I-3 - Taxation Act

Section 965.0.11.1 Disposition versions

2006-03-01

965.0.11.1. An amount is transferred from a registered pension plan, in this section referred to as the “transferor plan”, in accordance with this section if

(a)  the amount is a single amount;

(b)  the amount is transferred in respect of the surplus under a money purchase provision, in this section referred to as the “former 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, in this section referred to as the “current provision”, of the other plan;

(d)  the amount is transferred in conjunction with the transfer of amounts from the former provision to the current provision on behalf of all or a significant number of members of the transferor plan whose benefits under the former provision are replaced by benefits under the current provision; and

(e)  the transfer is acceptable, for the purposes of paragraph e of subsection 7.1 of section 147.3 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), to the Minister of National Revenue and that Minister has so notified the administrator of the transferor plan in writing.

For the purposes of subparagraph b of the first paragraph, “surplus” has the meaning assigned for the purposes of paragraph b of subsection 7.1 of section 147.3 of the Income Tax Act.

2003, c. 2, s. 258.