Excise Tax Act
Marginal note:Definitions
172.1 (1) The following definitions apply in this section.
active member
participant actif
active member has the meaning assigned by subsection 8500(1) of the Income Tax Regulations. (participant actif)
employer resource
ressource d’employeur
employer resource of a person means
(a) all or part of a labour activity of the person, other than the part of the labour activity consumed or used by the person in the process of creating, developing or bringing into existence property;
(b) all or part of property or a service supplied to the person, other than the part of the property or service consumed or used by the person in the process of creating, developing or bringing into existence property;
(c) all or part of property created, developed or brought into existence by the person; or
(d) any combination of the items referred to in paragraphs (a) to (c). (ressource d’employeur)
excluded activity
activité exclue
excluded activity, in respect of a pension plan, means an activity undertaken exclusively for
(a) compliance by a participating employer of the pension plan as an issuer, or prospective issuer, of securities with reporting requirements under a law of Canada or of a province in respect of the regulation of securities;
(b) evaluating the feasibility or financial impact on a participating employer of the pension plan of establishing, altering or winding-up the pension plan, other than an activity that relates to the preparation of an actuarial report in respect of the plan required under a law of Canada or of a province;
(c) evaluating the financial impact of the pension plan on the assets and liabilities of a participating employer of the pension plan;
(d) negotiating changes to the benefits under the pension plan with a union or similar organization of employees;
(d.1) if the pension plan is a pooled registered pension plan, compliance by a participating employer of the pension plan as a PRPP administrator of the pension plan with requirements under the Pooled Registered Pension Plans Act or a similar law of a province, provided the activity is undertaken exclusively for the purpose of making a taxable supply of a service to a pension entity of the pension plan that is to be made
(i) for consideration that is not less than the fair market value of the service, and
(ii) at a time when no election under subsection 157(2) made jointly by the participating employer and the pension entity is in effect; or
(e) prescribed purposes. (activité exclue)
labour activity
activité de main-d’oeuvre
labour activity of a person means anything done by an individual who is or agrees to become an employee of the person in the course of, or in relation to, the office or employment of that individual. (activité de main-d’oeuvre)
- participating employer
participating employer[Repealed, 2012, c. 31, s. 75]
pension activity
activité de pension
pension activity, in respect of a pension plan, means an activity (other than an excluded activity) that relates to
(a) the establishment, management or administration of the pension plan or a pension entity of the pension plan; or
(b) the management or administration of assets in respect of the pension plan. (activité de pension)
- pension entity
pension entity[Repealed, 2012, c. 31, s. 75]
- pension plan
pension plan[Repealed, 2012, c. 31, s. 75]
provincial factor
facteur provincial
provincial factor in respect of a pension plan and a participating province, for a fiscal year of a person that is a participating employer of the pension plan, means the amount (expressed as a percentage) determined by the formula
A × B
where
- A
- is the tax rate for the participating province on the last day of the fiscal year; and
- B
- is
(a) if the person made contributions to the pension plan during the fiscal year that may be deducted by the person under paragraph 20(1)(q) of the Income Tax Act in computing its income (in this paragraph referred to as “pension contributions”) and the number of active members of the pension plan who were employees of the person on the particular day that is the last day of the last calendar year ending on or before the last day of the fiscal year is greater than zero, the amount determined by the formula
[(C/D) + (E/F)]/2
where
- C
- is the total of all pension contributions made to the pension plan by the person during the fiscal year in respect of employees of the person who were resident in the participating province on the particular day,
- D
- is the total of all pension contributions made to the pension plan by the person during the fiscal year in respect of employees of the person,
- E
- is the number of active members of the pension plan who were, on the particular day, employees of the person and resident in the participating province, and
- F
- is the number of active members of the pension plan who were, on the particular day, employees of the person;
(b) if paragraph (a) does not apply and the number of active members of the pension plan who were employees of the person on the particular day that is the last day of the last calendar year ending on or before the last day of the fiscal year is greater than zero, the amount determined by the formula
G/H
where
- G
- is the number of active members of the pension plan who were, on the particular day, employees of the person and resident in the participating province, and
- H
- is the number of active members of the pension plan who were, on the particular day, employees of the person; or
(c) in any other case, zero. (facteur provincial)
specified supply
fourniture déterminée
specified supply of a participating employer of a pension plan to the pension plan means
