I-3 - Taxation Act

Section 885 Disposition versions

2021-12-10

885. A beneficiary under a deferred profit sharing plan shall, in computing the income of the beneficiary for a taxation year, include the amount by which the aggregate of all amounts received by the beneficiary in the year from a trustee under the plan, other than as a result of acquiring an annuity described in subparagraph vi of paragraph k of subsection 2 of section 147 of the English text of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) under which the beneficiary is the annuitant, exceeds the aggregate of all amounts each of which is an amount determined for the year under section 883, 884 or 886 in relation to the plan and in respect of the beneficiary.

1972, c. 23, s. 666; 1973, c. 17, s. 106; 1991, c. 25, s. 108; 1998, c. 16, s. 209; 2021, c. 36, s. 91.

2006-03-01

885. A beneficiary under a deferred profit sharing plan shall, in computing the income of the beneficiary for a taxation year, include the amount by which the aggregate of all amounts received by the beneficiary in the year from a trustee under the plan, other than as a result of acquiring an annuity described in subparagraph iv of paragraph k of subsection 2 of section 147 of the French text of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) under which the beneficiary is the annuitant, exceeds the aggregate of all amounts each of which is an amount determined for the year under section 883, 884 or 886 in relation to the plan and in respect of the beneficiary.

1972, c. 23, s. 666; 1973, c. 17, s. 106; 1991, c. 25, s. 108; 1998, c. 16, s. 209.