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I-3 - Taxation Act
Section 935.27
Disposition versions
935.27. If an annuity contract ceases, at a particular time, to be a tax-free savings account, the following rules apply:
(a) the holder of the tax-free savings account is deemed to have disposed of the contract immediately before the particular time for proceeds of disposition equal to its fair market value immediately before the particular time;
(b) the contract is deemed to be a separate annuity contract issued and effected at the particular time otherwise than pursuant to or as a tax-free savings account; and
(c) each person who has a right in the separate annuity contract at the particular time is deemed to acquire the right at the particular time at a cost equal to its fair market value at the particular time.
935.27. If an annuity contract ceases, at a particular time, to be a tax-free savings account, the following rules apply:
(a) the holder of the tax-free savings account is deemed to have disposed of the contract immediately before the particular time for proceeds of disposition equal to its fair market value immediately before the particular time;
(b) the contract is deemed to be a separate annuity contract issued and effected at the particular time otherwise than pursuant to or as a tax-free savings account; and
(c) each person who has a right or interest in the separate annuity contract at the particular time is deemed to acquire the right or interest at the particular time at a cost equal to its fair market value at the particular time.
