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

AMENDMENTS NOT IN FORCE

• — 2023, c. 26, s. 660

  • 660 Subparagraph 56(1)(l)(ii) of the Income Tax Act is replaced by the following:

    • (ii) reimbursement of costs incurred in relation to a decision of the Canada Employment Insurance Commission under the Employment Insurance Act or to an appeal of such a decision to the Social Security Tribunal or the Employment Insurance Board of Appeal under the Department of Employment and Social Development Act,

• — 2023, c. 26, s. 661

  • 661 Subparagraph 60(o)(ii) of the Act is replaced by the following:

    • (ii) a decision of the Canada Employment Insurance Commission under the Employment Insurance Act or to an appeal of such a decision to the Social Security Tribunal or the Employment Insurance Board of Appeal under the Department of Employment and Social Development Act,

• — 2026, c. 3, s. 11(1)

  • • 11 (1) Subparagraph 56(1)(a)(i) of the Act is amended by striking out “and” at the end of clause (F), by adding “and” at the end of clause (G) and by adding the following after clause (G):

      • (H) an amount paid or transferred from a registered pension plan, in respect of an unlocated individual, to an unclaimed property authority,

• — 2026, c. 3, ss. 66(1) to (5) and (7)

  • • 66 (1) The definition issuer in subsection 146(1) of the Act is replaced by the following:

      issuer

      issuer means the person referred to in the definition retirement savings plan

      • (a) with whom an annuitant has a contract or arrangement described in paragraph (a) or (b) of that definition, or

      • (b) that established an arrangement described in paragraph (c) of that definition; (émetteur)

    • (2) The definition benefit in subsection 146(1) of the Act is amended by striking out “and” at the end of paragraph (c), by adding “and” at the end of paragraph (c.1) and by adding the following after paragraph (c.1):

      • (c.2) an amount that is paid or transferred to an unclaimed property authority in respect of an unlocated individual

    • (3) The portion of the definition refund of premiums in subsection 146(1) of the Act before paragraph (a) is replaced by the following:

      refund of premiums

      refund of premiums means any amount paid out of or under an RRSP (other than a tax-paid amount in respect of the plan or an amount paid from an arrangement described in paragraph (c) of the definition retirement savings plan in this subsection) as a consequence of the death of the annuitant under the plan,

    • (4) The definition retirement savings plan in subsection 146(1) of the Act is amended by striking out “or” at the end of paragraph (a), by adding “or” at the end of paragraph (b) and by adding the following after paragraph (b):

      • (c) an arrangement established at the direction of an unclaimed property authority to receive property from an RRSP or registered pension plan in respect of an unlocated individual; (régime d’épargne-retraite)

    • (5) Subsection 146(3) of the Act is amended by adding the following after paragraph (b):

      • (c) does not meet the conditions in subsection (2), if the plan is an arrangement described in paragraph (c) of the definition retirement savings plan in subsection (1);

    • (7) Section 146 of the Act is amended by adding the following after subsection (22):

      • Unclaimed property authority

        (23) If an unclaimed property authority has established an RRSP to receive property in respect of an unlocated individual,

        • (a) subsections (8.8) to (8.93) do not apply to the unlocated individual in respect of the property (or property substituted for it) while such property is held under the RRSP;

        • (b) paragraph (4)(c) does not apply to any trust governed by the RRSP; and

        • (c) subsection (20) is to be read without reference to its paragraph (c) in respect of an amount credited or added to a deposit while the property (or property substituted for it) is held under the RRSP.

      • Unclaimed property authority — transfers

        (24) If an unclaimed property authority has established an RRSP to receive property in respect of an unlocated individual and the property (or property substituted for it) is claimed by an individual that is eligible to receive it in accordance with applicable law, the individual who made the claim is deemed to be the annuitant under the RRSP for the purposes of subsection (16), provided that individual is or was

        • (a) if the property was received by the authority from a registered pension plan, the member (as defined in subsection 147.1(1)) of the registered pension plan;

        • (b) if the property was received by the authority from an RRSP, the annuitant (as defined in subsection 146(1)) of the RRSP;

        • (c) a spouse or common-law partner of an individual described in paragraph (a) or (b), immediately before the death of that individual; or

        • (d) a child or grandchild of an individual described in paragraph (a) or (b) who was, immediately before the death of that individual, financially dependent on that individual for support because of mental or physical infirmity.

