,canada ,cu/oms & ,rev5ue ,ag5cy ,9=m,n ,circul> ,,ic#gb-ac;,r#c ,employee's ,p5.n ,plans ,9dex ,brl page ,9=m,n ,circul> """"""""""""""""""""" #a ,"p ;,i--,regi/r,n """""""""""""""""" #b ,"p ,,ii--,special ,pay;ts 9 ,respect ( ,curr5t or ,pa/ ,s]vice """""""""""""""""""""""""" #ga ,"p ,,iii--,curr5t ,s]vice ,3tribu;ns 0,employ]s """""""""""" #hi ,"p ,,iv--,o!r ,p5.n ,plan ,matt]s #id ,app5dix ;,a """""""""""""""""""""" #ajj ,extracts f ,canadian ,life ,ta#1 #aihjahb """""""""""""""" #ajj ;i ,canada ,cu/oms #a & ,rev5ue ,ag5cy ,9=m,n ,circul> ,subject3 ,employee's ,p5.n ,plans ,numb]3 #gb-ac;,r#h ,date3 ,decemb] #af1 #aihh #a4 ,? circul> replaces & c.els ,9=m,n ,circul> #gb-ac;,r#g dat$ ,decemb] #ca1 #aiha4 ,curr5t revi.ns >e designat$ 0v]tical l9es4 #b4 ,! purpose ( ? circul> is 69corporate *anges made 6! adm9i/rative rules =! regi/r,n ( p5.n plans s9ce ! public,n ( ,,ic#gb-ac;,r#g4 ,? circul> applies 6all p5.n plans submitt$ = regi/r,n prior 6,m>* #bh1 #aihh1 & w g5],y 3t9ue 6apply 6b5efits provid$ 9 respect ( s]vice 2f #aiia "u def9$ b5efit provi.ns4 ,? is 9t5d$ 6be ! f9al ,circul> 9 ! #gb-ac s]ies &a p]man5t record (! adm9i/rative #a #gb-ac;,r#h a#a rules 9 e6ect z at ,m>* #bg1 #aihh4 ,any rules requir$ z a result (! 9troduc;n ( legisl,n w 2 publi%$ 9 a new s]ies4 #c4 ,plans regi/]$ z at ,decemb] #ca1 #aigj1 ne$ n 2 am5d$ 6-ply ) #i7f7 & #i7g7 2l un.s ! am.t or co/ ( p5.n b5efits "u ! plan >e 9cr1s$ 9 #aiga or subsequ5t ye>s4 ,n"e!.s1 = purposes ( p>agraph #bj7#a77s7 (! ,act1 a special pay;t w n 2 approv$ 6! ext5t t x 9cludes ! co/ ( fund+ p5.n b5efits 9 excess (! maximum p]mitt$ 0,"p ;,i ( ? circul>4 #d4 ,! mat]ial 9 ! circul> has be5 divid$ 96f\r "ps z foll[s3 ,"p ;,i--,regi/r,n 7,p>agraphs #e 6#af7 ,"p ,,ii--,special ,pay;ts 9 ,respect ( ,curr5t or ,pa/ ,s]vices 7,p>agraphs #ag 6#bf7 ,"p ,,iii--,curr5t ,s]vice ,3tribu;ns 0,employ]s 7,p>agraphs #bg 6#ce7 #b #gb-ac;,r#h #b ,"p ,,iv--,o!r ,p5.n ,plan ,matt]s 7,p>agraphs #cf 6#dc7 ,"p ;,i--,regi/r,n #e4 ,au?or;y 7a7 ,regi/r,n ( an employees' p5.n plan =a ye> is provid$ = 0subsec;n #bdh7#a7 (! ,act4 7b7 ,subsec;n #bdh7#a7 (! ,act provides =! annual regi/r,n ( an employees' p5.n plan4 ,= adm9i/rative r1sons1 h["e1 ! ,de"p;t w usu,y tr1t ! 9itial regi/r,n z a 3t9u+ regi/r,n4 ,9 any case ": ! ,de"p;t does n 9t5d 6d s1 ! employ] w 2 s advis$ at ! "t ( regi/r,n4 ,n"e!.s1 ! ,de"p;t res]ves ! "r1 :5 circum/.es w>rant x1 6t]m9ate regi/r,n af ! 9itial ye> ( regi/r,n4 ,? ac;n mi or if ! plan 0 n op]at$ 9 a3ord.e ) xs writt5 t]ms4 #c ,"p ;,i regi/r,n a#b #f4 ,nature ( an ,employees' ,p5.n ,plan 7a7 ,t]ms--,an employees' p5.n plan is a def9ite >range;t e/abli%$ z a 3t9u+ policy 0an employ] or gr\p ( employ]s or 0a union 9 3junc;n ) s* employ]s4 ,! t]ms & 3di;ns m/ 2 set \ 9 writ+4 7b7 ,purpose 7;i7 ,xs prim>y purpose m/ 2 6provide p5.ns 6retir$ employees 9 ! =m ( life annuities4 ,x m/ n 2 a s*eme = div].n ( pr(its or an employees' sav+s fund )! "r ( )drawal ( funds dur+ cov]age4 7;ii7 ,x may provide = t]m9,n (! plan 0! employ] or = cess,n ( "picip,n 0a plan memb]2 h["e1 x may n provide = susp5.n (! plan 0! employ] 7i4e4 9t]rup;n ( all b5efit a3ruals74 ,? does n preclude ! susp5.n ( 3tribu;ns 0! employ] :5 surplus is 2+ appli$ = ? purpose 7,see p>agraph #ci7a774 ,3sid],n w 2 giv5 6reque/s #d ,"p ;,i regi/r,n b#b 6p]mit 9dividual memb]s 6susp5d 3tribu;ns 6! plan or "picip,n 9 ! plan =a p]iod ( "t n exce$+ two ye>s4 ,h["e1 x is n 9t5d$ t memb]s %d h ! "r 6susp5d & renew 3tribu;ns or "picip,n at w4 ,= example1 susp5.n wd 2 p]mitt$ = memb]s :o l1ve employ;t )! 9t5;n --------------------------------------#c 7( memb] & employ]7 t ! memb] w return 6employ;t af a %ort p]iod ( "t4 ,susp5.n ( memb] 3tribu;ns wd al 2 p]mitt$ ": ! plan is 9 "p 3tributory & 9 "p non-3tributory & dur+ ! p]iod ( susp5.n ! non- 3tributory b5efits 3t9ue 6a3rue4 7;iii7 ,def9$ b5efit plans1 7describ$ 9 #f7;i7 2l7 submitt$ = regi/r,n or am5d$ af ,decemb] #ca1 #aiha 7o!r ?an multi-employ] union plans7 may n 3ta9 a provi.n : wd reduce ei a3ru$ b5efits or any "r 6a supple;t>y p5.n 9 a3ord.e ) #i7;i7 2l 9 respect ( ^? #e ,"p ;,i regi/r,n a#c a3ru$ b5efits4 ,! excep;n 6! abv rule is ^u w9d-up (! plan :51 due 69su6ici5t funds1 a reduc;n 9 b5efits is au?oriz$ 0a f$]al or prov9cial jurisdic;n adm9i/]+ a p5.n b5efits act or 0? ,de"p;t4 7c7 ,p]sons ,cov]$--,an employees' p5.n plan m/ n provide = b5efits 6be pd 6p]sons o!r ?an employees :o >e memb]s (! plan1 _! b5efici>ies or _! e/ate7s74 7d7 ,employ] ,"picip,n--,! p5.n m/ 2 provid$ 0! employ] z 3sid],n = s]vices r5d]$ 0! employee4 ,! plan may 2 non-3tributory or may require memb]s 63tribute & may p]mit memb]s 6make volunt>y 3tribu;ns 7see #aa 2l74 7e7 ,fund+ ,m$ia--,! p5.n plan m/ 2 fund$ "?3 7;i7 a 3tract = 9sur.e )a -pany au?oriz$ 6c>ry on a life 9sur.e busi;s 9 ,canada1 #f ,"p ;,i regi/r,n b#c 7;ii7 a tru/ 9 ,canada gov]n$ 0a writt5 tru/ agree;t "u : ! tru/ees >e3 ,a4 a tru/ -pany1 or ,b4 9dividuals1 at l1/ ?ree ( :om reside 9 ,canada & "o ( :om m/ 2 9dep5d5t 6! ext5t t ! 9dividual is nei a significant %>ehold]1 "pn]1 proprietor nor an employee (a "picipat+ employ] 7see al #f7g7 2l71 ,= tru/e$ plans e/abli%$ 9 ! ,prov9ce ( ,quebec1 evid;e (a 3tractual >range;t 2t ! employ] or union & p]sons ^u :om ! >range;t imposes ! duties1 responsibilities & "rs norm,y associat$ )a tru/ee1 w 2 a3ept$ 9 lieu (a writt5 tru/ agree;t4 7;iii7 a p5.n corpor,n1 #g ,"p ;,i regi/r,n #d 7;iv7 an >range;t adm9i/]$ 0! ,gov]n;t ( ,canada or 0! gov]n;t (a prov9ce ( ,canada1 or 0an ag5t "!