Income Tax Act — I-3.3 207.01
older; D is the lesser of (i) $8,000 plus an amount that would have been the individual’s FHSA carryforward for the taxation year if each amount that was included in that individual’s income under subsection 146.6(6) and could have been, immediately prior to the time it was received, a designated amount, had been designated by the individual as a designated amount, and (ii) the amount determined by the formula $40,000 − G where G is the total of all amounts that were deducted, could have been deducted or would have been deductible by the individual under subsection 146.6(5) in respect of all preceding taxation years if (A) no amounts were transferred under paragraph 146(16)(a.2) to a FHSA of the individual, and (B) notwithstanding clause (A), an amount had been contributed by the individual to a FHSA in each preceding taxation year that is the amount by which the individual’s net RRSP-to-FHSA transfer amount at the end of that year exceeds the individual’s net RRSP-to-FHSA transfer amount at the start of that year; E is the total of all amounts each of which is a designated amount in respect of a transfer or withdrawal made by the individual in the taxation year before the particular time or an amount required to be included in computing the income of the individual under subsection 146.6(6) in the taxation year before the particular time; and F is the total of all amounts, each of which is the portion of an amount required to be included in computing the income of the individual under subsection 146.6(6) in any preceding taxation year, to the extent that it did not reduce what otherwise would have been the individual’s excess FHSA amount in any preceding taxation year; or (b) where the Minister determines that the formula in paragraph (a) does not yield an appropriate result having regard to the circumstances of the individual, a lower amount that, in the Minister’s opinion, is appropriate in the circumstances. ( excédent de CELIAPP ) excess TFSA amount of an individual at a particular time in a calendar year means the amount, if any, determined by the formula A - B - C - D - E where A is the total of all amounts each of which is a contribution made under a TFSA by the individual in the calendar year and at or before the particular time, other than a contribution that is (a) a qualifying transfer, or (b) an exempt contribution; B is the individual’s unused TFSA contribution room at the end of the preceding calendar year; C is the total of all amounts each of which was a distribution made in the preceding calendar year under a TFSA of which the individual was the holder at the time of the distribution, other than a distribution that is (a) a qualifying transfer, or (b) a specified distribution; D is (a) the TFSA dollar limit for the calendar year if, at any time in the calendar year, the individual is resident in Canada, and (b) nil, in any other case; and E is the total of all amounts each of which is the qualifying portion of a distribution made in the calendar year and at or before the particular time under a TFSA of which the individual was the holder at the time of the distribution and, for this purpose, the qualifying portion of a distribution is (a) nil, if the distribution is a qualifying transfer or a specified distribution, and (b) in any other case, the lesser of (i) the amount of the distribution, and (ii) the amount that would be the individual’s excess TFSA amount at the time of the distribution if the amount of the distribution were nil. ( excédent CÉLI ) excluded property , at any time for a trust governed by a registered plan, means (a) property described in paragraph 4900(1)(j.1) of the Income Tax Regulations; (b) an equity of a mutual fund corporation, mutual fund trust or registered investment if (i) either (A) the equity is equity of a mutual fund corporation or mutual fund trust that derives all or substantially all its value from one or more mutual funds that are subject to, and substantially comply with