Economic Action Plan 2015 Act, No. 1 (S.C. 2015, c. 36)
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Assented to 2015-06-23
PART 1AMENDMENTS TO THE INCOME TAX ACT AND TO RELATED LEGISLATION
C.R.C., c. 945Income Tax Regulations
21. Paragraph 1100(1)(a) of the Regulations is amended by striking out “and” at the end of subparagraph (xxxvii), by adding “and” at the end of subparagraph (xxxviii) and by adding the following after subparagraph (xxxviii):
(xxxix) of Class 53, 50 per cent,
22. Paragraph 4600(2)(k) of the Regulations is replaced by the following:
(k) a property included in Class 21, 24, 27, 29, 34, 39, 40, 43, 45, 46, 50, 52 or 53 in Schedule II;
23. (1) The table to subsection 7308(3) of the Regulations is replaced by the following:
X Factor Under 72 1/(90 – X) 72 0.0540 73 0.0553 74 0.0567 75 0.0582 76 0.0598 77 0.0617 78 0.0636 79 0.0658 80 0.0682 81 0.0708 82 0.0738 83 0.0771 84 0.0808 85 0.0851 86 0.0899 87 0.0955 88 0.1021 89 0.1099 90 0.1192 91 0.1306 92 0.1449 93 0.1634 94 0.1879 95 or older 0.2000 (2) The table to subsection 7308(4) of the Regulations is replaced by the following:
Y Factor Under 71 1/(90 – Y) 71 0.0528 72 0.0540 73 0.0553 74 0.0567 75 0.0582 76 0.0598 77 0.0617 78 0.0636 79 0.0658 80 0.0682 81 0.0708 82 0.0738 83 0.0771 84 0.0808 85 0.0851 86 0.0899 87 0.0955 88 0.1021 89 0.1099 90 0.1192 91 0.1306 92 0.1449 93 0.1634 94 0.1879 95 or older 0.2000 (3) Subsections (1) and (2) apply to the 2015 and subsequent taxation years.
24. Section 8506 of the Regulations is amended by adding the following after subsection (10):
Recontribution for 2015
(11) If a contribution made by a member of a registered pension plan and credited to the member’s account under a money purchase provision of the plan complies with the conditions in subsection (12), the contribution
(a) is deemed to have been made in accordance with the plan as registered;
(b) is to be disregarded for the purposes of paragraph (2)(c.1); and
(c) is deemed to be an excluded contribution for the purposes of paragraph 8301(4)(a).
Conditions Referred to in Subsection (11)
(12) The conditions referred to in subsection (11) are as follows:
(a) the contribution is made after December 31, 2014 and before March 1, 2016;
(b) the contribution is designated for the purposes of this subsection in a manner acceptable to the Minister; and
(c) the amount of the contribution does not exceed the amount determined by the formula
A – B – C
where
A is the lesser of
(i) the total of all amounts each of which is the amount of a retirement benefit (other than a retirement benefit permissible under any of paragraphs (1)(a) to (e)) paid from the plan in 2015 in respect of the account and included, because of paragraph 56(1)(a) of the Act, in computing the taxpayer’s income for the taxation year, and
(ii) the amount that would be the minimum amount for the account for 2015 if it were determined using the factor designated under subsection 7308(4) as it read on December 31, 2014,
B is the minimum amount for the account for 2015, and
C is the total of all other contributions made by the member under the money purchase provision at or before the time of the contribution and designated for the purposes of this subsection.
25. Paragraph (a) of Class 43 of Schedule II to the Regulations is replaced by the following:
(a) is not included in Class 29 or 53, but that would otherwise be included in Class 29 if that Class were read without reference to its subparagraphs (b)(iii) and (v) and paragraph (c); or
26. Schedule II to the Regulations is amended by adding the following after Class 52:
Class 53
Property acquired after 2015 and before 2026 that is not included in Class 29, but that would otherwise be included in that Class if
(a) subparagraph (a)(ii) of that Class were read without reference to “in Canadian field processing carried on by the lessee or”; and
(b) that Class were read without reference to its subparagraphs (b)(iv) to (vi) and paragraph (c).
C.R.C., c. 385Canada Pension Plan Regulations
27. (1) Subsection 8(1) of the Canada Pension Plan Regulations is replaced by the following:
8. (1) Subject to subsections (1.1), (1.11), (1.12), (1.13) and (2), the employee’s contribution and the employer’s contribution shall be remitted to the Receiver General on or before the 15th day of the month following the month in which the employer paid to the employee the remuneration in respect of which those contributions were required to be made.
(2) Subsection 8(1.2) of the Regulations is replaced by the following:
(1.13) If an employer is a new employer throughout a particular month in a particular calendar year, contributions payable in the month may be remitted by the employer to the Receiver General
(a) in respect of those contributions paid in January, February and March of the particular calendar year, on or before the 15th day of April of the particular calendar year;
(b) in respect of those contributions paid in April, May and June of the particular calendar year, on or before the 15th day of July of the particular calendar year;
(c) in respect of those contributions paid in July, August and September of the particular calendar year, on or before the 15th day of October of the particular calendar year; and
(d) in respect of those contributions paid in October, November and December of the particular calendar year, on or before the 15th day of January of the year following the particular calendar year.
(1.2) For the purpose of this section,
(a) the average monthly withholding amount of an employer for a calendar year is determined in accordance with subsections 108(1.2) and (1.3) of the Income Tax Regulations;
(b) the determination as to whether an employer is a new employer is made in accordance with subsections 108(1.4) and (1.41) of the Income Tax Regulations; and
(c) the monthly withholding amount in respect of a new employer for a month is determined in accordance with subsection 108(1.21) of the Income Tax Regulations.
(3) Subsections (1) and (2) apply to amounts and contributions required to be remitted to the Receiver General after 2015.
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