Income Tax Act — I-3.3 146.3
ant and the RRIF annuitant’s spouse or common-law partner and either there is no guaranteed period under the contract or there is a guaranteed period that begins at the start date and does not exceed a term equal to 90 years minus the lesser of (I) the age in whole years at the start date of the RRIF annuitant (determined on the assumption that the RRIF annuitant is alive at the start date), and (II) the age in whole years at the start date of a spouse or common-law partner of the RRIF annuitant (determined on the assumption that a spouse or common-law partner of the RRIF annuitant at the time the contract was acquired is a spouse or common-law partner of the RRIF annuitant at the start date), or (B) the periodic payments are payable for a term equal to (I) 90 years minus the age described in subclause (I), or (II) 90 years minus the age described in subclause (II), and (vi) the periodic payments (A) are equal, or (B) are not equal solely because of one or more adjustments that would, if the contract were an annuity under a retirement savings plan, be in accordance with subparagraphs 146(3)(b)(iii) to 146(3)(b)(v) or that arise because of a uniform reduction in the entitlement to the periodic payments as a consequence of a partial surrender of rights to the periodic payments, and (c) such other investments as may be prescribed by regulations of the Governor in Council made on the recommendation of the Minister of Finance; ( placement admissible ) registered retirement income fund means a retirement income fund accepted by the Minister for registration for the purposes of this Act and registered under the Social Insurance Number of the first annuitant under the fund; ( fonds enregistré de revenu de retraite ) retirement income fund means an arrangement between a carrier and an annuitant under which, in consideration for the transfer to the carrier of property, the carrier undertakes to pay amounts to the annuitant (and, where the annuitant so elects, to the annuitant’s spouse or common-law partner after the annuitant’s death), the total of which is, in each year in which the minimum amount under the arrangement for the year is greater than nil, not less than the minimum amount under the arrangement for that year, but the amount of any such payment does not exceed the value of the property held in connection with the arrangement immediately before the time of the payment. ( fonds de revenu de retraite ) Adjusted minimum amount for 2008 (1.1) The minimum amount under a retirement income fund for 2008 is 75 per cent of the amount that would, in the absence of this subsection, be the minimum amount under the fund for the year. Exceptions (1.2) Subsection (1.1) does not apply to a retirement income fund (a) for the purposes of subsections (5.1) and 153(1) and the definition periodic pension payment in section 5 of the Income Tax Conventions Interpretation Act ; nor (b) if the individual who was the annuitant under the fund on January 1, 2008 attained 70 years of age in 2007. Exceptions (1.3) For the purposes of subsections (5.1) and 153(1) and the definition periodic pension payment in section 5 of the Income Tax Conventions Interpretation Act , the minimum amount under a retirement income fund for 2015 is the amount that would be the minimum amount under the fund for the year if it were determined using the prescribed factors under subsection 7308(3) or (4), as the case may be, of the Income Tax Regulations as they read on December 31, 2014. Adjusted minimum amount for 2020 (1.4) The minimum amount under a retirement income fund for 2020 is 75% of the amount that would, in the absence of this subsection, be the minimum amount under the fund for the year. Exceptions (1.5) Subsection (1.4) does not apply to a retirement income fund for the purposes of subsections (5.1) and 153(1) and the definition periodic pension payment in section 5 of the Income Tax Conventions Interpretation Act . Acceptance of fund for registration (2) The Mini