Income Tax Act — I-3.3 146
or any taxation year for the purposes of paragraph 60(j), 60(j.1) or 60(l). Recovery of property used as security (7) Where in a taxation year a loan, for which a trust governed by a registered retirement savings plan has used or permitted to be used trust property as security, ceases to be extant, and the fair market value of the property so used was included by virtue of subsection 146(10) in computing the income of the taxpayer who is the annuitant under the plan, there may be deducted, in computing the income of the taxpayer for the taxation year, an amount equal to the amount, if any, remaining when (a) the net loss (exclusive of payments by the trust as or on account of interest) sustained by the trust in consequence of its using the property, or permitting it to be used, as security for the loan and not as a result of a change in the fair market value of the property is deducted from (b) the amount so included in computing the income of the taxpayer in consequence of the trust’s using the property, or permitting it to be used, as security for the loan. Benefits taxable (8) There shall be included in computing a taxpayer’s income for a taxation year the total of all amounts received by the taxpayer in the year as benefits out of or under registered retirement savings plans, other than excluded withdrawals (as defined in subsection 146.01(1) or 146.02(1)) of the taxpayer and amounts that are included under paragraph (12)(b) in computing the taxpayer’s income. Subsequent re-calculation (8.01) If a designated withdrawal (as defined in subsection 146.01(1)) or an amount referred to in paragraph (a) of the definition eligible amount in subsection 146.02(1) is received by a taxpayer in a taxation year and, at any time after that year, it is determined that the amount is not an excluded withdrawal (as defined in subsection 146.01(1) or 146.02(1)), notwithstanding subsections 152(4) to (5), such assessments of tax, interest and penalties shall be made as are necessary to give effect to the determination. Deemed receipt of refund of premiums (8.1) An individual and the legal representative of a deceased annuitant of a registered retirement savings plan may jointly designate in prescribed form filed with the Minister that all or a portion of a payment made out of or under the plan to the legal representative is deemed to have been received by the individual at the time it was so paid as a benefit that is a refund of premiums, and not to have been paid to the legal representative, if (a) a payment not less than the designated amount is made from the estate of the deceased annuitant to the individual who is entitled to receive the payment (i) as a beneficiary (as defined in subsection 108(1)) under the estate, or (ii) under a decree, order or judgment of a competent tribunal or under a written agreement, relating to the rights or interests of a spouse or common-law partner in respect of property as a result of marriage or common-law partnership; and (b) the designated amount would have been a refund of premiums if it had been paid to the individual directly from the registered retirement savings plan. Amount deductible (8.2) Where (a) all or any portion of the premiums paid in a taxation year by a taxpayer to one or more registered retirement savings plans under which the taxpayer or the taxpayer’s spouse or common-law partner was the annuitant was not deducted in computing the taxpayer’s income for any taxation year, (b) the taxpayer or the taxpayer’s spouse or common-law partner can reasonably be regarded as having received a payment from a registered retirement savings plan or a registered retirement income fund in respect of such portion of the undeducted premiums as (i) was not paid by way of a transfer of an amount from a registered pension plan to a registered retirement savings plan, (ii) was not paid by way of a transfer of an amount from a deferred profit sharing plan to a registered retirement savings plan in accordance w