I-3 - Taxation Act

Section 345 Disposition versions

2006-03-01

345. The amounts mentioned in subparagraph i of paragraph a of section 344 are the following:

(a)  a single payment which the individual receives in the year:

i.  under a pension plan, upon the death, withdrawal or retirement of an employee or former employee, upon the winding up of the plan in full satisfaction of all rights of the participant in the plan or, when an amendment to the plan confers on him the right to receive such payment, although he continues to participate in it;

ii.  upon his retirement as an employee in recognition of long service, if such payment is not contemplated by subparagraph i of paragraph a;

iii.  pursuant to an employees profit sharing plan in full satisfaction of all his rights in or under the plan, to the extent that this payment is required to be included in computing his income for the year in which the payment was received; or

iv.  pursuant to a deferred profit sharing plan upon the death, withdrawal or retirement of an employee or former employee, to the extent that this payment is required to be included in computing his income for the year in which the payment was received;

(b)  a payment made to an individual in the year of his retirement or in the following year, in consideration of loss of office or employment, if such payment is made by an employer to the individual as an employee or former employee;

(c)  a payment made to the individual as a death benefit, if such payment is made in the year of death or within one year after that year;

(d)  an amount included in computing the individual’s income for the year under paragraph l of section 311 and sections 93 to 110.1, 186, 187, 196 or 197, 684 or 955;

(e)  an amount included in computing the individual’s income under section 929, but only to the extent that such amount is a refund of premiums, under a registered retirement savings plan, where the individual receives such amount on or after the death of the person who was, immediately before his death, the annuitant thereunder;

(f)  the benefit which the individual is deemed to have received under Division VI of Chapter II of Title II;

(g)  the excess over $500 of an amount received by the individual in the year as a prize for achievement in a field of endeavour which he ordinarily carries on;

(h)  a payment made in the year to an individual under paragraph b of subsection 2 of section 51 of the Judges Act (Revised Statutes of Canada, 1985, chapter J-1);

(i)  a payment that the individual receives in the year, under an order or decision of a competent court, as salary or wages owing by his employer or former employer, if part of that payment is received in respect of a previous year;

(j)  an amount included in computing the individual’s income for the year under paragraph c of section 46 of the Act respecting the application of the Taxation Act (chapter I-4), but only where the individual has not claimed a deduction in that computation under paragraph a of the said section 46; and

(k)  where the individual ceased to be a member of a partnership in the year or the preceding year and where, in computing his income therefrom for that preceding year, he made the election provided for in paragraph c of section 215, the amount included in computing his income for the year under paragraph a of section 28, to the extent that, having regard to all the circumstances, including the proportion in which the members of the partnership have agreed to share the profits of the partnership, such amount may reasonably be considered to be his share of the work in progress of the partnership at the time he ceased to be a member thereof if, during the remainder of the year in which he ceased to be a member thereof and in the following year, he did not become employed in the business carried on by the partnership, carry on a business that is a profession or become a member of another partnership carrying on a business that is a profession.

1972, c. 23, s. 314; 1973, c. 18, s. 11; 1975, c. 21, s. 11; 1977, c. 26, s. 31; 1980, c. 13, s. 29; 1982, c. 5, s. 80; 1988, c. 18, s. 22; 1996, c. 39, s. 273; 1997, c. 3, s. 71; 2001, c. 53, s. 260; 2003, c. 2, s. 110.