I-3 - Taxation Act

Section 883 Disposition versions

2006-03-01

883. For the purposes of sections 884, 885 and 886, where an employee or other beneficiary receives, in a taxation year, an amount from a trustee under a deferred profit sharing plan and the employee was a beneficiary under the plan while the plan was a profit sharing plan, the amount determined for the year, under this section, in relation to the plan and in respect of the beneficiary is such portion of the aggregate of the amounts so received in the year as does not exceed the remainder after subtracting

(a)  the aggregate of each amount:

i.  received by the employee or other beneficiary in a previous taxation year from a trustee under the plan while it was a profit sharing plan or a deferred profit sharing plan; and

ii.  allocated to the employee or other beneficiary under the plan while it was a profit sharing plan, in respect of a capital loss sustained by the trust before 1972; from

(b)  the aggregate of each amount:

i.  included in respect of the plan in computing the income of the employee for the year or a previous year under sections 852 to 865;

ii.  paid by him to the trustee under the plan while it was a profit sharing plan; and

iii.  allocated to the employee or other beneficiary by a trustee under the plan while it was a profit sharing plan, in respect of a capital gain made by the trust before 1972.

1972, c. 23, s. 664; 1973, c. 17, s. 104; 1991, c. 25, s. 106.