Subsection 147.1(1) - Definitions
Administrative Policy
Newsletter 20-1, “Registered Pension Plan Annuity Contracts” 24 July 2020
Conditions for application of, and effect of. S. 147.4
Section 147.4 of the Act applies when an individual acquires ownership of an annuity...
Compensation
Administrative Policy
1C 98-2 "Prescribed Compensation for Registered Pension Plans".
3 June 1992 External T.I. 5-921532
A retiring allowance is not included in "compensation".
Participating Employer
Administrative Policy
Actuarial Bulletin No. 4 - Draft Bulletin for Industry Consultation "Reasonable Methods to Apportion Assets and Actuarial Liabilities" 8 January 2020
Purpose of participating employer requirement
A participating employer … is an employer that has made, or is required to make, contributions to...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 147.2 - Subsection 147.2(2) - Paragraph 147.2(2)(a) - Subparagraph 147.2(2)(a)(vi) | 420 | |
| Tax Topics - Income Tax Act - Section 147.2 - Subsection 147.2(8) | 113 |
26 June 2019 Internal T.I. 2019-0791761I7 - Participating employer in RPP
Where more than one employer participates in a registered pension plan, s. 147.2(2)(a)(vi) requires that the assets and actuarial liabilities be...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 147.1 - Subsection 147.1(2) - Paragraph 147.1(2)(a) - Subparagraph 147.2(2)(a)(vi) | contributing employer who ceases to exist nonetheless considered to be an “employer [who] participates” | 244 |
| Tax Topics - Statutory Interpretation - Interpretation Act - Subsection 33(3) | expansive phrase was as defined in short phrase definition | 29 |
Defined Benefit Plan
Articles
Terra L. Klinck, Susie S. Taing, "How Target Benefit Plans Fit Into the Current Income Tax Act Registered Pension Plan Regime", Taxation of Executive Compensation and Retirement, Special Pension Edition, Volume XVII, No. 2, 2013, p. 1068.
Features of target benefit plan (p.1068)
[W]e refer to TB plans as workplace pension plans with the following three characteristics:
- the TB plan...
Subsection 147.1(2)
Paragraph 147.1(2)(a)
Subparagraph 147.2(2)(a)(vi)
Administrative Policy
26 June 2019 Internal T.I. 2019-0791761I7 - Participating employer in RPP
Does the apportionment condition in s. 147.2(2)(a)(vi) apply where one of the employers ceases to have any involvement with the plan, e.g.,...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 147.1 - Subsection 147.1(1) - Participating Employer | dissolved corporation can be a “participating employer” in an RPP | 141 |
| Tax Topics - Statutory Interpretation - Interpretation Act - Subsection 33(3) | expansive phrase was as defined in short phrase definition | 29 |
Subsection 147.1(5)
Administrative Policy
Newsletter 21-1, Additional Conditions Applicable to Individual Pension Plans and Designated Plans, 16 March 2021
Blanket prohibition against contributions to a money purchase provision if actuarial surplus is over the surplus limit
- Some employers who...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 147.2 - Subsection 147.2(2) - paragraph 147.2(2)(d) | 151 | |
| Tax Topics - Income Tax Regulations - Regulation 8515 - Subsection 8515(1) | 158 |
Subsection 147.1(11) - Revocation of registration — notice of intention
Administrative Policy
4 June 1991 Memorandum (Tax Window, No. 4, p. 29, ¶1279)
A pension plan could be revoked retroactively.
Subsection 147.1(12) - Notice of revocation
Cases
Hodge v. Canada (National Revenue), 2009 DTC 6048, 2009 FCA 210
On July 17, 2008, the Minister issued a notice of intent to revoke the registration of a pension plan established by the taxpayer, with the...
See Also
Mammone v. The Queen, 2018 TCC 24, rev'd 2019 FCA 45
The CRA revocation of a registered pension plan (the “New Plan”) was invalid due to inadvertent failure to comply with the 30-day notice...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) | RPP revocation beyond the normal reassessment period retroactively validated an unsupportable reassessment under s. 56(1)(a)(i) | 414 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(9) | subsequent retroactive deregistration of RPP also retroactively validated an assessment factually made on basis of plan’s invalidity | 216 |
| Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(i) | subsequent retroactive deregistration of RPP would not establish carelessness in previous return filing | 197 |
| Tax Topics - General Concepts - Effective Date | subsequent deregistration of RPP retroactively validated reassessment | 239 |
| Tax Topics - Income Tax Act - Section 56 - Subsection 56(1) - Paragraph 56(1)(a) - Subparagraph 56(1)(a)(i) | valid assessment for transfer to an RPP that was retroactively deregistered | 85 |