7. (1) If permitted by the terms of the plan, the planholder of an Ontario home ownership savings plan may make and file with the depositary of the plan an election in writing, electing to transfer all assets of the plan on the death of the planholder to the Ontario home ownership savings plan of the planholder’s spouse or common-law partner if the spouse or common-law partner survives the planholder.  R.S.O. 1990, c. O.20, s. 7 (1); 2000, c. 42, s. 90 (1). Transfer to spouse’s or common-law partner’s plan (2) Subject to subsection (3), where the planholder of an Ontario home ownership savings plan has made and filed an election under subsection (1) that was not revoked by the planholder before his or her death, the depositary of the plan shall, upon the death of the deceased planholder, (a) transfer all assets of the plan within fifteen months of the death of the deceased planholder to the Ontario home ownership savings plan of which the spouse or common-law partner of the deceased planholder is the planholder; and (b) notify the Minister in writing of the transfer and provide to the Minister such information with respect to the transfer as the Minister may require.  R.S.O. 1990, c. O.20, s. 7 (2); 2000, c. 42, s. 90 (2). No transfer (3) No transfer may be made under subsection (2) unless, (a) the spouse or common-law partner is alive at the time of the transfer to the spouse’s or common-law partner’s Ontario home ownership savings plan; and (b) the spouse or common-law partner is eligible under this Act to be and is a planholder of an Ontario home ownership savings plan at the time of the transfer.  2000, c. 42, s. 90 (3). Idem (4) For the purposes of this Act and the Income Tax Act (Ontario), where assets of the plan of a deceased planholder have been transferred under subsection (2), (a) all such property shall be deemed to form part of the assets of the plan of the spouse or common-law partner from the date of death of the deceased planholder; (b) any tax credit allowed under the Income Tax Act (Ontario) to a person with respect to any qualifying contribution made by the deceased planholder to the deceased planholder’s Ontario home ownership savings plan shall be deemed to be a tax credit allowed to the spouse or common-law partner at the time, in the amount and in respect of the taxation year such tax credit was allowed under that Act to such person, even if by operation of this clause the total amount of tax credits allowed and deemed to have been allowed to the spouse or common-law partner in respect of any taxation year exceeds the maximum tax credit allowed under that Act for the taxation year, and the date of the first assessment referred to in subclause 9 (1) (b) (i) shall be, for the purposes of determining the amount of interest that may be payable at any time by the spouse or common-law partner under subsection 9 (1), the date of the first assessment for the taxation year under which the tax credit was allowed to such person; (c) the deceased planholder shall be deemed not to have received any assets of the plan; and (d) the amount of the transfer shall not be taken into consideration in determining the amount of any tax credit that may be claimed by any person under the Income Tax Act
(Ontario) with respect to contributions to the spouse’s plan or common-law partner’s plan.  R.S.O. 1990, c. O.20, s. 7 (4); 2000, c. 42, s. 90 (4, 5). Deemed revocation of election (5) Where no transfer under subsection (2) may be made by reason of the provisions of subsection (3), the deceased planholder shall be deemed to have revoked the election referred to in subsection (1) prior to death.  R.S.O. 1990, c. O.20, s. 7 (5). Multiple transfers (6) For the purposes of clause (4) (b), the qualifying contributions made by the deceased planholder to the deceased planholder’s Ontario home ownership savings plan shall be deemed to include all qualifying contributions made by any other deceased planholder to an Ontario home ownership savings plan the assets of which have been transferred under this section to the deceased planholder’s Ontario home ownership savings plan.  R.S.O. 1990, c. O.20, s. 7 (6).