Common use of SUBSCRIBER CONTRIBUTIONS Clause in Contracts

SUBSCRIBER CONTRIBUTIONS. a) Subject to (b) below, any amount may be paid into the Plan at any time or from time to time by or on behalf of the Subscriber in respect of a Beneficiary, provided, however, that any amount so paid (a "Subscriber Contribution") shall not: i) be in respect of a Beneficiary that had attained the age of 31 before the time of the contribution; ii) be less than the minimum Subscriber Contribution established by the Promoter from time to time; and iii) together with all previous Subscriber Contributions in respect of such Beneficiary, exceed the lifetime limit, as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. b) No contributions to the Plan in respect of a Beneficiary shall be made unless: i) the Beneficiary’s Social Insurance Number is provided to the Promoter before the contribution is made unless the Plan was entered into before 1999, and the Beneficiary is resident in Canada when the contribution is made, or ii) the contribution is made by way of a transfer of an amount, other than an amount in a Canada Learning Bond account, from another Registered Education Savings Plan under which any Beneficiary was immediately before the transfer, a beneficiary under the transferring Registered Education Savings Plan ; or c) Subject to the foregoing, any Subscriber Contribution shall be allocated to one or more Beneficiaries as the Subscriber shall from time to time direct or, failing a direction from the Subscriber, on a pro rata basis. d) Notwithstanding the provisions of (a) above, any amount may be paid into the Plan which represents all or any portion of the assets of any other Registered Education Savings Plan entered into by the Subscriber after December 31, 1982 (the "Former Plan") and out of which no Accumulated Income Payment has been made. Any such transfer shall be made in accordance with Subsections 146.1(6.1) and 204.9(5) of the Tax Act. Specifically, the Plan shall deemed to be entered into on the day that is the earlier of (i) the day on which the Former Plan was entered into, and (ii) the day on which the Plan was entered into. Any amount so transferred shall not be considered to be a Subscriber Contribution made to the Plan at the time of transfer but, to the extent that such amount represents amounts paid into the Former Plan by or on behalf of the Subscriber in respect of a Beneficiary, such amount shall be deemed to be Subscriber Contributions made in respect of such Beneficiary at the same times and in the same amounts as paid into the Former Plan. e) If a Beneficiary named by the Subscriber hereunder ceases to be a Beneficiary under the Plan (a "Former Beneficiary"), and a Replacement Beneficiary is designated in place of such Beneficiary pursuant to Subsection 5(d) hereof, any such replacement must be in accordance with Subsection 204.9(4) of the Tax Act and any Subscriber Contributions made prior to that time in respect of the Former Beneficiary shall be deemed to have been made in respect of the Replacement Beneficiary. If no Replacement Beneficiary is so designated in place of such Former Beneficiary, any Subscriber Contribution made prior to that time in respect of the Former Beneficiary shall be deemed to have been made in respect of such of the remaining Beneficiaries as are designated for such purpose by the Subscriber in such proportions as the Subscriber shall direct. f) No Subscriber Contribution may be made by or on behalf of a Subscriber after the thirty-first year following the year in which the Plan was entered into. If an amount is transferred to the Plan from a Former Plan that was entered into before the Plan was entered into, no Subscriber Contribution may be made by or on behalf of the Subscriber after the thirty-first year following the year in which the Former Plan was entered into. g) The aggregate of Subscriber Contributions to the Plan made in a particular year in respect of a particular Beneficiary, and payments made in that year to all other Registered Education Savings Plans by or on behalf of any person in respect of the Beneficiary shall not exceed the lifetime limit as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. h) If the foregoing limits are exceeded, a refund of Subscriber Contributions pursuant to Section 11 shall be made sufficient to withdraw the Subscriber's share of the excess amount within the meaning of Subsection 204.9 of the Tax Act. i) A Subscriber Contribution does not include an amount paid into the Plan under or because of: (a) the Canada Education Savings Act or a Designated Provincial Program, or (b) any other program that has a similar purpose to a designated provincial program and that is funded, directly or indirectly, by a province (other than an amount paid into the Plan by a public primary caregiver in its capacity as a subscriber under the Plan). j) If a Beneficiary qualifies for the DTC in the thirty-first year following the year the Plan was entered into, that Beneficiary’s share of the Plan may be transferred to an individual plan so as to permit the maximum period for a Subscriber to make contributions to be extended to 35 years.

Appears in 2 contracts

Samples: Self Directed Education Savings Plan (Esp) Family Plan, Self Directed Education Savings Plan (Esp) Family Plan

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SUBSCRIBER CONTRIBUTIONS. a) Subject to (b) below, any amount may be paid into the Plan at any time or from time to time by or on behalf of the Subscriber in respect of a the Beneficiary, provided, however, that any amount so paid (a "Subscriber Contribution") shall not: i) be in respect of a Beneficiary that had attained the age of 31 before the time of the contribution; ii) be less than the minimum Subscriber Contribution established by the Promoter from time to time; and iiiii) together with all previous Subscriber Contributions in respect of such the Beneficiary, exceed the lifetime limit, as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. b) No contributions to the Plan in respect of a Beneficiary shall be made unless: i) the Beneficiary’s Social Insurance Number is provided to the Promoter before the contribution is made unless the Plan was entered into before 1999, and the Beneficiary is resident in Canada when the contribution is made, or ii) the contribution is made by way of a transfer of an amount, other than an amount in a Canada Learning Bond account, from another Registered Education Savings Plan under which any the Beneficiary was immediately before the transfer, a beneficiary under the transferring Registered Education Savings Plan ; or c) Subject to the foregoing, any Subscriber Contribution shall be allocated to one or more Beneficiaries as the Subscriber shall from time to time direct or, failing a direction from the Subscriber, on a pro rata basis. d) Notwithstanding the provisions of (a) above, any amount may be paid into the Plan which represents all or any portion of the assets of any other Registered Education Savings Plan entered into by the Subscriber after December 31, 1982 (the "Former Plan") and out of which no Accumulated Income Payment has been made. Any such transfer shall be made in accordance with Subsections 146.1(6.1) and 204.9(5) of the Tax Act. Specifically, the Plan shall be deemed to be entered into on the day that is the earlier of (i) the day on which the Former Plan was entered into, and (ii) the day on which the Plan was entered into. Any amount so transferred shall not be considered to be a Subscriber Contribution made to the Plan at the time of transfer but, to the extent that such amount represents amounts paid into the Former Plan by or on behalf of the Subscriber in respect of a the Beneficiary, such amount shall be deemed to be Subscriber Contributions made in respect of such Beneficiary at the same times and in the same amounts as paid into the Former Plan. ed) If a the Beneficiary named by the Subscriber hereunder ceases to be a the Beneficiary under the Plan (a "Former Beneficiary"), and a Replacement Beneficiary is designated in place of such Beneficiary pursuant to Subsection 5(d) hereof, any such replacement must be in accordance with Subsection Subsections 204.9(4) of the Tax Act and any Subscriber Contributions made prior to that time in respect of the Former Beneficiary shall be deemed to have been made in respect of the Replacement Beneficiary. If no This does not apply if: (a) the Replacement Beneficiary is so designated in place has not attained 21 years of such Former Beneficiary, any Subscriber Contribution made prior to that age before the particular time in respect and a parent of the Replacement Beneficiary was a parent of the Former Beneficiary; or (b) both the Former Beneficiary shall be deemed and the Replacement Beneficiary were connected by blood relationship or adoption to have been made in respect an original Subscriber and neither the Former Beneficiary nor the Replacement Beneficiary had attained 21 years of such of age before the remaining Beneficiaries as are designated for such purpose by the Subscriber in such proportions as the Subscriber shall directparticular time. fe) No Subscriber Contribution may be made by or on behalf of a Subscriber after the thirty-first year following the year in which the Plan was entered into. If an amount is transferred to the Plan from a Former Plan that was entered into before the Plan was entered into, no Subscriber Contribution may be made by or on behalf of the Subscriber after the thirty-first year following the year in which the Former Plan was entered into. gf) The aggregate of Subscriber Contributions to the Plan made in a particular year in respect of a particular Beneficiary, and payments made in that year to all other Registered Education Savings Plans by or on behalf of any person in respect of the Beneficiary shall not exceed the lifetime limit as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. hg) If the foregoing limits are exceeded, a refund of Subscriber Contributions pursuant to Section 11 shall be made sufficient to withdraw the Subscriber's share of the excess amount within the meaning of Subsection 204.9 of the Tax Act. ih) A Subscriber Contribution does not include an amount paid into the Plan under or because of: (a) the Canada Education Savings Act or a Designated Provincial Program, or (b) any other program that has a similar purpose to a designated provincial program and that is funded, directly or indirectly, by a province (other than an amount paid into the Plan by a public primary caregiver in its capacity as a subscriber under the Plan). j) If a Beneficiary qualifies for the DTC in the thirty-first year following the year the Plan was entered into, that Beneficiary’s share of the Plan may be transferred to an individual plan so as to permit the maximum period for a Subscriber to make contributions to be extended to 35 years.

Appears in 2 contracts

Samples: Self Directed Education Savings Plan (Esp) Individual Plan, Self Directed Education Savings Plan (Esp) Individual Plan

SUBSCRIBER CONTRIBUTIONS. a) Subject to (b) below, any amount may be paid into the Plan at any time or from time to time by or on behalf of the Subscriber in respect of a Beneficiary, provided, however, that any amount so paid (a "Subscriber Contribution") shall not: (i) be in respect of a Beneficiary that had attained the age of 31 before the time of the contribution; (ii) be less than the minimum Subscriber Contribution established by the Promoter from time to time; and (iii) together with all previous Subscriber Contributions in respect of such Beneficiary, exceed the lifetime limit, as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. b) No contributions to the Plan in respect of a Beneficiary shall be made unless: (i) the Beneficiary’s Social Insurance Number is provided to the Promoter before the contribution is made unless the Plan was entered into before 1999, and the Beneficiary is resident in Canada when the contribution is made, or (ii) the contribution is made by way of a transfer of an amount, other than an amount in a Canada Learning Bond account, from another Registered Education Savings Plan under which any Beneficiary was immediately before the transfer, a beneficiary under the transferring Registered Education Savings Plan ; orPlan. c) Subject to the foregoing, any Subscriber Contribution shall be allocated to one or more Beneficiaries as the Subscriber shall from time to time direct or, failing a direction from the Subscriber, on a pro rata basis. d) Notwithstanding the provisions of (a) above, any amount may be paid into the Plan which represents all or any portion of the assets of any other Registered Education Savings Plan entered into by the Subscriber after December 31, 1982 (the "Former Plan") and out of which no Accumulated Income Payment has been made. Any such transfer shall be made in accordance with Subsections 146.1(6.1) and 204.9(5) of the Tax Act. Specifically, the Plan shall deemed to be entered into on the day that is the earlier of (i) the day on which the Former Plan was entered into, and (ii) the day on which the Plan was entered into. Any amount so transferred shall not be considered to be a Subscriber Contribution made to the Plan at the time of transfer but, to the extent that such amount represents amounts paid into the Former Plan by or on behalf of the Subscriber in respect of a Beneficiary, such amount shall be deemed to be Subscriber Contributions made in respect of such Beneficiary at the same times and in the same amounts as paid into the Former Plan. e) If a Beneficiary named by the Subscriber hereunder ceases to be a Beneficiary under the Plan (a "Former Beneficiary"), and a Replacement Beneficiary is designated in place of such Beneficiary pursuant to Subsection 5(d) hereof, any such replacement must be in accordance with Subsection 204.9(4) of the Tax Act and any Subscriber Contributions made prior to that time in respect of the Former Beneficiary shall be deemed to have been made in respect of the Replacement Beneficiary. If no Replacement Beneficiary is so designated in place of such Former Beneficiary, any Subscriber Contribution made prior to that time in respect of the Former Beneficiary shall be deemed to have been made in respect of such of the remaining Beneficiaries as are designated for such purpose by the Subscriber in such proportions as the Subscriber shall direct. f) No Subscriber Contribution may be made by or on behalf of a Subscriber after the thirty-first year following the year in which the Plan was entered into. If an amount is transferred to the Plan from a Former Plan that was entered into before the Plan was entered into, no Subscriber Contribution may be made by or on behalf of the Subscriber after the thirty-first year following the year in which the Former Plan was entered into. g) The aggregate of Subscriber Contributions to the Plan made in a particular year in respect of a particular Beneficiary, and payments made in that year to all other Registered Education Savings Plans by or on behalf of any person in respect of the Beneficiary shall not exceed the lifetime limit as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. h) If the foregoing limits are exceeded, a refund of Subscriber Contributions pursuant to Section 11 shall be made sufficient to withdraw the Subscriber's ’s share of the excess amount within the meaning of Subsection 204.9 of the Tax Act. i) A Subscriber Contribution does not include an amount paid into the Plan under or because of: (a) the Canada Education Savings Act or a Designated Provincial Program, or (b) any other program that has a similar purpose to a designated provincial program and that is funded, directly or indirectly, by a province (other than an amount paid into the Plan by a public primary caregiver in its capacity as a subscriber under the Plan). j) If a Beneficiary qualifies for the DTC in the thirty-first year following the year the Plan was entered into, that Beneficiary’s share of the Plan may be transferred to an individual plan so as to permit the maximum period for a Subscriber to make contributions to be extended to 35 years.

Appears in 1 contract

Samples: Family Education Savings Plan

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SUBSCRIBER CONTRIBUTIONS. a) Subject to (b) below, any amount may be paid into the Plan at any time or from time to time by or on behalf of the Subscriber in respect of a Beneficiary, provided, however, that any amount so paid (a "Subscriber Contribution") shall not: (i) be in respect of a Beneficiary that had attained the age of 31 before the time of the contribution; (ii) be less than the minimum Subscriber Contribution established by the Promoter from time to time; and (iii) together with all previous Subscriber Contributions in respect of such Beneficiary, exceed the lifetime limit, as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. b) No contributions to the Plan in respect of a Beneficiary shall be made unless: (i) the Beneficiary’s Social Insurance Number is provided to the Promoter before the contribution is made unless the Plan was entered into before 1999, and the Beneficiary is resident in Canada when the contribution is made, or (ii) the contribution is made by way of a transfer of an amount, other than an amount in a Canada Learning Bond account, from another Registered Education Savings Plan under which any Beneficiary was immediately before the transfer, a beneficiary under the transferring Registered Education Savings Plan ; orPlan. c) Subject to the foregoing, any Subscriber Contribution shall be allocated to one or more Beneficiaries as the Subscriber shall from time to time direct or, failing a direction from the Subscriber, on a pro rata basis. d) Notwithstanding the provisions of (a) above, any amount may be paid into the Plan which represents all or any portion of the assets of any other Registered Education Savings Plan entered into by the Subscriber after December 31, 1982 (the "Former Plan") and out of which no Accumulated Income Payment has been made. Any such transfer shall be made in accordance with Subsections 146.1(6.1) and 204.9(5) of the Tax Act. Specifically, the Plan shall deemed to be entered into on the day that is the earlier of (i) the day on which the Former Plan was entered into, and (ii) the day on which the Plan was entered into. Any amount so transferred shall not be considered to be a Subscriber Contribution made to the Plan at the time of transfer but, to the extent that such amount represents amounts paid into the Former Plan by or on behalf of the Subscriber in respect of a Beneficiary, such amount shall be deemed to be Subscriber Contributions made in respect of such Beneficiary at the same times and in the same amounts as paid into the Former Plan. ed) If a Beneficiary named by the Subscriber hereunder ceases to be a Beneficiary under the Plan (a "Former Beneficiary"), and a Replacement Beneficiary is designated in place of such Beneficiary pursuant to Subsection 5(d) hereof, any such replacement must be in accordance with Subsection 204.9(4) of the Tax Act and any Subscriber Contributions made prior to that time in respect of the Former Beneficiary shall be deemed to have been made in respect of the Replacement Beneficiary. If no Replacement Beneficiary is so designated in place of such Former Beneficiary, any Subscriber Contribution made prior to that time in respect of the Former Beneficiary shall be deemed to have been made in respect of such of the remaining Beneficiaries as are designated for such purpose by the Subscriber in such proportions as the Subscriber shall direct. fe) No Subscriber Contribution may be made by or on behalf of a Subscriber after the thirty-first year following the year in which the Plan was entered into. If an amount is transferred to the Plan from a Former Plan that was entered into before the Plan was entered into, no Subscriber Contribution may be made by or on behalf of the Subscriber after the thirty-first year following the year in which the Former Plan was entered into. gf) The aggregate of Subscriber Contributions to the Plan made in a particular year in respect of a particular Beneficiary, and payments made in that year to all other Registered Education Savings Plans by or on behalf of any person in respect of the Beneficiary shall not exceed the lifetime limit as defined in subsection 204.9(1) of the Tax Act, as amended from time to time. hg) If the foregoing limits are exceeded, a refund of Subscriber Contributions pursuant to Section 11 shall be made sufficient to withdraw the Subscriber's ’s share of the excess amount within the meaning of Subsection 204.9 of the Tax Act. ih) A Subscriber Contribution does not include an amount paid into the Plan under or because of: (a) the Canada Education Savings Act or a Designated Provincial Program, or (b) any other program that has a similar purpose to a designated provincial program and that is funded, directly or indirectly, by a province (other than an amount paid into the Plan by a public primary caregiver in its capacity as a subscriber under the Plan). j) If a Beneficiary qualifies for the DTC in the thirty-first year following the year the Plan was entered into, that Beneficiary’s share of the Plan may be transferred to an individual plan so as to permit the maximum period for a Subscriber to make contributions to be extended to 35 years.

Appears in 1 contract

Samples: Family Education Savings Plan

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