Jobs and Growth Act, 2012 (S.C. 2012, c. 31)
Full Document:
Assented to 2012-12-14
55. (1) The definitions “registered disability savings plan”, “registered education savings plan” and “registered pension plan” in subsection 248(1) of the Act are replaced by the following:
“registered disability savings plan” or “RDSP”
« régime enregistré d’épargne-invalidité » ou « REEI »
“registered disability savings plan” or “RDSP” has the same meaning as in subsection 146.4(1);
“registered education savings plan” or “RESP”
« régime enregistré d’épargne-études » ou « REEE »
“registered education savings plan” or “RESP” has the same meaning as in subsection 146.1(1);
“registered pension plan”
« régime de pension agréé »
“registered pension plan” means a pension plan (other than a pooled pension plan) that has been registered by the Minister for the purposes of this Act and whose registration has not been revoked;
(2) The definition “retirement compensation arrangement” in subsection 248(1) of the Act is amended by adding the following after paragraph (a):
(a.1) a pooled registered pension plan,
(3) The definition “salary deferral arrangement” in subsection 248(1) of the Act is amended by adding the following after paragraph (a):
(a.1) a pooled registered pension plan,
(4) The portion of the definition “superannuation or pension benefit” in subsection 248(1) of the Act before paragraph (a) is replaced by the following:
“superannuation or pension benefit”
« prestation de retraite ou de pension »
“superannuation or pension benefit” includes any amount received out of or under a superannuation or pension fund or plan (including, except for the purposes of subparagraph 56(1)(a)(i), a pooled registered pension plan) and, without restricting the generality of the foregoing, includes any payment made to a beneficiary under the fund or plan or to an employer or former employer of the beneficiary under the fund or plan
(5) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:
“pooled pension plan”
« régime de pension collectif »
“pooled pension plan” has the same meaning as in subsection 147.5(1);
“pooled registered pension plan” or “PRPP”
« régime de pension agréé collectif » ou « RPAC »
“pooled registered pension plan” or “PRPP” has the same meaning as in subsection 147.5(1);
“specified unitholder”
« détenteur d’unité déterminé »
“specified unitholder”, of a partnership or trust (referred to in this definition as the “entity”), the interests in which are described by reference to units, means a taxpayer who would be a specified shareholder of the entity if the entity were a corporation and each unit of the entity were a share of a class of the corporation having the same attributes as the unit;
(6) The definition “registered pension plan” in subsection 248(1) of the Act, as enacted by subsection (1), and subsections (2) to (5) come into force or are deemed to have come into force on the day on which the Pooled Registered Pension Plans Act comes into force.
56. (1) Subsection 252(3) of the Act is replaced by the following:
Extended meaning of “spouse” and “former spouse”
(3) For the purposes of paragraph 56(1)(b), section 56.1, paragraphs 60(b) and (j), section 60.1, subsections 70(6) and (6.1), 73(1) and (5) and 104(4), (5.1) and (5.4), the definition “pre-1972 spousal trust” in subsection 108(1), subsection 146(16), the definition “survivor” in subsection 146.2(1), subparagraph 146.3(2)(f)(iv), subsections 146.3(14), 147(19) and 147.3(5) and (7), section 147.5, subsections 148(8.1) and (8.2), the definition “qualifying transfer” in subsection 207.01(1), subparagraph 210(c)(ii) and subsections 248(22) and (23), “spouse” and “former spouse” of a particular individual include another individual who is a party to a void or voidable marriage with the particular individual.
(2) Subsection (1) comes into force or is deemed to have come into force on the day on which the Pooled Registered Pension Plans Act comes into force.
57. (1) Section 253.1 of the Act is replaced by the following:
Marginal note:Investments in limited partnerships
253.1 For the purposes of subparagraph 108(2)(b)(ii), paragraphs 130.1(6)(b), 131(8)(b) and 132(6)(b), subsection 146.2(6), paragraph 146.4(5)(b), subsection 147.5(8), paragraph 149(1)(o.2), the definition “private holding corporation” in subsection 191(1) and regulations made for the purposes of paragraphs 149(1)(o.3) and (o.4), if a trust or corporation holds an interest as a member of a partnership and, by operation of any law governing the arrangement in respect of the partnership, the liability of the member as a member of the partnership is limited, the member shall not, solely because of its acquisition and holding of that interest, be considered to carry on any business or other activity of the partnership.
