Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

Marginal note:Eligible amount

60.01 For the purpose of paragraph 60(j), the amount, if any, by which

• (a) the amount of any payment received by a taxpayer in a taxation year out of or under a foreign retirement arrangement and included in computing the taxpayer’s income because of clause 56(1)(a)(i)(C.1) (other than any portion thereof that is included in respect of the taxpayer for the year under subparagraph 60(j(i) or that is part of a series of periodic payments)

exceeds

• (b) the portion, if any, of the payment included under paragraph 60.01(a) that can reasonably be considered to derive from contributions to the foreign retirement arrangement made by a person other than the taxpayer or the taxpayer’s spouse or common-law partner or former spouse or common-law partner,

is an eligible amount in respect of the taxpayer for the year.