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

Government-Sponsored Retirement Arrangements

Definitions

• 8308.4 (1) The definitions in this subsection apply in this section.

  administrator

  administrator means, in respect of a government-sponsored retirement arrangement, the government or other entity that has ultimate responsibility for the administration of the arrangement. (administrateur)

  government-sponsored retirement arrangement

  government-sponsored retirement arrangement means a plan or arrangement established to provide pensions directly or indirectly from the public money of Canada or a province to one or more individuals each of whom renders services in respect of which amounts that are included in computing the income from a business of any person or partnership are paid directly or indirectly from the public money of Canada or a province. (mécanisme de retraite sous régime gouvernemental)

Prescribed Amount

• (2) Where

  • (a) in a particular calendar year after 1992 an individual renders services in respect of which an amount that is included in computing the income from a business of any person was payable directly or indirectly by the Government of Canada or of a province, and

  • (b) at the end of the particular year, the individual is entitled, either absolutely or contingently, to benefits under a government-sponsored retirement arrangement that provides benefits in connection with such services,

  there is prescribed in respect of the individual for the year following the particular year, for the purposes of the descriptions of B in the definitions RRSP deduction limit and unused RRSP deduction room in subsection 146(1) of the Act and the description of B in paragraph 204.2(1.1)(b) of the Act,

  • (c) where the particular year is before 1996, the amount by which the RRSP dollar limit for that following year exceeds $1,000, and

  • (d) in any other case, the RRSP dollar limit for that following year.

Prescribed Amount for Lieutenant Governors and Judges

• 8309 (1) Subject to subsection (3), where an individual is, at any time in a particular calendar year after 1989, a lieutenant governor of a province (other than a lieutenant governor who is not a contributor as defined in section 2 of the Lieutenant Governors Superannuation Act), there is prescribed in respect of the individual for the year following the particular year, for the purposes of the descriptions of B in the definitions RRSP deduction limit and unused RRSP deduction room in subsection 146(1) of the Act and the description of B in paragraph 204.2(1.1)(b) of the Act, the lesser of

  • (a) the amount, if any, by which 18% of the salary received by the individual for the particular year as a lieutenant governor exceeds the PA offset for the particular year, and

  • (b) the amount by which the money purchase limit for the particular year exceeds the PA offset for the particular year.

• (2) Subject to subsection (3), where an individual is, at any time in a particular calendar year after 1990, a judge in receipt of a salary under the Judges Act, there is prescribed in respect of the individual for the year following the particular year, for the purposes of the descriptions of B in the definitions RRSP deduction limit and unused RRSP deduction room in subsection 146(1) of the Act and the description of B in paragraph 204.2(1.1)(b) of the Act, the lesser of

  • (a) the amount, if any, by which 18% of the portion of the salary received by the individual for the particular year under the Judges Act in respect of which contributions are required under subsection 50(1) or (2) of that Act exceeds the PA offset for the particular year; and

  • (b) the amount determined by the formula

    A × B / 12

    where

    A

    is the amount by which the money purchase limit for the particular year exceeds the PA offset for the particular year, and

    B

    is the number of months, in the particular year, for which the individual received salary in respect of which contributions were required under subsection 50(1) or (2) of the Judges Act.

• (3) For the purpose of determining the amount prescribed under subsection (1) or (2) in respect of an individual for a calendar year after 2000 and before 2004,

  • (a) paragraph (1)(b) shall be read as follows:

    • “(b) the money purchase limit for the particular year.”, and

  • (b) the description of A in paragraph (2)(b) shall be read as follows:

    “A

    is the money purchase limit for the particular year, and”.

Minister’s Powers

• 8310 (1) Where more than one method for determining an amount under this Part complies with the rules in this Part, only such of those methods as are acceptable to the Minister shall be used.

• (2) Where, in a particular case, the rules in this Part require the determination of an amount in a manner that is not appropriate having regard to the provisions of this Part read as a whole and the purposes for which the amount is determined, the Minister may permit or require the amount to be determined in a manner that, in the Minister’s opinion, is appropriate.

• (3) Where, pursuant to subsection (2), the Minister gives permission or imposes a requirement, the permission or requirement is not effective unless it is given or imposed in writing.

Rounding of Amounts

8311 Where a pension credit, provisional PSPA or PAR of an individual is not a multiple of one dollar, it shall be rounded to the nearest multiple of one dollar or, if it is equidistant from two such consecutive multiples, to the higher of the two multiples.

PART LXXXIVRetirement and Profit-sharing Plans — Reporting and Provision of Information

Definitions

• 8400 (1) All words and expressions used in this Part that are defined in subsection 8300(1), 8308.4(1) or 8500(1) or in subsection 147.1(1) of the Act have the meanings assigned in those provisions.

• (2) A reference in this Part to a pension credit of an individual means a pension credit of the individual as determined under Part LXXXIII.

• (3) For the purposes of this Part, where the administrator of a pension plan is not otherwise a person, the administrator shall be deemed to be a person.

Pension Adjustment

• 8401 (1) Where the pension adjustment of an individual for a calendar year with respect to an employer is greater than nil, the employer shall, on or before the last day of February in the immediately following calendar year, file with the Minister an information return in prescribed form reporting the pension adjustment, other than the portion, if any, required by subsection (2) or (3) to be reported by the administrator of a registered pension plan.

• (2) Where an individual makes a contribution in a particular calendar year to a registered pension plan that is a specified multi-employer plan in the year and the contribution is not remitted to the plan by any participating employer on behalf of the individual, the plan administrator shall, on or before the last day of February in the immediately following calendar year, file with the Minister an information return in prescribed form reporting the aggregate of all amounts each of which is the portion, if any, of the individual’s pension adjustment for the particular year with respect to an employer that may reasonably be considered to result from the contribution.

• (3) Where the portion of a pension credit of an individual for a calendar year that, pursuant to subsection (4), is reportable by the administrator of a registered pension plan is greater than nil, the administrator shall, on or before the last day of February in the immediately following calendar year, file with the Minister an information return in prescribed form reporting that portion of the pension credit.

• (4) For the purpose of subsection (3), where, on application by the administrator of a registered pension plan that is, in a calendar year, a multi-employer plan (other than a specified multi-employer plan), the Minister consents in writing to the application of this subsection in respect of the plan in the year, such portion of each pension credit for the year under a defined benefit provision of the plan as may reasonably be considered to be attributable to benefits provided in respect of a period of reduced services of an individual is, to the extent permitted by the Minister, reportable by the administrator.

• (5) Subsections (1) to (3) do not apply to require the reporting of amounts with respect to an individual for the calendar year in which the individual dies.

• (6) Where the pension adjustment of an individual for a calendar year with respect to an employer is altered by reason of the application of paragraph 8308(4)(d) or (5)(c) and the amount (in this subsection referred to as the “redetermined amount”) that a person would have been required to report based on the pension adjustment as altered exceeds

  • (a) if the person has not previously reported an amount in respect of the individual’s pension adjustment, nil, and

  • (b) otherwise, the amount reported by the person in respect of the individual’s pension adjustment,

  the person shall, within 60 days after the day on which paragraph 8308(4)(d) or (5)(c), as the case may be, applies to alter the pension adjustment, file with the Minister an information return in prescribed form reporting the redetermined amount.

Past Service Pension Adjustment

• 8402 (1) Where a provisional PSPA (computed under section 8303, 8304 or 8308) of an individual with respect to an employer that is associated with a past service event (other than a certifiable past service event) is greater than nil, the administrator of each registered pension plan to which the past service event relates shall, within 120 days after the day on which the past service event occurs, file with the Minister an information return in prescribed form reporting such portion of the aggregate of all amounts each of which is the individual’s PSPA with respect to an employer that is associated with the past service event as may reasonably be considered to be attributable to benefits provided under the plan, except that a return is not required to be filed by an administrator if the amount that would otherwise be reported by the administrator is nil.

