Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Principal Issues: Whether certain legislative amendments announced in the 2012 federal budget apply to an RDSP arrangement entered into prior to June 29, 2012, the coming into force date.
Position: The arrangement was entered into prior to the effective date of June 29, 2012. As a result, these legislative amendments do not apply to the arrangement.
Reasons: Income Tax Act, subsection 146.4(1) definition of "qualifying family member".
XXXXXXXXXX
2012-046857
K. Podor
March 28, 2013
Dear XXXXXXXXXX:
Re: Registered Disability Savings Plan Qualifying Person
This is in response to your question concerning the coming into force date of clauses (a)(ii)(B.1) and (a)(ii)(B.2) of the definition of "disability savings plan" in subsection 146.4(1) of the Income Tax Act (the "Act"). These clauses were added to the definition of disability savings plan effective June 29, 2012 and consequently, only apply to disability savings plans entered into on that date and before 2017. Prior to that date, where the plan was entered into in respect of an adult beneficiary, only that beneficiary or, if the beneficiary did not have contractual competence, a qualifying person who is legally authorized to act on behalf of the beneficiary could enter into the plan with a qualified issuer.
We trust these comments are helpful.
Lita Krantz, CPA, CA
Assistant Director
Deferred Income Plans Section II
Financial Industries and Trusts Division
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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