Income Tax Regulations — 8301
d benefit, the individual’s pension credit under the plan for the year with respect to the employer is nil. Pension Credit — Money Purchase Provision (4) For the purposes of subsection (1) and Part LXXXV and subsection 147.1(9) of the Act, and subject to subsections (4.1) and (8) and 8304(2), an individual’s pension credit for a calendar year with respect to an employer under a money purchase provision of a registered pension plan is the total of all amounts each of which is (a) a contribution (other than an excluded contribution, a contribution described in paragraph 8308(6)(e) or (g) or a contribution made under subsection 147.1(20) of the Act) made under the provision in the year by (i) the individual, except to the extent that the contribution was not made in connection with the individual’s employment with the employer and is included in determining the individual’s pension credit for the year with respect to any other employer who participates in the plan, or (ii) the employer with respect to the individual, or (b) such portion of an amount allocated in the year to the individual as is attributable to (i) forfeited amounts under the provision or earnings of the plan in respect thereof, (ii) a surplus under the provision, (ii.1) property transferred to the provision in respect of the actuarial surplus under a defined benefit provision of the plan or another registered pension plan, or (ii.2) property transferred to the provision in respect of the surplus under another money purchase provision of the plan or under a money purchase provision of another registered pension plan, except to the extent that that portion is (iii) included in determining the individual’s pension credit for the year with respect to any other employer who participates in the plan, (iv) paid to the individual in the year, or (v) where the year is 1990, attributable to amounts forfeited before 1990 or earnings of the plan in respect thereof, except that the individual’s pension credit is nil where the year is before 1990, and, for the purposes of this subsection, the plan administrator shall determine the portion of a contribution made by an individual or an amount allocated to the individual that is to be included in determining the individual’s pension credit with respect to each employer. Money Purchase Pension Credits Based on Amounts Allocated (4.1) Where, (a) under the terms of a money purchase provision of a pension plan, the method for allocating contributions is such that contributions made by an employer with respect to a particular individual may be allocated to another individual, and (b) the Minister has, on the written application of the administrator of the plan, approved in writing a method for determining pension credits under the provision that, for each individual, takes into account amounts allocated to the individual, each pension credit under the provision is the amount determined in accordance with the method approved by the Minister. Pension Credit — Defined Benefit Provision of a Specified Multi-employer Plan (5) For the purposes of this Part and Part LXXXV and subsection 147.1(9) of the Act, an individual’s pension credit for a calendar year with respect to an employer under a defined benefit provision of a registered pension plan that is, in the year, a specified multi-employer plan is the aggregate of (a) the aggregate of all amounts each of which is a contribution (other than an excluded contribution) made under the provision by the individual (i) in the year, in respect of (A) the year, or (B) a plan year ending in the year (other than in respect of such portion of a plan year as is before 1990), or (ii) in January of the year (other than in January 1990) in respect of the immediately preceding calendar year, except to the extent that the contribution was not made in connection with the individual’s employment with the employer and is included in determining the individual’s pension credit for the year with respect to any