I-3 - Taxation Act

Section 890.0.3 Disposition versions

2006-03-01

890.0.3. Where the transfer of an amount from a deferred profit sharing plan in a calendar year on behalf of a beneficiary under the plan would, but for this section, be made in accordance with section 890.0.1 and, in the opinion of the Minister of Revenue of Canada, the requirements of subsection 5.1 of section 147 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) in respect of the plan are not satisfied for the year by reason that the beneficiary’s pension credits or pension adjustments, within the meanings assigned by that Act, do not comply with any of paragraphs a to c of subsection 5.1 of the said section 147, such portion of the amount transferred as may reasonably be considered to derive from amounts allocated or reallocated to the beneficiary in the year or from earnings reasonably attributable to those amounts is deemed to be an amount that was not transferred in accordance with section 890.0.1, except to the extent expressly provided in writing by the Minister of Revenue of Canada for the purposes of subsection 22 of the said section 147.

1991, c. 25, s. 111; 1995, c. 49, s. 194; 2000, c. 5, s. 293.