Marginal note:90 day time limit
31. (1) In respect of a transfer value earnings election, the Minister shall only take into account payments received no later than 90 days after the date of the notice advising the participant of the amount to be paid.
Marginal note:Payment received late
(2) The Minister shall also take into account payments received no later than 120 days after the date of the notice if the participant establishes that they gave written instructions in a timely fashion to cause them to be received no later than the 90 days and that they were received after that time through no fault of the participant.
Marginal note:Crediting of earnings
32. (1) The transfer value earnings shall be counted as pensionable earnings in respect of each day that the participant earned them and in the same proportion as the payments taken into account by the Minister bear to the amount required to be paid under subsection 30(1).
Marginal note:Date of crediting
(2) The transfer value earnings shall come to the participant’s credit on the date of the election.
Marginal note:Election not made
33. (1) A transfer value earnings election is deemed not to have been made
(a) in the case of an election to count earnings as pensionable earnings from a period after December 31, 1989, if the Minister of National Revenue refuses to issue a certification under paragraph 147.1(10)(a) of the Income Tax Act;
(b) at the request of the person who made the election if they received erroneous or misleading information in writing as to the amount to be paid or the consequences of the election on their benefits, from a member of the Canadian Forces or a person employed in the public service who normally gives information as to those matters, and, in making the election, they honestly acted on that information; or
(c) if no payment is received by the Minister within the required time.
(2) The Minister shall refund any payments received from a plan, fund, or institution of a type referred to in paragraph 61(1)(a) to a plan, fund, or institution of the same type, at the direction of the person who made the election.
Marginal note:Other election
(3) Despite the expiry of the period to make the election, the person may make an election no later than 90 days after the date of the notice from the Minister informing the person of the refusal by the Minister of National Revenue. In the case of another refusal, the person may not make an election.
Marginal note:Counting pensionable service
34. (1) There shall be counted as pensionable service
(a) any period during which a member is a participant;
(b) despite subsection (2), any period during which the participant has been deemed to have earnings in respect of which the participant has opted not to pay contributions under section 8; and
(c) any period that relates to earnings in respect of which an election was made under subsection 11(1).
Marginal note:Not counted as pensionable service
(2) There shall not be counted as pensionable service any period that relates to earnings that are not counted as pensionable earnings.
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