(a) a taxable supply deemed to have been made under subsection (5) of all or part of property or a service that the participating employer acquired for the purpose of making a supply of all or part of the property or service to a pension entity of the pension plan;
(b) a taxable supply deemed to have been made under subsection (6) of an employer resource of the participating employer that the participating employer consumed or used for the purpose of making a supply of property or a service to a pension entity of the pension plan; or
(c) a taxable supply deemed to have been made under subsection (7) of an employer resource of the participating employer that the participating employer consumed or used in the course of pension activities in respect of the pension plan. (fourniture déterminée)
Marginal note:Excluded resource
(2) For the purposes of this section, property or a service that is supplied to a particular person that is a participating employer of a pension plan by another person is an excluded resource of the particular person in respect of the pension plan if
(a) for each pension entity of the pension plan, no tax would become payable under this Part in respect of the supply if
(i) the supply were made by the other person to the pension entity and not to the particular person, and
(ii) the pension entity and the other person were dealing at arm’s length; and
(b) where the supply is a supply of tangible personal property made outside Canada, the supply would not be an imported taxable supply (as defined in section 217) if the particular person were a registrant not engaged exclusively in commercial activities.
Marginal note:Time of acquisition
(3) For the purposes of this section, if, at a particular time, a supply of property described in paragraph 142(2)(a) or (b) is made to a person who is a participating employer of a pension plan and, at a later time, tax under section 212 becomes payable by the person in respect of the property
(a) the supply is deemed to have been made to the person at the later time and not at the particular time; and
(b) tax is deemed to have been payable in respect of the supply at the later time.
Marginal note:Specified pension entity
(4) If a person is a participating employer of a pension plan and the pension plan has,
(a) at all times in a fiscal year of the person, no more than one pension entity, that pension entity is the specified pension entity of the pension plan in respect of the person for the fiscal year; and
(b) in the fiscal year, two or more pension entities, the person and one of those pension entities may jointly elect, in prescribed form containing prescribed information, for that pension entity to be the specified pension entity of the pension plan in respect of the person for the fiscal year.
Marginal note:Acquisition of property or service for supply
(5) If a person is both a registrant and a participating employer of a pension plan at any time in a particular fiscal year of the person and is not a selected qualifying employer of the pension plan at that time, if the person acquires at that time property or a service (in this subsection referred to as the “specified resource”) for the purpose of making a supply of all or part of the specified resource to a pension entity of the pension plan for consumption, use or supply by the pension entity in the course of pension activities in respect of the pension plan and if the specified resource is not an excluded resource of the person in respect of the pension plan, the following rules apply:
(a) for the purposes of this Part, the person is deemed to have made a taxable supply of the specified resource or part on the last day of the particular fiscal year;
(b) for the purposes of this Part, tax in respect of the taxable supply is deemed to have become payable on the last day of the particular fiscal year and the person is deemed to have collected that tax on that day;
(c) for the purposes of this Part, the tax referred to in paragraph (b) is deemed to be equal to the amount determined by the formula
A + B
where
- A
- is the amount determined by the formula
C × D
where
- C
- is the fair market value of the specified resource or part at the time it was acquired by the person, and
- D
- is the rate set out in subsection 165(1), and
- B
- is the total of all amounts, each of which is determined for a participating province by the following formula
E × F
where
- E
- is the fair market value of the specified resource or part at the time it was acquired by the person, and
- F
- is the provincial factor in respect of the pension plan and the participating province for the particular fiscal year; and
(d) for the purpose of determining an input tax credit of the pension entity under this Part and for the purposes of sections 232.01, 232.02 and 261.01, the pension entity is deemed
(i) to have received a supply of the specified resource or part on the last day of the particular fiscal year,
(ii) to have paid tax in respect of that supply on that day equal to
(A) if the pension entity is a selected listed financial institution on that day, the amount determined for A in the formula in paragraph (c) in determining the amount of tax under that paragraph, and
(B) in any other case, the amount of tax determined under paragraph (c), and
(iii) to have acquired the specified resource or part for consumption, use or supply in the course of its commercial activities to the same extent that the specified resource or part was acquired by the person for the purpose of making a supply of the specified resource or part to the pension entity for consumption, use or supply by the pension entity in the course of pension activities in respect of the pension plan that are commercial activities of the pension entity.
