GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Regulations — (a)
surplus under a money purchase provision of a pension plan at any time means such portion, if any, of the amount held at that time in respect of the provision as has not been allocated to members and is not reasonably attributable to (a) forfeited amounts under the provision or earnings of the plan that are reasonably attributable to those amounts, (b) contributions made under the provision by an employer that will be allocated to members as part of the regular allocation of such contributions, or (c) earnings of the plan (other than earnings that are reasonably attributable to the surplus under the provision before that time) that will be allocated to members as part of the regular allocation of such earnings; ( surplus )
Income Tax Regulations — Income Tax Regulations
totally and permanently disabled means, in relation to an individual, suffering from a physical or mental impairment that prevents the individual from engaging in any employment for which the individual is reasonably suited by virtue of the individual’s education, training or experience and that can reasonably be expected to last for the remainder of the individual’s lifetime; ( invalidité totale et permanente )
Income Tax Regulations — Income Tax Regulations
Year’s Additional Maximum Pensionable Earnings for a calendar year has the meaning assigned by section 18.1 of the Canada Pension Plan ; ( maximum supplémentaire des gains annuels ouvrant droit à pension )
Income Tax Regulations — Income Tax Regulations
Year’s Maximum Pensionable Earnings for a calendar year has the meaning assigned by section 18 of the Canada Pension Plan . ( maximum des gains annuels ouvrant droit à pension )
Income Tax Regulations — 8502
is borrowed, and B is the amount of outstanding borrowings in respect of the provision, determined on the first day of the fiscal period in which the amount is borrowed; Determination of Amounts (j) except as otherwise provided in this Part, each amount that is determined in connection with the plan is determined, where the amount is based on assumptions, using such reasonable assumptions as are acceptable to the Minister, and, where actuarial principles are applicable to the determination, in accordance with generally accepted actuarial principles; Transfer of Property Between Provisions (k) property that is held in connection with a benefit provision of the plan is not made available to pay benefits under another benefit provision of the plan (including another benefit provision that replaces the first benefit provision), except where the transaction by which the property is made so available is such that if the benefit provisions were in separate registered pension plans, the transaction would constitute a transfer of property from one plan to the other in accordance with any of subsections 147.3(1) to (4.1), (6), (7.1) and (8) of the Act; Appropriate Pension Adjustments (l) the plan terms are not such that an amount that is determined under Part LXXXIII in respect of the plan would be inappropriate having regard to the provisions of that Part read as a whole and the purposes for which the amount is determined; and Participants in GSRAs (m) no individual who, at any time after 1993, is entitled, either absolutely or contingently, to benefits under the plan because of employment with an employer with whom the individual is connected is entitled at that time, either absolutely or contingently, to benefits under a government-sponsored retirement arrangement (as defined in subsection 8308.4(1)). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/94-686, s. 42(F); SOR/95-64, s. 10; SOR/96-311, s. 15; SOR/99-9, s. 21; SOR/2001-188, s. 10; SOR/2003-328, s. 9; SOR/2005-264, s. 26; SOR/2007-212, s. 6; 2007, c. 29, s. 34; 2011, c. 24, s. 95; SOR/2011-188, s. 26; 2012, c. 31, s. 69; 2013, c. 34, s. 408 2021, c. 23, s. 88 SOR/2021-127, s. 4 2023, c. 26, s. 110 SOR/2024-231, s. 26
Income Tax Regulations — 8503
of a year if (a) a person who is a member or a beneficiary, in respect of the plan, who was, at the time of the member’s death, a spouse or common-law partner of the member, is in receipt of retirement benefits under the terms of the plan; (b) the person has attained 71 years of age before the year; and (c) the plan has not paid in the year an amount to the person equal to the greater of (i) the retirement benefits payable to the person for the year, and (ii) the lesser of (A) the IPP minimum amount for the person for the year, and (B) the actuarial surplus under the plan at the beginning of the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/95-64, s. 11; SOR/99-9, s. 22; SOR/2001-67, s. 6; SOR/2001-188, ss. 11, 14 to 16; SOR/2003-396, s. 1; SOR/2005-264, s. 27; 2007, c. 29, s. 35, c. 35, s. 83; SOR/2007-116, s. 16(F); 2011, c. 24, 96; 2017, c. 33, s. 102 2021, c. 23, s. 89 SOR/2024-231, s. 27 2026, c. 3, s. 221
Income Tax Regulations — (a)
qualifying period of a member under a defined benefit provision of a pension plan means a period throughout which the member is employed by an employer who participates in the plan but does not include any period that is before the day that is the first day, on or after the later of the following days, in respect of which retirement benefits are provided under the provision to the member: (a) the day on which retirement benefits first commenced to be paid to the member under the provision; and (b) the member’s specified eligibility day under the provision. ( période admissible )
Income Tax Regulations — (a)