(2) Subsection (1) comes into force or is deemed to have come into force on the day on which the the Pooled Registered Pension Plans Act comes into force.
C.R.C., c. 945Income Tax Regulations
58. (1) Paragraph (b) of the definition “remuneration” in subsection 100(1) of the Income Tax Regulations is replaced by the following:
(b) a superannuation or pension benefit (including an annuity payment made pursuant to or under a superannuation or pension fund or plan) other than a distribution
(i) that is made from a pooled registered pension plan and is not required to be included in computing a taxpayer’s income under paragraph 56(1)(z.3) of the Act, or
(ii) that subsection 147.5(14) of the Act deems to have been made,
(2) Paragraph 100(3)(a) of the Regulations is replaced by the following:
(a) a contribution to or under a pooled registered pension plan, a registered pension plan or a specified pension plan, or
(3) Subsections (1) and (2) come into force or are deemed to have come into force on the day on which the Pooled Registered Pension Plans Act comes into force.
59. (1) The Regulations are amended by adding the following after section 212:
Pooled Registered Pension Plans
213. An administrator of a PRPP must file with the Minister an information return for each calendar year in prescribed form in respect of the PRPP
(a) if an agreement concerning annual information returns has been entered into by the Minister and an authority responsible for the supervision of the PRPP under the Pooled Registered Pension Plans Act or a similar law of a province, on or before the day on which an information return required by that authority is to be filed for the calendar year; and
(b) in any other case, on or before May 1 of the following calendar year.
(2) Subsection (1) comes into force or is deemed to have come into force on the day on which the Pooled Registered Pension Plans Act comes into force.
60. (1) Paragraph 304(1)(a) of the Regulations is replaced by the following:
(a) an annuity contract that is, or is issued pursuant to, an arrangement described in any of paragraphs 148(1)(a) to (b.3) and (d) of the Act;
(2) Subsection (1) comes into force or is deemed to have come into force on the day on which the Pooled Registered Pension Plans Act comes into force.
61. (1) The portion of subsection 1104(13) of the Regulations before the definition “basic oxygen furnace gas” is replaced by the following:
(13) The definitions in this subsection apply for the purposes of this subsection, subsections (14) to (17) and Classes 43.1 and 43.2 in Schedule II.
(2) The definitions “eligible waste fuel” and “plant residue” in subsection 1104(13) of the Regulations are replaced by the following:
- “eligible waste fuel”
“eligible waste fuel” means biogas, bio-oil, digester gas, landfill gas, municipal waste, plant residue, pulp and paper waste and wood waste. (combustible résiduaire admissible)
- “plant residue”
“plant residue” means residue of plants (not including wood waste and waste that no longer has the chemical properties of the plants of which it is a residue) that would otherwise be waste material and that is used
(a) in a system that converts biomass into bio-oil or biogas; or
(b) as an eligible waste fuel. (résidus végétaux)
(3) Section 1104 of the Regulations is amended by adding the following after subsection (16):
(17) A property that would otherwise be eligible for inclusion in Class 43.1 or Class 43.2 in Schedule II by a taxpayer is deemed not to be eligible for inclusion in either of those classes if
(a) the property is included in Class 43.1 because of its subparagraph (c)(i) or is described in any of subparagraphs (d)(viii), (ix), (xi) and (xiii) of Class 43.1 and paragraph (a) of Class 43.2; and
(b) at the time the property becomes available for use by the taxpayer, the taxpayer has not satisfied the requirements of all environmental laws, by-laws and regulations
(i) of Canada, a province or a municipality in Canada, or
(ii) of a municipal or public body performing a function of government in Canada
applicable in respect of the property.
(4) Subsections (1) to (3) are deemed to have come into force on March 29, 2012.
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