Income Tax Act — I-3.3 146
ved a payment that has been deducted under subsection 146(8.2) in computing the taxpayer’s income for a preceding taxation year, or (iv) that would be considered to be withdrawn by the taxpayer’s spouse or common-law partner as an eligible amount (as defined in subsection 146.01(1) or 146.02(1)) less than 90 days after it was paid, if earnings in respect of a registered retirement savings plan were considered to be withdrawn before premiums paid under that plan and premiums were considered to be withdrawn in the order in which they were paid, and (b) the amount, if any, by which the taxpayer’s RRSP deduction limit for the year exceeds the total of all amounts each of which is (i) the amount deducted under subsection (5) in computing the taxpayer’s income for the year, or (ii) a contribution made by an employer in the year to a pooled registered pension plan in respect of the taxpayer. RRSP premium (5.2) If a taxpayer’s entitlement to benefits under a defined benefit provision of a registered pension plan is transferred in accordance with subsection 147.3(4) after February 2009 and before 2011, there may be deducted in computing the taxpayer’s income for a taxation year that ends on or after the day on which the transfer was made, the amount claimed by the taxpayer in respect of premiums paid by the taxpayer in the year to a registered retirement savings plan under which the taxpayer is the annuitant, not exceeding the amount, if any, determined by the formula A – B – C where A is the amount, if any, that is the lesser of (a) the prescribed amount that would have been determined for the purpose of paragraph 147.3(4)(c) if subsection 8517(3.01) of the Regulations had applied in respect of the transfer, and (b) the amount of the taxpayer’s entitlement to benefits under the provision commuted in connection with the transfer; B is the prescribed amount for the purpose of paragraph 147.3(4)(c) that applied in respect of the transfer; and C is the total of all amounts deducted by the taxpayer under this subsection for a preceding taxation year. Transitional rule (5.201) For the purpose of subsection (5.2), a premium paid by a taxpayer before 2013 is deemed to have been paid in the taxation year in which the transfer referred to in that subsection was made and not in the year in which it was actually paid, if the taxpayer so elects in prescribed form. Anti-avoidance (5.21) Notwithstanding any other provision of this section, where (a) a registered pension plan is amended or administered in such a manner as to terminate, suspend or delay (i) the membership of an individual in the plan for the individual’s 1990 taxation year, (ii) contributions under the plan by or for the benefit of the individual in respect of the year, or (iii) the accrual of retirement benefits under the plan for the individual in respect of the year, or (b) a deferred profit sharing plan is amended or administered in such a manner as to terminate, suspend or delay contributions under the plan for the year in respect of an individual, and one of the main reasons for the termination, suspension or delay may reasonably be considered to be to reduce the pension adjustment of the individual for the year in respect of an employer, the only amount that may be deducted in computing the income for the year of the individual, in respect of premiums paid to registered retirement savings plans, is the amount that would have been deductible had that termination, suspension or delay not occurred. (6) [Repealed, 2011, c. 24, s. 45] Recontribution of certain withdrawals (6.1) There may be deducted in computing a taxpayer’s income for a particular taxation year the total of all amounts each of which is such portion of a prescribed premium for the particular year as was not designated for 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 retire