Income Tax Act — I-3.3 146
art 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 businesses, as the case may be, exceeds (ii) such portion of the amount determined under subparagraph 146(4)(b)(i) in respect of the trust for the year as can reasonably be considered to be income from, or from the disposition of, qualified investments for the trust; and (c) if the last annuitant under the plan has died, tax is payable under this Part by the trust on its taxable income for each year after the year following the year in which the last annuitant died. Amount of RRSP premiums deductible (5) There may be deducted in computing a taxpayer’s income for a taxation year such amount as the taxpayer claims not exceeding the lesser of (a) the amount, if any, by which the total of all amounts each of which is a premium paid by the taxpayer after 1990 and on or before the day that is 60 days after the end of the year under a registered retirement savings plan under which the taxpayer was the annuitant at the time the premium was paid, other than the portion, if any, of the premium (i) that was deducted in computing the taxpayer’s income for a preceding taxation year, (ii) that was designated for any taxation year for the purposes of paragraph 60(j), 60(j.1) or 60(l), (iii) in respect of which the taxpayer received a payment that was deducted under subsection 146(8.2) in computing the taxpayer’s income for a preceding taxation year, (iii.1) that was an exempt-income contribution amount (as defined in subsection 147.5(1)) for any taxation year, (iv) that was deductible under subsection 146(6.1) in computing the taxpayer’s income for any taxation year or (iv.1) that would be considered to be withdrawn by the taxpayer as an eligible amount (as defined in subsection 146.01(1) or 146.02(1)) less than 90 days after it was paid, if earnings in respect of a registered retirement savings plan were considered to be withdrawn before premiums paid under that plan and premiums were considered to be withdrawn in the order in which they were paid exceeds (v) the amount, if any, by which (A) the total of all amounts deducted under subsection 147.3(13.1) in computing the taxpayer’s income for the year or a preceding taxation year exceeds (B) the total of all amounts, in respect of transfers occurring before 1991 from registered pension plans, deemed by paragraph 147.3(10)(b) or 147.3(10)(c) to be a premium paid by the taxpayer to a registered retirement savings plan, and (b) the amount, if any, by which the taxpayer’s RRSP deduction limit for the year exceeds the total of all contributions made by an employer in the year to a pooled registered pension plan in respect of the taxpayer. Amount of spousal RRSP premiums deductible (5.1) There may be deducted in computing a taxpayer’s income for a taxation year such amount as the taxpayer claims not exceeding the lesser of (a) the total of all amounts each of which is a premium paid by the taxpayer after 1990 and on or before the day that is 60 days after the end of the year under a registered retirement savings plan under which the taxpayer’s spouse or common-law partner (or, where the taxpayer died in the year or within 60 days after the end of the year, an individual who was the taxpayer’s spouse or common-law partner immediately before the death) was the annuitant at the time the premium was paid, other than the portion, if any, of the premium (i) that was deducted in computing the taxpayer’s income for a preceding taxation year, (ii) that was designated for any taxation year for the purposes of paragraph 60(j.2), (iii) in respect of which the taxpayer or the taxpayer’s spouse or common-law partner has received a payment that has been deducted under subsection 146(8.2) in computing the taxpayer’s income for a preceding taxation year, or (iv) that would be considered to be withdrawn by the taxpayer’s spou