Marginal note:Consumption or use of employer resource for supply
(6) If a person is both a registrant and a participating employer of a pension plan at any time in a particular fiscal year of the person and is not a selected qualifying employer of the pension plan at that time, if the person consumes or uses at that time an employer resource of the person for the purpose of making a supply of property or a service (in this subsection referred to as the “pension supply”) to a pension entity of the pension plan for consumption, use or supply by the pension entity in the course of pension activities in respect of the pension plan and if the employer resource is not an excluded resource of the person in respect of the pension plan, the following rules apply:
(a) for the purposes of this Part, the person is deemed to have made a taxable supply of the employer resource (in this subsection referred to as the “employer resource supply”) on the last day of the particular fiscal year;
(b) for the purposes of this Part, tax in respect of the employer resource supply is deemed to have become payable on the last day of the particular fiscal year and the person is deemed to have collected that tax on that day;
(c) for the purposes of this Part, the tax referred to in paragraph (b) is deemed to be equal to the amount determined by the formula
A + B
where
- A
- is the amount determined by the formula
C × D
where
- C
- is
(i) if the employer resource was consumed by the person during the particular fiscal year for the purpose of making the pension supply, the product obtained when the fair market value of the employer resource at the time the person began consuming it in the particular fiscal year is multiplied by the extent to which that consumption (expressed as a percentage of the total consumption of the employer resource by the person during the particular fiscal year) occurred when the person was both a registrant and a participating employer of the pension plan, or
(ii) otherwise, the product obtained when the fair market value of the use of the employer resource during the particular fiscal year as determined on the last day of the particular fiscal year is multiplied by the extent to which the employer resource was used during the particular fiscal year (expressed as a percentage of the total use of the employer resource by the person during the particular fiscal year) for the purpose of making the pension supply when the person was both a registrant and a participating employer of the pension plan, and
- D
- is the rate set out in subsection 165(1), and
- B
- is the total of all amounts, each of which is determined for a participating province by the following formula
E × F
where
- E
- is the amount determined for C, and
- F
- is the provincial factor in respect of the pension plan and the participating province for the particular fiscal year; and
(d) for the purpose of determining an input tax credit of the pension entity under this Part and for the purposes of sections 232.01, 232.02 and 261.01, the pension entity is deemed
(i) to have received a supply of the employer resource on the last day of the particular fiscal year,
(ii) to have paid tax in respect of that supply on that day equal to
(A) if the pension entity is a selected listed financial institution on that day, the amount determined for A in the formula in paragraph (c) in determining the amount of tax under that paragraph, and
(B) in any other case, the amount of tax determined under paragraph (c), and
(iii) to have acquired the employer resource for consumption, use or supply in the course of its commercial activities to the same extent that the property or service supplied in the pension supply was acquired by the pension entity for consumption, use or supply by the pension entity in pension activities in respect of the pension plan that are commercial activities of the pension entity.
