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I-3 - Taxation Act

Section 869.8
Disposition versions

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869.8. If an employer issues a promissory note or provides other evidence of its indebtedness to an employee life and health trust in respect of its obligation to the trust, the following rules apply:
(a)  the issuance of the note or the provision of the evidence of indebtedness to the trust is not a contribution to the trust; and
(b)  a payment by the employer to the trust in full or partial satisfaction of its liability under the note or the evidence of indebtedness, whether stated to be of principal or interest or any other amount, is deemed to be an employer contribution to the trust that is subject to this Title and not a payment of principal or interest on the note or indebtedness.
2011, c. 6, s. 174.
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