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207.01 (1) The following definitions and the definitions in subsections 146(1) (other than the definition benefit), 146.1(1), 146.2(1), 146.3(1), 146.4(1) and 146.6(1) apply in this Part and Part XLIX of the Income Tax Regulations.

controlling individual

controlling individual , of a registered plan, means

• [...]

• (d) the annuitant of a RRIF or RRSP; or

excess FHSA amount

excess FHSA amount  of an individual at a particular time in a taxation year means

• (a) the amount determined by the formula

  A + B + C − D − E − F

  where

  D 

  is the lesser of

  • [...]

  • (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

    • [...]

    • (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;

registered plan

registered plan  means a FHSA, RDSP, RESP, RRIF, RRSP or TFSA. (régime enregistré)

RRSP strip

RRSP strip [Repealed, 2017, c. 33, s. 68]

swap transaction

swap transaction , in respect of a registered plan, means a transfer of property between the registered plan and its controlling individual or a person with whom the controlling individual does not deal at arm’s length, but does not include

• [...]

• (d) a transfer of property from one registered plan of a controlling individual to another registered plan of the controlling individual if

  • (i) both registered plans are RRIFs or RRSPs,

transitional prohibited investment benefit

transitional prohibited investment benefit , of a controlling individual for a taxation year, means the amount determined by the formula

A – B

where

A 

is the total of all amounts each of which is income (determined without reference to paragraph 82(1)(b)) earned, or a capital gain realized, in the taxation year by a trust governed by a RRIF or RRSP of the controlling individual that

[...]

B 

is the total of all amounts each of which is a capital loss (determined without reference to subparagraph 40(2)(g)(i) and subsection 40(3.4)) realized in the taxation year by a trust governed by a RRIF or RRSP of the controlling individual that

[...]

transitional prohibited property

transitional prohibited property , at any time for a particular trust governed by a registered plan (other than a TFSA) of a controlling individual, means a property that is held by the particular trust at that time, that was held

• (a) on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual and that was a prohibited investment for that trust on March 23, 2011; or

[...]

(7) For the purpose of computing the adjusted cost base to a trust governed by a registered plan (other than a TFSA) of a property that is a transitional prohibited property for the trust, the cost to the trust of the property until the property is disposed of by the trust is deemed to be equal to the fair market value of the property,

• (a) in the case of a RRIF or RRSP, at the end of March 22, 2011; and

(8) Subsection (9) applies in respect of a property if

• [...]

• (c) in the case of a property held under a RRIF or RRSP, the controlling individual elected under subsection 207.05(4); and

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(10) Subsection (11) applies in respect of a property if

• (a) the property is transferred at any time (in this subsection and subsection (11) referred to as the “transfer time”) by a trust (in this subsection and subsection (11) referred to as the “transferor trust”) governed by a RRIF or RRSP of a controlling individual (in this subsection and subsection (11) referred to as the “transferor”) under paragraph 146(16)(b) or subsection 146.3(14) to a trust (in subsection (11) referred to as the “recipient trust”) governed by a RRIF or RRSP of which the spouse or common-law partner or former spouse or common-law partner (in this subsection and subsection (11) referred to as the “recipient”) of the transferor is the controlling individual;

(11) If this subsection applies in respect of a property,

• (a) the property is deemed to be, at and after the transfer time, a property that was held on March 22, 2011 by a trust governed by a RRIF or RRSP of the recipient and that was a prohibited investment for the trust on March 23, 2011;

• (b) where the property would, in the absence of this paragraph, not be a prohibited investment for the recipient trust immediately after the transfer time, the property is deemed to be a prohibited investment at and after the transfer time for every trust governed by a RRIF or RRSP of the recipient;

• [...]

• (d) notwithstanding any other provision of this Act, the designated amount is deemed to be

  • [...]

  • (ii) the cost of the property to a trust governed by a RRIF or RRSP of the recipient until the property is disposed of by the trust.

(12) Subsection (13) applies in respect of a property other than money if

• [...]

• (d) in the case of a property held under a RRIF or RRSP, the controlling individual elected under subsection 207.05(4).

(13) If this subsection applies in respect of a property,

• (a) other than for the purposes of subsection (7), the property is deemed to be, at and after the exchange time, a property,

  • (i) in the case of a trust governed by a RRIF or RRSP, that was

    • (A) held on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual referred to in subsection (12), and

146 (1) In this section,

qualified investment

qualified investment  for a trust governed by a registered retirement savings plan means

• [...]

• (c.2) a contract for an annuity issued by a licensed annuities provider where

  • [...]

  • (iii) neither the time nor the amount of any payment under the contract may vary because of the length of any life, other than the life of the annuitant under the plan (in this definition referred to as the “RRSP annuitant”),

  • (iv) the day on which the periodic payments began or are to begin (in this paragraph referred to as the “start date”) is not later than the end of the year in which the RRSP annuitant attains 72 years of age,

  • (v) either

    • (A) the periodic payments are payable for the life of the RRSP annuitant and either there is no guaranteed period under the contract or there is a guaranteed period that begins at the start date and does not exceed a term equal to 90 years minus the lesser of

      • (I) the age in whole years at the start date of the RRSP annuitant (determined on the assumption that the RRSP annuitant is alive at the start date), and

      • (II) the age in whole years at the start date of a spouse or common-law partner of the RRSP annuitant (determined on the assumption that a spouse or common-law partner of the RRSP annuitant at the time the contract was acquired is a spouse or common-law partner of the RRSP annuitant at the start date), or

RRSP deduction limit

RRSP deduction limit  of a taxpayer for a taxation year means the amount determined by the formula

A + B + R - C

where

A 

is the taxpayer’s unused RRSP deduction room at the end of the preceding taxation year,

B 

is the amount, if any, by which

• (a) the lesser of the RRSP dollar limit for the year and 18% of the taxpayer’s earned income for the preceding taxation year

[...]

RRSP dollar limit

RRSP dollar limit  for a calendar year means

[...]

unused RRSP deduction room

unused RRSP deduction room  of a taxpayer at the end of a taxation year means,

• [...]

• (b) for taxation years that end after 1990, the amount, which can be positive or negative, determined by the formula

  A + B + R - (C + D)

  where

  A 

  is the taxpayer’s unused RRSP deduction room at the end of the preceding taxation year,

  B 

  is the amount, if any, by which

  • (i) the lesser of the RRSP dollar limit for the year and 18% of the taxpayer’s earned income for the preceding taxation year

  [...]

[...]

Marginal note:Amount of RRSP premiums deductible

(5) There may be deducted in computing a taxpayer’s income for a taxation year such amount as the taxpayer claims not exceeding the lesser of

• [...]

• (b) the amount, if any, by which the taxpayer’s RRSP deduction limit for the year exceeds the total of all contributions made by an employer in the year to a pooled registered pension plan in respect of the taxpayer.

Marginal note:Amount of spousal RRSP premiums deductible

(5.1) There may be deducted in computing a taxpayer’s income for a taxation year such amount as the taxpayer claims not exceeding the lesser of

• [...]

• (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

  [...]

Marginal note: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

[...]

[...]

Marginal note:Deemed payment of RRSP premiums

(22) If the Minister so directs,

[...]

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Marginal note:Cumulative excess amount in respect of RRSPs

(1.1) The cumulative excess amount of an individual in respect of registered retirement savings plans at any time in a taxation year is the amount, if any, by which

• (a) the amount of the individual’s undeducted RRSP premiums at that time

[...]

• (b) the amount determined by the formula

  A + B + R + C + D + E

  where

  A 

  is the individual’s unused RRSP deduction room at the end of the preceding taxation year,

  B 

  is the amount, if any, by which

  • (i) the lesser of the RRSP dollar limit for the year and 18% of the individual’s earned income (as defined in subsection 146(1)) for the preceding taxation year

  [...]

Marginal note:Undeducted RRSP premiums

(1.2) For the purposes of subsection 204.2(1.1) and the description of K in paragraph 204.2(1.3)(a), the amount of undeducted RRSP premiums of an individual at any time in a taxation year is the amount determined by the formula

(1.3) For the purposes of this section, the group plan amount in respect of an individual at any time in a taxation year is the lesser of

• (a) the lesser of the value of F and the amount determined by the formula

  F - (G - K)

  where

  F 

  is the lesser of

  • [...]

  • (ii) the RRSP dollar limit for the following taxation year,

  K 

  is

  • (i) where the year is the 1996 taxation year, the amount, if any, by which the amount of the individual’s undeducted RRSP premiums at the beginning of the year exceeds the individual’s cumulative excess amount in respect of registered retirement savings plans at the end of the 1995 taxation year, and

[...]

Marginal note:Deemed receipt where RRSP or RRIF amended

(1.4) For the purposes of subsection 204.2(1.2),

[...]

(1.5) For the purpose of the description of E in paragraph 204.2(1.1)(b), an individual’s transitional amount at any time in a taxation year is the lesser of

• [...]

• (b) where the value of L is nil, nil, and in any other case, the amount determined by the formula

  L - M

  where

  L 

  is the amount, if any, by which

  • (i) the amount that would be determined under subsection 204.2(1.2) to be the amount of the individual’s undeducted RRSP premiums at that time if

    [...]

  [...]

[...]

(3) Where a retirement savings plan under which an individual or the individual’s spouse or common-law partner is the annuitant (within the meaning assigned by subsection 146(1)) is accepted by the Minister for registration, for the purpose of determining

• (a) the amount of undeducted RRSP premiums of the individual at any time, and

[...]

146.6 (1) The following definitions apply in this section.

annual FHSA limit

annual FHSA limit  of a taxpayer for a taxation year is the least of

• [...]

