Income Tax Regulations (C.R.C., c. 945)

Regulations are current to 2015-08-04 and last amended on 2015-07-01. Previous Versions

PART XVPROFIT SHARING PLANS

Division IEmployees Profit Sharing Plans

  •  (1) An election under subsection 144(4.1) of the Act by the trustee of a trust governed by an employees profit sharing plan shall be made by filing with the Minister the prescribed form in duplicate.

  • (2) An election under subsection 144(4.2) of the Act by the trustee of a trust governed by an employees profit sharing plan shall be made by filing with the Minister the prescribed form in duplicate on or before the last day of a taxation year of the trust in respect of any capital property deemed to have been disposed of in that taxation year by virtue of the election.

  • (3) An election under subsection 144(10) of the Act shall be made by sending the following documents by registered mail to the Commissioner of Revenue at Ottawa:

    • (a) a letter from the employer stating that he elects to have the arrangement qualify as an employees profit sharing plan;

    • (b) if the employer is a corporation,

      • (i) where the directors of the corporation are legally entitled to administer the affairs of the corporation, a certified copy of their resolution authorizing the election to be made, and

      • (ii) where the directors of the corporation are not legally entitled to administer the affairs of the corporation, a certified copy of the authorization of the making of the election by the person or persons legally entitled to administer the affairs of the corporation; and

    • (c) a copy of the agreement and any supplementary agreement setting out the plan.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/94-686, ss. 69(F), 79(F);
  • SOR/2007-116, s. 4.

Division IIDeferred Profit Sharing Plans

Registration of Plans

 For the purpose of the definition “deferred profit sharing plan” in subsection 147(1) of the Act, an application for registration of a plan shall be made by sending the following documents by registered mail to the Commissioner of Revenue at Ottawa:

  • (a) a letter from the trustee and the employer whereby the trustee and the employer apply for the registration of the plan as a deferred profit sharing plan;

  • (b) if the employer is a corporation, a certified copy of a resolution of the directors authorizing the application to be made; and

  • (c) a copy of the agreement and any supplementary agreement setting out the plan.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/92-51, s. 4;
  • SOR/94-686, s. 79(F);
  • SOR/2007-116, s. 5.

 [Repealed, SOR/81-725, s. 1]

Division IIIElections in Respect of Certain Single Payments

 Any election by a beneficiary under subsection 147(10.1) of the Act shall be made by filing the prescribed form in duplicate as follows:

  • (a) one form shall be filed by the beneficiary with the trustee of the deferred profit sharing plan not later than 60 days after the end of the taxation year in which the beneficiary received the payment referred to in subsection 147(10.1) of the Act; and

  • (b) the other form shall be filed by the beneficiary with the Minister on or before the day on which the beneficiary is required to file a return of income pursuant to section 150 of the Act for the taxation year in which the beneficiary received the payment referred to in subsection 147(10.1) of the Act.