(1 or 7;v7 -b9,ns (! abv fund+ m$ia4 ,9 reg>d 6=eign plans see #f7j7 2l4 ,": b5efits 9 a3ord.e ) 7;i7 abv >e 6be provid$ "u 9dividual 3tracts1 ! 3tracts s issu$ m/ 2 held on ! t]ms ( an express tru/4 ,s* tru/ m/ h n less ?an two 9dividual tru/ees or a corporate tru/ee4 ,! 3tracts m/ 2 issu$ 6or assign$ 6! tru/ees :o m/ h p[] 6d1l fully ) all s* 3tracts 9clud+ assign;t or transf] ( ea* 3tract 6! applica# memb] on retire;t or t]m9,n ( employ;t4 ,": a fund+ vehicle (a plan is replac$ & funds >e 2+ transf]r$ 6! new vehicle1 ! fund+ 3tracts or agree;ts m/ provide =! transf] &! transf] m/ 2 p]mitt$ "u ! plan #h ,"p ;,i regi/r,n a#d rules4 ,all docu;ts 9 support (! *ange m/ 2 submitt$ promptly 6,rev5ue ,canada1 ,tax,n = approval4 ,p5.n b5efits >e 6be pd by1 or ! p5.n annu;y is 6be pur*as$ by1 ! 9sur]1 tru/ee1 p5.n corpor,n or gov]n;t "? : ! plan is 2+ fund$4 ,h["e1 ! 9sur]1 tru/ee or p5.n corpor,n may designate a "picipat+ employ] 6be xs ag5t =! pay;t ( b5efits ^u t]m9,n ( employ;t or d1?4 ,! 9sur]1 tru/ee or p5.n corpor,n is responsi# = 5sur+ t prop] a3.t+ ( plan funds is ma9ta9$ 0xs ag5t on xs 2half1 &= 5sur+ t 9=m,n returns requir$ 0! ,act or ,regul,ns >e prop]ly fil$4 7f7 ,segregat$ ,fund & ,deposit ,adm9i/r,n ,3tracts--,a 3tract describ$ z a segregat$ fund or deposit adm9i/r,n 3tract w 2 tr1t$ z a 3tract = 9sur.e if3 #i ,"p ;,i regi/r,n b#d 7;i7 b5efits on retire;t >e 6be provid$ "? a life annu;y 3tract1 or 7;ii7 b5efits on retire;t >e 6be provid$ 0regul> p]iodic pay;ts \ (! fund1 & 7;iii7 ! 3tract prohibits ! pay;t ( am.ts 7o!r ?an ! refund (a c]tifi$ actu>ial surplus &! pay;t ( adm9i/rative co/s7 0! 9sur.e -pany 6a "picipat+ employ] or 6a p]son :o 0 n an eligi# memb] "u ! plan or ! b5efici>y ( s* memb]4 ,a p5.n plan ^: funds >e 9ve/$ "u a segregat$ fund or deposit adm9i/r,n 3tract t fails 6meet ! abv require;ts --------------------------------------#e m/ 2 fund$ z a tru/e$ plan4 ,! 3tract m/ !n 2 [n$ 0! tru/4 7g7 ,adm9i/rators--,a plan fund$ "? a tru/ m/ h a designat$ adm9i/rator :o is responsi# =! ov]all op],n & adm9i/r,n (! plan4 ,s* #aj ,"p ;,i regi/r,n a#e adm9i/rator may 2 a "picipat+ corporate employ]1 a corpor,n resid5t 9 ,canada t is 9 ! busi;s ( r5d]+ s* adm9i/rative s]vices1 a -mittee ( 9dividuals ! major;y ( :om reside 9 ,canada1 an 9sur.e -pany au?oriz$ "u ! laws ( ,canada or a prov9ce 6c>ry on 9 ,canada an annuities busi;s or a tru/ -pany regi/]$ "u ! tru/s laws ( ,canada or a prov9ce4 ,a corporate tru/ee or p5.n corpor,n gov]n$ 0! plan may al 2 an adm9i/rator (! plan4 ,an 9dividual :o is a tru/ee (a tru/ gov]n$ 0! plan may al 2 a memb] (! plan's adm9i/rative -mittee4 7h7 ,tru/ ,a3.t+--,! tru/ fund (a tru/e$ p5.n plan m/ h a fiscal ye> 5d+ on ,decemb] #ca4 7i7 ,type ( ,plan--,! plan may 2 a def9$ b5efit or a m"oy pur*ase >range;t or a -b9,n "!(4 ,a m"oy pur*ase plan m1ns a plan "u : ! only b5efits 9 respect ( ea* memb] #aa ,"p ;,i regi/r,n b#e (! plan >e b5efits det]m9$ solely ) ref];e 6& provid$ 0! 3tribu;ns made "u xs t]ms 0or on 2half (! memb] tgr ) any e>n+s r1sonably attributa# "!to4 ,a def9$ b5efit plan m1ns a plan "u : b5efits >e det]m9$ 9 any way o!r ?an t describ$ 9 ! prec$+ s5t;e4 ,plans -b9+ m"oy pur*ase & def9$ b5efit f1tures w 2 3sid]$ def9$ b5efit plans = purposes ( ? circul>4 7j7 ,3sid],n w 2 giv5 6applic,ns = regi/r,n ( =eign employees' p5.n plans t h a =eign fund+ m$ium1 provid$ t3 7;i7 ,canadian employ]s >e 3tribut+ 6! =eign plan b only on a3.t ( =eign n,nals employ$ \tside ,canada 0! ,canadian employ]1 & 7;ii7 ! p5.n b5efits provid$ 6a memb] "u ! plan >e no m b5eficial ?an ^? b5efits : cd 2 provid$ "u a #ab ,"p ;,i regi/r,n c#e regi/]$ p5.n plan fund$ or 9sur$ 9 ,canada4 ,"s devi,ns f ! require;ts ( ? circul> may 2 p]mitt$ if x is e/abli%$ t ! plan provi.n is cu/om>y 9 ! applica# c.try4 --------------------------------------#f #g4 ,:o ,may ,9/itute a ,plan 7a7 ,any employ] may 9/itute a plan = 8 employees4 ,a trade union or trade associ,n may 9/itute a plan 9 co- op],n ) subscrib+ employ]s 9 ! 9du/ry4 7b7 ,! employ] m/ 2 a 3tributor4 ,a plan "u : employees al"o mutu,y agree 6make provi.n ( any k9d = !mvs or _! b5efici>ies1 directly or 9directly 7= example1 a plan p]mitt+ employee volunt>y 3tribu;ns only7 w n 2 a3ept$ = regi/r,n z an employees' p5.n plan4 #h4 ,eligibil;y 7a7 ,cov]age--,! plan m/ /ate ! class ( employees 6be cov]$1 ! #ac ,"p ;,i regi/r,n a#f require;ts 6be met = eligibil;y & :e!r or n "picip,n is -pulsory4 7b7 ,p]sons ,exclud$--,in 3sid]+ employees 6be cov]$1 ! foll[+ -;ts %d 2 not$3 7;i7 8,employee0 does n 9clude a p]son :o is self-employ$4 7;ii7 ,a "pn] or proprietor is n an employee & _c "picipate 9 a regi/]$ p5.n plan 9 respect ( any p]iod :5 s* p]son 0 n an employee2 h["e1 "picip,n may 2 p]mitt$ 9 respect ( any prior p]iod ( eligi# s]vice dur+ : ! "pn] or proprietor _h be5 an employee (a "picipat+ -pany b n a memb] ( any p5.n plan 9 : t -pany "picipat$4 ,b5efits m/ 2 bas$ on actual remun],n rcvd 9 ^? ye>s = s* employ;t4 ,s]vice z a "pn] or proprietor 9 a pr$ecessor busi;s _c 2 9clud$ 9 eligi# s]vice4 ,s* "picip,n w n 2 p]mitt$ if ! p5.n plan--or1 9 a multi- employ] plan1 if ! fund+ 0! #ad ,"p ;,i regi/r,n b#f "pn]%ip or proprietor%ip--is prim>ily =! b5efit (! proprietor or "pn]s & relat$ p]sons4 7;iii7 ,a sp\se (a "pn] or proprietor