I-3 - Taxation Act

Section 965.0.8 Disposition versions

2006-03-01

965.0.8. An amount is transferred from a registered pension plan in accordance with this section if the following conditions are satisfied:

(a)  the amount is a single amount no portion of which relates to an actuarial surplus,

(b)  the amount is transferred on behalf of a member in full or partial satisfaction of benefits to which the member is entitled, either absolutely or contingently, under a defined benefit provision of the plan as registered,

(c)  the amount does not exceed the amount referred to in paragraph c of subsection 4 of section 147.3 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement), and

(d)  the amount is transferred directly to

i.  another registered pension plan and allocated to the member under a money purchase provision of that plan,

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

iii.  a registered retirement income fund under which the member is the annuitant, within the meaning of paragraph d of section 961.1.5.

1991, c. 25, s. 157; 1994, c. 22, s. 296.