Income Tax Act — I-3.3 204.2
Definition of excess amount for a year in respect of registered retirement savings plans 204.2 (1) Excess amount for a year in respect of registered retirement savings plans of an individual at a particular time means, (a) where the excess amount is for a year after 1990, nil; and (b) where the excess amount is for a year before 1991, the amount, if any, by which the total of (i) all amounts paid by the individual to such plans under which the individual or the individual’s spouse or common-law partner is the annuitant, other than amounts (A) to which paragraph 60(j), 60(j.01), 60(j.1), 60(j.2) or 60(l) applies or would, if the individual were resident in Canada throughout the year, apply, or (B) transferred to the plan in accordance with any of subsections 146(16), 147(19) and 147.3(1) and 147.3(4) to 147.3(7), and (ii) all gifts made to such a plan under which the individual is the annuitant, other than gifts made thereto by the individual’s spouse or common-law partner, in the year and before the particular time, exceeds the total of (iii) all amounts that may be deducted in computing the individual’s income for the immediately preceding year in respect of those payments, and (iv) the greater of $5,500 and the amount that may be deducted in computing the individual’s income for the year in respect of those payments. Cumulative excess amount in respect of RRSPs (1.1) The cumulative excess amount of an individual in respect of registered retirement savings plans at any time in a taxation year is the amount, if any, by which (a) the amount of the individual’s undeducted RRSP premiums at that time exceeds (b) the amount determined by the formula A + B + R + C + D + E where A is the individual’s unused RRSP deduction room at the end of the preceding taxation year, B is the amount, if any, by which (i) the lesser of the RRSP dollar limit for the year and 18% of the individual’s earned income (as defined in subsection 146(1)) for the preceding taxation year exceeds the total of all amounts each of which is (ii) the individual’s pension adjustment for the preceding taxation year in respect of an employer, or (iii) a prescribed amount in respect of the individual for the year, C is, where the individual attained 18 years of age in a preceding taxation year, $2,000, and in any other case, nil, D is the group plan amount in respect of the individual at that time, E is, where the individual attained 18 years of age before 1995, the individual’s transitional amount at that time, and in any other case, nil, and R is the individual’s total pension adjustment reversal for the year. Undeducted RRSP premiums (1.2) For the purposes of subsection 204.2(1.1) and the description of K in paragraph 204.2(1.3)(a), the amount of undeducted RRSP premiums of an individual at any time in a taxation year is the amount determined by the formula H + I - J where H is for taxation years ending before 1992, nil, and for taxation years ending after 1991, the amount, if any, by which (a) the amount of the individual’s undeducted RRSP premiums at the end of the immediately preceding taxation year exceeds (b) the total of the amounts, each of which is an amount that is (i) deducted in or before that preceding year, under subsections 146(5) and 146(5.1) in computing the individual’s income for the immediately preceding taxation year, to the extent that each amount was deducted in respect of premiums paid under registered retirement savings plans, or (ii) contributed in the immediately preceding taxation year by the individual’s employer or former employer to an account of the individual under a pooled registered pension plan, I is the total of all amounts each of which is (a) a premium (within the meaning assigned by subsection 146(1)) paid by the individual in the year and before that time under a registered retirement savings plan under which the individual or the individual’s spouse or common-law partner was the annuitant (within the meaning assigned by subsec