may 2 a memb] if s* sp\se is tr1t$ z an employee = ,canada ,p5.n ,plan or ,quebec ,p5.n ,plan & 9come tax purposes & provid$ t ! p5.n plan--or1 9 a multi-employ] plan1 ! fund+ 0! "pn]%ip or proprietor%ip--is n prim>ily =! b5efit (! proprietor or "pn]s & relat$ p]sons4 ,a m"oy pur*ase type ( p5.n plan : is prim>ily =! b5efit (! sp\se (a proprietor or "pn] may 2 regi/]$1 subject 6! re/ric;ns on significant %>ehold] 3tribu;ns \tl9$ 9 #aa7a77;iii7 & #aa7b77;ii7 2l 2+ appli$ 6s* sp\se4 --------------------------------------#g 7c7 ,p]sonal ,corpor,n--,s]vice )a corpor,n 9 #aiga or prior ye>s1 :ile x 0 a p]sonal corpor,n z def9$ #ae ,"p ;,i regi/r,n a#g 9 sec;n #fh (! ,act 7prior 6! ,decemb]1 #aiga am5d;ts71 0a %>ehold] ( t corpor,n or ! sp\se or * ( s* a %>ehold]1 _c 2 9clud$ z eligi# s]vice4 7d7 ,significant ,%>ehold]s--,a 8significant %>ehold]0 is an 9dividual :o1 al"o or 9 -b9,n )a p>5t1 sp\se or *1 [ns or has a b5eficial 9t]e/1 directly or 9directly1 9 %>es t repres5t #aj p] c5t or m (! vot+ p[] atta*$ 6all %>es (a -pany t is "picipat+ 9 ! plan4 ,a plan provid+ def9$ p5.n b5efits m/ n 2 prim>ily =! b5efit ( significant %>ehold]s ( "picipat+ -panies &/or relat$ p]sons4 ,fur!rmore1 "u a multi-employ] def9$ b5efit plan1 ! b5efits fund$ 0a "picipat+ -pany m/ n 2 prim>ily =! b5efit ( significant %>ehold]s ( t -pany &/or relat$ p]sons4 ,= #af ,"p ;,i regi/r,n b#g purposes ( ? circul>1 9sof> z ! t]m relates 6a significant %>ehold]1 "pn] or proprietor1 8relat$ p]son0 m1ns a p>5t1 sp\se1 bro!r1 si/] or * (a significant %>ehold]1 "pn] or proprietor4 ,a p5.n plan is 3sid]$ 6be prim>ily =! b5efit ( significant %>ehold]s &/or relat$ p]sons if ! pres5t value ( b5efits pur*as$ = or a3ru$ 6significant %>ehold]s & relat$ p]sons is 9 excess ( #ej p] c5t (! pres5t value (! total b5efits pur*as$ = or a3ru$ 6active memb]s "u all regi/]$ p5.n plans (! employ]4 ,3sid],n w 2 giv5 6reque/s 6waive ? rule if x c 2 det]m9$ t ! corpor,n is n 3troll$ 0^? plan memb]s :o >e significant %>ehold]s &/or relat$ p]sons4 ,3sid],n w al 2 giv5 6reque/s = waiv] ( ? rule ": ! plan is a multi-employ] plan &! #ag ,"p ;,i regi/r,n c#g significant %>ehold]s &/or relat$ p]sons >e oblig$ 63tribute 6or 2 memb]s (! plan z a 3di;n ( union memb]%ip t is a prerequisite 6employ;t4 ,n"e!.s1 def9$ b5efit plans prim>ily =! b5efit ( significant %>ehold]s &/or relat$ p]sons : 7 regi/]$ z s* prior 6,octob] #a1 #aifh or : 7 imple;t$ dur+ #aihj w n 2 t]m9at$ solely z a result (! fact t !y >e prim>ily =! b5efit ( significant %>ehold]s &/or relat$ p]sons4 ,h["e1 s* plans may n 2 am5d$ 69cr1se ! am.t or co/ ( --------------------------------------#h b5efits 6significant %>ehold]s &/or relat$ p]sons except t #aihj %>ehold] plans may 2 am5d$ 6all[ a normal retire;t age ( no e>li] ?an age #fj4 #ah ,"p ;,i regi/r,n a#h ,! ,supple;t>y ,rules ,reg>d+ ,%>ehold] ,p5.n ,plans : 7 rel1s$ on ,decemb] #bi1 #aihj1 >e n 9corporat$ 96? circul> b 3t9ue 6apply 6plans imple;t$ 9 #aihj prim>ily =! b5efit ( 3troll+ %>ehold]s & relat$ p]sons4 ,h["e1 z ( ,decemb] #e1 #aihe1 "s (! ,supple;t>y ,rules 7 relax$ 6p]mit plans 6be am5d$ z foll[s4 7;i7 ,normal retire;t age may 2 z e>ly z age #fj4 ,any result+ unfund$ liabil;y is 3sid]$ 6be an 9itial unfund$ liabil;y4 7;ii7 ,b5efits on retire;t may 2 pd directly f ! fund4 7;iii7 ,! -mut$ value (! a3ru$ p5.n 5title;t may 2 transf]r$ 6a lock$- in regi/]$ retire;t sav+s plan on retire;t1 t]m9,n ( employ;t prior 6retire;t & ^u t]m9,n (! plan4 7;iv7 ,) reg>d 6actu>ial assump;ns = fund+ or l;g t]m assump;ns = fund+ co/-(-liv+ adju/;ts1 any assum$ rate ( return : is r1sona# & #ai ,"p ;,i regi/r,n b#h 3si/5t ) ^? us$ = regul> employees' p5.n plans w 2 a3ept$4 7;v7 ,! m9imum amortiz,n s*$ules 9iti,y impos$ h be5 relax$ 6p]mit an amortiz,n s*$ule z c]tifi$ 0! plan actu>y4 ,plans regi/]$ "u ! #aihj ,%>ehold]s ,rules may n 2 am5d$ 6add "picipat+ employ]s or significant %>ehold] memb]s or relat$ p]sons :o 7 n 9 ! orig9al plan4 7e7 ,eligi# ,s]vice 7;i7 ,eligi# s]vice m/ 2 s]vice ) an employ] c>ry+ on all or "p ( xs busi;s 9 ,canada or o!rwise op]at+ 9 ,canada & s* employ] m/ 2 a 3tribut+ employ] "u ! plan or a proprietor%ip1 "pn]%ip or corpor,n t 0 xs pr$ecessor4 ,s* s]vice m/ 2 s]vice 9 ,canada or s]vice \tside ,canada directly relat$ 6! e>n+ 0! employ] ( 9come t is taxa# 9 ,canada or wd 2 taxa# except = an exempt+ provi.n (! ,act or a #bj ,"p ;,i regi/r,n c#h ,3v5;n4 ,s* s]vice is subject 6! re/ric;ns impos$ 0#h7b7 & 7c7 abv4 --------------------------------------#i 7;ii7 ,an excep;n 6? rule w 2 p]mitt$ ": a "picipat+ employ] has a reciprocal agree;t ) ano!r ,canadian employ]1 or )a =eign employ] t is an associat$ or a6iliat$ -pany1 6a3ept prior s]vice ) t o!r employ] z eligi# s]vice "u ! "picipat+ employ]'s p5.n plan4 ,s* reciproc;y may 2 e6ect$ "? a writt5 agree;t 6: ea* "picipat+ employ] is a "py or 09corpor,n ( equival5t clauses 96! p5.n plan ( ea* s* employ]4 ,a 3di;nal require;t wd 2 t ! memb] _h be5 a memb] (! o!r employ]'s p5.n plan or _h be5 9 employ;t c.t+ t[>ds eligibil;y = memb]%ip 9 ! o!r employ]'s p5.n plan4 7;iii7 ,3sid],n w al 2 giv5 6! 