Income Tax Act — I-3.3 147.5
ct of the annuity. Notice of intent (24) The Minister may give notice (in subsections (25) and (26) referred to as a “notice of intent”) to an administrator of a PRPP in writing that the Minister intends to revoke the registration of the plan as a PRPP if (a) the plan does not comply with the conditions for registration in subsection (2); (b) the plan is not administered in accordance with the terms of the plan as registered; (c) the plan becomes a revocable plan; (d) a condition imposed under subsection (6) that applies with respect to the plan is not complied with; or (e) registration of the plan under the Pooled Registered Pension Plans Act or a similar law of a province is refused or revoked. Date of revocation (25) The notice of intent shall specify the date on which revocation of a PRPP is to be effective, which date shall not be earlier than the earliest date on which one of the events described in subsection (24) occurs. Notice of revocation (26) At any time after 30 days after the day on which the notice of intent is mailed to an administrator of a PRPP, the Minister may give notice (in this subsection and in subsection (27) referred to as a “notice of revocation”) in writing to the administrator that the registration of the PRPP is revoked as of the date specified in the notice of revocation and that date may not be earlier than the date specified in the notice of intent. Revocation of registration (27) If the Minister gives a notice of revocation to the administrator of a PRPP, the registration of the PRPP is revoked as of the date specified in the notice of revocation, unless the Federal Court of Appeal or a judge of that Court, on application made at any time before the determination of an appeal pursuant to subsection 172(3), orders otherwise. Voluntary revocation (28) If the administrator of a PRPP so requests in writing, the Minister may give notice in writing to the administrator that the registration of the PRPP is revoked as of a specified date and that date may not be earlier than the date specified in the administrator’s request. Single employer (29) For the purposes of the definition designated pooled pension plan in subsection (1), all employers that are related to each other are deemed to be a single employer and all the structural units of a trade union, including each local, branch, national and international unit, are deemed to be a single employer. Significant interest (30) For the purposes of the definition restricted investment in subsection (1), a member of a pooled pension plan has a significant interest in a corporation, trust or partnership at any time if, at that time, (a) in the case of a corporation, the member is a specified shareholder of the corporation; and (b) in the case of a partnership or trust, (i) the member is a specified unitholder of the partnership or the trust, as the case may be, or (ii) the total fair market value of the member’s interests in the partnership or the trust, as the case may be, together with all interests in the partnership or the trust held by persons or partnerships with whom the member does not deal at arm’s length or is affiliated, is 10% or more of the fair market value of all interests in the partnership or the trust. Contributions from exempt income (31) Contributions may be made to a PRPP in respect of a member of the PRPP as if the member’s earned income (as defined in subsection 146(1)) for a taxation year included the member’s exempt earned income for the year. Non-deductible contributions (32) A contribution made by a member of a PRPP to the member’s account under the PRPP out of or from the member’s exempt earned income may not be deducted in computing the income of the member for any taxation year. Contribution deemed not paid (32.1) Where a member of a PRPP or a participating employer in relation to the PRPP has, at any time in a taxation year, received a distribution from the member’s account under the PRPP that is a return of a contribution de