CRA considers that the RSU exclusion does not apply where the participant will be able to cash out additional RSU units based on dividend equivalents

The definition of a salary deferral arrangement exclude "a plan or arrangement under which a taxpayer has a right to receive a bonus or similar payment in respect of services rendered by the taxpayer in a taxation year to be paid within 3 years following the end of the year." CRA considers that this exclusion does not apply to a dividend equivalency feature of a restricted stock units plan under which the employee is credited with additional RSU units based on the amount of dividends paid on the underlying shares, with those units to be cashed out at the same time that the related primary RSUs are exercised to acquire shares.

Neal Armstrong. Summary of 29 March 2015 T.I 2014-0526941E5 under s. 248(1) – salary deferral arrangement - para. (k).