Income Tax Act — I-3.3 146.6
Definitions 146.6 (1) The following definitions apply in this section. annual FHSA limit of a taxpayer for a taxation year is the least of (a) the amount determined by the formula A + B − C where A is the total of all contributions made to a FHSA in the year by the taxpayer (other than any contributions made after the taxpayer’s first qualifying withdrawal from a FHSA), B is (i) if the taxpayer’s maximum participation period has not begun in a preceding taxation year, nil, and (ii) in any other case, the amount by which the amount determined under this paragraph for the preceding taxation year exceeds the annual FHSA limit for that taxation year, and C is the amount by which the total of all designated amounts described in paragraph (b) of the definition designated amount in subsection 207.01(1) for the year exceeds the total of all contributions made to a FHSA by the taxpayer after the taxpayer’s first qualifying withdrawal from a FHSA, (b) the amount determined by the formula $8,000 + D − (E − F) where D is the amount of the FHSA carryforward for the taxation year, E is the taxpayer’s net RRSP-to-FHSA transfer amount at the end of the taxation year, and F is the total of all amounts, each of which is an amount determined in respect of each preceding taxation year that is (i) if the taxpayer had not started their maximum participation period in the year, nil, or (ii) in any other case, the lesser of (A) the amount determined by the formula G − H where G is the amount determined for E in the year, and H is the amount determined for F in the year, and (B) $8,000 plus the amount of the FHSA carryforward for the year, and (c) nil, if the taxation year is after the year in which (i) the taxpayer’s maximum participation period has ended, or (ii) the taxpayer has died. ( plafond annuel au titre du CELIAPP) beneficiary under a FHSA means an individual (including an estate) or a qualified donee that has a right to receive a distribution from the FHSA after the death of the holder of the FHSA. ( bénéficiaire ) first home savings account or FHSA means a qualifying arrangement registered with the Minister that has not ceased to be a FHSA under subsection 146.6(16). ( compte d’épargne libre d’impôt pour l’achat d’une première propriété ou CELIAPP ) FHSA carryforward of a taxpayer for a taxation year is the least of (a) $8,000, (b) the amount determined by the formula A − B where A is the amount determined in paragraph (b) of the definition annual FHSA limit for the preceding taxation year, and B is the amount determined in paragraph (a) of the definition annual FHSA limit for the preceding taxation year plus the total of all contributions made to a FHSA in the preceding taxation year by the taxpayer after the taxpayer’s first qualifying withdrawal from a FHSA, and (c) nil, if the taxpayer had not started their maximum participation period prior to the taxation year. ( montant des cotisations reporté ) holder of an arrangement means (a) until the death of the individual who entered into the arrangement, the individual; and (b) after the death of the individual, the individual’s survivor, if the survivor is designated under the arrangement to become a successor of the holder and is a qualifying individual. ( titulaire ) issuer of an arrangement means the person described as the issuer in the definition qualifying arrangement . ( émetteur ) maximum participation period of an individual means the period that (a) begins when an individual first enters into a qualifying arrangement; and (b) ends at the end of the year following the year in which the earliest of the following events occur: (i) the 14th anniversary of the date the individual first enters into a qualifying arrangement, (ii) the individual attains 70 years of age, and (iii) the individual first makes a qualifying withdrawal from a FHSA. ( période de participation maximale ) net RRSP-to-FHSA transfer amount of a holder at a particular time means the amount by which‍ (a) the total of