I-3 - Taxation Act

Section 905.0.4.2 Disposition versions

2015-10-21

905.0.4.2. A plan ceases to be a specified disability savings plan at the earliest of the following times:

(a)  the time that the Minister receives a notification, in a manner and format acceptable to the Minister, from the issuer that the holder of the plan elects that the plan is to cease to be a specified disability savings plan;

(b)  the time that is immediately before the earliest time in a calendar year when the total disability assistance payments, other than non-taxable portions, made under the plan in the year and while it was a specified disability savings plan exceeds $10,000 or such greater amount as is required to satisfy the condition of subparagraph i of subparagraph d;

(c)  the time that is immediately before the time that

i.  a contribution is made to the plan,

ii.  an amount described in paragraph a or b of section 905.0.4 or subparagraph ii of paragraph d of that section is paid into the plan,

iii.  the plan is terminated,

iv.  the plan ceases to be a registered disability savings plan as a result of the application of subparagraph a of the first paragraph of section 905.0.20, or

v.  is the beginning of the first calendar year throughout which the beneficiary under the plan has no severe and prolonged impairment in mental or physical functions the effects of which are described in paragraph a.1 of subsection 1 of section 118.3 of the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)); and

(d)  the time immediately following the end of a calendar year if

i.  the total amount of disability assistance payments made from the plan in the year is less than the amount determined by the formula in subparagraph l of the first paragraph of section 905.0.6 in respect of the plan for the same year or such a lesser amount as is supported by the property of the plan trust, and

ii.  the year is not the year in which the plan became a specified disability savings plan;

(e)  (subparagraph repealed);

(f)  (subparagraph repealed).

Unless the Minister decides otherwise, the Minister is deemed to have received the notification referred to in subparagraph a of the first paragraph, in relation to a disability savings plan, at the time the Minister responsible for the administration of the Canada Disability Savings Act (S.C. 2007, c. 35) receives the notification referred to in paragraph a of subsection 1.2 of section 146.4 of the Income Tax Act in relation to that plan.

2012, c. 8, s. 145; 2015, c. 21, s. 342.

2012-05-09

905.0.4.2. A plan ceases to be a specified disability savings plan at the earliest of the following times:

(a)  the time that the Minister receives a notification, in a manner and format acceptable to the Minister, from the issuer that the holder of the plan elects that the plan is to cease to be a specified disability savings plan;

(b)  the time that is immediately before the earliest time in a calendar year when the total disability assistance payments, other than non-taxable portions, made under the plan in the year and while it was a specified disability savings plan exceeds $10,000 (or, in the case of a plan to which subparagraph f applies, such greater amount as is required to satisfy the condition of that subparagraph);

(c)  the time that is immediately before the time that a contribution or an amount described in paragraph a or b of section 905.0.4 is paid into the plan;

(d)  the time that is immediately before the time that the plan is terminated or the plan ceases to be a registered disability savings plan as a result of the application of subparagraph a of the first paragraph of section 905.0.20;

(e)  if lifetime disability assistance payments have not begun to be paid before the end of the particular calendar year following the year in which the plan last became a specified disability savings plan, the time immediately following the end of that particular calendar year; and

(f)  the time immediately following the end of a particular year in which the plan is a plan to which subparagraph n of the first paragraph of section 905.0.6 applies if the total amount of disability assistance payments made from the plan in that particular year is less than the amount determined by the formula in subparagraph l of that first paragraph in respect of the plan for the same year (or such lesser amount as is supported by the property of the plan trust).

Unless the Minister decides otherwise, the Minister is deemed to have received the notification referred to in subparagraph a of the first paragraph, in relation to a disability savings plan, at the time the Minister responsible for the administration of the Canada Disability Savings Act (S.C. 2007, c. 35) receives the notification referred to in paragraph a of subsection 1.2 of section 146.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) in relation to that plan.

2012, c. 8, s. 145.