I-3 - Taxation Act

Section 47.14 Disposition versions

2006-03-01

47.14. For the purposes of this Part, other than this section, where deferred amounts under a salary deferral arrangement in respect of an individual, in this section referred to as “that arrangement”, are required to be included as benefits under section 37 in computing the individual’s income and that arrangement is part of a plan or arrangement, in this section referred to as “the plan”, under which amounts or benefits not related to the deferred amounts are payable or provided, the following rules apply:

(a)  that arrangement is deemed to be a separate arrangement independent of other parts of the plan of which it is a part;

(b)  where any person has a right to a deferred amount under that arrangement, an amount received by the person as a benefit at any time out of or under the plan is deemed to have been received out of or under that arrangement except to the extent that it exceeds the amount by which

i.  the aggregate of all deferred amounts under that arrangement that were included under section 37 as benefits in computing the individual’s income for taxation years ending before that time exceeds

ii.  the aggregate of all deferred amounts received by any person before that time out of or under the plan that were deemed by this paragraph to have been received out of or under that arrangement, and all deferred amounts under that arrangement that were deducted under section 78.2 in computing the individual’s income for the year or a preceding taxation year.

1988, c. 18, s. 5; 1998, c. 16, s. 64.