Tax wiki
s. 206.3
PART XI — Tax in Respect of Advanced Life Deferred Annuity
Not yet annotated · Text current to 2026-06-21 · section last amended 2017-12-14
Current text
[Repealed, 2017, c. 33, s. 66]
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2008-01-01 to 2017-12-13:
Show the text in force 2008-01-01 to 2017-12-13
Tax payable on use of property as security
206.3 (1) Every issuer of a registered disability savings plan shall pay a tax under this Part for a calendar year if, in the year, with the consent or knowledge of the issuer, a trust governed by the plan uses or permits to be used any property held by the trust as security for indebtedness of any kind.
Amount of tax payable
(2) The amount of tax payable in respect of each property described in subsection (1) is equal to the fair market value of the property at the time the property commenced to be used as security.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2007, c. 35, s. 120
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 206.3 links to the one before it.
Enacting and amending legislation
- 2007, c. 35, s. 120; 2017, c. 33, s. 66
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. 206.3.