Budget Implementation Act, 2007 (S.C. 2007, c. 29)

Full Document:

Assented to 2007-06-22

36. (1) Subparagraph 8506(1)(e)(iii) of the Regulations is replaced by the following:
- (iii) the retirement benefits are payable to the beneficiary beginning no later than on the later of one year after the day of death of the member and the end of the calendar year in which the beneficiary attains 71 years of age;
(2) The portion of paragraph 8506(2)(c.1) of the Regulations before subparagraph (i) is replaced by the following:
- (c.1) no contribution is made under the provision with respect to a member, and no amount is transferred for the benefit of a member to the provision from another benefit provision of the plan, at any time after the calendar year in which the member attains 71 years of age, other than an amount that is transferred for the benefit of the member to the provision
(3) Paragraph 8506(7)(b) of the Regulations is replaced by the following:
- (b) that individual had not attained 71 years of age at the end of the preceding calendar year.
(4) Subsections (1) to (3) apply after 2006.

Canada Education Savings Act

37. (1) Subparagraph 5(2)(b)(i) of the Canada Education Savings Act is replaced by the following:
- (i) $1,000, unless the particular year is any of 1998 to 2006, in which case, $800, and
(2) Paragraph 5(3)(b) of the Act is replaced by the following:
- (b) in any other case, determined by the formula
  $400A + $500B - C
  where
  A
  is the number of years after 1997 and before 2007 in which the beneficiary was alive, other than a year throughout which the beneficiary was
  (i) an ineligible beneficiary in accord-ance with the regulations, or
  (ii) not resident in Canada,
  B
  is the number of years after 2006 in which the beneficiary was alive, up to and including the particular year, other than a year throughout which the beneficiary was
  (i) an ineligible beneficiary in accord-ance with the regulations, or
  (ii) not resident in Canada, and
  C
  is the total of all CES grants paid before that time — other than those amounts paid under subsection (4) — in respect of contributions made in a preceding year in respect of the beneficiary.

38. Paragraph 4(1)(d) of the Canada Education Savings Regulations is replaced by the following:

(d) the total of the contribution and all other contributions to RESPs made, or deemed to have been made for the purpose of Part X.4 of the Income Tax Act, in respect of the beneficiary does not exceed the RESP lifetime limit (as defined in subsection 204.9(1) of the Income Tax Act) for the year in which the contribution is made;