Income Tax Act — I-3.3 146.3
Definitions 146.3 (1) In this section, annuitant under a retirement income fund at any time means (a) the first individual to whom the carrier has undertaken to make payments described in the definition retirement income fund out of or under the fund, where the first individual is alive at that time, (b) after the death of the first individual, a spouse or common-law partner (in this definition referred to as the “survivor”) of the first individual to whom the carrier has undertaken to make payments described in the definition retirement income fund out of or under the fund after the death of the first individual, if the survivor is alive at that time and the undertaking was made (i) pursuant to an election that is described in that definition and that was made by the first individual, or (ii) with the consent of the legal representative of the first individual, and (c) after the death of the survivor, another spouse or common-law partner of the survivor to whom the carrier has undertaken, with the consent of the legal representative of the survivor, to make payments described in the definition retirement income fund out of or under the fund after the death of the survivor, where that other spouse or common-law partner is alive at that time; ( rentier ) carrier of a retirement income fund means (a) a person licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada an annuities business, (b) a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee, (c) a corporation approved by the Governor in Council for the purposes of section 146 that is licensed or otherwise authorized under the laws of Canada or a province to issue investment contracts, or (d) a person referred to as a depositary in section 146, that has agreed to make payments under a retirement incomefund to the individual who is the annuitant under the fund; ( émetteur ) designated benefit of an individual in respect of a registered retirement income fund means the total of (a) such amounts paid out of or under the fund after the death of the last annuitant thereunder to the legal representative of that annuitant (i) as would, had they been paid under the fund to the individual, have been refunds of premiums (in this paragraph having the meaning assigned by subsection 146(1)) if the fund were a registered retirement savings plan that had not matured before the death, and (ii) as are designated jointly by the legal representative and the individual in prescribed form filed with the Minister, and (b) amounts paid out of or under the fund after the death of the last annuitant thereunder to the individual that would be refunds of premiums had the fund been a registered retirement savings plan that had not matured before the death; ( prestation désignée ) minimum amount under a retirement income fund for a year means, for the year in which the fund was entered into, a nil amount, and, for any other year, the amount determined by the formula (A × B) + C where A is the total fair market value of all properties held in connection with the fund at the beginning of the year (other than annuity contracts held by a trust governed by the fund that, at the beginning of the year, are not described in paragraph (b.1) of the definition qualified investment ); B is (a) where the first annuitant under the fund elected in respect of the fund under paragraph (b) of the definition minimum amount in this subsection, as it read before 1992, or under subparagraph 146.3(1)(f)(i) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, to use the age of another individual, the prescribed factor for the year in respect of the other individual, (b) where paragraph (a) does not apply and the first annuitant under the fund so elects before any payment has been made under the fund by the carrier, the prescribed factor for the year in