Income Tax Act — I-3.3 146.1
isfaction of a subscriber’s interest under a registered education savings plan (other than any excluded amount in respect of the plan). Excluded amount (7.2) An excluded amount in respect of a registered education savings plan is, (a) for the purposes of subsection (7) and paragraph (7.1)(a), an amount in respect of which a subscriber pays a tax under section 207.05 in respect of the plan, or another plan for which the plan was substituted by the subscriber, that (i) has not been waived, cancelled or refunded, and (ii) has not reduced any other amount that would otherwise be included under subsections (7) or (7.1) in computing an individual’s income for the year or a preceding year; and (b) for the purposes of paragraph (7.1)(b), (i) any amount received under the plan, (ii) any amount received in satisfaction of a right to a refund of payments under the plan, or (iii) any amount received by a taxpayer under a decree, order or judgment of a competent tribunal, or under a written agreement, relating to a division of property between the taxpayer and the taxpayer’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. (8) to (10) [Repealed, 1998, c. 19, s. 38(15)] (11) [Repealed, 2014, c. 39, s. 51] Deemed date of registration (12) Subject to subsection 146.1(3), an education savings plan that is registered (a) before 1976 shall be deemed to have been registered since the later of (i) January 1, 1972, and (ii) the first day of January of the year in which the plan was created; and (b) after 1975 shall be deemed to have been registered on the first day of January in the year of registration. Notice of intent to revoke registration (12.1) When a particular day is (a) a day on which a registered education savings plan ceases to comply with the conditions of subsection 146.1(2) for the plan’s registration, (b) a day on which a registered education savings plan ceases to comply with any provision of the plan, (c) the last day of a month in respect of which tax is payable under Part X.4 by an individual because of contributions made, or deemed for the purpose of Part X.4 to have been made, by or on behalf of the individual into a registered education savings plan, (d) a day on which a registered education savings plan is revocable, or (e) a day on which a person fails to comply with a condition or an obligation, imposed under the Canada Education Savings Act or under a program administered pursuant to an agreement entered into under section 12 of that Act, that applies with respect to a registered education savings plan, the Minister may send written notice (referred to in this subsection and subsection 146.1(12.2) as a “notice of intent”) to the promoter of the plan that the Minister proposes to revoke the registration of the plan as of the day specified in the notice of intent, which day shall not be earlier than the particular day. Notice of revocation (12.2) When the Minister sends a notice of intent to revoke the registration of a registered education savings plan to the promoter of the plan, the Minister may, after 30 days after the receipt by the promoter of the notice, send written notice (referred to in this subsection and subsection 146.1(13) as a “notice of revocation”) to the promoter that the registration of the plan is revoked as of the day specified in the notice of revocation, which day shall not be earlier than the day specified in the notice of intent. Revocation of registration (13) When the Minister sends a notice of revocation of the registration of a registered education savings plan under subsection 146.1(12.2) to the promoter of the plan, the registration of the plan is revoked as of the day specified in the notice of revocation, unless the Federal Court of Appeal or a judge thereof, on application made at any time before the determination of an appeal under subsection 172(3), orders otherwise.