Income Tax Regulations — 8302
to the aggregate of all amounts each of which is the amount of the full monthly pension payable under Part I of that Act for a month in the particular year other than an amount described in subsection 7(5) of that Act; (l) except as otherwise expressly permitted in writing by the Minister, where the amount of the individual’s lifetime retirement benefits depends on the amount of benefits (other than public pension benefits or similar benefits of a country other than Canada) payable under another benefit provision of a pension plan or under a deferred profit sharing plan, the amounts of the other benefits were such as to maximize the amount of the individual’s lifetime retirement benefits; (m) where the individual’s lifetime retirement benefits would otherwise include benefits that the plan is required to provide by reason of a designated provision of the law of Canada or a province (within the meaning assigned by section 8513), or that the plan would be required to provide if each such provision were applicable to the plan with respect to all its members, such benefits were not included; (n) where (i) the individual attained 65 years of age before lifetime retirement benefits commenced to be paid (or are assumed by reason of paragraph (a) to have commenced to be paid) to the individual, and (ii) an adjustment is made in determining the amount of those benefits for the purpose of offsetting, in whole or in part, the decrease in the value of lifetime retirement benefits that would otherwise result by reason of the deferral of those benefits after the individual attained 65 years of age, that adjustment were not made, except to the extent that the adjustment exceeds the adjustment that would be made on an actuarially equivalent basis; (o) except as otherwise provided by subsection (4), where the amount of the individual’s lifetime retirement benefits depends on (i) the form of benefits provided with respect to the individual under the provision (whether or not at the option of the individual), including (A) the benefits to be provided after the death of the individual, (B) the amount of retirement benefits, other than lifetime retirement benefits, provided to the individual, or (C) the extent to which the lifetime retirement benefits will be adjusted to reflect changes in the cost of living, or (ii) circumstances that are relevant in determining the form of benefits, the form of benefits and the circumstances were such as to maximize the amount of the individual’s lifetime retirement benefits on commencement of payment; (p) where the amount of the individual’s lifetime retirement benefits depends on whether the individual is totally and permanently disabled at the time at which retirement benefits commence to be paid to the individual, the individual were not so disabled at that time; and (q) where lifetime retirement benefits have commenced to be paid under the provision to the individual before the end of the particular year, benefits payable as a consequence of cost-of-living adjustments described in paragraph 8303(5)(k) were disregarded. Optional Forms (4) Where the terms of a defined benefit provision of a registered pension plan permit a member to elect to receive additional lifetime retirement benefits in lieu of benefits that would, in the absence of the election, be payable after the death of the member if the member dies after retirement benefits under the provision commence to be paid to the member, paragraph (3)(o) applies as if the following elections were not available to the member: (a) an election to receive additional lifetime retirement benefits, not exceeding additional benefits determined on an actuarially equivalent basis, in lieu of all or any portion of a guarantee that retirement benefits will be paid for a minimum period of 10 years or less, and (b) an election to receive additional lifetime retirement benefits in lieu of retirement benefits that would otherwise be payable to an individual who is a spouse