I-3 - Taxation Act

Section 1029.8.128 Disposition versions

2011-02-17

1029.8.128. Subject to sections 1029.8.131 to 1029.8.134, if a trust governed by an education savings plan is resident in Québec at the end of a taxation year and the conditions set out in the second paragraph are met, an amount equal to the aggregate of the following amounts is deemed, at the end of the year and in respect of each beneficiary under the plan who is resident in Québec at the end of the year, to be an overpayment of the trust’s tax payable for that year under this Part (in this division referred to as the “education savings incentive”):

(a)  the least of

i.  10% of the amount of eligible contributions in respect of the beneficiary for the year,

ii.  $500, and

iii.  the unused CES grant room for the beneficiary for the year; and

(b)  the increase amount in respect of the beneficiary for the year.

The conditions to which the first paragraph refers are as follows:

(a)  the trustee under the plan files with the Minister an application for the education savings incentive in the manner described in the education savings incentive agreement

i.  on or before the 90th day that follows the end of the year,

ii.  within such longer period as the Minister considers reasonable but not after 31 December of the third year that follows the year for which the education savings incentive is claimed, or

iii.  on or before 31 March 2012, if the application is made in respect of contributions deemed to have been made in the year in respect of the beneficiary as a consequence of the application of section 1029.8.136.1; and

(b)  at the time the application referred to in subparagraph a is made,

i.  the plan is a registered education savings plan,

ii.  the education savings incentive agreement is applicable in respect of the plan, and

iii.  if the plan contract was entered into before 1 January 1999, it meets, at the end of the year, the registering conditions set out in section 895 that apply to a plan whose contract is entered into after 31 December 1998.

2009, c. 5, s. 480; 2011, c. 1, s. 90.

2009-05-15

1029.8.128. Subject to sections 1029.8.131 to 1029.8.134, if a trust governed by an education savings plan is resident in Québec at the end of a taxation year and the conditions set out in the second paragraph are met, an amount equal to the aggregate of the following amounts is deemed, at the end of the year and in respect of each beneficiary under the plan who is resident in Québec at the end of the year, to be an overpayment of the trust’s tax payable for that year under this Part (in this division referred to as the “education savings incentive”):

(a)  the least of

i.  10% of the amount of eligible contributions in respect of the beneficiary for the year,

ii.  $500, and

iii.  the unused CES grant room for the beneficiary for the year; and

(b)  the increase amount in respect of the beneficiary for the year.

The conditions to which the first paragraph refers are as follows:

(a)  the trustee under the plan files with the Minister an application for the education savings incentive in the manner described in the education savings incentive agreement

i.  on or before the 90th day that follows the end of the year, or

ii.  within such longer period as the Minister considers reasonable but not after 31 December of the third year that follows the year for which the education savings incentive is claimed; and

(b)  at the time the application referred to in subparagraph a is made,

i.  the plan is a registered education savings plan,

ii.  the education savings incentive agreement is applicable in respect of the plan, and

iii.  if the plan contract was entered into before 1 January 1999, it meets, at the end of the year, the registering conditions set out in section 895 that apply to a plan whose contract is entered into after 31 December 1998.

2009, c. 5, s. 480.