Income Tax Regulations (C.R.C., c. 945)

Regulations are current to 2017-11-20 and last amended on 2017-07-01. Previous Versions

Pension Adjustment Reversal

Deferred Profit Sharing Plan

  •  (1) Where the PAR determined in connection with an individual’s termination from a deferred profit sharing plan is greater than nil, each trustee under the plan shall file with the Minister an information return in prescribed form reporting the PAR

    • (a) where the termination occurs in the first, second or third quarter of a calendar year, on or before the day that is 60 days after the last day of the quarter in which the termination occurs, and

    • (b) where the termination occurs in the fourth quarter of a calendar year, before February of the following calendar year,

    and, for this purpose, an information return filed by a trustee under a deferred profit sharing plan is deemed to have been filed by each trustee under the plan.

Deferred Profit Sharing Plan — Employer Reporting

  • (2) Where an amount included in an individual’s pension credit in respect of an employer under a deferred profit sharing plan is included in determining a PAR in connection with the individual’s termination from the plan, the employer is deemed to be a trustee under the plan for the purpose of reporting the PAR.

Benefit Provision of a Registered Pension Plan

  • (3) Subject to subsection (4), where the PAR determined in connection with an individual’s termination from a benefit provision of a registered pension plan is greater than nil, the administrator of the plan shall file with the Minister an information return in prescribed form reporting the PAR

    • (a) where the termination occurs in the first, second or third quarter of a calendar year, on or before the day that is 60 days after the last day of the quarter in which the termination occurs; and

    • (b) where the termination occurs in the fourth quarter of a calendar year, before February of the following calendar year.

Extended Deadline — PA Transfer Amount

  • (4) Where, in determining an individual’s PAR in connection with the individual’s termination from a defined benefit provision of a registered pension plan, it is reasonable for the administrator of the plan to conclude, on the basis of information provided to the administrator by the administrator of another pension plan or by the individual, that the value of D in paragraph 8304.1(5)(a) in respect of the termination may be greater than nil, the administrator shall file with the Minister an information return in prescribed form reporting the PAR, if it is greater than nil, on or before the later of

    • (a) the day on or before which it would otherwise be required to be filed; and

    • (b) the day that is 60 days after the earliest day on which the administrator has all the information required to determine that value.

Calendar Year Quarter

  • (5) For the purposes of this section,

    • (a) the first quarter of a calendar year is the period beginning on January 1 and ending on March 31 of the calendar year;

    • (b) the second quarter of a calendar year is the period beginning on April 1 and ending on June 30 of the calendar year;

    • (c) the third quarter of a calendar year is the period beginning on July 1 and ending on September 30 of the calendar year; and

    • (d) the fourth quarter of a calendar year is the period beginning on October 1 and ending on December 31 of the calendar year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/99-9, s. 16.

Government-Sponsored Retirement Arrangements

 Where an amount is prescribed by subsection 8308.4(2) in respect of an individual for a calendar year because of the individual’s entitlement (either absolute or contingent) to benefits under a government-sponsored retirement arrangement (as defined in subsection 8308.4(1)), the administrator of the arrangement shall, on or before the last day of February in the year, file with the Minister an information return in prescribed form reporting the prescribed amount.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/96-311, s. 12.

Connected Persons

 Where, at any particular time after 1990,

  • (a) an individual becomes a member of a registered pension plan, or

  • (b) lifetime retirement benefits commence to accrue to the individual under a defined benefit provision of a registered pension plan following a period in which lifetime retirement benefits did not accrue to the individual,

each employer who participates in the plan for the benefit of the individual and with whom the individual is connected (within the meaning assigned by subsection 8500(3)) at the particular time, or was connected at any time after 1989, shall, within 60 days after the particular time, file with the Minister an information return in prescribed form containing prescribed information with respect to the individual unless the employer has previously filed an information return under this section with respect to the individual.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/92-51, s. 7.

Reporting to Individuals

  •  (1) Every person who is required by section 8401 or 8402.1 to file an information return with the Minister shall, on or before the day on or before which the return is required to be filed with the Minister, send to each individual to whom the return relates, two copies of the portion of the return that relates to the individual.

  • (2) Every person who is required by section 8402, 8402.01 or 8403 to file an information return with the Minister shall, on or before the day on or before which the return is required to be filed with the Minister, send to each individual to whom the return relates, one copy of the portion of the return that relates to the individual.

  • (3) Every person who obtains a certification from the Minister for the purposes of subsection 147.1(10) of the Act in respect of a past service event and an individual shall, within 60 days after receiving from the Minister the form submitted to the Minister pursuant to subsection 8307(1) in respect of the past service event and the individual, forward to the individual one copy of the form as returned by the Minister.

  • (4) Every person who is required by subsection (1), (2) or (3) to forward a copy of an information return or a form to an individual shall send the copy to the individual at the individual’s latest known address or deliver the copy to the individual in person.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/92-51, s. 7;
  • SOR/96-311, s. 13;
  • SOR/99-9, s. 17.

Discontinuance of Business

 Subsection 205(2) and section 206 are applicable, with such modifications as the circumstances require, in respect of returns required to be filed under this Part.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/92-51, s. 7.

Provision of Information

  •  (1) Where a person who is required to file an information return under section 8401 requires information from another person in order to determine an amount that is to be reported or to otherwise complete the return and makes a written request to the other person for the information, the other person shall provide the person with the information that is available to that other person,

    • (a) where the information return is required to be filed in the calendar year in which the request is received, within 30 days after receipt of the request; or

    • (b) in any other case, by January 31 of the year immediately following the calendar year in which the request is received.

  • (2) Where the administrator of a registered pension plan requires information from a person in order to determine a provisional PSPA of an individual under section 8303, 8304 or 8308 and makes a written request to the person for the information, the person shall, within 30 days after receipt of the request, provide the administrator with the information that is available to the person.

  • (3) Where the administrator of a registered pension plan requires information from a person in order to complete an information return required to be filed under section 8409 and makes a written request to the person for the information, the person shall, within 30 days after receipt of the request, provide the administrator with the information that is available to that person.

  • (4) Where a person requires information from another person in order to determine a PAR under section 8304.1 in connection with an individual’s termination in a calendar year from a deferred profit sharing plan or from a benefit provision of a registered pension plan (other than information that the other person is required to provide to the person under subsection (5)) and makes a written request to the other person for the information, the other person shall provide the person with the information that is available to the other person on or before

    • (a) if the request is received before December 17 of the year, the day that is 30 days after the day on which the request is received; and

    • (b) in any other case, the later of the day that is 15 days after the day on which the request is received and January 15 of the year following the year.

  • (5) Where benefits provided to an individual under a registered pension plan (in this subsection referred to as the “importing plan”) as a consequence of a past service event result in a PA transfer amount in relation to the individual’s termination from a defined benefit provision of another registered pension plan (in this subsection referred to as the “exporting plan”),

    • (a) the administrator of the importing plan shall, in writing on or before the day that is 30 days after the day on which the past service event occurred, notify the administrator of the exporting plan of the occurrence of the past service event and of its relevance in determining the individual’s PAR in connection with the individual’s termination from the defined benefit provision; and

    • (b) the administrator of the importing plan shall notify the administrator of the exporting plan of the PA transfer amount in writing on or before the day that is 60 days after

      • (i) in the case of a certifiable past service event, the day on which the Minister issues a certification for the purposes of subsection 147.1(10) of the Act in respect of the past service event and the individual, and

      • (ii) in any other case, the day on which the past service event occurred.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/92-51, s. 7;
  • SOR/99-9, s. 18.
 
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