Tax wiki
s. 207.7
PART XI.3 — Tax in Respect of Retirement Compensation Arrangements
Tax payable
Not yet annotated · Text current to 2026-06-21 · section last amended 2010-12-15
Current text
Every custodian of a retirement compensation arrangement shall pay a tax under this Part for each taxation year of an RCA trust under the arrangement equal to the amount, if any, by which the refundable tax of the arrangement at the end of the year exceeds the refundable tax of the arrangement at the end of the immediately preceding taxation year, if any.
Refund
(2)Where the custodian of a retirement compensation arrangement has filed a return under this Part for a taxation year within three years after the end of the year, the Minister
may, on sending the notice of assessment for the year or a notification that no tax is payable for the year, refund without application an amount equal to the amount, if any, by which the refundable tax of the arrangement at the end of the immediately preceding year exceeds the refundable tax of the arrangement at the end of the year; and
shall, with all due dispatch, make such a refund after sending the notice of assessment if application for it has been made in writing by the custodian within three years after the day of sending of a notice of an original assessment for the year or of a notification that no tax is payable for the year.
Payment of tax
(3)Every custodian of a retirement compensation arrangement shall, within 90 days after the end of each taxation year of an RCA trust under the arrangement,
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, if any, payable by the custodian under this Part for the year; and
pay to the Receiver General the amount of tax, if any, payable by the custodian under this Part for the year.
Provisions applicable to Part
(4)Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2004-08-31 to 2010-12-14:
Show the text in force 2004-08-31 to 2010-12-14
Tax payable
207.7 (1) Every custodian of a retirement compensation arrangement shall pay a tax under this Part for each taxation year of an RCA trust under the arrangement equal to the amount, if any, by which the refundable tax of the arrangement at the end of the year exceeds the refundable tax of the arrangement at the end of the immediately preceding taxation year, if any.
Refund
(2) Where the custodian of a retirement compensation arrangement has filed a return under this Part for a taxation year within three years after the end of the year, the Minister
(a) may, on mailing the notice of assessment for the year or a notification that no tax is payable for the year, refund without application therefor an amount equal to the amount, if any, by which the refundable tax of the arrangement at the end of the immediately preceding year exceeds the refundable tax of the arrangement at the end of the year; and
(b) shall, with all due dispatch, make such a refund after mailing the notice of assessment if application therefor has been made in writing by the custodian within three years after the day of mailing of a notice of an original assessment for the year or of a notification that no tax is payable for the year.
Payment of tax
(3) Every custodian of a retirement compensation arrangement shall, within 90 days after the end of each taxation year of an RCA trust under the arrangement,
(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, if any, payable by the custodian under this Part for the year; and
(c) pay to the Receiver General the amount of tax, if any, payable by the custodian under this Part for the year.
Provisions applicable to Part
(4) Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1987, c. 46, s. 62
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 207.7 links to the one before it.
Enacting and amending legislation
- 1987, c. 46, s. 62; 2010, c. 25, s. 63
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. 207.7.