Income Tax Act — I-3.3 147.1
the former limit for the year, (l) for 2007, the greater of $20,000 and the former limit for the year, (m) for 2008, the greater of $21,000 and the former limit for the year, (n) for 2009, the greater of $22,000 and the former limit for the year, and (o) for each year after 2009, the greater of (i) the product (rounded to the nearest multiple of $10, or, if that product is equidistant from two such consecutive multiples, to the higher multiple) of (A) the money purchase limit for 2009, and (B) the quotient obtained when the average wage for the year is divided by the average wage for 2009, and (ii) the money purchase limit for the preceding year; ( plafond des cotisations déterminées ) money purchase provision of a pension plan means terms of the plan (a) which provide for a separate account to be maintained in respect of each member, to which are credited contributions made to the plan by, or in respect of, the member and any other amounts allocated to the member, and to which are charged payments made in respect of the member, and (b) under which the only benefits in respect of a member are benefits (i) determined solely with reference to, and provided by, the amount in the member’s account, or (ii) provided under a VPLA fund described in subsection 8506(13) of the Income Tax Regulations ; ( disposition à cotisations déterminées ) multi-employer plan in a calendar year has the meaning assigned by regulation; ( régime interentreprises ) participating employer , in relation to a pension plan, means an employer who has made, or is required to make, contributions to the plan in respect of the employer’s employees or former employees, or payments under the plan to the employer’s employees or former employees, and includes a prescribed employer; ( employeur participant ) past service event has the meaning assigned by regulation; ( fait lié aux services passés ) permitted corrective contribution to a registered pension plan means a contribution in a calendar year in respect of an individual that would otherwise have been made in one or more of the 10 immediately preceding years (each such year referred to in this definition as a “retroactive year”) in accordance with the money purchase provision of the plan as registered or a money purchase provision of a registered pension plan of a predecessor employer (for the purposes of this definition, as defined in subsection 8500(1) of the Regulations), but for an error that caused a failure to enroll the individual as a member of the plan or a failure to make a required contribution, to the extent that the amount of the contribution does not exceed the lesser of (a) the total of all amounts each of which is an amount, for a retroactive year, determined by the formula A + B − C where A is the total of all amounts each of which is an amount by which a contribution required to be made at a particular time in the retroactive year under the provision in respect of the individual exceeds the amount contributed at the particular time in respect of the individual, B is the amount of interest, if any, calculated in respect of each amount determined for A at a rate that (i) is required by the Pension Benefits Standards Act, 1985 or a similar law of a province, or (ii) if subparagraph (i) does not apply, does not exceed a reasonable rate, and C is the total amount previously contributed to the provision in respect of the individual under subsection (20) for the retroactive year, and (b) the amount determined by the formula E − F where E is 150% of the money purchase limit for the calendar year, and F is the total amount previously contributed in respect of the individual under subsection (20) to the provision, or to any other money purchase provision, if a participating employer under the provision or a predecessor employer has been a participating employer in respect of the individual under that other provision; ( cotisation corrective permise ) single amount means an amount that is not part of a se