Income Tax Act — I-3.3 146.1
deemed to have been registered on the first day of January of (a) the year in which all of the conditions set out in subsection 146.1(2) (except in paragraph 146.1(2)(b)) were complied with, or (b) the year preceding the year in which the plan was subsequently registered, whichever is the later. Registration of plans without prospectus (4) Notwithstanding paragraph 146.1(2)(e), where a promoter has not filed a prospectus in respect of an education savings plan referred to in that paragraph, the Minister may register the plan if the promoter is not otherwise required by the laws of Canada or a province to file such a prospectus with a securities commission in Canada or a body performing a similar function in a province and the plan complies with the other conditions set out in subsection 146.1(2). Obligation to file amendment (4.1) When a registered education savings plan is amended, the promoter shall file the text of the amendment with the Minister not later than 60 days after the day on which the plan is amended. Trust not taxable (5) No tax is payable under this Part by a trust that is governed by a RESP on its taxable income for a taxation year, except that, if at any time in the taxation year, it holds one or more properties that are not 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 income or losses from sources other than those 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). Subscriber not taxable (6) No tax is payable by a subscriber on the income of a trust for a taxation year after 1971 throughout which the trust was governed by a registered education savings plan. Transfers between plans (6.1) Where property irrevocably held by a trust governed by a registered education savings plan (in this subsection referred to as the “transferor plan”) is transferred to a trust governed by another registered education savings plan (in this subsection referred to as the “transferee plan”), (a) [Repealed, 1998, c. 19, s. 38(13)] (b) for the purposes of this paragraph, the definition specified plan in subsection (1) and paragraphs (2)(d.1), (h) and (i), the transferee plan is deemed to have been entered into on the day that is the earlier of (i) the day on which the transferee plan was entered into, and (ii) the day on which the transferor plan was entered into; and (c) notwithstanding subsections 146.1(7) and 146.1(7.1), no amount shall be included in computing the income of any person because of the transfer. Educational assistance payments (7) There shall be included in computing an individual’s income for a taxation year the total of all educational assistance payments paid out of registered education savings plans to or for the individual in the year that exceeds the total of all excluded amounts in respect of those plans and the individual for the year. Other income inclusions (7.1) There shall be included in computing a taxpayer’s income for a taxation year (a) each accumulated income payment (other than an accumulated income payment made under subsection (1.2)) received in the year by the taxpayer under a registered education savings plan that exceeds the total of all excluded amounts in respect of those plans and the individual for the year; and (b) each amount received in the year by the taxpayer in full or partial satisfaction of a subscriber’s interest under a registered education savings plan (other than any excluded amount in respect of the plan). Excluded amount (7.2) An excluded amount in respect of a registe