Finance committee  Proposed paragraph 2(1)(b) starts with “in any other case”. There is an existing provision in the act that says that if you are withdrawing funds, there are certain minimum withdrawal rules that apply and maximum withdrawal rules that apply. If you have a shortened life expectanc

Finance committee  In the definition at the top of page 2, under proposed paragraph 2(1)(a), there are two definitions for what a “specified year” is. In this instance, what we're adding is the specified year for the purpose of allowing you early withdrawals without penalty. It says: “if the plan i

Finance committee  Yes.

Finance committee  I'll have to confirm that.

Finance committee  I would just like to go back and confirm with some other officials, if that's possible.

Finance committee  This wording is defining what a specified year is.

Finance committee  This part says that the specified years include the year in which the medical doctor certifies and each of the following five calendar years. That's under the current rules. The provision says that in any of those years withdrawals can be made without triggering the assistance

Finance committee  If someone has certification that says they have a shortened life expectancy, it then says there are specified years. After that period of time, right now I suppose they would need to be recertified. The way it reads, the specified years allow them to make those withdrawals, and

Finance committee  They can reverse the notification at any time. They have a plan. What this provision does right now is that if you make a withdrawal from the plan, for government contributions that have been made within the preceding ten years, those contributions have to be repaid to the govern

Finance committee  In order for the plan to be changed from a regular plan to a plan in which you can make an early withdrawal without penalties from the assistance holdback amount, the beneficiary must file with their financial institution an election and a medical certificate from a medical docto

Finance committee  That's right, yes.

Finance committee  It starts at line 31 on page 2: (1.2) A plan ceases to be a specified disability savings plan at the earliest of the following times: (a) the time that the specified Minister receives a notification, in a manner and format acceptable to the specified Minister, from the issue

Finance committee  I will start by answering your first question. There are of course cases where a doctor does not want to state how long they think an individual has to live. However, there are cases where such an opinion can be given, where it would be possible for beneficiaries of a registered

Finance committee  My name is Sean Keenan, and I am the acting director of the personal income tax division of the Department of Finance.

Finance committee  To the RDSP, the registered disability savings plan provisions?