specified eligibility day of a member under a defined benefit provision of a pension plan means the earlier of (a) the later of (i) the day on which the member attains 55 years of age, and (ii) the day on which the member attains the earliest age at which payment of the member’s lifetime retirement benefits may commence under the terms of the provision without a reduction computed by reference to the member’s age, duration of service, or both (and without any other similar reduction), otherwise than because of the member being totally and permanently disabled; and (b) the day on which the member attains 60 years of age. ( date d’admissibilité )
Income Tax Regulations — 8506
for 2015 (11) If a contribution made by a member of a registered pension plan and credited to the member’s account under a money purchase provision of the plan complies with the conditions in subsection (12), the contribution (a) is deemed to have been made in accordance with the plan as registered; (b) is to be disregarded for the purposes of paragraph (2)(c.1); and (c) is deemed to be an excluded contribution for the purposes of paragraph 8301(4)(a). Conditions Referred to in Subsection (11) (12) The conditions referred to in subsection (11) are as follows: (a) the contribution is made after December 31, 2014 and before March 1, 2016; (b) the contribution is designated for the purposes of this subsection in a manner acceptable to the Minister; and (c) the amount of the contribution does not exceed the amount determined by the formula A – B – C where A is the lesser of (i) the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs (1)(a) to (e)) paid from the plan in 2015 in respect of the account and included, because of paragraph 56(1)(a) of the Act, in computing the taxpayer’s income for the taxation year, and (ii) the amount that would be the minimum amount for the account for 2015 if it were determined using the factor designated under subsection 7308(4) as it read on December 31, 2014, B is the minimum amount for the account for 2015, and C is the total of all other contributions made by the member under the money purchase provision at or before the time of the contribution and designated for the purposes of this subsection. VPLA fund (13) For the purposes of paragraph (1)(e.2) and clause 8502(e)(i)(C), a VPLA fund under a money purchase provision of a pension plan is an arrangement that meets the following conditions: (a) no amounts are contributed to the arrangement other than amounts that are (i) transferred from accounts of the members under one or more plans of the participating employer or a related group of participating employers, or (ii) transferred from another VPLA fund under the plan, to the extent that an increase or decrease in VPLA benefits takes into account rates of mortality of the members and beneficiaries of that other VPLA fund; (b) the arrangement has at least 10 members at the time it is established and, at all times after it is established, it is reasonable to expect that the arrangement will have at least 10 members on an ongoing basis; and (c) no benefit may be paid from the arrangement other than retirement benefits described in subparagraph (1)(e.2)(iii). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/95-64, s. 13; SOR/99-9, s. 23; SOR/2001-188, ss. 14, 15; SOR/2005-264, s. 28; 2007, c. 29, s. 36; 2009, c. 2, s. 117; 2015, c. 36, s. 24 2020, c. 5, s. 7 2021, c. 23, s. 90 2023, c. 26, s. 111 SOR/2024-231, s. 29
Income Tax Regulations — 8507
 period. Complete Period of Reduced Pay (7) In subsection (2), complete period of reduced pay of an individual with respect to an employer means a period that consists of one or more periods each of which is (a) a period of disability of the individual, or (b) an eligible period of reduced pay or an eligible period of temporary absence of the individual with respect to the employer, and that is not part of a longer such period. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/95-64, s. 14; 2007, c. 35, s. 85 SOR/2024-231, s. 30
Income Tax Regulations — 8508
8508 Where an employee and an employer enter into an arrangement in writing described in paragraph 6801(a) or (b), (a) the period throughout which the employee defers salary or wages pursuant to the arrangement shall be deemed to be an eligible period of reduced pay of the employee with respect to the employer; and (b) for the purposes of section 8507, the amount that it is reasonable to consider would have been the remuneration of the employee for any period from the employer shall be determined on the basis that the employee’s rate of remuneration was the amount that it is reasonable to consider would, but for the arrangement, have been the employee’s rate of remuneration. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7
Income Tax Regulations — 8509
ar after 1995 is deemed to be the amount that it would be if the definition money purchase limit in subsection 147.1(1) of the Act were applied as it read on December 31, 1995, and (e) for the purpose of determining at any time after 1997 whether the benefits comply with the condition, the defined benefit limit for 1996 and 1997 is deemed to be the amount that it would be if it were determined in accordance with paragraph (d). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/95-64, s. 15; SOR/99-9, s. 24; SOR/2005-264, s. 29
Income Tax Regulations — 8510
