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 72 1/(90 – X) 72 0.0540 73 0.0553 74 0.0567 75 0.0582 76 0.0598 77 0.0617 78 0.0636 79 0.0658 80 0.0682 81 0.0708 82 0.0738 83 0.0771 84 0.0808 85 0.0851 86 0.0899 87 0.0955 88 0.1021 89 0.1099 90 0.1192 91 0.1306 92 0.1449 93 0.1634 94 0.1879 95 or older 0.2000 (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.
Y Factor Under 71 1/(90 – Y) 71 0.0528 72 0.0540 73 0.0553 74 0.0567 75 0.0582 76 0.0598 77 0.0617 78 0.0636 79 0.0658 80 0.0682 81 0.0708 82 0.0738 83 0.0771 84 0.0808 85 0.0851 86 0.0899 87 0.0955 88 0.1021 89 0.1099 90 0.1192 91 0.1306 92 0.1449 93 0.1634 94 0.1879 95 or older 0.2000
- [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
- Date modified: