Income Tax Act — I-3.3 (a)
qualified investment for a trust governed by a registered retirement income fund means (a) an investment that would be described by any of paragraphs (a) to (d), (f) and (g) of the definition qualified investment in section 204 if the reference in that definition to “a trust governed by a deferred profit sharing plan or revoked plan” were read as a reference to “a trust governed by a registered retirement income fund” and if that definition were read without reference to the words “with the exception of excluded property in relation to the trust”, (b) [Repealed, 2007, c. 29, s. 19] (b.1) a contract for an annuity issued by a licensed annuities provider where (i) the trust is the only person who, disregarding any subsequent transfer of the contract by the trust, is or may become entitled to any annuity payments under the contract, and (ii) the holder of the contract has a right to surrender the contract at any time for an amount that would, if reasonable sales and administration charges were ignored, approximate the value of funds that could otherwise be applied to fund future periodic payments under the contract, (b.2) a contract for an annuity issued by a licensed annuities provider where (i) annual or more frequent periodic payments are or may be made under the contract to the holder of the contract, (ii) the trust is the only person who, disregarding any subsequent transfer of the contract by the trust, is or may become entitled to any annuity payments under the contract, (iii) neither the time nor the amount of any payment under the contract may vary because of the length of any life, other than (A) if the annuitant under the fund (in this paragraph referred to as the “RRIF annuitant”) has made the election referred to in the definition retirement income fund in respect of the fund and a spouse or common-law partner, the life of the RRIF annuitant or the life of the spouse or common-law partner, and (B) in any other case, the life of the RRIF annuitant, (iv) the day on which the periodic payments began or are to begin (in this paragraph referred to as the “start date”) is not later than the end of the year following the year in which the contract was acquired by the trust, (v) either (A) the periodic payments are payable for the life of the RRIF annuitant or the joint lives of the RRIF annuitant and the RRIF annuitant’s spouse or common-law partner and either there is no guaranteed period under the contract or there is a guaranteed period that begins at the start date and does not exceed a term equal to 90 years minus the lesser of (I) the age in whole years at the start date of the RRIF annuitant (determined on the assumption that the RRIF annuitant is alive at the start date), and (II) the age in whole years at the start date of a spouse or common-law partner of the RRIF annuitant (determined on the assumption that a spouse or common-law partner of the RRIF annuitant at the time the contract was acquired is a spouse or common-law partner of the RRIF annuitant at the start date), or (B) the periodic payments are payable for a term equal to (I) 90 years minus the age described in subclause (I), or (II) 90 years minus the age described in subclause (II), and (vi) the periodic payments (A) are equal, or (B) are not equal solely because of one or more adjustments that would, if the contract were an annuity under a retirement savings plan, be in accordance with subparagraphs 146(3)(b)(iii) to 146(3)(b)(v) or that arise because of a uniform reduction in the entitlement to the periodic payments as a consequence of a partial surrender of rights to the periodic payments, and (c) such other investments as may be prescribed by regulations of the Governor in Council made on the recommendation of the Minister of Finance; ( placement admissible )