Income Tax Act — I-3.3 146
payer’s taxable income for the year, (iii) a contribution made by an employer in the year to a pooled registered pension plan in respect of the taxpayer, or (iv) the amount, if any, by which the taxpayer’s exempt-income contribution amount (as defined in subsection 147.5(1)) for the year exceeds the taxpayer’s unused non-deductible PRPP room (as defined in subsection 147.5(1)) at the end of the preceding taxation year, and R is the taxpayer’s total pension adjustment reversal for the year. ( déductions inutilisées au titre des REER ) Restriction — financially dependent (1.1) For the purposes of paragraph (b) of the definition refund of premiums in subsection (1), clause 60(l)(v)(B.01), the definition eligible individual in subsection 60.02(1), subparagraph 104(27)(e)(i) and section 147.5, it is assumed, unless the contrary is established, that an individual’s child or grandchild was not financially dependent on the individual for support immediately before the individual’s death if the income of the child or grandchild for the taxation year preceding the taxation year in which the individual died exceeded the amount determined by the formula A + B where A is the amount determined for F in subsection 118(1.1) for that preceding taxation year; and B is nil, unless the financial dependency was because of mental or physical infirmity, in which case it is $6,180 adjusted for each such preceding taxation year that is after 2002 in the manner set out in section 117.1. Acceptance of plan for registration (2) The Minister shall not accept for registration for the purposes of this Act any retirement savings plan unless, in the Minister’s opinion, it complies with the following conditions: (a) the plan does not provide for the payment of any benefit before maturity except (i) a refund of premiums, and (ii) a payment to the annuitant; (b) the plan does not provide for the payment of any benefit after maturity except (i) by way of retirement income to the annuitant, (ii) to the annuitant in full or partial commutation of retirement income under the plan, and (iii) in respect of a commutation referred to in paragraph 146(2)(c.2); (b.1) the plan does not provide for a payment to the annuitant of a retirement income except by way of equal annual or more frequent periodic payments until such time as there is a payment in full or partial commutation of the retirement income and, where that commutation is partial, equal annual or more frequent periodic payments thereafter; (b.2) the plan does not provide for periodic payments in a year under an annuity after the death of the first annuitant, the total of which exceeds the total of the payments under the annuity in a year before that death; (b.3) the plan does not provide for the payment of any premium after maturity; (b.4) the plan does not provide for maturity after the end of the year in which the annuitant attains 71 years of age; (c) the plan provides that retirement income under the plan may not be assigned in whole or in part; (c.1) notwithstanding paragraph 146(2)(a), the plan permits the payment of an amount to a taxpayer where the amount is paid to reduce the amount of tax otherwise payable under Part X.1 by the taxpayer; (c.2) the plan requires the commutation of each annuity payable thereunder that would otherwise become payable to a person other than an annuitant under the plan; (c.3) the plan, where it involves a depositary, includes provisions stipulating that (i) the depositary has no right of offset as regards the property held under the plan in connection with any debt or obligation owing to the depositary, and (ii) the property held under the plan cannot be pledged, assigned or in any way alienated as security for a loan or for any purpose other than that of providing for the annuitant, commencing at maturity, a retirement income; and (c.4) [Repealed, 2011, c. 24, s. 45] (d) the plan in all other respects complies with regulations of the Governor in Council made on the recommen