Tax wiki
s. 207.06
PART XI.01 — Taxes in Respect of Registered Plans
Waiver of tax payable
Not yet annotated · Text current to 2026-06-21 · section last amended 2023-04-01
Current text
If an individual would otherwise be liable to pay a tax under this Part because of section 207.02 or 207.03, the Minister may waive or cancel all or part of the liability if
the individual establishes to the satisfaction of the Minister that the liability arose as a consequence of a reasonable error; and
one or more distributions are made without delay under a TFSA of which the individual is the holder, the total amount of which is not less than the total of
the amount in respect of which the individual would otherwise be liable to pay the tax, and
income (including a capital gain) that is reasonably attributable, directly or indirectly, to the amount described in subparagraph (i).
Waiver of tax payable
(2)If a person would otherwise be liable to pay a tax under this Part because of subsection 207.04(1) or section 207.05, the Minister may waive or cancel all or part of the liability where the Minister considers it just and equitable to do so having regard to all the circumstances, including
whether the tax arose as a consequence of reasonable error;
the extent to which the transaction or series of transactions that gave rise to the tax also gave rise to another tax under this Act; and
the extent to which payments have been made from the person’s registered plan.
Waiver of tax payable
(3)If an individual would otherwise be liable to pay a tax under section 207.021, the Minister may waive or cancel all or part of the liability if
the individual establishes to the satisfaction of the Minister that the liability arose as a consequence of a reasonable error; and
one or more distributions are made without delay under a FHSA of which the individual is the holder, the total amount of which is not less than the total of
the amount in respect of which the individual would otherwise be liable to pay tax, and
the income (including any capital gain) that is reasonably attributable, directly or indirectly, to the amount described in subparagraph (i).
Other powers of Minister
(4)The Minister may notify the controlling individual of a registered plan that the controlling individual must cause a payment to be made from the registered plan to the controlling individual within 90 days of receipt of the notice, the amount of which is not less than the amount of specified non-qualified investment income in respect of the registered plan.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2013-12-12 to 2023-03-31:
Show the text in force 2013-12-12 to 2023-03-31
Waiver of tax payable
207.06 (1) If an individual would otherwise be liable to pay a tax under this Part because of section 207.02 or 207.03, the Minister may waive or cancel all or part of the liability if
(a) the individual establishes to the satisfaction of the Minister that the liability arose as a consequence of a reasonable error; and
(b) one or more distributions are made without delay under a TFSA of which the individual is the holder, the total amount of which is not less than the total of
(i) the amount in respect of which the individual would otherwise be liable to pay the tax, and
(ii) income (including a capital gain) that is reasonably attributable, directly or indirectly, to the amount described in subparagraph (i).
Waiver of tax payable
(2) If a person would otherwise be liable to pay a tax under this Part because of subsection 207.04(1) or section 207.05, the Minister may waive or cancel all or part of the liability where the Minister considers it just and equitable to do so having regard to all the circumstances, including
(a) whether the tax arose as a consequence of reasonable error;
(b) the extent to which the transaction or series of transactions that gave rise to the tax also gave rise to another tax under this Act; and
(c) the extent to which payments have been made from the person’s registered plan.
(3) [Repealed, 2013, c. 40, s. 77]
Other powers of Minister
(4) The Minister may notify the controlling individual of a registered plan that the controlling individual must cause a payment to be made from the registered plan to the controlling individual within 90 days of receipt of the notice, the amount of which is not less than the amount of specified non-qualified investment income in respect of the registered plan.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2008, c. 28, s. 31
- 2009, c. 2, s. 71
- 2010, c. 25, s. 60
- 2011, c. 24, s. 67
- 2013, c. 40, s. 77
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 207.06 links to the one before it.
Enacting and amending legislation
- 2008, c. 28, s. 31; 2009, c. 2, s. 71; 2010, c. 25, s. 60; 2011, c. 24, s. 67; 2013, c. 40, s. 77
- 2022, c. 19, s. 52
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
This section refers to
Referred to in
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. 207.06.