9clu.n 9 eligi# s]vice ( o!r relatively %ort p]iods ( #ba ,"p ;,i regi/r,n a#i s]vice 7?ree ye>s or less71 9side or \tside ,canada ) an employ] t is associat$ or a6iliat$ )a "picipat+ employ]4 7;iv7 ,p]iods ( pd l1ve & p]iods ( sa2atical l1ve1 $uc,nal l1ve1 & mat]n;y1 pat]n;y or adop;n l1ve 7pd or unpd7 may 2 c.t$ z eligi# s]vice4 ,p]iods ( active s]vice 9 ! ,canadian ,>m$ ,=ces or p]iods ( active s]vice ) alli$ =ces dur+ ,_w ,w> ,,ii or ! ,kor1n w> may al 2 9clud$4 ,p]iods ( l1ve due 6total 4abil;y1 z c]tifi$ 0a m$ical practi;n]1 may al 2 9clud$ 9 eligi# s]vice4 ,= purposes ( f9al or c>e] e>n+s >range;ts1 e>n+s dur+ s* p]iods may 2 deem$ 6be ,a4 at a p] annum rate t is n 9 excess (! sum (! remun],n pd =! twelve mon?s immly prior 6! total 4abil;y l1ve & #bb ,"p ;,i regi/r,n b#i 9cre;ts w>rant$ 09cr1ses 9 ! ,3sum] ,price ,9dex or ,av]age ,9du/rial ,wage1 or ,b4 ! am.t ( b5efits pd 6! memb] "u a sick;s & a3id5t 9sur.e plan1 9clud+ any am.t "u s* plan 9dex+ b5efits 69cr1ses 9 ! ,3sum] ,price ,9dex or ,av]age ,9du/rial ,wage4 -------------------------------------#aj 7;v7 ,subject 6a ?ree-ye> limit,n1 eligi# s]vice may 9clude p]iods1 ) or )\t pay1 ( %ort-t]m appo9t;t 6f$]al or prov9cial gov]n;ts1 -mittees or -mis.ns or loan 6a union1 $uc,nal 9/itu;n or *>ita# organiz,n ": b5efits d n a3rue = s* s]vice "u ano!r p5.n plan4 ,o!r p]iods ( unpd l1ve 79clud+ lay (f7 n exce$+ two ye>s may 2 9clud$ 9 eligi# s]vice4 7;vi7 ,portabil;y >range;ts t 9clude 9 eligi# s]vice all or "p ( #bc ,"p ;,i regi/r,n a#aj p]iods ( eligi# s]vice "u a prior regi/]$ p5.n plan w 2 a3ept$1 provid$ t3 ,a4 ! funds associat$ )! a3ru$ 5title;t "u ! prior plan >e transf]r$ 6! curr5t plan1 & ,b4 s* p]iods ( eligi# s]vice 7 p5.na# s]vice "u ! prior plan & pursuant 6! >range;t1 >e 6be p5.na# s]vice "u ! curr5t plan4 ,s* portabil;y >range;ts m/ provide 6t]m9at+ memb]s "rs t >e equival5t 6^? provid$ "u ! >range;t 6new memb]s4 7;vii7 ,a4 ,": a 3troll+ %>ehold] 2comes1 af ,decemb] #ca1 #aihj1 a memb] (a plan : provides =! a3rual (a pa/ s]vice b5efit1 ! plan m/ specific,y exclude f ! eligi# s]vice ( s* a memb] p]iods dur+ : t memb] 0 a significant %>ehold] or a relat$ p]son 6:om a b5efit a3ru$ "u a def]r$ #bd ,"p ;,i regi/r,n b#aj pr(it %>+ plan or ano!r regi/]$ p5.n plan (! "picipat+ -pany or a relat$ -pany4 ,a 3troll+ %>ehold] is a significant %>ehold] or relat$ p]son :o directly or 9directly or 9 3junc;n ) o!r memb]s :o >e significant %>ehold]s & p]sons relat$ 6!m1 3trols ! "picipat+ -pany4 ,b4 ,! abv re/ric;n does n apply if ! 3troll+ %>ehold] is oblig$ 6be a memb] (! p5.n plan z a 3di;n ( union memb]%ip t is a prerequisite 6employ;t & s* %>ehold] or relat$ p]son is subject 6! same "rs & 3di;ns z all o!r memb]s4 -------------------------------------#aa ,c4 ,plans e/abli%$ prior 6,janu>y #a1 #aiha1 : 9clud$ s* s]vice 9 eligi# s]vice (a memb] 6:om ! re/ric;n applies1 may 3t9ue 6d s b may n 9cr1se b5efits #be ,"p ;,i regi/r,n a#aa paya# 6! memb] on a3.t ( s* s]vice or a3ept f ! memb] fur!r a4i;nal volunt>y 3tribu;ns on a3.t ( s* pa/ s]vice4 ,d4 ,= #aiha & subsequ5t ye>s1 s]vice "u a def9$ b5efit plan w n qualify z eligi# s]vice1 9sof> z x p]ta9s 6a 3troll+ %>ehold]1 if remun],n pd 6t memb] =! ye> is n r1sona# 9 ! circum/.es4 ,remun],n ( s* a p]son w 2 3sid]$ 6be r1sona# if x is at l1/ ! less] ( 4#fe1jjj or #ge p] c5t (! av]age (! remun],n pd 6! memb] =! prior be/ ?ree 3secutive ye>s4 #i4 ,b5efits 7a7 ,=mula--,! am.t (! p5.n b5efits 6be provid$1 if n on a m"oy pur*ase basis1 m/ 2 9 a3ord.e )a def9ite =mula set =? 9 ! plan4 7b7 ,life ,annu;y--,settle;t on retire;t 7: 9cludes any t]m9,n ( employ;t af ! e>lie/ age at : #bf ,"p ;,i regi/r,n b#aa a p5.n may 2come paya# "u ! plan )\t adju/;t 0r1son ( e>ly retire;t1 z well z retire;t = 4abil;y & retire;t pursuant 6#aj7a77;iii7 2l7 m/ 2 9 ! =m ( an annu;y paya# 9 equal p]iodic am.ts at l1/ = life except :53 7;i7 ! annu;y 9 ! normal =m at retire;t age wd 2 no grt] ?an #d p] c5t (! ,ye>'s ,maximum ,p5.na# ,e>n+s z def9$ 0sec;n #ag (! ,canada ,p5.n ,plan4 7;ii7 ! memb] e/abli%es1 0a /ate;t f a qualifi$ m$ical practi;n]1 t he has only a %ort life expectancy 7t is1 a life expectancy mat]i,y %ort] ?an %[n on ! ,extracts f ,canadian ,life ,ta# atta*$ z ,app5dix ;,a1 or a su3essor ta# publi%$ 0,/ati/ics ,canada72 7;iii7 ! por;n (! b5efits pd o!r ?an 0a life annu;y is settl$ 0a s+le pay;t & is deriv$ solely f a4i;nal volunt>y 3tribu;ns2 #bg ,"p ;,i regi/r,n c#aa 7;iv7 ! annu;y is 9 "p on a3.t ( supple;t>y p5.n b5efits describ$ 9 #i7;i7 2l1 9 : ev5t ! annu;y may 2 9cr1s$ or decr1s$ 6reflect *anges 9 ! am.t (! supple;t>y p5.n2 -------------------------------------#ab 7;v7 ! annu;y is 9tegrat$ ) b5efits paya# "u ! ,canada ,p5.n ,plan1 ,quebec ,p5.n ,plan or ,old ,age ,secur;y ,act 6provide a level -b9$ b5efit f all s\rces af retire;t4 ,! -mut$ value at retire;t (! por;n (! b5efits fund$ "u ! regi/]$ p5.n plan m/ n exce$ ! -mut$ value at retire;t (! maximum p5.n p]mitt$ "u #i7g7 or #i7g4#a7 2l2 7;vi7 ! basic p5.n is supple;t$ 0a bridg+ b5efit = all or "p (! p]iod ( retire;t prior 6age #fe & s* bridg+ supple;t is r1sona# 9 ! circum/.es & 9 rel,n 6maximum social secur;y b5efits 7,,oas & #bh ,"p ;,i regi/r,n a#ab ,,cpp or ,,qpp7 paya# 6p]sons ov] age #fe2 7;vii7 b5efits "u a m"oy pur*ase plan >e 2+ pd z a v>ia# or escalat+ annu;y = life2 7;viii7 "u a memb] op;n provi.n1 ! value ( def9$ b5efits a3ru$ 6date ( retire;t t wd o!rwise 2 pd z a life annu;y is 3v]t$ at date ( retire;t 6a v>ia# or escalat+ annu;y = life or ! value (! rema9+ life annu;y at a date subsequ5t 6retire;t is simil>ly 3v]t$2 or 7;ix7 "p (! memb]'s [n 3tribu;ns & 9t]e/ "!on is pd 6! memb] pursuant 6a provi.n 9 a f$]al or prov9cial p5.n b5efits