Income Tax Act — I-3.3 146.2
Definitions 146.2 (1) The following definitions apply in this section and in Part XI.01. distribution under an arrangement of which an individual is the holder means a payment out of or under the arrangement in satisfaction of all or part of the holder’s interest in the arrangement. ( distribution ) holder of an arrangement means (a) until the death of the individual who entered into the arrangement with the issuer, the individual; (b) at and after the death of the individual, the individual’s survivor, if the survivor acquires (i) all of the individual’s rights as the holder of the arrangement, and (ii) to the extent it is not included in the rights described in subparagraph (i), the unconditional right to revoke any beneficiary designation made, or similar direction imposed, by the individual under the arrangement or relating to property held in connection with the arrangement; and (c) at and after the death of a holder described in paragraph (b) or in this paragraph, the holder’s survivor, if the survivor acquires (i) all of the holder’s rights as the holder of the arrangement, and (ii) to the extent it is not included in the rights described in subparagraph (i), the unconditional right to revoke any beneficiary designation made, or similar direction imposed, by the holder under the arrangement or relating to property held in connection with the arrangement. ( titulaire ) issuer of an arrangement means the person described as the issuer in the definition qualifying arrangement . ( émetteur ) qualifying arrangement , at a particular time, means an arrangement (a) that is entered into after 2008 between a person (in this definition referred to as the “issuer”) and an individual (other than a trust) who is at least 18 years of age; (b) that is (i) an arrangement in trust with an issuer that is 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, (ii) an annuity contract with an issuer that is a licensed annuities provider, or (iii) a deposit with an issuer that is (A) a person who is, or is eligible to become, a member of the Canadian Payments Association, or (B) a credit union that is a shareholder or member of a body corporate referred to as a “central” for the purposes of the Canadian Payments Act ; (c) that provides for contributions to be made under the arrangement to the issuer in consideration of, or to be used, invested or otherwise applied for the purpose of, the issuer making distributions under the arrangement to the holder; (d) under which the issuer and the individual agree, at the time the arrangement is entered into, that the issuer will file with the Minister an election to register the arrangement as a TFSA; and (e) that, at all times throughout the period that begins at the time the arrangement is entered into and that ends at the particular time, complies with the conditions in subsection (2). ( arrangement admissible ) survivor of an individual means another individual who is, immediately before the individual’s death, a spouse or common-law partner of the individual. ( survivant ) Qualifying arrangement conditions (2) The conditions referred to in paragraph (e) of the definition qualifying arrangement in subsection (1) are as follows: (a) the arrangement requires that it be maintained for the exclusive benefit of the holder (determined without regard to any right of a person to receive a payment out of or under the arrangement only on or after the death of the holder); (b) the arrangement prohibits, while there is a holder of the arrangement, anyone that is neither the holder nor the issuer of the arrangement from having rights under the arrangement relating to the amount and timing of distributions and the investing of funds; (c) the arrangement prohibits anyone other than the holder from making contributions under the arrangement; (d) the arrangement permits distributions to be made to r