Income Tax Act — I-3.3 207.6
rvices as trustee, (a) for the purposes of this Part and Part I, the custodian of the plan is deemed to have made a contribution to the arrangement immediately after that time, in an amount equal to the fair market value at that time of all the properties of the plan; and (b) for the purposes of section 32.1, that amount is deemed to be a payment made at that time out of or under the plan to or for the benefit of employees or former employees of the employers who contributed to the plan. Residents’ arrangement (5) For the purposes of this Act, where a resident’s contribution has been made under a plan or arrangement (in this subsection referred to as the “plan”), (a) the plan is deemed, in respect of its application to all resident’s contributions made under the plan and all property that can reasonably be considered to be derived from those contributions, to be a separate arrangement (in this subsection referred to as the “residents’ arrangement”) independent of the plan in respect of its application to all other contributions and property that can reasonably be considered to derive from those other contributions; (b) the residents’ arrangement is deemed to be a retirement compensation arrangement; and (c) each person and partnership to whom a contribution is made under the residents’ arrangement is deemed to be a custodian of the residents’ arrangement. Resident’s contribution (5.1) For the purpose of subsection 207.6(5), resident’s contribution means such part of a contribution made under a plan or arrangement (in this subsection referred to as the “plan”) at a time when the plan would, but for paragraph (l) of the definition retirement compensation arrangement in subsection 248(1), be a retirement compensation arrangement as (a) is not a prescribed contribution; and (b) can reasonably be considered to have been made in respect of services rendered by an individual to an employer in a period (i) throughout which the individual was resident in Canada and rendered services to the employer that were primarily services rendered in Canada or services rendered in connection with a business carried on by the employer in Canada (or a combination of such services), and (ii) at the beginning of which the individual had been resident in Canada throughout at least 60 of the 72 preceding calendar months, where the individual was non-resident at any time before the period and became a member of the plan before the end of the month after the month in which the individual became resident in Canada, and, for the purpose of this paragraph, where benefits provided to an individual under a particular plan or arrangement are replaced by benefits under another plan or arrangement, the other plan or arrangement shall be deemed, in respect of the individual, to be the same plan or arrangement as the particular plan or arrangement. Prescribed plan or arrangement (6) For the purposes of the provisions of this Act relating to retirement compensation arrangements, the following rules apply in respect of a prescribed plan or arrangement: (a) the plan or arrangement shall be deemed to be a retirement compensation arrangement; (b) an amount credited at any time to the account established in the accounts of Canada or a province in connection with the plan or arrangement shall be, except to the extent that it is in respect of a refund determined under subsection 207.7(2), deemed to be a contribution under the plan or arrangement at that time; (c) the custodian of the plan or arrangement shall be deemed to be (i) where the account is established in the accounts of Canada, Her Majesty in right of Canada, and (ii) where the account is established in the accounts of a province, Her Majesty in right of that province; and (d) the subject property of the plan or arrangement, at any time, shall be deemed to include an amount of cash equal to the balance at that time in the account. Transfers (7) Where an amount (other than an amount that is part of a series of per