Income Tax Act
Marginal note:Tax payable in respect of advantage
207.05 (1) A tax is payable under this Part for a calendar year if, in the year, an advantage in relation to a registered plan is extended to, or is received or receivable by, the controlling individual of the registered plan, a trust governed by the registered plan, or any other person who does not deal at arm’s length with the controlling individual.
Marginal note:Amount of tax payable
(2) The amount of tax payable in respect of an advantage described in subsection (1) is
Marginal note:Liability for tax
(3) The controlling individual of a registered plan in connection with which a tax is imposed under subsection (1) is liable to pay the tax except that, if the advantage is extended by the issuer or carrier of the registered plan or by a person with whom the issuer or carrier is not dealing at arm’s length, the issuer or carrier, and not the controlling individual, is liable to pay the tax.
Marginal note:Transitional rule
(4) If an individual so elects before March 2, 2013 in prescribed form, subsection (1) does not apply in respect of any advantage that is an amount included in the calculation of the transitional prohibited investment benefit of the individual for a taxation year provided that the transitional prohibited investment benefit
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2008, c. 28, s. 31
- 2010, c. 25, s. 59
- 2011, c. 24, s. 66
- 2013, c. 40, s. 76
- Date modified: