I-3 - Taxation Act

Section 965.0.12 Disposition versions

2006-03-01

965.0.12. 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 is transferred in respect of the actuarial surplus under 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 money purchase provision of the other plan;

(d)  the amount is transferred in conjunction with the transfer of other amounts from the defined benefit provision to the money purchase provision on behalf of all or a significant number of members of the transferor plan whose benefits under the defined benefit provision are replaced by benefits under the money purchase provision, and

(e)  the transfer is acceptable to the Minister of Revenue of Canada for the purposes of paragraph e of subsection 8 of section 147.3 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), and the Minister has so notified the administrator of the transferor plan in writing.

1991, c. 25, s. 157; 2000, c. 5, s. 293; 2003, c. 2, s. 259.