• (b) the amount determined by the formula

  $8,000 + D − (E − F)

  where

  E 

  is the taxpayer’s net RRSP-to-FHSA transfer amount at the end of the taxation year, and

net RRSP-to-FHSA transfer amount

net RRSP-to-FHSA transfer amount  of a holder at a particular time means the amount by which‍

[...]

(2) For the purposes of paragraph (e) of the definition qualifying arrangement in subsection (1), the conditions are as follows:

• [...]

• (e) the arrangement provides that, at the direction of the holder, the issuer shall transfer all or any part of the property held in connection with the arrangement (or an amount equal to its value) to another FHSA of the holder or to an RRSP or a RRIF under which the holder is the annuitant;

[...]

(5) There may be deducted in computing a taxpayer’s income for a taxation year an amount not exceeding the lesser of

• [...]

• (b) the amount by which $40,000 exceeds the total of

  • [...]

  • (ii) the taxpayer’s net RRSP-to-FHSA transfer amount as at the end of the year.

[...]

(7) Subsection (8) applies to an amount transferred at a particular time from a FHSA (in this subsection referred to as the “transferor FHSA”) if the following conditions are met:

• [...]

• (b) the amount is transferred directly to

  • [...]

  • (ii) an RRSP or a RRIF under which the individual is the annuitant; and

[...]

Marginal note:Taxable transfer

(9) If an amount is transferred from a FHSA to a plan or fund (in this subsection referred to as the “transferee plan”) that is a FHSA, RRSP or RRIF and subsection (8) does not apply to the amount transferred,

• [...]

• (c) in the case that the transferee plan is a RRIF, for the purposes of subsection 146(5) and Part X.1, the annuitant of the transferee plan is deemed to have paid the amount at the time of the transfer as a premium under a RRSP under which the annuitant is the annuitant (as defined in subsection 146(1)).

Marginal note:Apportionment of transferred amount

(10) If an amount is transferred from a FHSA to another FHSA, or to a RRSP or RRIF, and a portion but not all of the amount is transferred in accordance with subsection (7),

[...]

[...]

(13) If the holder of a FHSA dies and the holder’s survivor is designated as the successor holder of the FHSA, the survivor is, immediately after the time of death, deemed to have entered into a new qualifying arrangement in respect of the FHSA unless

• (a) the survivor is a qualifying individual at that time and

  • [...]

  • (iii) the balance of the FHSA is transferred to a RRSP or RRIF of the survivor or distributed to the survivor in accordance with subsection (14), by the end of the year following the year of death; or

• (b) the survivor is not a qualifying individual at that time, in which case the balance of the FHSA is to be transferred to a FHSA, RRSP or RRIF of the survivor, or distributed to the survivor in accordance with subsection (14), by the end of the year following the year of death.

[...]

(15) If an amount is received at any time from the FHSA of a deceased holder by the holder’s legal representative and a survivor of the holder is entitled to all or a portion of the amount (in this subsection referred to as the “survivor’s amount”) under a decree, order or judgment of a competent tribunal or under a written agreement (provided that the entitlement relates to the survivor’s rights or interests in respect of property as a result of marriage or common-law partnership), or as a person beneficially interested under the deceased’s estate, the following rules apply:

• (a) if a payment is made from the estate to a FHSA, RRSP or RRIF of the survivor, the payment is deemed to be a transfer from the FHSA to the extent that it does not exceed the survivor’s amount and it is so designated jointly by the legal representative and the survivor in prescribed form filed with the Minister;

147.5 (1) The following definitions apply in this section.

unused non-deductible PRPP room

unused non-deductible PRPP room , of a taxpayer at the end of a taxation year, means the amount determined by the formula

A – B

where

A 

is the amount of the taxpayer’s unused RRSP deduction room at the end of the year, determined in accordance with subsection (33); and

B 

is the taxpayer’s unused RRSP deduction room at the end of the year. (somme inutilisée non déductible au titre des RPAC)

[...]

(3) A pooled registered pension plan becomes a revocable plan at any time that

• [...]

• (c) a participating employer makes contributions to the plan in a calendar year in respect of a member of the plan in excess of the RRSP dollar limit for the year, except in accordance with a direction by the member;

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Marginal note:Member contributions

(11) For the purposes of paragraphs 60(j), (j.1) and (l), section 146 (other than subsections (8.3) to (8.7)), paragraphs 146.01(3)(a) and 146.02(3)(a) and Parts X.1 and X.5, a contribution made to a PRPP by a member of a PRPP is deemed to be a premium paid by the member to an RRSP under which the member is the annuitant.

[...]

(33) For the purposes of Part X.1 as it applies because of subsection (11) in respect of contributions made to a PRPP,

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• (c) the description of D in paragraph (b) of the definition unused RRSP deduction room in subsection 146(1) is to be read without reference to subparagraph (iv).