I-3 - Taxation Act

Section 890.0.1 Disposition versions

2022-06-08

890.0.1. An amount is transferred from a deferred profit sharing plan in accordance with this section if the following conditions are met:

(a)  the amount is not part of a series of periodic payments;

(b)  the amount is transferred on behalf of an individual described in the second paragraph in full or partial satisfaction of his entitlement to benefits under the plan;

(c)  the amount would, if it were paid directly to the individual, be included in computing his income for a taxation year under section 885;

(d)  the amount is transferred for the benefit of the individual directly to any of the following plans, funds or providers:

i.  a registered pension plan,

ii.  a registered retirement savings plan under which the individual is the annuitant, within the meaning of paragraph b of section 905.1,

iii.  a deferred profit sharing plan that can reasonably be expected to have at least five beneficiaries at all times throughout the calendar year in which the transfer is made,

iv.  a registered retirement income fund under which the individual is the annuitant within the meaning of paragraph d of section 961.1.5, or

v.  a licensed annuities provider to acquire an advanced life deferred annuity, if the individual is an employee or former employee of an employer who participated in the plan on the employee’s behalf.

The individual referred to in subparagraph b of the first paragraph is an individual

(a)  who is an employee or former employee of an employer who participated in the plan on the employee’s behalf, or

(b)  who is the spouse or former spouse of an employee or former employee referred to in subparagraph a and who is entitled to the amount referred to in subparagraph b of the first paragraph

i.  as a consequence of the death of the employee or former employee, or

ii.  under a decree, an order or a judgment of a competent tribunal or under a written agreement relating to a partition of property between the employee or former employee and the individual in settlement of rights arising out of, or on the breakdown of, their marriage.

1991, c. 25, s. 111; 1994, c. 22, s. 285; 2009, c. 5, s. 377; 2017, c. 1, s. 252; 2022, c. 23, s. 80.

2017-02-08

890.0.1. An amount is transferred from a deferred profit sharing plan in accordance with this section if the following conditions are met:

(a)  the amount is not part of a series of periodic payments;

(b)  the amount is transferred on behalf of an individual described in the second paragraph in full or partial satisfaction of his entitlement to benefits under the plan;

(c)  the amount would, if it were paid directly to the individual, be included in computing his income for a taxation year under section 885;

(d)  the amount is transferred for the benefit of the individual directly to any of the following plans or funds:

i.  a registered pension plan,

ii.  a registered retirement savings plan under which the individual is the annuitant, within the meaning of paragraph b of section 905.1,

iii.  a deferred profit sharing plan that can reasonably be expected to have at least five beneficiaries at all times throughout the calendar year in which the transfer is made, or

iv.  a registered retirement income fund under which the individual is the annuitant within the meaning of paragraph d of section 961.1.5.

The individual referred to in subparagraph b of the first paragraph is an individual

(a)  who is an employee or former employee of an employer who participated in the plan on the employee’s behalf, or

(b)  who was the spouse or former spouse of the employee at the time of the employee’s death and who is entitled to the amount referred to in subparagraph b of that paragraph

i.  as a consequence of the death of an employee or former employee referred to in subparagraph a, or

ii.  under a decree, an order or a judgment of a competent tribunal or under a written agreement relating to a partition of property between the employee or former employee and the individual in settlement of rights arising out of, or on the breakdown of, their marriage.

1991, c. 25, s. 111; 1994, c. 22, s. 285; 2009, c. 5, s. 377; 2017, c. 1, s. 252.

2009-05-15

890.0.1. An amount is transferred from a deferred profit sharing plan in accordance with this section if the following conditions are met:

(a)  the amount is not part of a series of periodic payments;

(b)  the amount is transferred on behalf of an individual described in the second paragraph in full or partial satisfaction of his entitlement to benefits under the plan;

(c)  the amount would, if it were paid directly to the individual, be included in computing his income for a taxation year under section 885;

(d)  the amount is transferred for the benefit of the individual directly to any of the following plans or funds:

i.  a registered pension plan,

ii.  a registered retirement savings plan under which the individual is the annuitant, within the meaning of paragraph b of section 905.1,

iii.  a deferred profit sharing plan that can reasonably be expected to have at least five beneficiaries at all times throughout the calendar year in which the transfer is made, or

iv.  a registered retirement income fund under which the individual is the annuitant within the meaning of paragraph d of section 961.1.5.

The individual referred to in subparagraph b of the first paragraph is an individual

(a)  who is an employee or former employee of an employer who participated in the plan on the employee’s behalf, or

(b)  who was the spouse or former spouse of the employee at the time of the employee’s death and who is entitled to the amount referred to in subparagraph b of that paragraph

i.  as a consequence of the death of an employee or former employee referred to in subparagraph a, or

ii.  under a decree, an order or a judgment of a competent tribunal or under a written separation agreement relating to a partition of property between the employee or former employee and the individual in settlement of rights arising out of, or on the breakdown of, their marriage.

1991, c. 25, s. 111; 1994, c. 22, s. 285; 2009, c. 5, s. 377.

2006-03-01

890.0.1. An amount is transferred from a deferred profit sharing plan in accordance with this section if the following conditions are met:

(a)  the amount is not part of a series of periodic payments;

(b)  the amount is transferred on behalf of an individual described in the second paragraph in full or partial satisfaction of his entitlement to benefits under the plan;

(c)  the amount would, if it were paid directly to the individual, be included in computing his income for a taxation year under section 885;

(d)  the amount is transferred for the benefit of the individual directly to any of the following plans:

i.  a registered pension plan,

ii.  a registered retirement savings plan under which the individual is the annuitant, within the meaning of paragraph b of section 905.1, or

iii.  a deferred profit sharing plan that can reasonably be expected to have at least five beneficiaries at all times throughout the calendar year in which the transfer is made.

The individual referred to in subparagraph b of the first paragraph is an individual

(a)  who is an employee or former employee of an employer who participated in the plan on the employee’s behalf, or

(b)  who is entitled to the amount contemplated in subparagraph b of the said paragraph as a consequence of the death of an employee or former employee referred to in subparagraph a and who was the spouse of the employee at the time of the employee’s death.

1991, c. 25, s. 111; 1994, c. 22, s. 285.