Income Tax Act — I-3.3 60.021
Additions to clause 60(l)(v)(B.2) for 2008 60.021 (1) In determining the amount that may be deducted because of paragraph 60(l) in computing a taxpayer’s income for the 2008 taxation year, clause 60(l)(v)(B.2) shall be read as follows: (B.2) the total of all amounts each of which is (I) the taxpayer’s eligible amount (within the meaning assigned by subsection 146.3(6.11)) for the year in respect of a registered retirement income fund, (II) the taxpayer’s eligible RRIF withdrawal amount (within the meaning assigned by subsection 60.021(2)) for the year in respect of a registered retirement income fund, or (III) the taxpayer’s eligible variable benefit withdrawal amount (within the meaning assigned by subsection 60.021(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan, Meaning of eligible RRIF withdrawal amount (2) A taxpayer’s eligible RRIF withdrawal amount for a taxation year in respect of a registered retirement income fund under which the taxpayer is the annuitant at the beginning of the taxation year is (a) except where paragraph (b) applies, the amount determined by the formula A – B where A is the lesser of (i) the total of all amounts included, because of subsection 146.3(5), in computing the income of the taxpayer for the taxation year in respect of amounts received out of or under the fund (other than an amount paid by direct transfer from the fund to another fund or to a registered retirement savings plan), and (ii) the amount that would, in the absence of subsection 146.3(1.1), be the minimum amount under the fund for the taxation year, and B is the minimum amount under the fund for the taxation year; and (b) if the taxpayer attained 70 years of age in 2007, nil. Meaning of eligible variable benefit withdrawal amount (3) A taxpayer’s eligible variable benefit withdrawal amount for a taxation year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan is the amount determined by the formula A – B – C where A is the lesser of (a) the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs 8506(1)(a) to (e) of the Regulations) paid from the plan in the taxation year in respect of the account and included, because of paragraph 56(1)(a), in computing the taxpayer’s income for the taxation year, and (b) the amount that would, in the absence of paragraph 8506(7)(b) of the Regulations, be the minimum amount for the account for the taxation year; B is the minimum amount for the account for the taxation year; and C is the total of all contributions made by the taxpayer under the provision and designated for the purposes of subsection 8506(10) of the Regulations. Expressions used in this section (4) For the purposes of this section, (a) the term “money purchase provision” has the meaning assigned by subsection 147.1(1); (b) the term “retirement benefit” has the meaning assigned by subsection 8500(1) of the Regulations; and (c) the minimum amount for an account of a taxpayer under a money purchase provision of a registered pension plan is the amount determined in accordance with subsection 8506(5) of the Regulations. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2009, c. 2, s. 15