Income Tax Regulations — 8308
al has committed to pay under subparagraph (a)(ii); and (c) the retroactive contribution replaces, in whole or in part, a contribution that would have been required to be made to the plan in the calendar year 2020 or 2021 but for an amendment made to the plan under sections 8511 and 8512 that reduced the contributions required to be made. COVID-19 — Retroactive Contributions (5.3) If this subsection applies in respect of a retroactive contribution, (a) each pension adjustment of the individual for the 2020 or 2021 calendar year with respect to an employer is deemed to be, and to always have been, the amount that it would have been had the retroactive contribution been made at the end of 2020 or 2021, as the case may be; and (b) the retroactive contribution is deemed, for the purpose of determining pension adjustments of the individual for any calendar year after the year referred to in paragraph (5.2)(c), to have been made at the end of that year and not to have been made at any subsequent time. Conditions – Permitted Corrective Contribution (5.4) If the individual makes a written commitment to the administrator of the plan or to an employer who participates in the plan to make a permitted corrective contribution in accordance with subsection 147.1(20) of the Act in installments, amounts payable by the individual or the employer in respect of the contribution are deemed for the purposes of subsection 8402(4) and the definition net past service pension adjustment in subsection 146(1) of the Act to have been made at the time when the written commitment was made. Commitment to Make Retroactive Contributions (6) Where (a) an individual enters into a written commitment to make a contribution under a money purchase provision of a registered pension plan, (b) the commitment is made to the administrator of the plan or to an employer who participates in the plan, and (c) the rules in subsection (5) would apply in respect of the contribution if the contribution were made at the time at which the individual enters into the commitment, the following rules apply for the purposes of this Part: (d) the individual shall be deemed to have made the contribution to the plan at the time the individual enters into the commitment, (e) if the individual subsequently pays all or a part of the contribution to the plan pursuant to the commitment, the amount paid to the plan is, for the purposes of paragraphs 8301(4)(a) and (8)(e), a contribution described in this paragraph, (f) any contribution that an employer is required to make under the money purchase provision conditional on the individual making the contribution that the individual has committed to pay and in respect of which subsection (5) would apply if the contribution were made by the employer at the time the individual enters into the commitment shall be deemed to have been made by the employer at that time, and (g) if an employer subsequently pays to the plan all or a part of a contribution in respect of which paragraph (f) applies, the amount paid to the plan is, for the purposes of paragraph 8301(4)(a), a contribution described in this paragraph. Loaned Employees (7) Where, pursuant to an arrangement between an employer (in this subsection referred to as the “lending employer”) who is a participating employer in relation to a pension plan and an employer (in this subsection referred to as the “borrowing employer”) who, but for this subsection, would not be a participating employer in relation to the plan, (a) an employee of the lending employer renders services to the borrowing employer for which the employee receives remuneration from the borrowing employer, and (b) while the employee renders services to the borrowing employer, benefits continue to accrue under a defined benefit provision of the plan to the employee, or the lending employer continues to make contributions under a money purchase provision of the plan with respect to the employee, the following rules apply: (c) for the pur