Income Tax Act — I-3.3 146
mmendation of the Minister of Finance; ( placement admissible ) RRSP deduction limit of a taxpayer for a taxation year means the amount determined by the formula A + B + R - C where A is the taxpayer’s unused RRSP deduction room at the end of the preceding taxation year, B is the amount, if any, by which (a) the lesser of the RRSP dollar limit for the year and 18% of the taxpayer’s earned income for the preceding taxation year exceeds the total of all amounts each of which is (b) the taxpayer’s pension adjustment for the preceding taxation year in respect of an employer, or (c) a prescribed amount in respect of the taxpayer for the year, C is the taxpayer’s net past service pension adjustment for the year, and R is the taxpayer’s total pension adjustment reversal for the year; ( maximum déductible au titre des REER ) RRSP dollar limit for a calendar year means (a) for years other than 1996 and 2003, the money purchase limit for the preceding year, (b) for 1996, $13,500, and (c) for 2003, $14,500; ( plafond REER ) refund of premiums means any amount paid out of or under a registered retirement savings plan (other than a tax-paid amount in respect of the plan) as a consequence of the death of the annuitant under the plan, (a) to an individual who was, immediately before the death, a spouse or common-law partner of the annuitant, where the annuitant died before the maturity of the plan, or (b) to a child or grandchild of the annuitant who was, immediately before the death, financially dependent on the annuitant for support; ( remboursement de primes ) registered retirement savings plan means a retirement savings plan accepted by the Minister for registration for the purposes of this Act as complying with the requirements of this section; ( régime enregistré d’épargne-retraite ) retirement income means (a) an annuity commencing at maturity, and with or without a guaranteed term commencing at maturity, not exceeding the term referred to in paragraph (b), or, in the case of a plan entered into before March 14, 1957, not exceeding 20 years, payable to (i) the annuitant for the annuitant’s life, or (ii) the annuitant for the lives, jointly, of the annuitant and the annuitant’s spouse and to the survivor of them for the survivor’s life, or (b) an annuity commencing at maturity, payable to the annuitant, or to the annuitant for the annuitant’s life and to the spouse after the annuitant’s death, for a term of years equal to 90 minus either (i) the age in whole years of the annuitant at the maturity of the plan, or (ii) where the annuitant’s spouse is younger than the annuitant and the annuitant so elects, the age in whole years of the spouse at the maturity of the plan, issued by a person described in the definition retirement savings plan in this subsection with whom an individual may have a contract or arrangement that is a retirement savings plan, or any combination thereof; ( revenu de retraite ) retirement savings plan means (a) a contract between an individual and a person licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada an annuities business, under which, in consideration of payment by the individual or the individual’s spouse or common-law partner of any periodic or other amount as consideration under the contract, a retirement income commencing at maturity is to be provided for the individual, or (b) an arrangement under which payment is made by an individual or the individual’s spouse or common-law partner (i) in trust to a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee, of any periodic or other amount as a contribution under the trust, (ii) to a corporation approved by the Governor in Council for the purposes of this section that is licensed or otherwise authorized under the laws of Canada or a province to issue investment contracts providing for the payment to o