I-3 - Taxation Act

Section 70.2 Disposition versions

2006-03-01

70.2. An individual may deduct an amount contributed by him in the year to a pension plan in respect of services rendered by him where the plan is a prescribed plan or where

(a)  the plan is a retirement compensation arrangement;

(b)  the amount was paid to a custodian, within the meaning of subparagraph b of the first paragraph of section 890.1, of the arrangement who is resident in Canada; and

(c)  either

i.  the individual was required, by the terms of the individual’s office or employment, to contribute the amount, and the aggregate of the amounts contributed to the plan in the year by him does not exceed the aggregate of the amounts contributed to the plan in the year by any other person in respect of the individual, or

ii.  the plan is a pension plan the registration of which was revoked under the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), other than a plan the registration of which was revoked as of the effective date of its registration, and the amount was contributed in accordance with the terms of the plan as last registered.

1997, c. 14, s. 25.