- (i) each amount included in respect of the plan in computing the income of the employee for the year or for a previous taxation year by virtue of section 144,
- (ii) each amount paid by the employee to a trustee under the plan at a time when it was an employees profit sharing plan, and
- (iii) each amount that was allocated to the employee or other beneficiary by a trustee under the plan, at a time when it was an employees profit sharing plan, in respect of a capital gain made by the trust before 1972,
- (b) the total of
- (i) each amount received by the employee or other beneficiary in a previous taxation year from a trustee under the plan at a time when it was an employees profit sharing plan,
- (ii) each amount received by the employee or other beneficiary in a previous taxation year from a trustee under the plan at a time when it was a deferred profit sharing plan, and
- (iii) each amount allocated to the employee or other beneficiary by a trustee under the plan, at a time when it was an employees profit sharing plan, in respect of a capital loss sustained by the trust before 1972.
- (a) the total of all amounts each of which was so paid by the employee in the year or a previous year to the extent that the payment was not deductible in computing the employee’s income,
- (b) the total of all amounts each of which was received by the employee or other beneficiary from a trustee under the plan, at a time when it was a deferred profit sharing plan, to the extent that it was included in the computation of an amount determined for a previous year under this subsection in relation to the plan and in respect of the employee or other beneficiary.
- (a) an employer by whom payments are made in trust to a trustee under the plan, or
- (b) a corporation with which that employer does not deal at arm’s length,
otherwise than in payment of or on account of shares of the capital stock of the taxpayer purchased by the trust, the amount or value of the funds or property so appropriated shall be included in computing the income of the taxpayer for the taxation year of the taxpayer in which the funds or property were so appropriated, unless the funds or property or an amount in lieu thereof equal to the amount or value of the funds or property was repaid to the trust within one year from the end of the taxation year, and it is established by subsequent events or otherwise that the repayment was not made as part of a series of appropriations and repayments.
- (a) the plan has been revised or amended or a new plan has been substituted therefor, and the plan as revised or amended or the new plan substituted therefor, as the case may be, ceased to comply with the requirements of this section for its acceptance by the Minister for registration for the purposes of this Act,
- (b) any provision of the plan has not been complied with,
- (c) the plan is a plan that did not, as of January 1, 1968,
- (i) comply with the requirements of paragraphs 147(2)(a), 147(2)(b) to 147(2)(h), 147(2)(j) and 147(2)(k), and paragraph 147(2)(i) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, as it read on January 1, 1972, and
- (ii) provide that the amounts held by the trust for the benefit of beneficiaries thereunder that remained unallocated on December 31, 1967 must be allocated or reallocated, as the case may be, before 1969,
the Minister may revoke the registration of the plan,
- (d) where paragraph 147(14)(a) applies, as of the date that the plan ceased so to comply, or any subsequent date,
- (e) where paragraph 147(14)(b) applies, as of the date that any provision of the plan was not so complied with, or any subsequent date,
- (f) where paragraph 147(14)(c) applies, as of any date following January 1, 1968,
- (g) where paragraph 147(14)(c.1) applies, as of the date on which the plan became a revocable plan, or any subsequent date,
- (h) where paragraph 147(14)(c.2) or 147(14)(c.3) applies, as of the date on which the plan did not so comply, or any subsequent date, but not before January 1, 1991,
- (i) where paragraph 147(14)(c.4) applies, as of the end of the year for which the requirements of subsection 147(5.1) in respect of the plan are not satisfied, or any subsequent date, and
- (j) where paragraph 147(14)(c.5) applies, as of any date after the date by which the information return was required to be filed,
and the Minister shall thereafter give notice of the revocation by registered mail to a trustee under the plan and to an employer of employees who are beneficiaries under the plan.
- (a) the revoked plan shall not be accepted for registration for the purposes of this Act or be deemed to have become registered as a deferred profit sharing plan at any time within a period of one year commencing on the date the plan became a revoked plan;
- (b) subsection 147(7) does not apply to exempt the trust governed by the plan from tax under this Part on the taxable income of the trust for a taxation year in which, at any time therein, the trust was governed by the revoked plan;
- (c) no deduction shall be made by an employer in computing the employer’s income for a taxation year in respect of an amount paid by the employer to a trustee under the plan at a time when it was a revoked plan;
- (d) there shall be included in computing the income of a taxpayer for a taxation year
- (i) all amounts received by the taxpayer in the year from a trustee under the revoked plan that, by virtue of subsection 147(10), would have been so included if the revoked plan had been a deferred profit sharing plan at the time the taxpayer received those amounts, and
- (ii) the amount or value of any funds or property appropriated to or for the benefit of the taxpayer in the year that, by virtue of subsection 147(13), would have been so included if the revoked plan had been a deferred profit sharing plan at the time of the appropriation of the funds or property; and
- (a) disposes of property to a taxpayer for a consideration less than the fair market value of the property at the time of the transaction, or for no consideration, or
- (b) acquires property from a taxpayer for a consideration greater than the fair market value of the property at the time of the transaction,
the difference between that fair market value and the consideration, if any,
- (c) shall, for the purposes of subsections 147(10) and 147(15), be deemed to be an amount received by the taxpayer at the time of the disposal or acquisition, as the case may be, from a trustee under the plan as if the taxpayer were a beneficiary under the plan, and
- (d) is an amount taxable under section 201 for the calendar year in which the trust disposes of or acquires the property, as the case may be.
- (a) is not part of a series of periodic payments;
- (b) is transferred on behalf of an individual
- (i) who is an employee or former employee of an employer who participated in the plan on the employee’s behalf, or
- (ii) who is a spouse or common-law partner, or former spouse or common-law partner, of an employee or former employee referred to in subparagraph (i) and who is entitled to the amount
- (A) as a consequence of the death of the employee or former employee, or
- (B) under a decree, an order or a judgment of a competent tribunal, or under a written agreement, that relates to a division of property between the employee or former employee and the individual in settlement of rights that arise out of, or on a breakdown of, their marriage or common-law partnership;
in full or partial satisfaction of the individual’s entitlement to benefits under the plan;
- (i) a registered pension plan,
- (ii) a registered retirement savings plan under which the individual is the annuitant (within the meaning assigned by subsection 146(1)),
- (iii) a deferred profit sharing plan that can reasonably be expected to have at least 5 beneficiaries at all times throughout the calendar year in which the transfer is made,
- (iv) a registered retirement income fund under which the individual is the annuitant (within the meaning assigned by subsection 146.3(1)), or
- (v) a licensed annuities provider to acquire an advanced life deferred annuity, if the individual is an employee or former employee of an employer who participated in the plan on the employee’s behalf.
- (a) the amount shall not, by reason only of that transfer, be included by virtue of this section in computing the income of any taxpayer; and
- (b) no deduction may be made under any provision of this Act in respect of the amount in computing the income of any taxpayer.
- (a) the transfer is in accordance with subsection 147(19); or
- (b) the amount is deductible under paragraph 60(j) or 60(j.2) of this Act or paragraph 60(k) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, by the individual on whose behalf the transfer is made.
- (a) the transfer of an amount from a deferred profit sharing plan in a calendar year on behalf of a beneficiary under the plan would, but for this subsection, be in accordance with subsection 147(19), and
- (b) the requirements of subsection 147(5.1) in respect of the plan are not satisfied for the year by reason that the beneficiary’s pension credits or pension adjustments do not comply with any of paragraphs 147(5.1)(a) to 147(5.1)(c),
such portion of the amount transferred as may reasonably be considered to derive from amounts allocated or reallocated to the beneficiary in the year or from earnings reasonably attributable to those amounts shall, except to the extent otherwise expressly provided in writing by the Minister, be deemed to be an amount that was not transferred in accordance with subsection 147(19).
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 147
- 1994, c. 21, s. 72
- 1997, c. 25, s. 43
- 1998, c. 19, s. 172
- 2000, c. 12, s. 142
- 2001, c. 17, s. 142
- 2007, c. 29, s. 20
- 2013, c. 34, s. 301
- 2021, c. 23, s. 35