e plan is not, and it is reasonable to expect that the plan will not become, a designated plan, and (iv) the amount of benefits provided to members, the amount of contributions required to be made by members and the entitlement of members’ to benefit from actuarial surplus are determined in a manner that is (A) clearly established in the plan terms, and (B) not more advantageous for members who, at any time after the plan is established, are specified individuals (within the meaning assigned by subsection 8515(4)) under the plan than for members who are not specified individuals; and (c) a contribution made by an employer to the plan is a prescribed contribution for the purposes of subsection 147.2(2) of the Act if (i) the contribution is a current service contribution that would be an eligible contribution under subsection 147.2(2) of the Act if no contributions were prescribed for the purposes of that subsection and if that subsection were read without reference to its subparagraph (d)(ii), and (ii) the recommendation pursuant to which the contribution is made is such that the current service contributions to be made by the employer do not exceed, (A) where the amount of actuarial surplus in respect of the employer is greater than the amount determined under subparagraph 147.2(2)(d)(ii) of the Act, 50% of the current service contribution that would be required to be made by the employer if there were no actuarial surplus under the provisions, and (B) in any other case, the current service contributions that would be required to be made by the employer if there were no actuarial surplus under the provisions. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/2001-67, s. 8; SOR/2007-212, s. 8; 2010, c. 12, s. 24 2021, c. 23, s. 91 SOR/2024-231, s. 31
Income Tax Regulations — 8511
8511 (1) For the purposes of paragraph 147.1(4)(c) of the Act, the following conditions are prescribed in respect of an amendment to a registered pension plan: (a) where the amendment increases the accrued lifetime retirement benefits provided to a member under a defined benefit provision of the plan, the increase is not, in the opinion of the Minister, inconsistent with the conditions in paragraphs 8503(3)(h) and (i); and (b) where the plan is a grandfathered plan and the amendment increases the bridging benefits provided to a member under a defined benefit provision of the plan, the member’s bridging benefits, as amended, comply with the condition in subparagraph 8503(2)(b)(ii) that would apply if the plan were not a grandfathered plan. (2) Where an amendment to a registered pension plan provides for the return to a member of all or a part of the contributions made by the member under a defined benefit provision of the plan, the plan becomes a revocable plan at any time that an amount (other than an amount that may be transferred from the plan in accordance with subsection 147.3(6) of the Act) that is payable to the member as a consequence of the amendment is not paid to the member as soon after the amendment as is practicable. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/95-64, s. 16
Income Tax Regulations — 8512
8512 (1) For the purpose of subsection 147.1(2) of the Act, an application for registration of a pension plan shall be made by sending the following documents by registered mail to the Commissioner of Revenue at Ottawa: (a) an application in prescribed form containing prescribed information; (b) certified copies of the plan text and any other documents that contain terms of the plan; (c) certified copies of all trust deeds, insurance contracts and other documents that relate to the funding of benefits under the plan; (d) certified copies of all agreements that relate to the plan; and (e) certified copies of all resolutions and by-laws that relate to the documents referred to in paragraphs (b) to (d). (2) Where an amendment is made to a registered pension plan, to the arrangement for funding benefits under the plan or to a document that has been filed with the Minister in respect of the plan, within 60 days after the day on which the amendment is made, the plan administrator shall send to the Commissioner of Revenue at Ottawa (a) a prescribed form containing prescribed information; and (b) certified copies of all documents that relate to the amendment. (3) For the purpose of subsection 147.1(4) of the Act, an application for the acceptance of an amendment to a registered pension plan is made in prescribed manner if the documents that are required by subsection (2) are sent by registered mail to the Commissioner of Revenue at Ottawa. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/2007-116, s. 17
Income Tax Regulations — 8513
8513 For the purposes of paragraph 8302(3)(m), subparagraph 8502(c)(iii) and paragraph 8517(5)(f), designated provision of the law of Canada or a province means section 21 of the Pension Benefits Standards Act, 1985 and any provision of a law of a province that is similar to that section. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7 SOR/2024-231, s. 32
Income Tax Regulations — 8514
 is acquired by the plan, no more than 10% of the active members of the plan are employed by the particular employer or by any person related to the particular employer; (d) the property would not be a prohibited investment in respect of the plan if subsection (1) were read without reference to paragraph (1)(b); and (e) immediately after the time the property is acquired by the plan, the total of all amounts each of which is the cost amount to a person of a property held in connection with the plan that would, but for this subsection, be a prohibited investment in respect of the plan does not exceed 10% of the total of all amounts each of which is the cost amount to a person of a property held in connection with the plan. (2.2) For the purposes of the conditions set out in paragraphs (2.1)(b) and (c), two corporations that are related to each other solely because they are both controlled by Her Majesty in right of Canada or a province are deemed not to be related to each other. (3) A prohibited investment in respect of a registered pension plan does not include an investment that was acquired by the plan before March 28, 1988. (4) For the purposes of subsection (3), where at any time after March 27, 1988, the principal amount of a bond, debenture, note, mortgage or similar obligation increases as a consequence of the advancement or lending of additional amounts, or the maturity date of such an obligation is extended, the obligation shall, after that time, be deemed to have been issued at that time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/94-686, ss. 62, 78(F), 79(F); SOR/2001-67, s. 9; 2007, c. 35, s. 86; 2013, c. 34, s. 410 SOR/2024-231, s. 33