• — 2026, c. 3, ss. 68(1) to (8)

  • • 68 (1) The definition retirement income fund in subsection 146.3(1) of the Act is replaced by the following:

      retirement income fund

      retirement income fund means an arrangement

      • (a) between a carrier and an annuitant under which, in consideration for the transfer to the carrier of property, the carrier undertakes to pay amounts to the annuitant (and, if the annuitant so elects, to the annuitant’s spouse or common-law partner after the annuitant’s death), the total of which is, in each year in which the minimum amount under the arrangement for the year is greater than nil, not less than the minimum amount under the arrangement for that year, but the amount of any such payment does not exceed the value of the property held in connection with the arrangement immediately before the time of the payment, or

      • (b) established at the direction of an unclaimed property authority to receive property from a RRIF, RRSP or registered pension plan in respect of an unlocated individual. (fonds de revenu de retraite)

    • (2) The portion of the definition designated benefit in subsection 146.3(1) of the Act before paragraph (a) is replaced by the following:

      designated benefit

      designated benefit of an individual in respect of a RRIF (other than an arrangement described in paragraph (b) of the definition retirement income fund in this subsection) means the total of

    • (3) The portion of the definition carrier in subsection 146.3(1) of the English version of the Act after paragraph (d) is repealed.

    • (4) The portion of the definition émetteur in subsection 146.3(1) of the French version of the Act before paragraph (a) is replaced by the following:

      émetteur À l’égard d’un fonds de revenu de retraite, l’une des personnes suivantes :

    • (5) Section 146.3 of the Act is amended by adding the following after subsection (1.5):

      • Nil minimum amount

        (1.6) Despite the definition minimum amount in subsection (1), and subject to subsection (1.7), the minimum amount under a retirement income fund for a year is nil, if at the beginning of the year the fund is held under the direction of an unclaimed property authority in respect of an unlocated individual.

      • Accumulated minimum amount

        (1.7) If an unclaimed property authority directs a carrier of a retirement income fund to transfer all or part of the property held in connection with the fund to a RRIF of an individual who is entitled to claim the property in accordance with applicable law,

        • (a) despite the definition minimum amount in subsection (1), the minimum amount under the fund for the year that includes the transfer is equal to the total of all amounts each of which is the minimum amount that, in the absence of this subsection and subsection (1.6), would have been the minimum amount under the fund in the year of the transfer or a preceding year to which subsection (1.6) applied; and

        • (b) an amount that is not less than the minimum amount determined under paragraph (a) must be paid directly to the individual from the fund before the first such transfer.

    • (6) Section 146.3 of the Act is amended by adding the following after subsection (2):

      • Idem

        (2.1) Despite subsection (2), the Minister may accept for registration for the purposes of this Act any arrangement that does not meet the conditions in subsection (2) if the arrangement is described in paragraph (b) of the definition retirement income fund in subsection (1).

    • (7) Subsection 146.3(5) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):

      • (e) an amount that is paid or transferred to an unclaimed property authority in respect of an unlocated individual.

    • (8) Section 146.3 of the Act is amended by adding the following after subsection (15):

      • Unclaimed property authority

        (16) If an unclaimed property authority has established a RRIF to receive property in respect of an unlocated individual,

        • (a) subsections (6) to (6.4) do not apply to the unlocated individual in respect of the property (or property substituted for it) while such property is held under the RRIF;

        • (b) subsection (3.1) does not apply to any trust governed by the RRIF; and

        • (c) subsection (15) is to be read without reference to its paragraph (c) in respect of an amount credited or added to a deposit while the property (or property substituted for it) is held under the RRIF.

