Bill C-28
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Return and
payment of
tax for other
LSVCCs
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(2) Where tax is payable under this Part for
a taxation year by a corporation because of
subsection 204.82(5) or 204.85(2), the
corporation shall
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(2) Subsection (1) applies to taxation
years that end after February 18, 1997.
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57. (1) Subsection 204.9(1) of the Act is
replaced by the following:
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Definitions
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204.9 (1) The definitions in this subsection
apply in this Part.
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``excess
amount'' « excédent »
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``excess amount'' for a year at any time in
respect of an individual means the amount,
if any, by which the total of all contributions
made after February 20, 1990 in the year
and before that time into all registered
education savings plans by or on behalf of
all subscribers in respect of the individual
exceeds the lesser of
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``RESP
lifetime limit'' « plafond cumulatif de REEE »
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``RESP lifetime limit'' for a year means,
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``subscriber's
gross
cumulative
excess'' « excédent cumulatif brut du souscripteur »
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``subscriber's gross cumulative excess'' at any
time in respect of an individual means the
total of all amounts each of which is the
subscriber's share of the excess amount for
a relevant year at that time in respect of the
individual and, for the purpose of this
definition, a relevant year at any time is a
year that began before that time.
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``subscriber's
share of the
excess
amount'' « part du souscripteur sur l'excédent »
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``subscriber's share of the excess amount'' for
a year at any time in respect of an individual
means the amount determined by the
formula
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(A/B) x C
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(2) Subsection 204.9(4) of the Act is
replaced by the following:
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New
beneficiary
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(4) For the purposes of this Part, if at any
particular time an individual (in this
subsection referred to as the ``new
beneficiary'') becomes a beneficiary under a
registered education savings plan in place of
another individual (in this subsection referred
to as the ``former beneficiary'') who ceased at
or before the particular time to be a
beneficiary under the plan,
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Transfers
between plans
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(5) For the purposes of this Part, if property
held by a trust governed by a registered
education savings plan (in this subsection
referred to as the ``transferor plan'') is
distributed at a particular time to a trust
governed by another registered education
savings plan (in this subsection referred to as
the ``transferee plan''),
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(3) Subsection (1) applies for the purpose
of determining tax under Part X.4 of the Act
for months that are after 1996.
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(4) Subsection (2) applies to replacements
of beneficiaries and distributions that occur
after 1996.
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58. (1) Section 204.91 of the Act is
replaced by the following:
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Tax payable
by subscribers
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204.91 (1) Every subscriber under a
registered education savings plan shall pay a
tax under this Part in respect of each month
equal to 1% of the amount, if any, by which
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exceeds
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Waiver of tax
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(2) If a subscriber under a registered
education savings plan would, but for this
subsection, be required to pay a tax in respect
of a month under subsection (1) in respect of
an individual, the Minister may waive or
cancel all or part of the tax where it is just and
equitable to do so having regard to all the
circumstances, including
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Marriage
breakdown
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(3) If at any time an individual (in this
subsection referred to as the ``former
subscriber'') ceases to be a subscriber under a
registered education savings plan as a
consequence of the settlement of rights arising
out of, or on the breakdown of, the marriage of
the former subscriber and another individual
(in this subsection referred to as the ``current
subscriber'') who is a subscriber under the
plan immediately after that time, for the
purpose of determining tax payable under this
Part in respect of a month that ends after that
time, each contribution made before that time
into the plan by or on behalf of the former
subscriber is deemed to have been made into
the plan by the current subscriber and not by
or on behalf of the former subscriber.
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Deceased
subscribers
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(4) For the purpose of applying this section
where a subscriber has died, the subscriber's
estate is deemed to be the same person as, and
a continuation of, the subscriber for each
month that ends after the death.
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(2) Subsection 204.91(1) of the Act, as
enacted by subsection (1), applies for the
purpose of determining tax under Part X.4
of the Act for months that are after 1996.
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(3) Subsection 204.91(2) of the Act, as
enacted by subsection (1), applies for the
purpose of determining tax under Part X.4
of the Act for months that are after January
1990.
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(4) Subsections 204.91(3) and (4) of the
Act, as enacted by subsection (1), apply for
the purpose of determining tax under Part
X.4 of the Act for months that are after
1997.
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59. (1) The Act is amended by adding the
following after Part X.4:
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PART X.5 |
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PAYMENTS UNDER REGISTERED EDUCATION SAVINGS PLANS |
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Definitions
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204.94 (1) The definitions in subsection
146.1(1) apply for the purposes of this Part,
except that the definition ``subscriber'' in that
subsection shall be read without reference to
paragraph (c).
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Charging
provision
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(2) Every person shall pay a tax under this
Part for each taxation year equal to the amount
determined by the formula
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0.2 x (A + B - C)
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where
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A is the total of all amounts each of which is
an accumulated income payment made at
any time that is
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B is the total of all amounts each of which is
an accumulated income payment that is
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C is the lesser of
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Return and
payment of
tax
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(3) Every person who is liable to pay tax
under this Part for a taxation year shall, on or
before the person's filing-due date for the
year,
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Administrativ
e rules
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(4) Subsections 150(2) and (3), sections
152, 155 to 156.1 and 158 to 167 and Division
J of Part I apply with any modifications that
the circumstances require.
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(2) Subsection (1) applies to the 1998 and
subsequent taxation years.
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60. (1) The heading ``TAX ON MINING
RECLAMATION TRUSTS'' before section
211.6 of the Act is replaced by the following:
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