I-3 - Taxation Act

Section 898.1.1 Disposition versions

2020-09-24

898.1.1. For the purposes of paragraph m of section 895 and section 898.1, a registered education savings plan is revocable at any time after 27 October 1998 at which

(a)  (paragraph repealed);

(b)  (paragraph repealed);

(c)  a trust governed by the plan begins carrying on a business; or

(d)  a trustee that holds property in connection with the plan borrows money for the purposes of the plan, except where

i.  the money is borrowed for a term not exceeding 90 days,

ii.  the money is not borrowed as part of a series of loans or other transactions and repayments, and

iii.  none of the property of the trust is used as security for the borrowed money.

2001, c. 53, s. 186; 2020, c. 16, s. 131.

2006-03-01

898.1.1. For the purposes of paragraph m of section 895 and section 898.1, a registered education savings plan is revocable at any time after 27 October 1998 at which

(a)  a trust governed by the plan acquires property that is not a qualified investment for the trust;

(b)  property held by a trust governed by the plan ceases to be a qualified investment for the trust and the property is not disposed of by the trust within 60 days after that time;

(c)  a trust governed by the plan begins carrying on a business; or

(d)  a trustee that holds property in connection with the plan borrows money for the purposes of the plan, except where

i.  the money is borrowed for a term not exceeding 90 days,

ii.  the money is not borrowed as part of a series of loans or other transactions and repayments, and

iii.  none of the property of the trust is used as security for the borrowed money.

2001, c. 53, s. 186.