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I-3, r. 1 - Regulation respecting the Taxation Act
Section 1015r21
Disposition versions
1015R21. Subject to the third paragraph, an employer who makes a single payment described in the second paragraph must deduct 14% of the amount.
The payment to which the first paragraph refers is
(a) a payment made during the lifetime of an annuitant, within the meaning of paragraph d of section 961.1.5 of the Act, under a registered retirement income fund of the annuitant, other than a payment made in respect of the minimum amount, within the meaning of paragraph c of that section 961.1.5, that is to be paid under the fund for a year;
(b) a payment made out of or under a registered retirement savings plan during the lifetime of an annuitant, within the meaning of paragraph b of section 905.1 of the Act, of such a plan for whom a retirement income is provided by the plan, other than a periodical annuity payment or a payment made by a person who has reasonable grounds to believe that the payment is deductible in computing an individual’s income under section 924 of the Act; or
(c) a payment that is a benefit of a new plan referred to in section 914 of the Act or under such a plan, other than a periodical annuity payment or, where section 914 of the Act applies to the plan after 25 May 1976, a payment made in a taxation year subsequent to the taxation year in which that section 914 applies to the plan.
No amount is to deducted by the employer on the amount of a payment in respect of an employee that is a direct transfer made by the employer to a trustee under a deferred profit sharing plan or a registered pension plan, to the issuer within the meaning of paragraph c of section 905.1 of the Act of a registered retirement savings plan, to a person licensed or otherwise authorized under the laws of Canada or a province to carry on an annuities business in Canada, or to the carrier within the meaning of paragraph b of section 961.1.5 of the Act of a registered retirement income fund, where the amount is deductible in computing the employee’s income under any of paragraphs d to f of section 339 of the Act.
1015R21. Subject to the third paragraph, an employer who makes a single payment described in the second paragraph must deduct 15% of the amount.
The payment to which the first paragraph refers is
(a) a payment made during the lifetime of an annuitant, within the meaning of paragraph d of section 961.1.5 of the Act, under a registered retirement income fund of the annuitant, other than a payment made in respect of the minimum amount, within the meaning of paragraph c of that section 961.1.5, that is to be paid under the fund for a year;
(b) a payment made out of or under a registered retirement savings plan during the lifetime of an annuitant, within the meaning of paragraph b of section 905.1 of the Act, of such a plan for whom a retirement income is provided by the plan, other than a periodical annuity payment or a payment made by a person who has reasonable grounds to believe that the payment is deductible in computing an individual’s income under section 924 of the Act; or
(c) a payment that is a benefit of a new plan referred to in section 914 of the Act or under such a plan, other than a periodical annuity payment or, where section 914 of the Act applies to the plan after 25 May 1976, a payment made in a taxation year subsequent to the taxation year in which that section 914 applies to the plan.
No amount is to deducted by the employer on the amount of a payment in respect of an employee that is a direct transfer made by the employer to a trustee under a deferred profit sharing plan or a registered pension plan, to the issuer within the meaning of paragraph c of section 905.1 of the Act of a registered retirement savings plan, to a person licensed or otherwise authorized under the laws of Canada or a province to carry on an annuities business in Canada, or to the carrier within the meaning of paragraph b of section 961.1.5 of the Act of a registered retirement income fund, where the amount is deductible in computing the employee’s income under any of paragraphs d to f of section 339 of the Act.
1015R21. Subject to the third paragraph, an employer who makes a single payment described in the second paragraph must deduct 16% of the amount.
The payment to which the first paragraph refers is
(a) a payment made during the lifetime of an annuitant, within the meaning of paragraph d of section 961.1.5 of the Act, under a registered retirement income fund of the annuitant, other than a payment made in respect of the minimum amount, within the meaning of paragraph c of that section 961.1.5, that is to be paid under the fund for a year;
(b) a payment made out of or under a registered retirement savings plan during the lifetime of an annuitant, within the meaning of paragraph b of section 905.1 of the Act, of such a plan for whom a retirement income is provided by the plan, other than a periodical annuity payment or a payment made by a person who has reasonable grounds to believe that the payment is deductible in computing an individual’s income under section 924 of the Act; or
(c) a payment that is a benefit of a new plan referred to in section 914 of the Act or under such a plan, other than a periodical annuity payment or, where section 914 of the Act applies to the plan after 25 May 1976, a payment made in a taxation year subsequent to the taxation year in which that section 914 applies to the plan.
No amount is to deducted by the employer on the amount of a payment in respect of an employee that is a direct transfer made by the employer to a trustee under a deferred profit sharing plan or a registered pension plan, to the issuer within the meaning of paragraph c of section 905.1 of the Act of a registered retirement savings plan, to a person licensed or otherwise authorized under the laws of Canada or a province to carry on an annuities business in Canada, or to the carrier within the meaning of paragraph b of section 961.1.5 of the Act of a registered retirement income fund, where the amount is deductible in computing the employee’s income under any of paragraphs d to f of section 339 of the Act.
