Tax wiki
s. 206.2
PART XI — Tax in Respect of Advanced Life Deferred Annuity
Not yet annotated · Text current to 2026-06-21 · section last amended 2017-12-14
Current text
[Repealed, 2017, c. 33, s. 66]
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2008-01-01 to 2017-12-13:
Show the text in force 2008-01-01 to 2017-12-13
Tax payable where advantage extended
206.2 (1) A tax is payable under this Part for a calendar year in connection with a registered disability savings plan if, in the year, an advantage in relation to the plan is extended to a person who is, or who does not deal at arm’s length with, a beneficiary under, or a holder of, the plan.
Amount of tax payable
(2) The amount of tax payable in respect of an advantage described in subsection (1) is
(a) in the case of a benefit, the fair market value of the benefit; and
(b) in the case of a loan, the amount of the loan.
Liability for tax
(3) Each person who is a holder of a registered disability savings plan at the time that a tax is imposed under subsection (1) in connection with the plan is jointly and severally, or solidarily, liable to pay the tax. If, however, the advantage is extended by the issuer of the plan or by a person not dealing at arm’s length with the issuer, the issuer is liable to pay the tax and not the holders.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2007, c. 35, s. 120
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 206.2 links to the one before it.
Enacting and amending legislation
- 2007, c. 35, s. 120; 2017, c. 33, s. 66
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
No other section of the Act refers to this section, and it refers to no other section.
References are generated from the statutory text and list other sections of the Act only.
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 206.2.