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ontario regulation 424/08

made under the

Ontario Works Act, 1997

Made: December 3, 2008
Filed: December 5, 2008
Published on e-Laws: December 8, 2008
Printed in The Ontario Gazette: December 20, 2008

Amending O. Reg. 134/98

(General)

1. Subsection 39 (1) of Ontario Regulation 134/98 is amended by adding the following paragraph:

21.1 Funds held in a registered disability savings plan as defined in subsection 146.4 (1) of the Income Tax Act (Canada).

2. Section 53 of the Regulation is amended by adding the following paragraph:

17. A payment under the Canada Disability Savings Act that is paid into a registered disability savings plan.

3. (1) Subsection 54 (1) of the Regulation is amended by adding the following paragraphs:

11.4 A gift or voluntary payment received for the purpose of making a contribution to a registered disability savings plan, if the gift or payment is contributed as soon as practicable into a registered disability savings plan exempt under paragraph 21.1 of subsection 39 (1).

11.5 The interest earned from and reinvested into a registered disability savings plan that is exempt under paragraph 21.1 of subsection 39 (1).

11.6 Payments from a registered disability savings plan that is exempt under paragraph 21.1 of subsection 39 (1).

(2) Section 54 of the Regulation is amended by adding the following subsection:

(3) The exemption from income under paragraph 11.4 of subsection (1) does not include gifts or payments contributed to a registered disability savings plan if the contributions fail to comply with the condition required under subparagraph 146.4 (4) (g) (iii) of the Income Tax Act (Canada).

4. This Regulation comes into force on the day it is filed.

 

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