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Canada Disability Savings Regulations (SOR/2008-186)

Regulations are current to 2019-12-03 and last amended on 2014-05-29. Previous Versions

Canada Disability Savings Regulations

SOR/2008-186

CANADA DISABILITY SAVINGS ACT

Registration 2008-06-05

Canada Disability Savings Regulations

P.C. 2008-1005 2008-06-05

Her Excellency the Governor General in Council, on the recommendation of the Minister of Human Resources and Skills Development, pursuant to section 17 of the Canada Disability Savings ActFootnote a, hereby makes the annexed Canada Disability Savings Regulations.

Interpretation

 The following definitions apply in these Regulations.

Act

Act means the Canada Disability Savings Act. (Loi)

assistance holdback amount

assistance holdback amount means, at a particular time,

  • (a) in the case of an RDSP that is, at the particular time, a specified disability savings plan, nil; and

  • (b) in any other case, the total amount of bonds and grants paid into an RDSP within the 10-year period before the particular time, less any amount of bond or grant paid in that 10-year period that has been repaid to the Minister. (montant de retenue)

bond

bond means a Canada Disability Savings Bond. (bon)

grant

grant means a Canada Disability Savings Grant. (subvention)

issuer agreement

issuer agreement means an agreement entered into by the Minister and an issuer of an RDSP that relates to the payment of a grant or bond. (convention d’émetteur)

RDSP

RDSP means a registered disability savings plan under section 146.4 of the Income Tax Act. (REEI)

  • 2011, c. 15, s. 7

Requirements for Payment of Grant

 The Minister may pay a grant into an RDSP in respect of a contribution made to and not withdrawn from the RDSP if

  • (a) the issuer enters into an issuer agreement with the Minister that applies to the RDSP and includes the terms and conditions set out in section 4;

  • (b) the issuer submits, at the request of the holder of the RDSP, an application for the grant to the Minister;

  • (c) the beneficiary is less than 49 years of age at the end of the year preceding the year in which the contribution is made;

  • (d) the total of the contribution and all other contributions made to an RDSP of the beneficiary does not exceed $200,000;

  • (e) the beneficiary is a DTC-eligible individual in respect of the year in which the contribution is made, and in respect of the year or years to which the contribution is allocated; and

  • (f) the issuer complies with the requirements of these Regulations and the terms and conditions of the issuer agreement that applies to the RDSP.

  • SOR/2013-131, s. 1
  • SOR/2014-134, s. 1

Requirements for Payment of Bond

 The Minister may pay a bond into an RDSP if

  • (a) the issuer enters into an issuer agreement with the Minister that applies to the RDSP and includes the terms and conditions set out in section 4;

  • (b) the holder requests, no later than December 31 of the year in which the beneficiary attains 49 years of age, that the issuer submit an application for the bond;

  • (c) the issuer submits an application for the bond to the Minister;

  • (d) the beneficiary is less than 49 years of age at the end of the year preceding the year for which the bond is payable;

  • (e) the beneficiary is a DTC-eligible individual in respect of the year for which the bond is payable; and

  • (f) the issuer complies with the requirements of these Regulations and the terms and conditions of the issuer agreement that applies to the RDSP.

  • SOR/2013-131, s. 2
  • SOR/2014-134, s. 2

Terms and Conditions of Issuer Agreements

 Every issuer agreement shall include the following terms and conditions:

  • (a) the issuer shall provide the Minister with any information that the Minister requires for the purposes of the Act and these Regulations;

  • (b) the issuer shall maintain records and books of account that relate to the amounts paid under the Act in the form and containing any information that the Minister requires to ensure compliance with the Act and these Regulations;

  • (c) the issuer shall allow the Minister access to all documents and other information that the Minister requires for auditing amounts paid or repaid under the Act and these Regulations;

  • (d) the issuer shall report to the Minister annually or within any other period set out in the issuer agreement with respect to

    • (i) all contributions, payments and transfers to, and all payments and transfers from, an RDSP,

    • (ii) the assistance holdback amount, and

    • (iii) any other information related to the RDSP that is specified in the issuer agreement;

  • (e) the issuer shall submit all information to the Minister in a format and manner that is acceptable to the Minister;

  • (f) the issuer shall not charge fees related to the RDSP against the assistance holdback amount of the RDSP;

  • (g) the issuer shall, when transferring the property of the RDSP, provide to the issuer of the new plan all information that it is required to provide in accordance with paragraph 146.4(8)(c) of the Income Tax Act; and

  • (h) the issuer shall repay any amount required to be repaid to the Minister under these Regulations and shall do so within the period specified in the agreement.

  • 2010, c. 12, s. 29
  • 2012, c. 31, s. 71

Repayments

  •  (1) Subject to sections 5.1 and 5.2, an issuer of an RDSP shall repay to the Minister, within the period set out in the issuer agreement, the amount referred to in subsection (2) if

    • (a) the RDSP is terminated;

    • (b) the plan ceases to be an RDSP as a result of the application of paragraph 146.4(10)(a) of the Income Tax Act;

    • (c) the beneficiary ceases to be a DTC-eligible individual, unless they are the subject of an election made under subsection 146.4(4.1) of the Income Tax Act; or

    • (d) the beneficiary dies.

  • (2) The amount that must be repaid as a result of the occurrence of an event described in subsection (1) is the lesser of

    • (a) the fair market value, immediately before the occurrence, of the property held by the RDSP, and

    • (b) the assistance holdback amount of the RDSP immediately before the occurrence.

  • (3) Despite subsections (1) and (2), if the beneficiary of an RDSP that is a specified disability savings plan dies or ceases to be a DTC-eligible individual, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, any portion of an amount paid into the RDSP as a grant or bond within the 10-year period preceding the time of the death or cessation that remains in the RDSP at that time.

  • 2011, c. 15, s. 8
  • 2012, c. 31, s. 72

 If an event described in paragraph 5(1)(a), (b) or (d) occurs while the beneficiary of an RDSP is the subject of an election made under subsection 146.4(4.1) of the Income Tax Act, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, the lesser of

  • (a) the fair market value, immediately before the occurrence of the event, of the property held by the RDSP, and

  • (b) the amount determined by the formula

    A + B – C

    where

    A
    is the assistance holdback amount of the RDSP immediately before the beneficiary ceased to be a DTC-eligible individual,
    B
    is the amount of any grant or bond that is paid into the RDSP during the period beginning on the day on which the beneficiary ceased to be a DTC-eligible individual and ending on the day on which the event occurs, and
    C
    is the amount of any grant or bond that has been repaid since the day on which the beneficiary ceased to be a DTC-eligible individual.
  • 2012, c. 31, s. 73

 If an election made under subsection 146.4(4.1) of the Income Tax Act in respect of the beneficiary of an RDSP ceases to be valid because of paragraph 146.4(4.2)(b) of that Act, the issuer of the RDSP shall repay to the Minister, within the period set out in the issuer agreement, the lesser of

  • (a) the fair market value, immediately before the election ceases to be valid, of the property held by the RDSP, and

  • (b) the amount determined by the formula

    A + B – C

    where

    A
    is the assistance holdback amount of the RDSP immediately before the beneficiary ceased to be a DTC-eligible individual,
    B
    is the amount of any grant or bond that is paid into the RDSP during the period beginning on the day on which the beneficiary ceased to be a DTC-eligible individual and ending on the day on which the election ceases to be valid, and
    C
    is the amount of any grant or bond that has been repaid since the day on which the beneficiary ceased to be a DTC-eligible individual.
  • 2012, c. 31, s. 73
 
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