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  1. Pooled Registered Pension Plans Regulations - SOR/2012-294 (SCHEDULE)
    Pooled Registered Pension Plans Regulations

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    • 3 Certification

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      My total expected income for the calendar year, determined in accordance with the Income Tax Act (excluding the withdrawal referred to in item G of the table to section 4 and any withdrawal made under paragraph 38(1)(e), 39(1)(f), 40(1)(k) or 41(1)(k) of the Pooled Registered Pension Plans Regulations within the last 30 days before the day on which this certification is made) is less than 75% of the Year’s Maximum Pensionable Earnings as defined in the Pooled Registered Pension Plans Act.
    • 4 Amount Sought for Withdrawal

      C 50% of the Year’s Maximum Pensionable Earnings as defined in the Pooled Registered Pension Plans Act. $

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    • 3 Certification of applicant

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      (a) I do not have a spouse or common-law partner, as defined in subsection 2(1) of the Pooled Registered Pension Plans Act.
      (b) I have a spouse or common-law partner, as defined in subsection 2(1) of the Pooled Registered Pension Plans Act and my spouse or common-law partner consents to the withdrawal of the amount specified above from the locked-in plan(s) identified in item 2. (If you check this box, your spouse or common-law partner must complete the Certification of Spouse or Common-law Partner in item 6 below.)
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    • 6 Certification of Spouse or Common-law Partner

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      I understand that

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      • (b) as long as those funds are kept in that locked-in plan, I may have a right to a share of those funds if there is a breakdown in our relationship or if the owner dies;

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    • 3 Certification

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      The total value of all of the locked-in plan(s) identified in item 2 is less than 50% of the Year’s Maximum Pensionable Earnings as defined in the Pooled Registered Pension Plans Act.


  2. Pooled Registered Pension Plans Regulations - SOR/2012-294 (Section 41)
    Pooled Registered Pension Plans Regulations
    Marginal note:Prescribed life income fund
    •  (1) A life income fund is prescribed for the purposes of paragraphs 50(1)(b) and (3)(b), 53(4)(b) and 54(2)(b) of the Act if it

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      • (d) provides that for any calendar year before the calendar year in which the holder of the life income fund reaches 90 years of age, the amount of income paid out of the life income fund shall not exceed the amount determined by the formula

        C/F

        where

        F 
        is the value, as at the beginning of the calendar year, of an annual $1 payment, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the holder reaches 90 years of age, established using an interest rate that is
        • (a) for each of the first 15 years, not more than the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the month of November before the beginning of each calendar year, and

      • (e) provides that, for the calendar year in which the contract or arrangement was entered into, the amount determined under paragraph (d) shall be multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month;

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      • (i) provides that, subject to subsection 53(3) of the Act, the funds or any interest or right in those funds, shall not be transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null;

      • (j) provides that, in the calendar year in which the holder of the life income fund reaches 55 years of age or in any subsequent calendar year, the funds may be paid to the holder in a lump sum if the holder

        • (i) certifies that the total value of all assets in all locked-in RRSPs, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer, a transfer under the Pension Benefits Standards Act, 1985 or a transfer from another PRPP is not more than 50% of the Year’s Maximum Pensionable Earnings, and

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  3. Pooled Registered Pension Plans Regulations - SOR/2012-294 (Section 40)
    Pooled Registered Pension Plans Regulations
    Marginal note:Prescribed restricted life income fund
    •  (1) A restricted life income fund is prescribed for the purposes of paragraphs 50(1)(b) and (3)(b), 53(4)(b) and 54(2)(b) of the Act if it

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      • (d) provides that for any calendar year before the calendar year in which the holder of the restricted life income fund reaches 90 years of age, the amount of income paid out of the life income fund shall not exceed the amount determined by the formula

        C/F

        where

        F 
        is the value, at the beginning of the calendar year, of an annual $1 payment, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the holder reaches 90 years of age, established using an interest rate that is
        • (a) for each of the first 15 years, not more than the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the month of November before the beginning of each calendar year, and

      • (e) provides that, for the calendar year in which the contract or arrangement was entered into, the amount determined under paragraph (d) shall be multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month;

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      • (i) provides that, subject to subsection 53(3) of the Act, the funds, or any interest or right in those funds, shall not be transferred, charged, attached, anticipated or given as security and that any transaction appearing to do so is void or, in Quebec, null;

      • (j) provides that, in the calendar year in which the holder of the restricted life income fund reaches 55 years of age or in any subsequent calendar year, the funds may be paid to the holder in a lump sum if the holder

        • (i) certifies that the total value of all assets in all locked-in RRSPs, life income funds, restricted locked-in savings plans and restricted life income funds that were created as a result of the transfer, a transfer under the Pension Benefits Standards Act, 1985 or a transfer from another PRPP is not more than 50% of the Year’s Maximum Pensionable Earnings, and

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      • (l) provides that, if the restricted life income fund is established in the calendar year in which the holder of the fund reaches 55 years of age or in any subsequent calendar year, the holder of the fund may transfer 50% of the funds in that fund to a registered retirement savings plan or a registered retirement income fund within 60 days after the day on which the restricted life income fund is established if

        • (i) the restricted life income fund was created as the result of the transfer, a transfer under the Pension Benefits Standards Act, 1985, a transfer from another PRPP or a transfer from a locked-in RRSP or a life income fund, and

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  4. Pooled Registered Pension Plans Regulations - SOR/2012-294 (Section 37)
    Pooled Registered Pension Plans Regulations
    Marginal note:Payment amount
    •  (1) A member who has elected to receive variable payments may decide the amount that they are to receive as a variable payment for any calendar year.

    • (2) The payment shall be not less than the minimum amount determined under subsection 8506(5) of the Income Tax Regulations and, for any calendar year before the year in which the member reaches 90 years of age, not more than the amount determined by the formula

      C/F

      where

      F 
      is the value, at the beginning of the calendar year, of an annual $1 payment, payable on January 1 of each year between the beginning of that calendar year and December 31 of the year in which the member reaches 90 years of age, established using an interest rate that is
      • (a) for each of the first 15 years, not more than the monthly average yield on Government of Canada marketable bonds of maturity over 10 years, as published by the Bank of Canada, for the month of November before the beginning of the calendar year; and

    • Marginal note:Default amount

      (3) The minimum amount determined under subsection 8506(5) of the Income Tax Regulations is to be paid as a variable payment for a calendar year if

      • (a) a member has not notified the administrator of the amount to be paid as a variable payment for the calendar year within 90 days after the day on which the statement required under paragraph 57(1)(b) of the Act is received; or

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    • Marginal note:Initial year

      (4) For the calendar year in which the variable payment is established, the amount to be paid is multiplied by the number of months remaining in that year and then divided by 12, with any part of an incomplete month counting as one month.

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  5. Pooled Registered Pension Plans Regulations - SOR/2012-294 (Section 26)
    Pooled Registered Pension Plans Regulations

     For the purposes of subparagraph 57(1)(b) of the Act, the written statement must show

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    • (c) for a member who elects to receive variable payments,

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      • (iii) the minimum and maximum allowable variable payments as well as the variable payment that the member is to receive,

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    • (e) the name and a description of the benchmark that best reflects the composition of the member’s investment option as well as an explanation of the choice of that benchmark;

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    • (i) any costs, expressed as a percentage or a fixed amount;



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