Income Tax Regulations — 8308
ear in which ends the complete period of reduced services of the individual that includes the period of reduced services, the following rules apply: (d) each pension adjustment of the individual with respect to an employer for a year before the calendar year in which the past service event occurs shall be deemed to be, and to always have been, the aggregate of (i) the amount that would otherwise be the individual’s pension adjustment with respect to the employer for the year, and (ii) such portion of the provisional PSPA of the individual with respect to the employer that is associated with the past service event as may reasonably be considered to be attributable to the provision of retroactive benefits in respect of the year, and (e) each provisional PSPA of the individual with respect to an employer that is associated with the past service event shall be deemed (except for the purposes of this subsection) to be such portion of the amount that would otherwise be the individual’s provisional PSPA as may reasonably be considered not to be attributable to the provision of retroactive benefits. COVID-19 — Retroactive Benefits (4.1) Paragraph (4)(c), in its application to a complete period of reduced services that ended in 2019, is to be read as follows: (c) the past service event occurs on or before June 1, 2020 or such later date as is acceptable to the Minister, Period of Reduced Services — Retroactive Contributions (5) Where (a) a contribution (in this subsection referred to as a “retroactive contribution”) is made by an individual, or by an employer with respect to the individual, under a money purchase provision of a registered pension plan in respect of a period in a particular calendar year that is a period of reduced services of the individual, and (b) the retroactive contribution is made after the particular year and on or before April 30 of the year immediately following the calendar year in which ends the complete period of reduced services of the individual that includes the period of reduced services, the following rules apply: (c) each pension adjustment of the individual for the particular year with respect to an employer shall be deemed to be, and to always have been, the amount that it would have been had the retroactive contribution been made at the end of the particular year, and (d) the retroactive contribution shall be deemed, for the purpose of determining pension adjustments of the individual for any year after the particular year, to have been made at the end of the particular year and not to have been made at any subsequent time. COVID-19 — Retroactive Contributions (5.1) Paragraph (5)(b), in its application to a complete period of reduced services that ended in 2019, is to be read as follows: (b) the retroactive contribution is made after 2019 and on or before June 1, 2020 or such later date as is acceptable to the Minister, Conditions — Retroactive Contributions (5.2) Subsection (5.3) applies in respect of a contribution made with respect to an individual under a money purchase provision of a registered pension plan (in this subsection and in subsection (5.3) referred to as a “retroactive contribution”), if (a) in the case of a contribution payable by an individual, (i) the individual makes the retroactive contribution after 2020 and on or before April 30, 2022, or (ii) the individual makes a written commitment, on or before April 30, 2022, to the plan administrator, or to a participating employer of the plan, to make the retroactive contribution; (b) in the case of a contribution payable by a participating employer, (i) the employer makes the retroactive contribution after 2020 and on or before April 30, 2022, or (ii) it is conditional on the individual making the retroactive contribution that the individual has committed to pay under subparagraph (a)(ii); and (c) the retroactive contribution replaces, in whole or in part, a contribution that would have been required to be made to the plan in the calen