Income Tax Act — I-3.3 147
 the beneficiary an annuity (other than an advanced life deferred annuity), if (A) payment of the annuity is to begin not later than the end of the year in which the beneficiary attains 71 years of age, and (B) the guaranteed term, if any, of the annuity does not exceed 15 years; (k.1) the plan requires that no benefit or loan, other than (i) a benefit the amount of which is required to be included in computing the beneficiary’s income, (ii) an amount referred to in paragraph 147(10)(b), (ii.1) an amount paid pursuant to or under the plan by a trustee under the plan to a licensed annuities provider to purchase for a beneficiary under the plan an annuity to which subparagraph (k)(vi) or (19)(d)(v) applies, (iii) a benefit derived from an allocation or reallocation referred to in subsection 147(2), or (iv) the benefit derived from the provision of administrative or investment services in respect of the plan, that is conditional in any way on the existence of the plan may be extended to a beneficiary thereunder or to a person with whom the beneficiary was not dealing at arm’s length; (k.2) the plan provides that no individual who is (i) a person related to the employer, (ii) a person who is, or is related to, a specified shareholder of the employer or of a corporation related to the employer, (iii) where the employer is a partnership, a person related to a member of the partnership, or (iv) where the employer is a trust, a person who is, or is related to, a beneficiary under the trust may become a beneficiary under the plan; and (l) the plan, in all other respects, complies with regulations of the Governor in Council made on the recommendation of the Minister of Finance. Terms limiting contributions (2.1) The Minister shall not accept for registration for the purposes of this Act a profit sharing plan unless it includes terms that are adequate to ensure that the requirements of subsection 147(5.1) in respect of the plan will be satisfied for each calendar year. Reallocation of forfeitures (2.2) The Minister may, on written application, extend the time for satisfying the requirements of paragraph 147(2)(i.1) where (a) the total of the forfeited amounts arising in a calendar year is greater than normal because of unusual circumstances; and (b) the forfeited amounts are to be reallocated on a reasonable basis to a majority of beneficiaries under the plan. Acceptance of employees profit sharing plan for registration (3) The Minister shall not accept for registration for the purposes of this Act any employees profit sharing plan unless all the capital gains of or made by the trust governed by the plan before the date of application for registration of the plan and all the capital losses of or sustained by the trust before that date have been allocated by the trustee under the plan to employees and other beneficiaries thereunder. Capital gains determined (4) For the purposes of subsections 147(3) and 147(11), such amount as may be determined by the Minister, on request in prescribed manner by the trustee of a trust governed by an employees profit sharing plan, shall be deemed to be the amount of (a) the capital gains of or made by the trust governed by the plan before the date of application for registration of the plan, or (b) the capital losses of or sustained by the trust before that date, as the case may be. Registration date (5) Where a profit sharing plan is accepted by the Minister for registration as a deferred profit sharing plan, the plan shall be deemed to have become registered as a deferred profit sharing plan (a) on the date the application for registration of the plan was made; or (b) where in the application for registration a later date is specified as the date on which the plan is to commence as a deferred profit sharing plan, on that date. Contribution limits (5.1) For the purposes of subsections 147(2.1) and 147(9) and paragraph 147(14)(c.4), the requirements of this subsection in respect of a deferred profit sharin