PART I — Income Tax · DIVISION B — Computation of Income · SUBDIVISION E — Deductions in Computing Income

Additions to clause 60(l)(v)(B.2) for 2015

Not yet annotated · Text current to 2026-06-21 · section last amended 2015-06-23

Current text

In determining the amount that may be deducted because of paragraph 60(l) in computing a taxpayer’s income for the 2015 taxation year, clause 60(l)(v)(B.2) is to be read as follows:

(B.2)

the total of all amounts each of which is

(I)

the taxpayer’s eligible amount (within the meaning of subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,

(II)

the taxpayer’s eligible RRIF withdrawal amount (within the meaning of subsection 60.022(2)) for the year in respect of a RRIF,

(III)

the taxpayer’s eligible variable benefit withdrawal amount (within the meaning of subsection 60.022(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan, or

(IV)

the taxpayer’s eligible PRPP withdrawal amount (within the meaning of subsection 60.022(4)) for the year in respect of an account of the taxpayer under a PRPP,

Eligible RRIF withdrawal amount

(2)

A taxpayer’s eligible RRIF withdrawal amount for the taxation year in respect of a RRIF under which the taxpayer is the annuitant at the beginning of the taxation year is the amount determined by the formula

A – B

where

is the lesser of

(a)

the total of all amounts included, because of subsection 146.3(5), in computing the taxpayer’s income for the taxation year in respect of amounts received out of or under the fund (other than an amount paid by direct transfer from the fund to another fund or to a registered retirement savings plan), and

(b)

the amount that would be the minimum amount under the fund for the 2015 taxation year if it were determined using the prescribed factors under subsection 7308(3) or (4), as the case may be, of the Income Tax Regulations as they read on December 31, 2014; and

is the minimum amount under the fund for the taxation year.

Eligible variable benefit withdrawal amount

(3)

A taxpayer’s eligible variable benefit withdrawal amount for a taxation year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan is the amount determined by the formula

A – B – C

where

is the lesser of

(a)

the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs 8506(1)(a) to (e) of the Income Tax Regulations) paid from the plan in the taxation year in respect of the account and included, because of paragraph 56(1)(a), in computing the taxpayer’s income for the taxation year, and

(b)

the amount that would be the minimum amount for the account for the 2015 taxation year if it were determined using the factor designated under subsection 7308(4) of the Income Tax Regulations as they read on December 31, 2014;

is the minimum amount for the account for the taxation year; and

is the total of all contributions made by the taxpayer under the provision and designated for the purposes of subsection 8506(12) of the Income Tax Regulations.

Eligible PRPP withdrawal amount

(4)

A taxpayer’s eligible PRPP withdrawal amount for a taxation year in respect of an account of the taxpayer under a PRPP is the amount determined by the formula

A – B

where

is the lesser of

(a)

the total of all amounts each of which is the amount of a distribution made from the account in the taxation year and included, because of subsection 147.5(13), in computing the taxpayer’s income for the taxation year, and

(b)

is the minimum amount for the account for the taxation year.

Expressions used in this section

(5)

For the purposes of this section,

(a)

money purchase provision has the same meaning as in subsection 147.1(1);

(b)

retirement benefits has the same meaning as in subsection 8500(1) of the Income Tax Regulations;

(c)

the minimum amount for an account of a taxpayer under a money purchase provision of a registered pension plan is the amount determined under subsection 8506(5) of the Income Tax Regulations; and

(d)

the minimum amount for an account of a taxpayer under a PRPP is the amount that would be the minimum amount for the calendar year under subsection 8506(5) of the Income Tax Regulations if the taxpayer’s account were an account under a money purchase provision of a registered pension plan.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since it was enacted (2015, c. 36, s. 2), 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 60.022 links to the one before it.

Enacting and amending legislation

2015, c. 36, s. 2

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

s. 56 s. 60 s. 146.3 s. 147.1 s. 147.5

Referred to in

s. 147.5

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. 60.022.