      • Unclaimed property authority — transfers

        (17) If an unclaimed property authority has established a RRIF to receive property in respect of an unlocated individual and the property (or property substituted for it) is claimed by an individual that is eligible to receive it in accordance with applicable law, the individual who made the claim is deemed to be the annuitant under the RRIF for the purposes of paragraphs (2)(d) and (e) and subsection (14.1), provided that individual is or was

        • (a) if the property was received by the authority from a registered pension plan, the member (as defined in subsection 147.1(1)) of the registered pension plan;

        • (b) if the property was received by the authority from an RRSP, the annuitant (as defined in subsection 146(1)) of the RRSP;

        • (c) if the property was received by the authority from a RRIF, the annuitant (as defined in subsection 146.3(1)) of the RRIF;

        • (d) a spouse or common-law partner of an individual described in paragraph (a), (b) or (c), immediately before the death of that individual; or

        • (e) a child or grandchild of an individual described in paragraph (a), (b) or (c) who was, immediately before the death of that individual, financially dependent on that individual for support because of mental or physical infirmity.

• — 2026, c. 3, ss. 71(11), (13)

  • • 71 (11) Section 150 of the Act is amended by adding the following after subsection (1.2):

      • Deemed trust

        (1.3) For the purpose of this section and section 204.2 of the Income Tax Regulations,

        • (a) a trust includes an express trust that would not otherwise be considered a trust under the Act if, under the trust,

          • (i) one or more persons (in this subsection and subsection (1.31) referred to as a “legal owner”) have legal ownership of property that is held for the use of, or benefit of, one or more persons or partnerships, and

          • (ii) the legal owner can reasonably be considered to act as agent for the persons or partnerships who have the use of, or benefit of, the property;

        • (b) each person that is a legal owner of a trust that is described under paragraph (a) is considered to be a trustee of the trust; and

        • (c) each person or partnership that has the use or benefit of property under a trust that is described under paragraph (a) is considered to be a beneficiary of the trust.

      • Deemed trust — exceptions

        (1.31) Subsection (1.3) does not apply to a trust for a taxation year if

        • (a) each person or partnership that is considered to be a beneficiary under paragraph (1.3)(c) at any time in the year is also a legal owner of the property referred to in that paragraph at that time and there are no legal owners that are not considered to be beneficiaries;

        • (b) the legal owners are individuals that are related persons and the property is real property or immovable that would be the principal residence of one or more of the legal owners for the year if those legal owners had designated the property for the year under the definition principal residence in section 54;

        • (c) the legal owner is an individual and the property is real property or immovable that

          • (i) is held for the use of, or benefit of, the legal owner’s spouse or common-law partner during the year, and

          • (ii) would be the legal owner’s principal residence for the year if the legal owner had designated the property for the year under the definition principal residence in section 54;

        • (d) under the trust

          • (i) the property is held throughout the year solely for the use of, or benefit of, a partnership,

          • (ii) each legal owner is a partner of the partnership, and

          • (iii) a member of the partnership is, or but for subsection 220(2.1) would be, required under section 229 of the Income Tax Regulations to make an information return for a fiscal period of the partnership that includes December 31 of the taxation year;

        • (e) the legal owner holds the property as required by an order of a court;

        • (f) all or substantially all of the property under the trust is Canadian resource property (as defined in subsection 66(15)) that is held solely for the use of, or benefit of, one or more persons or partnerships each of which is

          • (i) a corporation, the shares of which are listed on a designated stock exchange,

          • (ii) a corporation that is controlled by one or more corporations described in subparagraph (i),

          • (iii) a partnership if

            • (A) a majority-interest partner of the partnership is a corporation described in subparagraph (i) or (ii), or

            • (B) a majority-interest group of partners (as defined in subsection 251.1(3)) of the partnership consists of two or more corporations described in subparagraph (i) or (ii), or

