Income Tax Regulations — 8506
rket value of the property held in connection with the account at the beginning of the current year, including an estimate of the portion of any unallocated earnings of the plan that arose in the preceding calendar year and that can reasonably be expected to be allocated to the account in the current year; and (b) if retirement benefits (other than benefits permissible under paragraph (1)(e.1)) provided under the provision with respect to the member had commenced to be paid before the current year and continue to be payable in the current year, the determination is to be made without regard to the value of any property held in connection with those benefits. Special Rules for Minimum Amount (7) The minimum amount for a member’s account under a money purchase provision of a registered pension plan for a calendar year is (a) nil, if an individual who is either the member or the specified beneficiary of the member for the year in relation to the provision (i) is alive at the beginning of the year, and (ii) had not attained 71 years of age at the end of the preceding calendar year; and (b) if paragraph (a) does not apply and the year is 2008, 75 per cent of the amount that would, in the absence of this subsection, be the minimum amount for the account for the year. (7.1) The minimum amount for a member’s account under a money purchase provision of a registered pension plan for 2020 is 75% of the amount that would, in the absence of this subsection, be the minimum amount for the account for the year. Specified Beneficiary (8) In this section, an individual is the specified beneficiary of a member for a calendar year in relation to a money purchase provision of a registered pension plan if (a) the member died before the beginning of the year; (b) the individual is a beneficiary of the member and was, immediately before the member’s death, the member’s spouse or common-law partner; and (c) the member or the member’s legal representative had, before the beginning of the year, provided the administrator of the plan with a written designation of the individual (and of no other individual) as the specified beneficiary of the member for the calendar year in relation to the provision. Recontribution — Adjusted Minimum Amount for 2008 (9) 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 (10), the contribution (a) is deemed to have been made in accord- ance 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 (9) (10) The conditions referred to in subsection (9) are as follows: (a) the contribution is made in 2008; (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 2008 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, in the absence of paragraph (7)(b), be the minimum amount for the account for 2008, B is the minimum amount for the account for 2008, 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. Recontribution 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 subsecti