• (2) Where a foreign plan PSPA (computed under subsection 8308.1(5) or (6)) of an individual with respect to an employer associated with a modification of benefits under a foreign plan (as defined by subsection 8308.1(1)) is greater than nil, the employer shall, on or before the last day of February in the year following the calendar year in which the individual’s benefits were modified, file with the Minister an information return in prescribed form reporting the foreign plan PSPA.

• (3) Where a specified retirement arrangement PSPA (computed under subsection 8308.3(4) or (5)) of an individual with respect to an employer associated with a modification of benefits under a specified retirement arrangement (as defined by subsection 8308.3(1)) is greater than nil, the employer shall, on or before the last day of February in the calendar year following the calendar year in which the individual’s benefits were modified, file with the Minister an information return in prescribed form reporting the specified retirement arrangement PSPA.

• (4) The administrator of a registered pension plan shall file with the Minister an information return in prescribed form within 120 days after a contribution is made to the plan in respect of an individual under subsection 147.1(20) of the Act.

Pension Adjustment Reversal

Deferred Profit Sharing Plan

• 8402.01 (1) Where the PAR determined in connection with an individual’s termination from a deferred profit sharing plan is greater than nil, each trustee under the plan shall file with the Minister an information return in prescribed form reporting the PAR

  • (a) where the termination occurs in the first, second or third quarter of a calendar year, on or before the day that is 60 days after the last day of the quarter in which the termination occurs, and

  • (b) where the termination occurs in the fourth quarter of a calendar year, before February of the following calendar year,

  and, for this purpose, an information return filed by a trustee under a deferred profit sharing plan is deemed to have been filed by each trustee under the plan.

Deferred Profit Sharing Plan — Employer Reporting

• (2) Where an amount included in an individual’s pension credit in respect of an employer under a deferred profit sharing plan is included in determining a PAR in connection with the individual’s termination from the plan, the employer is deemed to be a trustee under the plan for the purpose of reporting the PAR.

Benefit Provision of a Registered Pension Plan

• (3) Subject to subsection (4), where the PAR determined in connection with an individual’s termination from a benefit provision of a registered pension plan is greater than nil, the administrator of the plan shall file with the Minister an information return in prescribed form reporting the PAR

  • (a) where the termination occurs in the first, second or third quarter of a calendar year, on or before the day that is 60 days after the last day of the quarter in which the termination occurs; and

  • (b) where the termination occurs in the fourth quarter of a calendar year, before February of the following calendar year.

Extended Deadline — PA Transfer Amount

• (4) Where, in determining an individual’s PAR in connection with the individual’s termination from a defined benefit provision of a registered pension plan, it is reasonable for the administrator of the plan to conclude, on the basis of information provided to the administrator by the administrator of another pension plan or by the individual, that the value of D in paragraph 8304.1(5)(a) in respect of the termination may be greater than nil, the administrator shall file with the Minister an information return in prescribed form reporting the PAR, if it is greater than nil, on or before the later of

  • (a) the day on or before which it would otherwise be required to be filed; and

  • (b) the day that is 60 days after the earliest day on which the administrator has all the information required to determine that value.

Pension Adjustment Correction – Employer Reporting

• (4.1) If a pension adjustment correction under subsection 8304.1(16) is determined for an individual in connection with a distribution from a registered pension plan (other than a pension adjustment correction that is nil), the administrator of the plan shall file with the Minister an information return in prescribed form reporting the pension adjustment correction

  • (a) if the distribution occurs in the first, second or third quarter of a calendar year, on or before the day that is 60 days after the last day of the quarter in which the distribution occurs; and

  • (b) if the distribution occurs in the fourth quarter of a calendar year, before February of the following calendar year.

Calendar Year Quarter

• (5) For the purposes of this section,

  • (a) the first quarter of a calendar year is the period beginning on January 1 and ending on March 31 of the calendar year;

  • (b) the second quarter of a calendar year is the period beginning on April 1 and ending on June 30 of the calendar year;

  • (c) the third quarter of a calendar year is the period beginning on July 1 and ending on September 30 of the calendar year; and

  • (d) the fourth quarter of a calendar year is the period beginning on October 1 and ending on December 31 of the calendar year.