          • (iv) a partnership if

            • (A) a majority-interest partner of the partnership is a person or partnership described in subparagraphs (i) to (iii), or

            • (B) a majority-interest group of partners (as defined in subsection 251.1(3)) of the partnership consists of two or more persons or partnerships described in subparagraphs (i) to (iii);

        • (g) under the trust

          • (i) property is held exclusively for the use of, or benefit of, one or more persons described under subsection 149(1),

          • (ii) each legal owner is a person described under subsection 149(1), and

          • (iii) the property consists solely of funds received from His Majesty in right of Canada or a province; or

        • (h) the trustee is a registered securities dealer acting in that capacity or a trust company regulated under the laws of Canada or a Province acting as an investment entity (as defined in subsection 270(1)), if

          • (i) at any time, the only property in the trust is described in clauses (1.2)(b.1)(iii)(A) to (I), and

          • (ii) an information return is issued in respect of all of the income and gains of the trust to all of the beneficiaries of the trust.

      • Related persons

        (1.32) For the purposes of this section,

        • (a) a related person includes an aunt, uncle, niece and nephew; and

        • (b) a person is related to himself or herself.

    • (13) Subsection 150(1.4) of the Act, as enacted by subsection (12), is replaced by the following:

      • Solicitor-client privilege

        (1.4) For greater certainty, subsections (1.1) to (1.3) do not require the disclosure of information that is subject to solicitor-client privilege.

• — 2026, c. 3, ss. 73(1) to (3)

  • • 73 (1) Paragraph 153(1)(b) of the Act is replaced by the following:

      • (b) a superannuation or pension benefit, other than an amount described in clause 56(1)(a)(i)(H),

    • (2) Paragraph 153(1)(j) of the Act is replaced by the following:

      • (j) a payment out of or under an RRSP or a plan referred to in subsection 146(12) as an “amended plan”, other than an amount described in paragraph (c.2) of the definition benefit in subsection 146(1),

    • (3) Paragraph 153(1)(l) of the Act is replaced by the following:

      • (l) a payment out of or under a RRIF or a fund referred to in subsection 146.3(11) as an “amended fund”, other than an amount described in paragraph 146.3(5)(e),

• — 2026, c. 3, ss. 94(2), (14)

  • • 94 (2) The definition superannuation or pension benefit in subsection 248(1) of the Act is replaced by the following:

      superannuation or pension benefit

      superannuation or pension benefit includes any amount received out of or under a superannuation or pension fund or plan (including, except for the purposes of subparagraph 56(1)(a)(i), a pooled registered pension plan) and, without restricting the generality of the foregoing, includes

      • (a) any payment made to a beneficiary under the fund or plan or to an employer or former employer of the beneficiary under the fund or plan

        • (i) in accordance with the terms of the fund or plan,

        • (ii) resulting from an amendment to or modification of the fund or plan, or

        • (iii) resulting from the termination of the fund or plan, and

      • (b) any payment made to an individual by an unclaimed property authority, if an amount in respect of the payment had been paid to the unclaimed property authority directly from a registered pension plan, an RRSP or a RRIF in respect of an unlocated individual; (prestation de retraite ou de pension)

    • (14) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:

      unclaimed property authority

      unclaimed property authority means an entity that receives and holds property on behalf of individuals that cannot be located, as authorized under the provisions of

      • (a) the Pension Benefits Standards Act, 1985,

      • (b) the Unclaimed Property Act, CQLR, c. B-5.1,

      • (c) the Unclaimed Property Act, S.B.C. 1999, c. 48, or

      • (d) a prescribed law or a law designated by the Minister of Finance for the purpose of this definition that is published in such a manner as the Minister of Finance deems appropriate; (autorité des biens non réclamés)

      unlocated individual

      unlocated individual means an individual in respect of whom property held under a registered pension plan, RRIF or RRSP can be paid or transferred to an unclaimed property authority in accordance with the laws of Canada or a province; (particulier introuvable)