I-3, r. 1 - Regulation respecting the Taxation Act

Section 47.16r1.1 Disposition versions

2021-12-01

47.16R1.1. For the purposes of paragraph a of section 47.16R1, if an employee’s leave of absence is suspended after 14 March 2020, the period of leave prior to the suspension being referred to in this section as the employee’s “first period”, and the employee resumes the leave of absence on or before 30 April 2022, the period of leave so resumed being referred to in this section as the employee’s “second period”, the following rules apply:

(a)  the employee’s first period and second period are deemed to be one continuous leave of absence; and

(b)  amounts held for the employee’s benefit under the arrangement referred to in that paragraph a are to be paid to the employee out of or under the arrangement not later than the end of the first taxation year that commences after the start of the second period.

If the 6-year period referred to in subparagraph i of paragraph a of section 47.16R1 in respect of an arrangement ends during the period beginning on 15 March 2020 and ending on 30 April 2022, the reference in that subparagraph to “6 years” is to be read as a reference to “8 years”.

O.C. 1448-2021, s. 4.