Budget Implementation Act, 2019, No. 1 (S.C. 2019, c. 29)

• (d) if the trust earns income from a business in the year, then the portion of the amount payable in the year to a particular participating member of the congregation out of the income of the trust under paragraph (a) that can reasonably be considered to relate to that income from a business is deemed to be income from a business carried on by the particular member.

but except for the purposes of paragraph (b) of the definition benefit in this subsection, paragraph (2)(b.3), subsection (22) and the definition excluded premium in subsection 146.02(1), does not include a repayment to which paragraph (b) or (d) of the definition excluded withdrawal in subsection 146.01(1), or paragraph (b) of the definition excluded withdrawal in subsection 146.02(1), applies or an amount that is designated under subsection 146.01(3) or 146.02(3); (prime)

• (d) a particular amount (other than an eligible amount) received while the individual was resident in Canada and in a calendar year if

  • (i) the particular amount would be a regular eligible amount if subsection (2.1) were read without reference to its subparagraph (a)(iii),

  • (ii) a payment (other than an excluded premium) equal to the particular amount is made by the individual under a retirement saving plan that is, at the end of the taxation year of the payment, a registered retirement savings plan under which the individual is the annuitant, and

  • (iii) the payment is made before the end of the second calendar year after the calendar year that includes the particular time referred to in subsection (2.1); (retrait exclu)

• (h) the total of the amount and all other eligible amounts received by the individual in the calendar year that includes the particular time does not exceed $35,000, and

• (g) the total of the amount and all other eligible amounts received by the individual in the calendar year that includes the particular time does not exceed $35,000, and

• Marginal note:Marriage or common-law partnership

  (2.1) Notwithstanding paragraph (2)(a.1), for the purposes of the definition regular eligible amount,

  • (a) an individual, and a spouse or common-law partner of the individual, are deemed not to have an owner-occupied home in a period ending before a particular time referred to in that definition if

    • (i) at the particular time, the individual

      • (A) is living separate and apart from the individual’s spouse or common-law partner because of a breakdown of their marriage or common-law partnership,

      • (B) has been living separate and apart from the individual’s spouse or common-law partner for a period of at least 90 days, and

      • (C) began living separate and apart from the individual’s spouse or common-law partner in the calendar year that includes the particular time or any time in the four preceding calendar years,

    • (ii) in the absence of this subsection, the individual would not be precluded from having a regular eligible amount because of the application of paragraph (f) of that definition in respect of a spouse or common-law partner (other than the spouse or common-law partner referred to in clauses (i)(A) to (C)), and

    • (iii) where the individual has an owner-occupied home at the particular time,

      • (A) the home is not the qualifying home referred to in that definition and the individual disposes of the home no later than the end of the second calendar year after the calendar year that includes the particular time, or

      • (B) the individual acquires the interest, or for civil law the right, of the spouse or common-law partner in the home; and

  • (b) if an individual to whom paragraph (a) applies has an owner-occupied home at the particular time referred to in that paragraph and the individual acquires the interest, or for civil law the right, of a spouse or common-law partner in the home, the individual is deemed for the purposes of paragraphs (c) and (d) of that definition to have acquired a qualifying home on the date that the individual acquired the interest or the right.

• (a) the total of all amounts (other than excluded premiums, repayments to which paragraph (b) or (d) of the definition excluded withdrawal in subsection (1) applies and amounts paid by the individual in the first 60 days of the year that can reasonably be considered to have been deducted in computing the individual’s income, or designated under this subsection, for the preceding taxation year) paid by the individual in the year or within 60 days after the end of the year under a retirement savings plan that is at the end of the year or the following taxation year a registered retirement savings plan under which the individual is the annuitant, and

• (b) was a repayment to which paragraph (b) or (d) of the definition excluded withdrawal in subsection 146.01(1) applies;

• Marginal note:Carrying on a business

  (6.1) If tax is payable under this Part for a taxation year because of subsection (6) by a trust that is governed by a TFSA that carries on one or more businesses at any time in the taxation year,

  • (a) the holder of the TFSA is jointly and severally, or solidarily, liable with the trust to pay each amount payable under this Act by the trust that is attributable to that business or those businesses; and

  • (b) the issuer’s liability at any time for amounts payable under this Act in respect of that business or those businesses shall not exceed the total of

    • (i) the amount of property of the trust that the issuer is in possession or control of at that time in its capacity as legal representative of the trust, and

    • (ii) the total amount of all distributions of property from the trust on or after the date that the notice of assessment was sent in respect of the taxation year and before that time.