Income Tax Regulations — 8515
ment benefits commence to be paid, and (iv) when the member’s retirement benefits commence to be paid, the member will be married to a person who is the same age as the member; (f) the rate of mortality at each age is equal to (i) in the case of a restricted-funding member, 80 per cent of the average of the rates at that age for males and females in the 1983 Group Annuity Mortality Table , as published in Volume XXXV of the Transactions of the Society of Actuaries , and (ii) in the case of any other member, 80 per cent of the rate at that age in the mortality table referred to in subparagraph (i) for individuals of the same sex as the member; (g) it is assumed that where a member has a choice between receiving retirement benefits or a lump sum payment, retirement benefits will be paid to the member; and (h) the plan’s assets are valued at an amount equal to their fair market value as of the effective date of the valuation. Restricted-Funding Members (8) For the purposes of subsections (6) and (7) as they apply in respect of a contribution made to a registered pension plan, a member of the plan is a restricted-funding member if, at the time the maximum funding valuation is prepared, (a) the member has a right, whether absolute or contingent, to receive retirement benefits under a defined benefit provision of the plan and the benefits have not commenced to be paid; or (b) the payment of retirement benefits under a defined benefit provision of the plan to the member has been suspended. Member Contributions (9) Where (a) a member of a registered pension plan makes a contribution to the plan to fund benefits that have become provided at a particular time under a defined benefit provision of the plan in respect of periods before that time, (b) the contribution is made at a time when the plan is a designated plan, and (c) the contribution would not be an eligible contribution under subsection 147.2(2) of the Act if it were made by an employer who participates in the plan on behalf of the member, the plan becomes, for the purposes of paragraph 147.1(11)(c) of the Act, a revocable plan immediately before the time the contribution is made. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/95-64, s. 17; SOR/2001-188, s. 14; SOR/2011-188, s. 27
Income Tax Regulations — 8516
8516 (1) For the purposes of subsection 147.2(2) of the Act, a contribution described in subsection (2) or (3) is a prescribed contribution. Funding on Termination Basis (2) A contribution that is made by an employer to a registered pension plan is described in this subsection if (a) the contribution is made pursuant to a recommendation by an actuary in whose opinion the contribution is required to be made so that, if the plan is terminated immediately after the contribution is made, it will have sufficient assets to pay benefits accrued under the defined benefit provisions of the plan, as registered, to the time the contribution is made; (b) the recommendation is based on an actuarial valuation that complies with the following conditions: (i) the effective date of the valuation is not more than four years before the day on which the contribution is made, (ii) all assumptions made for the purposes of the valuation are reasonable at the time the valuation is prepared and at the time the contribution is made, (iii) the valuation is prepared in accordance with generally accepted actuarial principles applicable with respect to a valuation prepared on the basis that a plan will be terminated, and (iv) where more than one employer participates in the plan, assets and actuarial liabilities are apportioned in a reasonable manner among participating employers; (c) the recommendation is approved by the Minister; and (d) at the time the contribution is made, the plan is not a designated plan. Contributions Required by Pension Benefits Legislation (3) A contribution that is made by an employer to a registered pension plan is described in this subsection if (a) the contribution (i) is required to be made to comply with the Pension Benefits Standards Act, 1985 or a similar law of a province, (ii) is made in respect of benefits under the defined benefit provisions of the plan as registered, and (iii) is made pursuant to a recommendation by an actuary; (b) the recommendation is based on an actuarial valuation that complies with the following conditions: (i) the effective date of the valuation is not more than four years before the day on which the contribution is made, (ii) all assumptions made for the purposes of the valuation are reasonable at the time the valuation is prepared and at the time the contribution is made, and (iii) where more than one employer participates in the plan, assets and actuarial liabilities are apportioned in a reasonable manner among participating employers; (c) the recommendation is approved by the Minister; and (d) at the time the contribution is made, the plan is not a designated plan. (4) [Repealed, 2010, c. 12, s. 25] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/95-64, s. 18; SOR/99-9, s. 25; SOR/2003-328, s. 10; 2007, c. 35, s. 87; 2010, c. 12, s. 25
Income Tax Regulations — 8518
8518 [Repealed, SOR/2005-264, s. 30] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/92-51, s. 7; SOR/2005-264, s. 30