PART XI.3 — Tax in Respect of Retirement Compensation Arrangements

Tax payable in respect of advantage

Not yet annotated · Text current to 2026-06-21 · section last amended 2012-12-14

Current text

A custodian of a retirement compensation arrangement shall pay a tax under this Part for a calendar year if, in the year, an advantage in relation to the arrangement is extended to, or is received or receivable by, an RCA trust under the arrangement, a specified beneficiary of the arrangement or any person who does not deal at arm’s length with the specified beneficiary.

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;

(b)

in the case of a loan or an indebtedness, the amount of the loan or indebtedness; and

(c)

in the case of an RCA strip, the amount of the RCA strip.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since it was enacted (2012, c. 31, s. 45), so there is no earlier version.

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 207.62 links to the one before it.

Enacting and amending legislation

2012, c. 31, s. 45

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. 207.62.