Marginal note:Consumption or use of employer resource otherwise than for supply
(7) If a person is both a registrant and a participating employer of a pension plan at any time in a particular fiscal year of the person and is not a qualifying employer of the pension plan at that time, if the person consumes or uses at that time an employer resource of the person in the course of pension activities in respect of the pension plan, if the employer resource is not an excluded resource of the person in respect of the pension plan and if subsection (6) does not apply to that consumption or use, the following rules apply:
(a) for the purposes of this Part, the person is deemed to have made a taxable supply of the employer resource (in this subsection referred to as the “employer resource supply”) on the last day of the particular fiscal year;
(b) for the purposes of this Part, tax in respect of the employer resource supply is deemed to have become payable on the last day of the particular fiscal year and the person is deemed to have collected that tax on that day;
(c) for the purposes of this Part, the tax referred to in paragraph (b) is deemed to be equal to the amount determined by the formula
A + B
where
- A
- is the amount determined by the formula
C × D
where
- C
- is
(i) if the employer resource was consumed by the person during the particular fiscal year in the course of pension activities in respect of the pension plan, the product obtained when the fair market value of the employer resource at the time the person began consuming it in the particular fiscal year is multiplied by the extent to which that consumption (expressed as a percentage of the total consumption of the employer resource by the person during the particular fiscal year) occurred when the person was both a registrant and a participating employer of the pension plan, or
(ii) otherwise, the product obtained when the fair market value of the use of the employer resource during the particular fiscal year as determined on the last day of the particular fiscal year is multiplied by the extent to which the employer resource was used during the particular fiscal year (expressed as a percentage of the total use of the employer resource by the person during the particular fiscal year) in the course of pension activities in respect of the pension plan when the person was both a registrant and a participating employer of the pension plan, and
- D
- is the rate set out in subsection 165(1), and
- B
- is the total of all amounts, each of which is determined for a participating province by the following formula
E × F
where
- E
- is the amount determined for C, and
- F
- is the provincial factor in respect of the pension plan and the participating province for the particular fiscal year; and
(d) for the purposes of determining, under section 261.01, an eligible amount of the specified pension entity of the pension plan in respect of the person for the particular fiscal year, the specified pension entity is deemed to have paid tax on the last day of the particular fiscal year equal to
(i) if the specified pension entity is a selected listed financial institution on that day, the amount determined for A in the formula in paragraph (c) in determining the amount of tax under that paragraph, and
(ii) in any other case, the amount of tax determined under paragraph (c).
Marginal note:Provision of information to pension entity
(8) If subsection (5), (6) or (7) applies in respect of a person that is a participating employer of a pension plan, the person shall, in prescribed form and in a manner satisfactory to the Minister, provide prescribed information to the pension entity of the pension plan that is deemed to have paid tax under that subsection.
Marginal note:Selected qualifying employer
(9) For the purposes of this section, a particular participating employer of a pension plan is a selected qualifying employer of the pension plan for a particular fiscal year of the particular participating employer if no election under subsection 157(2) made jointly by the particular participating employer and a pension entity of the pension plan is in effect in the particular fiscal year, if the particular participating employer did not become a participating employer of the pension plan in the particular fiscal year, if the amount determined for A in the following formula is less than $5,000 and if the amount (expressed as a percentage) determined by the following formula is less than 10%:
A/(B – C)
where
- A
- is the total of all amounts, each of which is
(a) an amount of tax deemed to have been collected under subsection (5), (6) or (7) by the particular participating employer in respect of a specified supply of the particular participating employer to the pension plan during the fiscal year (in this subsection referred to as the “preceding fiscal year”) of the particular participating employer preceding the particular fiscal year less the amount, if any, determined for B under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining that amount of tax,
(b) if the particular participating employer is a selected qualifying employer of the pension plan for the preceding fiscal year, an amount of tax that would have been deemed to have been collected under subsection (5) or (6) by the particular participating employer during the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the particular participating employer to the pension plan, if the particular participating employer were not a selected qualifying employer, less the amount, if any, that would be determined for B under paragraph (5)(c) or (6)(c), whichever is applicable, in determining that amount of tax,
(c) if the particular participating employer is a qualifying employer of the pension plan for the preceding fiscal year, an amount of tax that would have been deemed to have been collected under subsection (7) by the particular participating employer during the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the particular participating employer to the pension plan, if the particular participating employer were not a qualifying employer, less the amount, if any, that would be determined for B under paragraph (7)(c) in determining that amount of tax,
(d) an amount of tax deemed to have been collected under subsection (5), (6) or (7) by another participating employer of the pension plan in respect of a specified supply of the other participating employer to the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer, less the amount, if any, determined for B under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining that amount of tax,
(e) an amount of tax that would have been deemed to have been collected under subsection (5) or (6) by another participating employer of the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the other participating employer to the pension plan if the other participating employer were not a selected qualifying employer, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer and is a selected qualifying employer of the pension plan for that fiscal year of the other participating employer, less the amount, if any, that would be determined for B under paragraph (5)(c) or (6)(c), whichever is applicable, in determining that amount of tax, or
