8518 (1) Subsection 147.1(8) of the Act does not apply to render a registered pension plan a revocable plan at the end of a calendar year by reason that a pension adjustment, or an aggregate of pension adjustments, of an individual for the year is excessive where the subsection would not so apply if the individual’s pension adjustments for the year were determined without the inclusion of those pension credits, if any, of the individual for the year under deferred profit sharing plans that are described in subsection (2).
(2) For the purposes of subsection (1), a pension credit (as determined under Part LXXXIII) of an individual for a year under a deferred profit sharing plan is described in this subsection if
(a) it is a pension credit with respect to an employer by whom the individual ceased to be employed in the year; and
(b) it includes the amount of a contribution made to the plan in the year by the employer with respect to the individual that was based, in whole or in part, on the individual’s remuneration for the preceding year.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- SOR/92-51, s. 7
- Date modified: