I-3 - Taxation Act

Section 879 Disposition versions

2006-03-01

879. Where, for the purposes of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), the registration of a plan is revoked under subsection 14 or 14.1 of section 147 of the said Act, the following rules apply:

(a)  (subparagraph repealed);

(b)  section 880 does not apply to a taxation year of a trust which is, at any time in the year, governed by such a plan;

(c)  (subparagraph repealed);

(d)  a taxpayer shall include in computing his income for a taxation year:

i.  all amounts received by him in the year under such a plan that would otherwise have been included in computing his income under section 885, and

ii.  the amount or value of the funds or property appropriated to or for the benefit of the taxpayer in the year, where such amount or value would otherwise have been included in computing his income under section 889 at the time of the appropriation of the funds or property;

(e)  a plan the registration of which is revoked is deemed, for the purposes of this Part, not to be a profit sharing plan or a retirement compensation arrangement.

For the purposes of this Part, a plan the registration of which is revoked before 1 January 1991 under sections 876 and 876.1, as they read before that date, that was not accepted again for registration under this Part before that date, is deemed, as of that date, to be a plan the registration of which has been revoked under subsection 14 or 14.1 of section 147 of the Income Tax Act.

1972, c. 23, s. 660; 1991, c. 25, s. 102.