I-3 - Taxation Act

Section 965.0.7 Disposition versions

2021-12-10

965.0.7. An amount is transferred from a registered pension plan, in this section referred to as the “transferor plan”, in accordance with this section if the following conditions are satisfied:

(a)  the amount is a single amount,

(b)  the amount consists of all or any part of the property held in connection with a defined benefit provision of the transferor plan,

(c)  the amount is transferred directly to another registered pension plan to be held in connection with a defined benefit provision of the other plan, unless the amount is transferred to an individual pension plan and the transfer is in respect of benefits that are attributable to employment with a former employer that is not a participating employer or its predecessor employer, and

(d)  the amount is transferred as a consequence of benefits becoming provided under the defined benefit provision of the other plan to one or more individuals who were members of the transferor plan.

For the purposes of subparagraph c of the first paragraph,

“individual pension plan” has the meaning assigned by subsection 1 of section 8300 of the Income Tax Regulations made under the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.));

“participating employer” has the meaning assigned by subsection 1 of section 147.1 of the Income Tax Act;

“predecessor employer” has the meaning assigned by subsection 1 of section 8500 of the Income Tax Regulations made under the Income Tax Act.

1991, c. 25, s. 157; 2021, c. 36, s. 94.

2006-03-01

965.0.7. An amount is transferred from a registered pension plan, in this section referred to as the “transferor plan”, in accordance with this section if the following conditions are satisfied:

(a)  the amount is a single amount,

(b)  the amount consists of all or any part of the property held in connection with a defined benefit provision of the transferor plan,

(c)  the amount is transferred directly to another registered pension plan to be held in connection with a defined benefit provision of the other plan, and

(d)  the amount is transferred as a consequence of benefits becoming provided under the defined benefit provision of the other plan to one or more individuals who were members of the transferor plan.

1991, c. 25, s. 157.