Payment where Contributor is Deceased
99. Where the payment of a transfer value cannot be effected in accordance with subsection 13.01(2) of the Act because the contributor is deceased, the payment shall be made to the estate of the contributor.
- SOR/97-222, s. 1.
Election for Transfer Value Service
100. (1) Subject to the provisions of the Income Tax Act and the Income Tax Regulations, a contributor while employed in the Public Service may elect, once only, under clause 6(1)(b)(iii)(M) of the Act, to pay for a period of transfer value service for which he or she had not previously had an opportunity to elect.
(2) An election to pay for transfer value service shall be in writing, in the form prescribed by the Minister and dated and signed by the person making the election.
(3) An election shall be sent to the Minister, or to a person designated by the Minister, no later than one year after the later of the date of the written notice sent informing the contributor that he or she has become a contributor under Part I of the Act or the day on which this section comes into force.
(4) An election is deemed to be made on the day on which it is received by the Minister, or the person designated by the Minister.
(5) Subject to subsection (6), a contributor who elects to pay for only a portion of transfer value service may only be credited with the period that is most recent in point of time.
(6) If a contributor elects to pay for only a portion of transfer value service that comprises periods of full-time service and part-time service, the portion elected shall consist of full-time service and part-time service in the same proportions as those used in the determination of the transfer value, based on those periods of service that are most recent in point of time.
(7) An election may not be revoked, except in the circumstances set out in paragraph 18(1)(a), or amended.
(8) Paragraph 8(5)(a) of the Act applies to an election made under subsection (1).
- SOR/2003-13, s. 7.
101. (1) The amount required to pay for an election for transfer value service is the aggregate of
(a) the amount determined by multiplying the amount paid as a transfer value under subsection 13.01(2) of the Act and under section 98, by the fraction the numerator of which is the portion of the transfer value service elected under section 100 and the denominator of which is the transfer value service;
(b) the amount representing the interest calculated in accordance with the rates set out in subsection (2) and (3) compounded quarterly, on the amount determined under paragraph (a), for the period beginning on the day on which payment of the transfer value was effected and ending on the last day of the month preceding the month in which the election to pay for the transfer value service is made.
(2) The rate of interest in respect of each quarter is the rate that existed in respect of the second quarter preceding the quarter for which interest is being calculated and set out in the table entitled “Balanced” on the line “MERCER Median” in the column entitled “3 Months” in Summary Performance of Canadian Institutional Pooled Funds, published by Mercer Investment Consulting Inc., as amended from time to time.
(3) If the amount of interest calculated under paragraph (1)(b) is negative, the amount of interest for the purposes of that paragraph is zero.
- SOR/2003-13, s. 7.
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