Income Tax Act — I-3.3 146
tant, commencing at maturity, a retirement income; and (c.4) [Repealed, 2011, c. 24, s. 45] (d) the plan in all other respects complies with regulations of the Governor in Council made on the recommendation of the Minister of Finance. Idem (3) The Minister may accept for registration for the purposes of this Act any retirement savings plan notwithstanding that the plan (a) provides for the payment of a benefit after maturity by way of dividend; (b) provides for any annual or more frequent periodic amount payable (i) to the annuitant referred to in subparagraph (a)(ii) of the definition retirement income in subsection 146(1) by way of an annuity described in paragraph (a) of that definition to be reduced, in the event of the death of the annuitant’s spouse or common-law partner during the lifetime of the annuitant, in such manner as to provide for the payment of equal annual or more frequent periodic amounts throughout the lifetime of the annuitant thereafter, (ii) to any person by way of an annuity, to be reduced if a pension becomes payable to that person under the Old Age Security Act , by an annual or other periodic amount not exceeding the amount payable to that person in that period under that Act, (iii) to any person by way of an annuity, to be increased or reduced depending on the increase or reduction in the value of a specified group of assets constituting the assets of a separate and distinct account or fund maintained in respect of a variable annuities business by a person licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada that business, (iii.1) to any person by way of an annuity under a contract that provides for the increase or reduction of the annuity in accordance only with a change in the interest rate on which the annuity is based, if the interest rate, as increased or reduced, equals or approximates a generally available Canadian market interest rate, (iv) that may be adjusted annually to reflect (A) in whole or in part increases in the Consumer Price Index, as published by Statistics Canada under the authority of the Statistics Act , or (B) increases at a rate specified in the annuity contract, not exceeding 4% per annum, or (v) to the annuitant by way of an annuity to be increased annually to the extent the amount or rate of return that would have been earned on a pool of investment assets (available for purchase by the public and specified in the annuity contract) exceeds an amount or rate specified in the plan and provides that no other increase may be made in the amount payable; (d) provides for the payment of any amount after the death of an annuitant thereunder; (e) is adjoined to a contract or other arrangement that is not a retirement savings plan; or (f) contains such other terms and provisions, not inconsistent with this section, as are authorized or permitted by regulations of the Governor in Council made on the recommendation of the Minister of Finance. No tax while trust governed by plan (4) Except as provided in subsection 146(10.1), no tax is payable under this Part by a trust on the taxable income of the trust for a taxation year if, throughout the period in the year during which the trust was in existence, the trust was governed by a registered retirement savings plan, except that (a) if the trust has borrowed money (other than money used in carrying on a business) in the year or has, after June 18, 1971, borrowed money (other than money used in carrying on a business) that it has not repaid before the commencement of the year, tax is payable under this Part by the trust on its taxable income for the year; (b) in any case not described in paragraph 146(4)(a), if the trust has carried on any business or businesses in the year, tax is payable under this Part by the trust on the amount, if any, by which (i) the amount that its taxable income for the year would be if it had no incomes or losses from sources other than from that business or those busines