Income Tax Act — I-3.3 147
se or common-law partner, or former spouse or common-law partner, in settlement of rights that arise out of, or on a breakdown of, their marriage or common-law partnership, (ii) an assignment by a deceased individual’s legal representative on the distribution of the individual’s estate, and (iii) a surrender of benefits to avoid revocation of the plan’s registration; (f) the plan includes a provision stipulating that each of the trustees under the plan shall be resident in Canada; (g) the plan provides that, if a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee is not a trustee under the plan, there shall be at least 3 trustees under the plan who shall be individuals; (h) the plan provides that all income received, capital gains made and capital losses sustained by the trust governed by the plan must be allocated to beneficiaries under the plan on or before a day 90 days after the end of the year in which they were received, made or sustained, as the case may be, to the extent that they have not been allocated in years preceding that year; (i) the plan provides that each amount allocated or reallocated by a trustee under the plan to a beneficiary under the plan vests irrevocably in that beneficiary, (i) in the case of an amount allocated or reallocated before 1991, at a time that is not later than 5 years after the end of the year in which it was allocated or reallocated, unless the beneficiary becomes, before that time, an individual who is not an employee of any employer who participates in the plan, and (ii) in the case of any other amount, not later than the later of the time of allocation or reallocation and the day on which the beneficiary completes a period of 24 consecutive months as a beneficiary under the plan or under any other deferred profit sharing plan for which the plan can reasonably be considered to have been substituted; (i.1) the plan requires that each forfeited amount under the plan and all earnings of the plan reasonably attributable thereto be paid to employers who participate in the plan, or be reallocated to beneficiaries under the plan, on or before the later of December 31, 1991 and December 31 of the year immediately following the calendar year in which the amount is forfeited, or such later time as is permitted in writing by the Minister under subsection 147(2.2); (j) the plan provides that a trustee under the plan inform, in writing, all new beneficiaries under the plan of their rights under the plan; (k) the plan provides that, in respect of each beneficiary under the plan who has been employed by an employer who participates in the plan, all amounts vested under the plan in the beneficiary become payable (i) to the beneficiary, or (ii) in the event of the beneficiary’s death, to another person designated by the beneficiary or to the beneficiary’s estate, not later than the earlier of (iii) the end of the year in which the beneficiary attains 71 years of age, and (iv) 90 days after the earliest of (A) the death of the beneficiary, (B) the day on which the beneficiary ceases to be employed by an employer who participates in the plan where, at the time of ceasing to be so employed, the beneficiary is not employed by another employer who participates in the plan, and (C) the termination or winding-up of the plan, except that the plan may provide that, on election by the beneficiary, all or any part of the amounts payable to the beneficiary may be paid (v) in equal instalments payable not less frequently than annually over a period not exceeding 10 years from the day on which the amount became payable, or (vi) by a trustee under the plan to a licensed annuities provider to purchase for 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 ag