(f) an amount of tax that would have been deemed to have been collected under subsection (7) by another participating employer of the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the other participating employer to the pension plan if the other participating employer were not a qualifying employer, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer and is a qualifying employer of the pension plan for that fiscal year of the other participating employer, less the amount, if any, that would be determined for B under paragraph (7)(c) in determining that amount of tax;
- B
- is the total of all amounts, each of which is
(a) an amount of tax under subsection 165(1) or section 212, 218 or 218.01 paid by a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the amount is an eligible amount (as defined in subsection 261.01(1)) for a claim period (as defined in that subsection) of the pension entity,
(b) an amount of tax deemed to have been collected under subsection (5), (6) or (7) by a participating employer of the pension plan, including the particular participating employer, during a fiscal year of the participating employer that ends in the preceding fiscal year in respect of a specified supply of the participating employer to the pension plan less the amount, if any, determined for B under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining that amount of tax, or
(c) an amount required to be added to the net tax of a pension entity of the pension plan under paragraph 232.01(5)(b) or 232.02(4)(b) for a reporting period of the pension entity that ends in the preceding fiscal year as a consequence of the issuance of a tax adjustment note under subsection 232.01(3) or 232.02(2) or, if less, the amount that would have been required to be so added if the pension entity were a selected listed financial institution; and
- C
- is the total of all amounts, each of which is
(a) the federal component amount of a tax adjustment note issued under subsection 232.01(3) or 232.02(2) by a participating employer of the pension plan, including the particular participating employer, to a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year, or
(b) a recoverable amount (as defined in subsection 261.01(1)) of a pension entity of the pension plan in respect of a claim period ending in a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the recoverable amount is in respect of an amount determined for A under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining an amount of tax deemed to have been paid by the pension entity under this section for the purposes of section 261.01.
Marginal note:Qualifying employer
(10) For the purposes of this section, a particular participating employer of a pension plan is a qualifying employer of the pension plan for a particular fiscal year of the particular participating employer if the particular participating employer did not become a participating employer of the pension plan in the particular fiscal year, if the amount determined for A in the following formula is less than $5,000 and if the amount (expressed as a percentage) determined by the following formula is less than 10%:
A/(B – C)
where
- A
- is the total of all amounts, each of which is
(a) an amount of tax deemed to have been collected under subsection (7) by the particular participating employer in respect of a specified supply of the particular participating employer to the pension plan during the fiscal year (in this subsection referred to as the “preceding fiscal year”) of the particular participating employer preceding the particular fiscal year less the amount, if any, determined for B under paragraph (7)(c) in determining that amount of tax,
(b) if the particular participating employer is a qualifying employer of the pension plan for the preceding fiscal year, an amount of tax that would have been deemed to have been collected under subsection (7) by the particular participating employer during the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the particular participating employer to the pension plan, if the particular participating employer were not a qualifying employer, less the amount, if any, that would be determined for B under paragraph (7)(c) in determining that amount of tax,
(c) an amount of tax deemed to have been collected under subsection (7) by another participating employer of the pension plan in respect of a specified supply of the other participating employer to the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer, less the amount, if any, determined for B under paragraph (7)(c) in determining that amount of tax, or
(d) an amount of tax that would have been deemed to have been collected under subsection (7) by another participating employer of the pension plan during a fiscal year of the other participating employer that ends in the preceding fiscal year in respect of a supply that would have been deemed to have been made under that subsection and that would be a specified supply of the other participating employer to the pension plan if the other participating employer were not a qualifying employer, provided that the other participating employer is related at any time in the preceding fiscal year to the particular participating employer and is a qualifying employer of the pension plan for that fiscal year of the other participating employer, less the amount, if any, that would be determined for B under paragraph (7)(c) in determining that amount of tax;
- B
- is the total of all amounts, each of which is
(a) an amount of tax under subsection 165(1) or section 212, 218 or 218.01 paid by a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the amount is an eligible amount (as defined in subsection 261.01(1)) for a claim period (as defined in that subsection) of the pension entity,
(b) an amount of tax deemed to have been collected under subsection (5), (6) or (7) by a participating employer of the pension plan, including the particular participating employer, during a fiscal year of the participating employer that ends in the preceding fiscal year in respect of a specified supply of the participating employer to the pension plan less the amount, if any, determined for B under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining that amount of tax, or
(c) an amount required to be added to the net tax of a pension entity of the pension plan under paragraph 232.01(5)(b) or 232.02(4)(b) for a reporting period of the pension entity that ends in the preceding fiscal year as a consequence of the issuance of a tax adjustment note under subsection 232.01(3) or 232.02(2) or, if less, the amount that would have been required to be so added if the pension entity were a selected listed financial institution; and
- C
- is the total of all amounts, each of which is
(a) the federal component amount of a tax adjustment note issued under subsection 232.01(3) or 232.02(2) by a participating employer of the pension plan, including the particular participating employer, to a pension entity of the pension plan during a fiscal year of the pension entity that ends in the preceding fiscal year, or
(b) a recoverable amount (as defined in subsection 261.01(1)) of a pension entity of the pension plan in respect of a claim period ending in a fiscal year of the pension entity that ends in the preceding fiscal year but only to the extent that the recoverable amount is in respect of an amount determined for A under paragraph (5)(c), (6)(c) or (7)(c), whichever is applicable, in determining an amount of tax deemed to have been paid by the pension entity under this section for the purposes of section 261.01.
