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Income Tax Regulations

Version of section 7308 from 2015-06-23 to 2020-10-05:

  •  (1) In this section, carrier has the meaning assigned by subsection 146.3(1) of the Act.

  • (2) For the purposes of this section, a retirement income fund is a qualifying retirement income fund at a particular time if

    • (a) the fund was entered into before 1993 and the carrier has not accepted any property as consideration under the fund after 1992 and at or before the particular time, or

    • (b) the carrier has not accepted any property as consideration under the fund after 1992 and at or before the particular time, other than property transferred from a retirement income fund that, immediately before the time of the transfer, was a qualifying retirement income fund.

  • (3) For the purposes of the definition minimum amount in subsection 146.3(1) of the Act, the prescribed factor in respect of an individual for a year in connection with a retirement income fund that was a qualifying retirement income fund at the beginning of the year is the factor, determined pursuant to the following table, that corresponds to the age in whole years (in the table referred to as “X”) attained by the individual at the beginning of that year or that would have been so attained by the individual if the individual had been alive at the beginning of that year.

    XFactor
    Under 721/(90 – X)
    720.0540
    730.0553
    740.0567
    750.0582
    760.0598
    770.0617
    780.0636
    790.0658
    800.0682
    810.0708
    820.0738
    830.0771
    840.0808
    850.0851
    860.0899
    870.0955
    880.1021
    890.1099
    900.1192
    910.1306
    920.1449
    930.1634
    940.1879
    95 or older0.2000
  • (4) For the purposes of the definition minimum amount in subsection 146.3(1) of the Act and subsection 8506(5), the prescribed factor in respect of an individual for a year in connection with a retirement income fund (other than a fund that was a qualifying retirement income fund at the beginning of the year) or the designated factor in respect of an individual for a year in connection with an account under a money purchase provision of a registered pension plan, as the case may be, is the factor, determined in accordance with the following table, that corresponds to the age in whole years (in the table referred to as “Y”) attained by the individual at the beginning of the year or that would have been so attained by the individual if the individual was alive at the beginning of the year.

    YFactor
    Under 711/(90 – Y)
    710.0528
    720.0540
    730.0553
    740.0567
    750.0582
    760.0598
    770.0617
    780.0636
    790.0658
    800.0682
    810.0708
    820.0738
    830.0771
    840.0808
    850.0851
    860.0899
    870.0955
    880.1021
    890.1099
    900.1192
    910.1306
    920.1449
    930.1634
    940.1879
    95 or older0.2000
  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  •  SOR/94-127, s. 1
  • SOR/2000-63, s. 2
  • SOR/2005-264, s. 14
  • 2015, c. 36, s. 23
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