Tax wiki
s. 207.03
PART XI.01 — Taxes in Respect of Registered Plans
Tax payable on non-resident contributions
Not yet annotated · Text current to 2026-06-21 · section last amended 2009-03-12
Current text
If, at a particular time, a non-resident individual makes a contribution under a TFSA (other than a contribution that is a qualifying transfer or an exempt contribution), the individual shall pay a tax under this Part equal to 1% of the amount of the contribution in respect of each month that ends after the particular time and before the earlier of
the first time after the particular time at which the amount of the contribution is equalled or exceeded by the total of all amounts each of which is a distribution
that is made after the particular time under a TFSA of which the individual is the holder, and
that the individual designates in prescribed manner to be a distribution in connection with the contribution and not in connection with any other contribution, and
the time at which the individual becomes resident in Canada.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2009-01-01 to 2009-03-11:
Show the text in force 2009-01-01 to 2009-03-11
Tax payable on non-resident contributions
207.03 If, at a particular time, a non-resident individual makes a contribution under a TFSA, the individual shall pay a tax under this Part equal to 1% of the amount of the contribution in respect of each month that ends after the particular time and before the earlier of
(a) the first time after the particular time at which the amount of the contribution is equalled or exceeded by the total of all amounts each of which is a distribution
(i) that is made after the particular time under a TFSA of which the individual is the holder, and
(ii) that the individual designates in prescribed manner to be a distribution in connection with the contribution and not in connection with any other contribution, and
(b) the time at which the individual becomes resident in Canada.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2008, c. 28, s. 31
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 207.03 links to the one before it.
Enacting and amending legislation
- 2008, c. 28, s. 31; 2009, c. 2, s. 69
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. 207.03.