Income Tax Act — I-3.3 147.5
life, or (ii) the individual for the lives, jointly, of the individual and the individual’s spouse or common-law partner and to the survivor of them for the survivor’s life; (b) is payable beginning no later than the later of (i) the end of the calendar year in which the individual attains 71 years of age, and (ii) the end of the calendar year in which the annuity is acquired; (c) unless the annuity is subsequently commuted into a single payment, is payable (i) at least annually, and (ii) in equal amounts or is not so payable solely because of an adjustment that would, if the annuity were an annuity under a retirement savings plan, in accordance with any of subparagraphs 146(3)(b)(iii) to (v); (d) if the annuity includes a guaranteed period, requires that (i) the period not exceed 15 years, and (ii) in the event of the later of the death of the individual and that of the individual’s spouse or common-law partner during the period, any remaining amounts otherwise payable be commuted into a single payment as soon as practicable after the later death; and (e) does not permit any premiums to be paid, other than the premium paid from the PRPP to acquire the annuity. ( rente admissible ) qualifying survivor , in relation to a member of a PRPP, means an individual who, immediately before the death of the member (a) was a spouse or common-law partner of the member; or (b) was a child or grandchild of the member who was financially dependent on the member for support. ( survivant admissible ) restricted investment , for a pooled pension plan, means (a) a debt of a member of the plan; (b) a share of, an interest in, or a debt of (i) a corporation, partnership or trust in which a member of the plan has a significant interest, or (ii) a person or partnership that does not deal at arm’s length with the member of the plan or with a person or partnership described in subparagraph (i); (c) an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a) or (b); or (d) prescribed property. ( placement non admissible ) single amount means an amount that is not part of a series of periodic payments. ( montant unique ) successor member means an individual who was the spouse or common-law partner of a member of a PRPP immediately before the death of the member and who acquires, as a consequence of the death, all of the member’s rights in respect of the member’s account under the PRPP. ( participant remplaçant ) unused non-deductible PRPP room , of a taxpayer at the end of a taxation year, means the amount determined by the formula A – B where A is the amount of the taxpayer’s unused RRSP deduction room at the end of the year, determined in accordance with subsection (33); and B is the taxpayer’s unused RRSP deduction room at the end of the year. ( somme inutilisée non déductible au titre des RPAC ) Registration conditions (2) The Minister may accept for registration a pooled pension plan for the purposes of this Act, but shall not accept for registration any plan unless application for registration is made in prescribed manner by the plan administrator and, in the Minister’s opinion, the plan complies with the following conditions: (a) the primary purpose of the plan is to accept and invest contributions in order to provide retirement income to plan members, subject to the limits and other requirements under this Act; (b) a single and separate account is maintained for each member under the member’s Social Insurance Number (i) to which are credited all contributions made to the plan in respect of the member, and any earnings of the plan allocated to the member, and (ii) to which are charged all payments and distributions made in respect of the member; (c) the only benefits provided under the plan in respect of each member are benefits determined solely with reference to, and provided by, the amount in the member’s account; (d) all earnings of the plan are allocated to plan members on a reason