Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Income Tax Regulations

Version of section 1500 from 2007-05-31 to 2022-06-01:

  •  (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 Acts and regulations.]
  • SOR/94-686, ss. 69(F), 79(F)
  • SOR/2007-116, s. 4
Date modified: