Jobs and Economic Growth Act (S.C. 2010, c. 12)

Full Document:

Assented to 2010-07-12

Income Tax Regulations

23. (1) Subparagraph 4301(b)(ii) of the Income Tax Regulations is replaced by the following:
- (ii) if the taxpayer is a corporation, zero per cent, and in any other case, 2 per cent; and
(2) Subsection (1) comes into force, or is deemed to have come into force, on July 1, 2010.

24. (1) Subparagraph 8510(9)(c)(i) of the Regulations is replaced by the following:
- (i) the contribution is a current service contribution that would be an eligible contribution under subsection 147.2(2) of the Act if no contributions were prescribed for the purposes of that subsection and if that subsection were read without reference to its subparagraph (d)(ii), and
(2) Clause 8510(9)(c)(ii)(A) of the Regulations is replaced by the following:
- (A) where the amount of actuarial surplus in respect of the employer is greater than the amount determined under subparagraph 147.2(2)(d)(ii) of the Act, 50% of the current service contribution that would be required to be made by the employer if there were no actuarial surplus under the provisions, and
(3) Subsections (1) and (2) apply to contributions made after 2009 to fund benefits provided in respect of periods of pensionable service after 2009.

25. (1) Subsection 8516(1) of the Regulations is replaced by the following:
- 8516. (1) For the purposes of subsection 147.2(2) of the Act, a contribution described in subsection (2) or (3) is a prescribed contribution.
(2) Subsection 8516(4) of the Regulations and the heading before it are repealed.
(3) Subsections (1) and (2) apply to contributions made after 2009 to fund benefits provided in respect of periods of pensionable service after 2009.

26. (1) The definition “contribution” in subsection 2(1) of the Canada Disability Savings Act is repealed.
(2) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:
“first threshold”
« premier seuil »
“first threshold” for a particular year means the dollar amount referred to in paragraph 117(2)(a) of the Income Tax Act, as adjusted under that Act for the particular year;
“phase-out income”
« revenu de transition »
“phase-out income” for a particular year means the amount determined by the formula
A – (B/0.122)
where
A
is the first threshold for the particular year, and
B
is the amount referred to in paragraph (a) of the description of F in subsection 122.61(1) of the Income Tax Act, as adjusted under that Act for the particular year;
“second threshold”
« deuxième seuil »
“second threshold” for a particular year means the higher dollar amount referred to in paragraph 117(2)(b) of the Income Tax Act, as adjusted under the Act for the particular year.
(3) Paragraph 2(2)(b) of the Act is replaced by the following:
- (b) the expressions “contribution”, “designated provincial program”, “holder”, “issuer” and “registered disability savings plan” have the same meanings as in section 146.4 of that Act; and
(4) Subsections (1) to (3) apply to the 2009 and subsequent years.