Tax wiki
s. 60.021
PART I — Income Tax · DIVISION B — Computation of Income · SUBDIVISION E — Deductions in Computing Income
Additions to clause 60(l)(v)(B.2) for 2008
Not yet annotated · Text current to 2026-06-21 · section last amended 2009-03-12
Current text
In determining the amount that may be deducted because of paragraph 60(l) in computing a taxpayer’s income for the 2008 taxation year, clause 60(l)(v)(B.2) shall be read as follows:
the total of all amounts each of which is
the taxpayer’s eligible amount (within the meaning assigned by subsection 146.3(6.11)) for the year in respect of a registered retirement income fund,
the taxpayer’s eligible RRIF withdrawal amount (within the meaning assigned by subsection 60.021(2)) for the year in respect of a registered retirement income fund, or
the taxpayer’s eligible variable benefit withdrawal amount (within the meaning assigned by subsection 60.021(3)) for the year in respect of an account of the taxpayer under a money purchase provision of a registered pension plan,
Meaning of eligible RRIF withdrawal amount
(2)A taxpayer’s eligible RRIF withdrawal amount for a taxation year in respect of a registered retirement income fund under which the taxpayer is the annuitant at the beginning of the taxation year is
except where paragraph (b) applies, the amount determined by the formula
A – B
where
is the lesser of
the total of all amounts included, because of subsection 146.3(5), in computing the income of the taxpayer 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
the amount that would, in the absence of subsection 146.3(1.1), be the minimum amount under the fund for the taxation year, and
is the minimum amount under the fund for the taxation year; and
if the taxpayer attained 70 years of age in 2007, nil.
Meaning of 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
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 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
the amount that would, in the absence of paragraph 8506(7)(b) of the Regulations, be the minimum amount for the account for the taxation year;
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(10) of the Regulations.
Expressions used in this section
(4)For the purposes of this section,
the term “money purchase provision” has the meaning assigned by subsection 147.1(1);
the term “retirement benefit” has the meaning assigned by subsection 8500(1) of the Regulations; and
the minimum amount for an account of a taxpayer under a money purchase provision of a registered pension plan is the amount determined in accordance with subsection 8506(5) of the Regulations.
Source: Justice Laws Website. Not an official version.
Historic text
This section has not been amended since it was enacted (2009, c. 2, s. 15), 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 60.021 links to the one before it.
Enacting and amending legislation
- 2009, c. 2, s. 15
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. 60.021.