Income Tax Act — I-3.3 147
e in computing the employee’s income, minus (b) the total of all amounts each of which was received by the employee or other beneficiary from a trustee under the plan, at a time when it was a deferred profit sharing plan, to the extent that it was included in the computation of an amount determined for a previous year under this subsection in relation to the plan and in respect of the employee or other beneficiary. Appropriation of trust property by employer (13) Where funds or property of a trust governed by a deferred profit sharing plan have been appropriated in any manner whatever to or for the benefit of a taxpayer who is (a) an employer by whom payments are made in trust to a trustee under the plan, or (b) a corporation with which that employer does not deal at arm’s length, otherwise than in payment of or on account of shares of the capital stock of the taxpayer purchased by the trust, the amount or value of the funds or property so appropriated shall be included in computing the income of the taxpayer for the taxation year of the taxpayer in which the funds or property were so appropriated, unless the funds or property or an amount in lieu thereof equal to the amount or value of the funds or property was repaid to the trust within one year from the end of the taxation year, and it is established by subsequent events or otherwise that the repayment was not made as part of a series of appropriations and repayments. Revocation of registration (14) Where, at any time after a profit sharing plan has been accepted by the Minister for registration for the purposes of this Act, (a) the plan has been revised or amended or a new plan has been substituted therefor, and the plan as revised or amended or the new plan substituted therefor, as the case may be, ceased to comply with the requirements of this section for its acceptance by the Minister for registration for the purposes of this Act, (b) any provision of the plan has not been complied with, (c) the plan is a plan that did not, as of January 1, 1968, (i) comply with the requirements of paragraphs 147(2)(a), 147(2)(b) to 147(2)(h), 147(2)(j) and 147(2)(k), and paragraph 147(2)(i) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, as it read on January 1, 1972, and (ii) provide that the amounts held by the trust for the benefit of beneficiaries thereunder that remained unallocated on December 31, 1967 must be allocated or reallocated, as the case may be, before 1969, (c.1) the plan becomes a revocable plan pursuant to subsection 147(21), (c.2) the plan does not comply with the requirements of paragraphs 147(2)(a) to 147(2)(k) and 147(2)(l), (c.3) in the case of a plan that became registered after March, 1983, the plan does not comply with the requirements of paragraphs 147(2)(k.1) and 147(2)(k.2), (c.4) the requirements of subsection 147(5.1) in respect of the plan are not satisfied for a calendar year, or (c.5) an employer who participates in the plan fails to file an information return reporting a pension adjustment of a beneficiary under the plan as and when required by regulation, the Minister may revoke the registration of the plan, (d) where paragraph 147(14)(a) applies, as of the date that the plan ceased so to comply, or any subsequent date, (e) where paragraph 147(14)(b) applies, as of the date that any provision of the plan was not so complied with, or any subsequent date, (f) where paragraph 147(14)(c) applies, as of any date following January 1, 1968, (g) where paragraph 147(14)(c.1) applies, as of the date on which the plan became a revocable plan, or any subsequent date, (h) where paragraph 147(14)(c.2) or 147(14)(c.3) applies, as of the date on which the plan did not so comply, or any subsequent date, but not before January 1, 1991, (i) where paragraph 147(14)(c.4) applies, as of the end of the year for which the requirements of subsection 147(5.1) in respect of the plan are not satisfied, or any subsequent date, and (j) where paragrap