Income Tax Act
Marginal note:Tax payable where inadequate consideration
Marginal note:Amount of tax payable
(2) The amount of tax payable in respect of each disposition or acquisition described in subsection (1) is
Marginal note:Liability for tax
(3) Each person who is a holder of a registered disability savings plan at the time that a tax is imposed under subsection (1) in connection with the plan is jointly and severally, or solidarily, liable to pay the tax.
Marginal note:Payment of amount collected to RDSP
(4) Where a tax has been imposed under subsection (1) in connection with a registered disability savings plan of a beneficiary, the Minister may pay all or part of any amount collected in respect of the tax to a trust governed by a registered disability savings plan of the beneficiary (referred to in this subsection as the “current plan”) if
Marginal note:Deemed not to be a contribution
(5) A payment under subsection (4) is deemed not to be a contribution to a registered disability savings plan for the purposes of section 146.4.
- NOTE: Application provisions are not included in the consolidated text;
- see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 206;
- 1994, c. 7, Sch. II, s. 166, Sch. VIII, s. 120, c. 21, s. 93;
- 1998, c. 19, s. 210;
- 2000, c. 14, s. 41, c. 19, s. 60;
- 2001, c. 17, ss. 169, 247;
- 2005, c. 30, s. 14;
- 2007, c. 35, s. 120.
- Date modified: