I-3 - Taxation Act

Section 1029.8.136 Disposition versions

2021-06-04

1029.8.136. If, in a taxation year, a property held by a trust governed by a registered education savings plan (in this section and section 1029.8.137 referred to as the “transferor plan”) is the subject of an authorized transfer to a trust governed by another registered education savings plan (in this section and section 1029.8.137 referred to as the “transferee plan”), the contributions that were made in the year to the transferor plan before the time of the authorized transfer are deemed to have been made in the year to the transferee plan by or on behalf of the subscriber under the plan in respect of a particular beneficiary, up to

(a)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the aggregate of the contributions made in the year and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(b)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, of the aggregate of the contributions made in the year and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(c)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account or in any account of assistance paid under a designated provincial program that meets the requirement of section 1029.8.137.1, and if the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the proportion of the aggregate of the contributions made in the year and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account or in any account of assistance paid under a designated provincial program that meets the requirement of section 1029.8.137.1; and

(d)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account or in any account of assistance paid under a designated provincial program that meets the requirement of section 1029.8.137.1, and if the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, in the proportion of the aggregate of the contributions made in the year and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account or in any account of assistance paid under a designated provincial program that meets the requirement of section 1029.8.137.1.

For the purposes of the first paragraph, an authorized transfer means the transfer of properties held by a trust governed by a transferor plan to a trust governed by a transferee plan, if

(a)  a beneficiary under the transferee plan

i.  was, immediately before the transfer, a beneficiary under the transferor plan, or

ii.  was, immediately before the transfer, the brother or sister of a beneficiary under the transferor plan and

(1)  the transferee plan is a plan that allows more than one beneficiary at any one time, or

(2)  where subparagraph 1 does not apply, the beneficiary under the transferee plan had not attained 21 years of age at the time the plan was entered into;

(b)  at the time of the transfer

i.  the transferee plan had only one beneficiary or, if it had more than one, every beneficiary was a brother or sister of every other beneficiary, or

ii.  no amount deemed to be an overpayment of its tax payable on account of the increase amount had been received by the trust governed by the transferor plan;

(c)  the transferee plan meets the conditions for registration set out in section 895 that apply to education savings plans whose contract was entered into after 31 December 1998; and

(d)  an education savings incentive agreement is applicable at the time of the transfer in respect of the transferee plan.

For the purposes of the first paragraph, the contributions made in a year to the transferor plan do not include the contributions that were withdrawn from the plan in the year.

2009, c. 5, s. 480; 2011, c. 1, s. 92; 2012, c. 8, s. 239; 2021, c. 18, s. 136.

2012-05-09

1029.8.136. If, in a taxation year, a property held by a trust governed by a registered education savings plan (in this section and section 1029.8.137 referred to as the “transferor plan”) is the subject of an authorized transfer to a trust governed by another registered education savings plan (in this section and section 1029.8.137 referred to as the “transferee plan”), the contributions that were made in the year to the transferor plan before the time of the authorized transfer and after 20 February 2007, are deemed to have been made in the year to the transferee plan by or on behalf of the subscriber under the plan in respect of a particular beneficiary, up to

(a)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(b)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(c)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account, and if the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the proportion of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account; and

(d)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account, and if the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, in the proportion of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account.

For the purposes of the first paragraph, an authorized transfer means the transfer of properties held by a trust governed by a transferor plan to a trust governed by a transferee plan, if

(a)  a beneficiary under the transferee plan

i.  was, immediately before the transfer, a beneficiary under the transferor plan, or

ii.  was, immediately before the transfer, the brother or sister of a beneficiary under the transferor plan and

(1)  the transferee plan is a plan that allows more than one beneficiary at any one time, or

(2)  where subparagraph 1 does not apply, the beneficiary under the transferee plan had not attained 21 years of age at the time the plan was entered into;

(b)  at the time of the transfer

i.  the transferee plan had only one beneficiary or, if it had more than one, every beneficiary was a brother or sister of every other beneficiary, or

ii.  no amount deemed to be an overpayment of its tax payable on account of the increase amount had been received by the trust governed by the transferor plan;

(c)  the transferee plan meets the conditions for registration set out in section 895 that apply to education savings plans whose contract was entered into after 31 December 1998; and

(d)  an education savings incentive agreement is applicable at the time of the transfer in respect of the transferee plan.

For the purposes of the first paragraph, the contributions made in a year to the transferor plan do not include the contributions that were withdrawn from the plan in the year.

2009, c. 5, s. 480; 2011, c. 1, s. 92; 2012, c. 8, s. 239.

2011-02-17

1029.8.136. If, in a taxation year, a property held by a trust governed by a registered education savings plan (in this section and section 1029.8.137 referred to as the “transferor plan”) is the subject of an authorized transfer to a trust governed by another registered education savings plan (in this section and section 1029.8.137 referred to as the “transferee plan”), the contributions that were made in the year to the transferor plan before the time of the authorized transfer and after 20 February 2007, are deemed to have been made in the year to the transferee plan by or on behalf of the subscriber under the plan in respect of a particular beneficiary, up to

(a)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(b)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(c)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account, and if the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the proportion of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account; and

(d)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account, and if the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, in the proportion of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account.

For the purposes of the first paragraph, an authorized transfer means the transfer of properties held by a trust governed by a transferor plan to a trust governed by a transferee plan, if

(a)  a beneficiary under the transferee plan

i.  was, immediately before the transfer, a beneficiary under the transferor plan, or

ii.  had not reached, at the time of the transfer, 21 years of age and was, immediately before the transfer, the brother or sister of a beneficiary under the transferor plan;

(b)  at the time of the transfer

i.  the transferee plan had only one beneficiary or, if it had more than one, every beneficiary was a brother or sister of every other beneficiary, or

ii.  no amount deemed to be an overpayment of its tax payable on account of the increase amount had been received by the trust governed by the transferor plan;

(c)  the transferee plan meets the conditions for registration set out in section 895 that apply to education savings plans whose contract was entered into after 31 December 1998; and

(d)  an education savings incentive agreement is applicable at the time of the transfer in respect of the transferee plan.

For the purposes of the first paragraph, the contributions made in a year to the transferor plan do not include the contributions that were withdrawn from the plan in the year.

2009, c. 5, s. 480; 2011, c. 1, s. 92.

2009-05-15

1029.8.136. If, in a taxation year, a property held by a trust governed by a registered education savings plan (in this section and section 1029.8.137 referred to as the “transferor plan”), is the subject of an authorized transfer to a trust governed by another registered education savings plan (in this section and section 1029.8.137 referred to as the “transferee plan”), the contributions that were made in the year to the transferor plan before the time of the authorized transfer and after 20 February 2007 in respect of a particular beneficiary, are deemed to have been made in the year to the transferee plan by or on behalf of the subscriber under the plan in respect of the particular beneficiary, up to

(a)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(b)  if the authorized transfer concerned the aggregate of the properties held by the trust governed by the transferor plan and the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan;

(c)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account, and if the particular beneficiary is the only beneficiary under the transferee plan at the time of the transfer, the proportion of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account; and

(d)  if the authorized transfer concerned a portion of the properties held by the trust governed by the transferor plan, other than properties included in a CLB account, and if the transferee plan has more than one beneficiary at the time of the transfer, the particular beneficiary’s share, established according to the apportionment provided for in the transferee plan, in the proportion of the aggregate of the contributions made in the year, after 20 February 2007 and before the time of the transfer, in respect of any beneficiary under the transferor plan, that, at the time of the transfer, the value of the properties transferred is of the value of all the properties held by the trust governed by the transferor plan, other than those included in a CLB account.

For the purposes of the first paragraph, an authorized transfer means the transfer of properties held by a trust governed by a transferor plan to a trust governed by a transferee plan, if

(a)  a beneficiary under the transferee plan

i.  was, immediately before the transfer, a beneficiary under the transferor plan, or

ii.  had not reached, at the time of the transfer, 21 years of age and was, immediately before the transfer, the brother or sister of a beneficiary under the transferor plan;

(b)  at the time of the transfer

i.  the transferee plan had only one beneficiary or, if it had more than one, every beneficiary was a brother or sister of every other beneficiary, or

ii.  no amount deemed to be an overpayment of its tax payable on account of the increase amount had been received by the trust governed by the transferor plan; and

(c)  the transferee plan meets the conditions for registration set out in section 895 that apply to education savings plans whose contract was entered into after 31 December 1998.

For the purposes of the first paragraph, the contributions made in a year to the transferor plan do not include the contributions that were withdrawn from the plan in the year.

2009, c. 5, s. 480.