Income Tax Act — I-3.3 146.3
fer, of the amount of an annual or more frequent periodic payment under an annuity contract (other than an annuity contract described in clause 146.3(2)(e.2)(i)(B)) that the trust may receive after the transfer and in the year of the transfer is not less than the amount, if any, by which the minimum amount under the fund for that year exceeds the total of all amounts received out of or under the fund before the transfer that are included in computing the income of the annuitant under the fund for that year; (f) the fund provides that the carrier shall not accept property as consideration thereunder other than property transferred from (i) a registered retirement savings plan under which the individual is the annuitant, (ii) another registered retirement income fund under which the individual is the annuitant, (iii) the individual to the extent only that the amount of the consideration was an amount described in subparagraph 60(l)(v), (iv) a registered retirement income fund or registered retirement savings plan of the individual’s spouse or common-law partner or former spouse or common-law partner under a decree, order or judgment of a competent tribunal, or under a written separation agreement, relating to a division of property between the individual and the individual’s spouse or common-law partner or former spouse or common-law partner in settlement of rights arising out of, or on the breakdown of, their marriage or common-law partnership, (iv.1) a deferred profit sharing plan in accordance with subsection 147(19); (v) a registered pension plan of which the individual is a member (within the meaning assigned by subsection 147.1(1)), (vi) a registered pension plan in accordance with subsection 147.3(5) or (7), (vii) a specified pension plan in circumstances to which subsection 146(21) applies, (viii) a pooled registered pension plan in accordance with subsection 147.5(21), (ix) an advanced life deferred annuity under which the individual is the annuitant, if the transfer is a refund described under paragraph (g) of the definition advanced life deferred annuity in subsection 146.5(1), or (x) a FHSA in accordance with subsection 146.6(7); (g) [Repealed, 2011, c. 24, s. 49] (h) the fund in all other respects complies with regulations of the Governor in Council made on the recommendation of the Minister of Finance. No tax while trust governed by fund (3) Except as provided in subsection 146.3(9), 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 income fund of an individual, except that if the trust has (a) borrowed money in the year or has borrowed money that it has not repaid before the commencement of the year, (b) received a gift of property (other than a transfer from a registered retirement savings plan under which the individual is the annuitant (within the meaning of subsection 146(1)) or a transfer from a registered retirement income fund under which the individual is the annuitant) (i) in the year, or (ii) in a preceding year and has not divested itself of the property or any property substituted therefor before the commencement of the year, or (c) carried on any business or businesses in the year, tax is payable under this Part by the trust, (d) where paragraph 146.3(3)(a) or 146.3(3)(b) applies, on its taxable income for the year, and (e) where neither paragraph 146.3(3)(a) nor (b) applies and where paragraph 146.3(3)(c) applies, 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 the business or businesses, as the case may be, exceeds (ii) such portion of the amount determined under subparagraph 146.3(3)(e)(i) in respect of the trust for the year as can reasonably be considered to be income from, or from the disposition of, qualified invest