an amount equal to its value) to another FHSA of the holder or to an RRSP or a RRIF under which the holder is the annuitant; (f) if the arrangement is an arrangement in trust, it prohibits the trust from borrowing money or other property for the purposes of the arrangement; (g) the arrangement provides that it ceases to be a FHSA after the end of the holder’s maximum participation period; (h) the arrangement, if it involves an issuer described in subparagraph (b)(iii) of the definition qualifying arrangement in subsection (1), includes provisions stipulating that the issuer has no right of offset with respect to the property held under the arrangement in connection with any debt or obligation owing to the issuer; and (i) the arrangement meets prescribed conditions. Trust not taxable (3) No tax is payable under this Part by a trust that is governed by a FHSA on its taxable income for a taxation year, except that, if at any time in the taxation year, it carries on one or more businesses or holds one or more properties that are non-qualified investments for the trust, tax is payable under this Part by the trust on the amount that would be its taxable income for the taxation year if it had no incomes or losses from sources other than those businesses and properties, and no capital gains or capital losses other than from dispositions of those properties, and for that purpose, (a) income includes dividends described in section 83; (b) the trust’s taxable capital gain or allowable capital loss from the disposition of a property is equal to its capital gain or capital loss, as the case may be, from the disposition; and (c) the trust’s income shall be computed without reference to subsection 104(6). Amount credited to a deposit (3.1) An amount that is credited or added to a deposit that is a FHSA as interest or other income in respect of the FHSA is deemed not to be received by the holder of the FHSA or an