Income Tax Regulations
7308 (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.
X Factor Under 79 1/(90 - X) 79 0.0853 80 0.0875 81 0.0899 82 0.0927 83 0.0958 84 0.0993 85 0.1033 86 0.1079 87 0.1133 88 0.1196 89 0.1271 90 0.1362 91 0.1473 92 0.1612 93 0.1792 94 or older 0.2 (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.
Y Factor under 71 1/(90 - Y) 71 0.0738 72 0.0748 73 0.0759 74 0.0771 75 0.0785 76 0.0799 77 0.0815 78 0.0833 79 0.0853 80 0.0875 81 0.0899 82 0.0927 83 0.0958 84 0.0993 85 0.1033 86 0.1079 87 0.1133 88 0.1196 89 0.1271 90 0.1362 91 0.1473 92 0.1612 93 0.1792 94 or older 0.2
- [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
- Date modified: