Tax wiki
s. 204.94
PART X.5 — Payments Under Registered Education Savings Plans
Definitions
Not yet annotated · Text current to 2026-06-21 · section last amended 2013-06-26
Current text
The definitions in subsection 146.1(1) apply for the purposes of this Part, except that the definition subscriber in that subsection shall be read without reference to paragraph (c).
Charging provision
(2)Every person (other than a public primary caregiver that is exempt from tax under Part I) shall pay a tax under this Part for each taxation year equal to the amount determined by the formula
(A + B - C) × D
where
is the total of all amounts each of which is an accumulated income payment made at any time that is
either
under a registered education savings plan under which the person is a subscriber at that time, or
under a registered education savings plan under which there is no subscriber at that time, where the person has been a spouse or common-law partner of an individual who was a subscriber under the plan, and
included in computing the person’s income under Part I for the year;
is the total of all amounts each of which is an accumulated income payment that is
not included in the value of A in respect of the person for the year, and
included in computing the person’s income under Part I for the year;
is the lesser of
the lesser of the value of A in respect of the person for the year and the total of all amounts each of which is an amount deducted under subsection 146(5) or 146(5.1) in computing the person’s income under Part I for the year, and
the amount, if any, by which $50,000 exceeds the total of all amounts each of which is an amount determined under paragraph (a) in respect of the person for a preceding taxation year; and
is
where a tax, similar to the tax provided under this Part, is payable by the person for the year under a law of the province of Quebec, 12%, and
in any other case, 20%.
Return and payment of tax
(3)Every person who is liable to pay tax under this Part for a taxation year shall, on or before the person’s filing-due date for the year,
file with the Minister a return for the year under this Part in prescribed form and containing prescribed information, without notice or demand therefor;
estimate in the return the amount of tax payable under this Part by the person for the year; and
pay to the Receiver General the amount of tax payable under this Part by the person for the year.
Administrative rules
(4)Subsections 150(2) and 150(3), sections 152, 155 to 156.1 and 158 to 167 and Division J of Part I apply with any modifications that the circumstances require.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2004-08-31 to 2013-06-25:
Show the text in force 2004-08-31 to 2013-06-25
Definitions
204.94 (1) The definitions in subsection 146.1(1) apply for the purposes of this Part, except that the definition subscriber in that subsection shall be read without reference to paragraph (c).
Charging provision
(2) Every person shall pay a tax under this Part for each taxation year equal to the amount determined by the formula
(A + B - C) × D
where
Ais the total of all amounts each of which is an accumulated income payment made at any time that is(a) either
(i) under a registered education savings plan under which the person is a subscriber at that time, or
(ii) under a registered education savings plan under which there is no subscriber at that time, where the person has been a spouse or common-law partner of an individual who was a subscriber under the plan, and
(b) included in computing the person’s income under Part I for the year;
(a) not included in the value of A in respect of the person for the year, and
(b) included in computing the person’s income under Part I for the year;
(a) the lesser of the value of A in respect of the person for the year and the total of all amounts each of which is an amount deducted under subsection 146(5) or 146(5.1) in computing the person’s income under Part I for the year, and
(b) the amount, if any, by which $50,000 exceeds the total of all amounts each of which is an amount determined under paragraph (a) in respect of the person for a preceding taxation year; and
(a) where a tax, similar to the tax provided under this Part, is payable by the person for the year under a law of the province of Quebec, 12%, and
(b) in any other case, 20%.
Return and payment of tax
(3) Every person who is liable to pay tax under this Part for a taxation year shall, on or before the person’s filing-due date for the year,
(a) file with the Minister a return for the year under this Part in prescribed form and containing prescribed information, without notice or demand therefor;
(b) estimate in the return the amount of tax payable under this Part by the person for the year; and
(c) pay to the Receiver General the amount of tax payable under this Part by the person for the year.
Administrative rules
(4) Subsections 150(2) and 150(3), sections 152, 155 to 156.1 and 158 to 167 and Division J of Part I apply with any modifications that the circumstances require.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1998, c. 19, s. 59
- 1999, c. 22, s. 72
- 2000, c. 12, s. 142
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 204.94 links to the one before it.
Enacting and amending legislation
- 1998, c. 19, s. 59; 1999, c. 22, s. 72; 2000, c. 12, s. 142; 2013, c. 34, s. 338
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 204.94.