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I-3 - Taxation Act
Section 905.0.7
Disposition versions
905.0.7. A disability savings plan is deemed never to have been a registered disability savings plan unless
(a) the issuer of the plan provides without delay notification of the plan’s establishment in the prescribed form containing prescribed information to the Minister; and
(b) if the beneficiary is the beneficiary under another registered disability savings plan at the time the plan is established, that other plan is terminated without delay.
Unless the Minister decides otherwise, an issuer of a disability savings plan is considered to have notified the Minister in the manner specified in subparagraph a of the first paragraph, in relation to the plan, if the issuer has notified, in relation to the plan, the Minister responsible for the administration of the Canada Disability Savings Act (S.C. 2007, c. 35) in accordance with paragraph a of subsection 3 of section 146.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).
905.0.7. A disability savings plan is deemed never to have been a registered disability savings plan if
(a) the issuer of the plan has not, on or before the day that is 60 days after the particular day on which the plan was entered into, provided notification of the plan’s existence in the prescribed form containing prescribed information to the Minister; or
(b) the beneficiary was, on the particular day, the beneficiary under another registered disability savings plan and that other plan has not ceased to exist on or before the day that is 120 days after the particular day or any later day that the Minister considers reasonable in the circumstances.
Unless the Minister decides otherwise, an issuer of a disability savings plan is considered to have notified the Minister in the manner and within the time specified in subparagraph a of the first paragraph, in relation to the plan, if the issuer has notified, in relation to the plan, the Minister responsible for the administration of the Canada Disability Savings Act (S.C. 2007, c. 35) in accordance with paragraph a of subsection 3 of section 146.4 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)).