Marginal note:New participating employer
(11) For the purposes of this section, if a person becomes a participating employer of a pension plan in a particular fiscal year, the person is
(a) a selected qualifying employer of the pension plan for the particular fiscal year if it is reasonable to expect, at the time the person becomes a participating employer of the pension plan, that the person will be a selected qualifying employer of the pension plan for the fiscal year of the person following the particular fiscal year; and
(b) a qualifying employer of the pension plan for the particular fiscal year if it is reasonable to expect, at the time the person becomes a participating employer of the pension plan, that the person will be a qualifying employer of the pension plan for the fiscal year of the person following the particular fiscal year.
Marginal note:Mergers and amalgamations
(12) If two or more corporations (each of which is referred to in this subsection as a “predecessor”), any of which is a participating employer of a pension plan, are merged or amalgamated to form one corporation (in this subsection referred to as the “new corporation”) that is a participating employer of the pension plan, otherwise than as the result of the acquisition of property of one corporation by another corporation pursuant to the purchase of the property by the other corporation or as the result of the distribution of the property to the other corporation on the winding-up of the corporation, despite section 271 and for the purposes of applying subsections (9) to (11) to the new corporation, the following rules apply:
(a) the new corporation is deemed to have a fiscal year (in this subsection referred to as the “prior fiscal year of the new corporation”) of 365 days immediately preceding the first fiscal year of the new corporation;
(b) any amount of tax deemed to have been collected under any of subsections (5), (6) and (7) by a predecessor, or that would have been deemed to have been collected under any of those subsections if the predecessor were neither a selected qualifying employer nor a qualifying employer, at any time during the period of 365 days preceding the first fiscal year of the new corporation is deemed to have been collected under the same subsection by the new corporation, and not by a predecessor, on the last day of the prior fiscal year of the new corporation;
(c) any specified supply of a predecessor to the pension plan in respect of a taxable supply deemed to have been made under any of subsections (5), (6) and (7), or that would have been deemed to have been made under any of those subsections if the predecessor were neither a selected qualifying employer nor a qualifying employer, at any time during the period of 365 days preceding the first fiscal year of the new corporation is deemed to be a specified supply of the new corporation to the pension plan and not of the predecessor; and
(d) the new corporation is deemed not to have become a participating employer of the pension plan.
Marginal note:Winding-up
(13) If at any time a particular corporation that is a participating employer of a pension plan is wound up and not less than 90% of the issued shares of each class of the capital stock of the particular corporation were, immediately before that time, owned by another corporation that is a participating employer of the pension plan, despite subsection (11) and section 272 and for the purposes of applying the definition specified supply in subsection (1) in respect of the other corporation and applying subsections (9) and (10) to the other corporation, the other corporation is deemed to be the same corporation as, and a continuation of, the particular corporation.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2010, c. 12, s. 58
- 2012, c. 31, s. 75
- 2013, c. 33, s. 44
- 2014, c. 39, s. 94
- Date modified: