I-3, r. 1 - Regulation respecting the Taxation Act

Section 92.11r19 Disposition versions

2012-09-01

92.11R19. Despite sections 92.11R16 to 92.11R18, an annuity contract may qualify as a prescribed annuity contract even if,

(a)  in a case where the contract provides a joint and last survivor annuity or is held jointly, the terms of the contract provide that there will be a reduction in the amount of the annuity payments to be made under the contract from the time of the death of one of the annuitants;

(b)  the terms of the contract provide that if the holder of the contract dies upon reaching the age of 91 or before reaching that age, the contract is terminated and the holder will be paid under the contract an amount not greater than the excess of the total amount of premiums paid under it over the total amount of the annuity payments made under the contract;

(c)  where the period during which the annuity payments are to be made is of a guaranteed or fixed duration, the terms of the contract provide that, following the death of the holder of the contract during that period, the payments which would have been made during that period, were it not for that death, may be replaced by a single payment; or

(d)  the terms of the contract as they read on 1 December 1982 and at any time after that date provide that the holder share in the investment earnings of the issuer and that the amount of such share must be paid in the 60 days following the end of the year in respect of which it is computed.

s. 92.11R5; O.C. 7-87, s. 2; O.C. 1471-91, s. 10; O.C. 134-2009, s. 1.