act4 ,fur!rmore1 3sid],n w 2 giv5 6a provi.n =a "pial settle;t 9 ! =m (a v>ia# or escalat+ annu;y1 9 o!r circum/.es1 :5 x is e/abli%$ t ! co/ or pres5t value (! total p5.n paya# 6a memb] w n exce$ ! co/ or total value (! maximum p5.n t may 2 #bi ,"p ;,i regi/r,n b#ab pd 6t memb] )9 ! limit,ns ( #i7g7 or #i7g4#a7 2l4 ,! value (! p5.n b5efit may 2 pd z a jo9t & la/ survivor annu;y "u : ! am.t pd 6! survivor is equal 6or less ?an ! am.t pd "u t annu;y 6! memb]4 ,a fur!r op;n all[s =! transf] (! -mut$ value (! a3ru$ p5.n 5title;t on retire;t 6a lock$-in regi/]$ retire;t sav+s plan 7i4e4 a regi/]$ retire;t sav+s plan : does n provide =a pay;t 6! annuitant except 0way ( life annu;y74 7c7 ,-mut,n--,commut,n o!rwise ?an provid$ 9 #i7b7 abv may o3ur only on or af d1?1 t]m9,n ( employ;t or t]m9,n ( -------------------------------------#ac ! plan prior 6! retire;t (! memb]4 ,-mut,n may n o3ur :5 employ;t is t]m9at+ due 6retire;t1 nor1 ": #cj ,"p ;,i regi/r,n a#ac "picip,n 9 ! plan is -pulsory1 may x o3ur :5 t]m9,n is "kn 0! adm9i/rator or tru/ee 6be =! purpose ( tak+ eligi# employ;t ) ano!r employ] "picipat+ "u ! plan4 ,fur!r1 -mut,n may n o3ur on a3.t ( volunt>y t]m9,n ( plan memb]%ip or due 6transf] 6employ;t 7)! same employ]7 : is 9eligi# "u ! plan4 ,! -mut,n ( a3ru$ p5.n b5efits attributa# 6a memb]'s sp\se z a result (a m>riage br1kd[n is p]mitt$1 provid$ x is pursuant 6a writt5 agree;t1 decree1 ord] or judg;t (a -pet5t tribunal4 ,ca% settle;t :ile 3t9u+ 9 employ;t w 2 d5i$ except on or af t]m9,n (! plan1 :5 a %ort life expectancy has be5 e/abli%$ z p] #i7b77;ii7 abv or :5 3tribu;ns on 2half (! memb] h be5 4cont9u$ &! equ;y wd pur*ase at normal retire;t age1 a life annu;y 9 ! normal =m ( no grt] ?an #d p] c5t (! ,ye>'s ,maximum ,p5.na# ,e>n+s 7z def9$ 0sec;n #ag (! ,canada #ca ,"p ;,i regi/r,n b#ac ,p5.n ,plan7 p] annum4 ,h["e1 ca% settle;ts 0direct roll-ov] 6regi/]$ retire;t sav+s plans1 :ile 3t9u+ 9 employ;t1 w 2 p]mitt$ 6! ext5t & 9 ! circum/.es describ$ 2l2 7;i7 a roll-ov] ( memb]s' volunt>y p5.n 3tribu;ns on a once-&-=-all basis foll[+ an am5d;t 6! plan 6d5y memb]s ! "r 6make volunt>y 3tribu;ns1 or 7;ii7 a roll-ov] ( memb]s' requir$ 3tribu;ns on a once-&-=-all basis foll[+ an am5d;t 6! plan 6delete a require;t = 3tribu;ns 0memb]s1 )\t any reduc;n 9 a3ru$ b5efits1 & 6provide =! employ] 6be> ! full co/ ( b5efits "u ! plan4 ,! ,canadian ,9/itute ( ,actu>ies' m9imum transf] value recomm5d,n is an a3epta# me?od ( calculat+ ! value ( b5efits 79clud+ bridg+ b5efits & supple;t>y p5.ns7 -mut$ pursuant 6! provi.ns ( ? p>agraph & p>agraphs #i7b7 & 7l74 ,any o!r actu>ial #cb ,"p ;,i regi/r,n c#ac me?od us$ 6calculate -mut$ am.ts is subject 6approval 0! ,de"p;t4 ,s* -mut,ns >e al subject 6! limit,ns (! ,p5.n ,b5efits ,/&>ds ,act1 #aihe or prov9cial p5.n b5efits legisl,n1 if applica#4 7d7 ,delet$ 7see #h7e77;iv7 & #aj7c77;ii77 7e7 ,d1? ,b5efits--,! plan may provide a b5efit on a3.t (! memb]'s d1? 2f retire;t : is r1sona# 9 rel,n 6! s]vice (! memb] & 9 rel,n 6! plan's b5efit =mula4 -------------------------------------#ad ,! -mut$ value (! d1? b5efit may n exce$ ! a3ru$ 5title;t (! memb] except ": a provi.n 6refund 6! b5efici>y or e/ate ! memb]'s 3tribu;ns plus 9t]e/1 or1 9 a m"oy pur*ase plan1 ! memb]'s & employ]'s 3tribu;ns plus 9t]e/1 results 9 a refund 9 excess (! a3ru$ 5title;t4 #cc ,"p ;,i regi/r,n a#ad ,n"e!.s1 a def9$ b5efit plan may provide =a m9imum d1? b5efit1 s l;g z x is r1sona# 9 ! circum/.es4 ,examples ( m9imum d1? b5efits : wd 2 3sid]$ r1sona# >e3 ;i7 af a specifi$ p]iod ( s]vice1 a lump sum pay;t ( #ej p] c5t (! memb]'s remun],n =! la/ twelve mon?s ( employ;t1 & ;ii7 a lump sum pay;t ( 4#b1ejj reg>d.s (! remun],n level (! dec1s$4 ,d1? b5efits af retire;t1 o!r ?an a return (! dec1s$ memb]'s 3tribu;ns n us$ 6provide p5.n b5efits1 plus 9t]e/1 w n 2 p]mitt$4 ,! b5efit paya# 6! b5efici>y or e/ate ^u ! d1? (! memb]1 ei 2f or af retire;t1 may 2 7in :ole or 9 "p7 0lump sum1 0an imm annu;y = life or 0a def]r$ annu;y = life -m5c+ 2f ! b5efici>y atta9s age #fe4 ,s* annu;y may 2 gu>ante$ 9 a3ord.e ) #cd ,"p ;,i regi/r,n b#ad #aj7d7 2l4 ,! b5efici>y or e/ate may al rcv ! b5efit 9 ! =m ( imm 9/al;ts or an annu;y c]ta9 -m5c+ immly4 ,! 9/al;ts or annu;y c]ta9 m/ n exce$ a p]iod ( t5 ye>s f ! date ( d1?4 ,! tr1t;t 6be a3ord$ a gu>ante$ annu;y 9 ! ev5t ( d1? af retire;t is al expla9$ 9 #aj7d7 2l4 7,s* d1? b5efits1 :e!r pd 9 a lump sum or n1 >e sup]annu,n or p5.n b5efits z def9$ 0subsec;n #bdh7#a7 (! ,act & m/ 2 report$ z s* on 9=m,n & tax returns47 7f7 ,dep5dants' ,p5.n ,b5efits--,a p5.n plan may provide =a r1sona# p5.n 6a sp\se 79clud+ -mon-law7 or 6a p>5t1 bro!r1 si/] or * provid$ t s* p]sons 7 dep5d5t on ! memb] at ! "t (! memb]'s d1?4 ,! am.t (! p5.n m/ 2 directly relat$ to 7b m/ n exce$7 ! a3ru$ 5title;t (! memb] at date ( d1? except t a r1sona# & mod]ate m9imum p5.n may 2 provid$1 subject 6a specifi$ p]iod ( #ce ,"p ;,i regi/r,n c#ad eligi# s]vice4 ,z an example1 a p5.n 6a sp\se ( #fj p] c5t (! am.t ( p5.n a3ru$ 6! memb] at date ( d1? wd usu,y 2 3sid]$ 6be a r1sona# p5.n4 7g7 ,maximum p5.n 7;i7 ,plans t >e fund$ on a m"oy pur*ase basis 7except ^? t]m9,y fund$7 & "u : b5efits >e paya# solely on a m"oy pur*ase basis >e n subject 6^! maximum p5.n -------------------------------------#ae rules4 ,plans provid+ p5.n b5efits on a def9$ b5efit basis or "u a -b9,n (a def9$ b5efit &a m"oy pur*ase b5efit & plans t]m9,y fund$ m/ specific,y prohibit p5.n b5efits \ ( or "u ! plan1 pd 9 ! normal =m specifi$ "u ! plan rules1 f exce$+ an am.t t wd 2 at an annual rate t is ! less] (3 ,a4 4#a1gae "ts ! numb] ( ye>s ( p5.na# s]vice n exce$+ #ce1 & ,b4 ! am.t t is ! product ( #cf ,"p ;,i regi/r,n a#ae 7,i7 #b p] c5t p] ye> ( p5.na# s]vice n exce$+ #ce ye>s1 & 7,,ii7 ! av]age (! be/ ?ree 3secutive ye>s ( remun],n pd 6! memb] 0! employ]2 or1 if pd 9 an op;nal =m1 f exce$+ ! actu>ial equival5t (! am.t t wd o!rwise 2 det]m9$ "u ! abv =mula4 ,": b5efits >e pd 9 a =m : has a l[] actu>ial equival5t ?an ! normal =m "u ! plan1 ! re/ric;ns set \ 9 ;,a & ;,b abv m/ 2 respect$4 ,! abv rule applies 6all p5.n b5efits1 9clud+ any 4tribu;n ( surplus 6memb]s & any am.t pd \ 6! memb]'s sp\se z a result ( m>riage br1kd[n1 :e!r paya# ^u retire;t1 t]m9,n ( employ;t or t]m9,n ( plan4 ,? rule w n apply 6an annual p5.n ( 4#cjj or less p] ye> ( #cg ,"p ;,i regi/r,n b#ae p5.na# s]vice nor w x apply 6! por;n1 if any1 (! p5.n deriv$ f a memb]'s a4i;nal volunt>y 3tribu;ns 7ei = curr5t or pa/ s]vice7 provid$ t ! por;n (! p5.n s deriv$ is det]m9$ on a m"oy pur*ase basis4 ,": a plan provides def9$ b5efits =a specifi$ p]iod ( pa/ s]vices & b5efits on a m"oy pur*ase basis = subsequ5t p]iods1 ! maximum p5.n rule ne$ n apply 6memb]s ^: only p5.n 5title;t is 6b5efits det]m9$ "u s* m"oy pur*ase basis4 7;ii7 ,": a bridg+ b5efit is paya#1 ": b5efits >e 9tegrat$ )! ,,cpp/,,qpp1 ,,oas or bo? & ": b5efits >e paya# "u an escalat+ annu;y1 ! p5.n b5efits paya# -------------------------------------#af "u ! plan may n exce$ ! -mut$ value (! maximum p5.n p]mitt$ "u ! abv =mulae1 un.s ! basic p5.n af age #fe is 4#cjj or less p] #ch ,"p ;,i regi/r,n a#af ye> ( s]vice or am.ts t >e ! equival5t value ( s* a p5.n4 ,": a bridg+ b5efit is paya# any excess bridg+ b5efit m/ 2 9clud$ 9 ! calcul,n (! -mut$ value4 ,= ? purpose an excess bridg+ b5efit is t por;n (a bridg+ b5efit paya# up 6age #fe t is 9 excess (! sum (! basic ,old ,age ,secur;y ,p5.n &! maximum ,,cpp/,,qpp retire;t p5.n paya# at ! "t ( det]m9,n & all (a bridg+ b5efit paya# af age #fe4 7;iii7 ,=! purpose ( 7,b7,,ii abv1 a maximum p5.n limit,n us+ ! be/ five ye>s ( remun],n r ?an ! be/ ?ree 3secutive ye>s ( remun],n w 2 a3ept$ ev5 ?\<1 = "s memb]s1 x may produce hi<] b5efits 7subject 6! limit,ns ( 7,a77 ?an wd o!rwise 2 p]mitt$4 ,a b5efit express$ z ! grt] (! two w n 2 a3ept$4 7;iv7 ,if ! plan s provides1 divid5ds f "picipat+ policies ( 9sur$ plans may 2 appli$ #ci ,"p ;,i regi/r,n b#af 6pur*ase an a4i;nal p5.n provid$ t ! total p5.n does n exce$ ! maximum p5.n set \ abv2 o!rwise1 divid5ds m/ 2 appli$ 6reduce ! employ]'s 3tribu;ns4 7;v7 ,x is n 9t5d$ t ! abv limit,ns %d reduce a memb]'s p5.n 2l t p5.n : cd 2 pur*as$ 0an am.t equal 6! memb]'s [n 3tribu;ns plus a r1sona# rate ( 9t]e/ "!on4 7;vi7 ,if a memb] w rcv or has rcvd b5efits "u m ?an "o regi/]$ p5.n plan or previ\sly regi/]$ p5.n plan ( an employ] or gr\p ( employ]s1 ! abv limit,ns apply 6! -b9$ b5efits pd or paya# 6! memb] or on ! memb]'s 2half "u s* plans4 7;vii7 ,a def9$ b5efit plan may 9cr1se ! basic p5.n paya# 6retir$ memb]s subject 6! maximum p5.n rule /at$ abv4 7g4#a7 ,maximum ,p5.n--,special ,situ,n ,plans provid+ = b5efits 6be pd on ! basis (! grt] (a def9$ #dj ,"p ;,i regi/r,n c#af b5efit &a b5efit det]m9$ on a m"oy pur*ase basis >e subject 6! foll[+ rules3 7;i7 ,! def9$ b5efit m/ n exce$ ! limit,ns set \ abv1 -------------------------------------#ag 7;ii7 ,subject to 7;iii7 2l1 ! m"oy pur*ase b5efits m/ n exce$ ! grt] ( ,a4 ! b5efits t cd 2 pur*as$ 0an am.t t is twice ! am.t (! requir$ curr5t s]vice 3tribu;ns made 0! memb] 7n exce$+ 4#b1ejj 9 any ye> up 6& 9clud+ #aige &! am.t deducti# 0! memb] z a curr5t s]vice 3tribu;n 9 any subsequ5t ye>7 plus a r1sona# rate ( e>n+s "!on1 & ,b4 ! b5efits t cd 2 pur*as$ 0! sum (! requir$ curr5t s]vice 3tribu;ns made 0! memb] &! curr5t s]vice 3tribu;ns made 0! employ] on 2half (! memb] 7! latt] n exce$+ 4#b1ejj 9 #da ,"p ;,i regi/r,n a#ag any ye> up 6& 9clud+ #aige or ! am.t deducti# 0! employ] z a curr5t s]vice 3tribu;n on 2half (! memb] 9 any subsequ5t ye>71 plus a r1sona# rate ( e>n+s "!on1 & 7;iii7 ,memb]s' a4i;nal volunt>y 3tribu;ns 7on a3.t ( pa/ & curr5t s]vice7 plus e>n+s "!on may 2 appli$ 6provide b5efits 9 a4i;n 6^? p]mitt$ "u 7;i7 or 7;ii7 abv4 7g4#b7 ,def9i;ns = purposes ( #i7g73 7;i7 ,a normal =m ( p5.n is a p5.n bas$ on ei a s+le life ) or )\t an a3epta# gu>antee p]iod or a jo9t & la/ survivor n exce$+ #fj p] c5t 6! survivor4 7;ii7 ,p5.na# s]vice is eligi# s]vice z def9$ 9 #h7e7 abv = : a p5.n is 2+ provid$1 at l1/ 9 "p at "s r1sona# co/ 6! employ] or a =m] employ] 9 reg>d 6ea* ye> ( s]vice1 plus eligi# s]vice z def9$ 9 #h7e77;iii71 7;iv7 or 7;v7 #db ,"p ;,i regi/r,n b#ag abv = : a p5.n is 2+ provid$ solely at ! memb]'s exp5se4 ,x al 9cludes a ye> ( deem$ s]vice 9 a3ord.e ) #aj7c77;ii7 2l or pursuant 6a provi.n1 9 a3ord.e ) #aj7a77;iii7 2l1 t has be5 a3ept$ 0! ,de"p;t4 7;iii7 ,= purposes ( ^! maximum p5.n rules a ye> is norm,y a twelve mon? p]iod & total p5.na# s]vice is 6be calculat$ 6a frac;n (a ye>4 -------------------------------------#ah 7h7 ,m9imum ,p5.n--,not)/&+ ! g5]al limit,n ( #i7g7 abv1 ! plan may provide a mod]ate m9imum p5.n b5efit 7n relat$ 6e>n+s or s]vice7 :1 tak+ 96a3.t ,old ,age ,secur;y & ,canada ,p5.n ,plan or ,quebec ,p5.n ,plan b5efits1 is r1sona# 9 ! circum/.es4 ,= example1 a m9imum p5.n b5efit "u ! plan ( 4#bej p] mon? at normal retire;t age1 af #aj ye>s ( eligi# s]vice1 wd 2 3sid]$ 6be a r1sona# m9imum p5.n4 #dc ,"p ;,i regi/r,n a#ah 7i7 ,supple;t>y ,p5.n ,b5efits ,a def9$ b5efit plan may 9clude a provi.n =a supple;t>y p5.n1 9 recogni;n ( 9cr1ses 9 ! co/ ( liv+ af retire;t or t]m9,n ( employ;t4 ,supple;t>y p5.ns may 2 adju/$ on a qu>t]ly or less frequ5t basis4 ,": supple;t>y p5.ns >e bas$ on ! excess e>n+s approa*1 ! plan m/ specify ! base rate1 ! =mula = det]m9+ ! e>n+s rate &a r1sona# alloc,n4 ,! e>n+s rate may 2 relat$ 6! 9ve/;t e>n+s (! fund or 6"s ext]nal 9dex4 ,s* a supple;t>y p5.n is n re/rict$ 0! maximum p5.n rule 9 #i7g7 abv1 provid$ t ;i7 x is w>rant$ 09cr1ses 9 ! ,3sum] ,price ,9dex & ;ii7 x does n 2come paya# 6a memb] 2f ! lat] (! date ! memb] atta9s age #fj &! date ( retire;t or t]m9,n (! memb] 7except ": retire;t is on a3.t #dd ,"p ;,i regi/r,n b#ah ( 4abil;y or pursuant 6#aj7a77;iii7 2l74 ,": a plan p]mits a supple;t>y p5.n 6a3rue 6a memb] prior 6age #fj z a result ( retire;t or t]m9,n ( employ;t 2f age #fj1 ! b5efit paya# at age #fj1 9clud+ ! a3ru$ supple;t1 m/ 2 limit$ 9 ! plan 6! maximum p5.n 7#i7g7 abv74 ,plans t 7 regi/]$ = purposes (! ,act on ,janu>y #ba1 #aihj1 & provid$ =! pay;t ( supple;t>y p5.n b5efits af retire;t or t]m9,n at an age e>li] ?an #fj may 3t9ue 6d s4 ,s* plans m/ prohibit ! total (! p5.n b5efits & supple;t>y p5.n b5efits paya# at age #fj or e>li] f exce$+ an annual rate ( 4#a1gae "ts ! numb] ( ye>s ( p5.na# s]vice1 n exce$+ #ce4 ,af age #fj ^! total p5.n b5efits may 2 9cr1s$ 0s* a4i;nal supple;t>y b5efits z #de ,"p ;,i regi/r,n c#ah >e w>rant$ "!af4 ,? re/ric;n on ! am.t ( supple;t>y p5.n b5efits paya# at age #fj or e>li] does n apply 6! pay;t ( s* b5efits 6a memb]'s b5efici>y4 ,": p5.n b5efits at l[] maximum p5.n levels =m]ly p]mitt$ 7 9cr1s$ e6ective ,septemb] #a1 #aigf1 6! hi<] maximum "u -------------------------------------#ai #i7g7 abv & supple;t>y p5.n b5efits >e paya# "u ! plan1 s* supple;t>y p5.n b5efits may only 2 bas$ on 9cr1ses 9 ! ,3sum] ,price ,9dex af ,septemb] #a1 #aigf4 ,h["e1 if ! sum (! p5.n b5efits "u ! =m] maximum p5.n limit,ns &! supple;t>y p5.n b5efits "u ? p>agraph1 z at ,augu/ #ca1 #aigf1 is grt] ?an ! p5.n b5efits paya# "u #i7g7 abv z at ,septemb] #a1 #aigf1 !n p5.n b5efits #df ,"p ;,i regi/r,n a#ai & supple;t>y p5.n b5efits may 3t9ue 6be pd & 9dex$ "u ! =m] provi.ns4 ,m"oy pur*ase p5.n plans may use ! excess e>n+s approa* 6provide p5.ns )a v>ia# escal,n4 7j7 ,settle;ts--,on or af t]m9,n ( employ;t prior 6retire;t or on or af t]m9,n (! plan1 b5efits may 2 pd 6! memb] 9 a lump sum1 09/al;ts or annu;y c]ta9 -m5c+ no lat] ?an ! e>lie/ date f : a p5.n may 2 paya# "u ! plan or z an annu;y = life matur+ 2f ! memb] atta9s age #ga1 or any -b9,n "!(4 ,! 9/al;ts & annu;y c]ta9 may n exce$ a p]iod ( t5 ye>s f ! date !y -m;e4 ,! -mut$ value (! b5efits may al 2 transf]r$ 6ano!r regi/]$ p5.n plan or 6a regi/]$ retire;t sav+s plan4 ,! value (! b5efits s pd may n exce$ ! value (! maximum p5.n p]mitt$ "u #i7g7 or #i7g4#a7 abv1 z applica#4 #dg ,"p ;,i regi/r,n b#ai 7k7 ,remun],n--,= purposes ( ? circul> 8remun],n0 may 9clude all sal>y1 wages1 bonuses1 vac,n pay1 honor>ia1 directors' fees1 -mis.ns1 taxa# all[.es1 ! value ( taxa# b5efits & any o!r pay;ts actu,y rcvd 0! memb] dur+ ! ye> = s]vices dur+ ! ye> z an (fic] or employee (a "picipat+ employ] t >e r1sona# 9 ! circum/.es4 7l7 ,3v].ns--,:5 a def9$ b5efit plan is 3v]t$ 6a m"oy pur*ase plan1 a valu,n report us+ transf] values : reflect ! memb]'s a3ru$ 5title;t "u ! def9$ b5efit plan m/ 2 submitt$ 6,rev5ue ,canada1 ,tax,n1 a4ress$ z specifi$ 9 #ad7a7 2l4 ,! def9$ b5efit may 2 9cr1s$ prior 63v].n 6! maximum p5.n specifi$ 9 p>agraph #i7g7 abv4 ,any actu>ial surplus : is n refund$ 63tribut+ employ]s af ! 3v].n may rema9 9 ! plan 6fund employ] future s]vice co/s1 provid$ t ! m"oy #dh ,"p ;,i regi/r,n c#ai pur*ase plan text 3ta9s a provi.n p]mitt+ any surplus rema9+ ^u t]m9,n (! plan 6be refund$ 63tribut+ employ]s4 ,un.s ! surplus is allocat$ 6a sep>ate employ] a3.t 6be us$ =! sole purpose ( fund+ s* future s]vice co/s1 ! plan text m/ al 9clude ! maximum p5.n rule applica# -------------------------------------#bj 6^? memb]s :o h a3ru$ a b5efit "u ! def9$ b5efit por;n4 ,! -b9$ def9$ b5efit & m"oy pur*ase p5.n a3rual w !n 2 limit$ 0! maximum p5.n rule4 #aj4 ,retire;t ,age & ,gu>antee ,p]iods 7a7 ,normal ,retire;t ,age 7;i7 ,normal retire;t age = purposes (! plan %d 2 def9$ & %d n 2 2f ! f/ "d (! mon? 9 : ! memb]'s sixtie? bir?"d o3urs nor lat] ?an ! "d prec$+ ! memb]'s sev5ty-f/ bir?"d2 h["e1 :5 ! plan is 9sur$ & retire;t is bas$ on ! plan anniv]s>y date1 normal #di ,"p ;,i regi/r,n a#bj retire;t age may 2 up 6#ahc "ds prior 6! sixtie? bir?"d4 ,a normal retire;t age lat] ?an age #ga w 2 a3ept$ only 9 reg>d 6a specific 9dividual :5 t p]son is retir+ immly af 2+ br"\ 96! plan4 ,retire;t m/ 3/itute a factual t]m9,n ( employ;t2 h["e1 af a memb]'s sixty-fif? bir?"d ! memb] may 2 deem$ 6h retir$ = purposes (! plan &! memb] may rcv a :ole or "pial p5.n1 ev5 ?\< rema9+ 9 employ;t4 ,! pay;t (a :ole or "pial p5.n may -m;e prior 6age #fe :ile ! memb] rema9s 9 employ;t )a "picipat+ employ] "u ! plan1 if ! memb] has r1*$ normal retire;t age "u ! plan & ,a4 ! p5.n pay;t is -p5sat+ =a reduc;n 9 e>n+s or #ej ,"p ;,i regi/r,n b#bj ,b4 fur!r def]ral wd result 9 ! basic p5.n exce$+ ! limit,n /at$ 9 p>agraph #i7g7 abv4 ,no fur!r b5efits1 9clud+ a4i;nal volunt>y 3tribu;ns1 may a3rue 6a memb] :o rema9s 9 employ;t or returns 6employ;t ) s* an employ] af a br1k 9 s]vice :ile 9 receipt (a :ole or "pial retire;t p5.n4 7;ii7 ,normal retire;t age may 2 e>li] ?an age #fj if s* retire;t is dep5d5t on ! -ple;n ( #cj ye>s ( s]vice "u ! plan or if s* retire;t is dep5d5t on ! sum ( retire;t age plus ye>s ( s]vice total+ #hj or m4 7;iii7 ,3sid],n w 2 giv5 6! 9clu.n (a clause 6provide a reduc$ normal retire;t age1 9 9dividual cases at ! 4cre;n (! employ]1 :5 retire;t is 2+ impos$ on memb]s -------------------------------------#ba :o >e l;g-t]m employees1 2c ( autom,n or failure ( memb]s #ea ,"p ;,i regi/r,n a#ba 6keep _! k 9 pace ) adv.e;t 9 te*nology4 ,! provi.n may 9volve ! pay;t ( p5.ns at an e>li] date )\t actu>ial reduc;n & may al 9volve an a4i;nal cr$it ( deem$ ye>s ( s]vice repres5t+ all or "p (! p]iod 2t actual retire;t age &! normal retire;t age o!rwise specifi$ 9 ! plan4 ,s* a provi.n m/ 2 r1sona# 9 ! circum/.es4 7b7 ,def]r$ ,retire;t--,plans may all[ ! pay;t ( p5.n b5efits 6be def]r$ on an op;nal basis up 6! "d prec$+ ! 9dividual's sev5ty-f/ bir?"d4 ,a memb] may 3t9ue 9 employ;t 2y age #ga :ile 9 receipt ( p5.n b5efits4 ,%d ! pay;t ( p5.n b5efits 2 def]r$ 2y age #ga1 ! am.t (! p]iodic 9/al;ts t wd o!rwise h be5 pd f age #ga 6actual -m;e;t ( p5.n may n 2 def]r$ or us$ 69cr1se b5efits pd af retire;t4 #eb ,"p ;,i regi/r,n b#ba ,s]vice af ! sev5ty-f/ bir?"d may c.t = eligibil;y = cov]age b a4i;nal b5efits _c a3rue = s* s]vice4 7c7 ;i7 ,e>ly ,retire;t 7,o!r ?an = 4abil;y7--,"! may 2 provi.n = volunt>y retire;t prior 6normal retire;t age b 9 t ev5t1 ! pres5t value (! p5.n 79clud+ excess bridg+ b5efits z ref]r$ 6in #i7g77;ii7 abv7 paya# 6a memb] at actual retire;t may n exce$ ! limit,n set \ 9 #ba 2l4 7;ii7 ,e>ly ,retire;t 7,4abil;y7-- ,unreduc$ e>ly retire;t p5.ns due 6total & p]man5t 4abil;y : is c]tifi$ z s* 0a m$ical practi;n] 74abil;y p5.ns7 may 2 provid$ "u a plan4 ,! p5.n pd may 2 bas$ on actual s]vice plus ! p]iod ( 4abil;y up 6! normal retire;t age specifi$ 9 ! plan4 #ec ,"p ;,i regi/r,n c#ba ,a less] 4abil;y p5.n1 s* z is r1sona# 9 ! circum/.es1 may 2 pd ": 4abil;y is s* z 6p]mit employ;t1 b only at less] levels ( remun],n4 ,norm,y1 ! sum (! remun],n &! 4abil;y p5.n %d n exce$ ! total 4abil;y p5.n t wd h be5 paya# _h ! 9dividual be5 tot,y 4a#d4 ,a memb] 9 receipt (a 4abil;y p5.n is 3sid]$ 6h retir$ = purposes (! p5.n plan4 -------------------------------------#bb 7d7 ,gu>antee ,p]iod--,! maximum a3epta# gu>antee p]iod = bo? regul> & op;nal life annuities 6a memb] is ! less] (3 7;i7 fifte5 ye>s1 & 7;ii7 ! p]iod f ! date ( retire;t (! 9dividual 6! "d 2f ! date on : ! 9dividual's eiantee p]iod1 ! annu;y 3tract may provide ei = -mut,n #ed ,"p ;,i regi/r,n a#bb (! b5efits =! bal.e (! gu>antee p]iod = pay;t 6! e/ate or 6a designat$ b5efici>y1 or =! rema9d] (! annu;y pay;ts 6be made 6a designat$ b5efici>y4 ,9 ! case (a jo9t & la/ survivor annu;y1 "! c 2 no gu>antee ( pay;ts on ! d1? (! second life o!r ?an =! unexpir$ t]m (! gu>antee on ! f/ life4 ,":1 ^u ! d1? (a memb]1 a b5efit 2comes paya# 6a b5efici>y 9 ! =m (a life annu;y 7o!r ?an z ! la/ survivor "u a jo9t & la/ survivor annu;y71 ! maximum a3epta# gu>antee p]iod is ! less] (3 7;iii7 fifte5 ye>s1 & 7;iv7 ! p]iod f ! date ( d1? (! memb] 6! "d 2f ! date on : ! b5efici>y's ei ( at l1/ #a p] c5t (! remun],n ( "picipat+ employees = t ye>4 ,3tribu;ns m/ 2 limit$ 0! plan 6am.ts deducti# "u ! provi.ns ( p>agraphs #bj7#a77q7 & #h7#a77m7 (! ,9come ,tax ,act4 7;iii7 ,un.s #aa7e7 2l applies1 a m"oy pur*ase plan t is prim>ily =! b5efit ( significant %>ehold]s or relat$ p]sons m/ re/rict an employ]'s 3tribu;ns -------------------------------------#bc on a3.t ( s* a memb] 6! less] ( ,a4 4#c1ejj1 & #ef ,"p ;,i regi/r,n a#bc ,b4 #bj p] c5t (! remun],n pd 6s* memb] 0! employ] 9 ! ye>1 & m/ re/rict ! annual 3tribu;ns ( s* a memb] 6! less] ( ,c4 4#c1ejj1 & ,d4 #bj p] c5t (! e>n$ 9come ( s* memb] =! ye>4 ,": relat$ -panies "picipate 9 "o or m p5.n plans : >e prim>ily =! b5efit ( significant %>ehold]s or relat$ p]sons1 or ": ea* s* -pany's "picip,n 9 ! plan is prim>ily =! b5efit ( significant %>ehold]s or relat$ p]sons1 ! -b9$ 3tribu;ns on 2half ( s* p]sons may n exce$ ! limits set \ abv1 bas$ on ! -b9$ remun],n pd 0! relat$ -panies4 7b7 ,,avc's 7;i7 ,subject 6! limit,ns ( 7;ii7 2l1 a4i;nal volunt>y 3tribu;ns 6a plan on a3.t ( curr5t & pa/ s]vice may 2 p]mitt$ 9 respect ( #eg ,"p ;,i regi/r,n b#bc s]vice t is eligi# s]vice z def9$ 9 #h7e7 abv1 6! ext5t t s* 3tribu;ns >e deducti# "u p>agraph #h7#a77m7 (! ,act4 ,if1 pursuant 6a reciprocal agree;t or portabil;y >range;t1 eligi# s]vice 9cludes s]vice t 0 eligi# s]vice "u a prior regi/]$ p5.n plan1 ! plan m/ re/rict a4i;nal volunt>y 3tribu;ns 6am.ts t wd 2 deducti# "u p>agraph #h7#a77m7 (! ,act if s* s]vice _h be5 s]vice )! curr5t employ] & 3tribu;ns made "u a prior plan 9 respect ( s* s]vice _h be5 3tribu;ns "u ! curr5t plan4 7;ii7 ,un.s 7e7 2l applies1 a plan t is prim>ily =! b5efit ( significant %>ehold]s or relat$ p]sons m/ d5y 6s* p]sons ! "r 6make a4i;nal volunt>y 3tribu;ns on a3.t ( pa/ s]vice4 7;iii7 ,9 ! ev5t (a transf] f "o p5.n plan 6ano!r ( funds deriv$ f a4i;nal volunt>y 3tribu;ns1 #eh ,"p ;,i regi/r,n c#bc ! funds w reta9 ! /atus ( a4i;nal volunt>y 3tribu;ns un.s !y >e appli$ 0! memb] 6pay 3tribu;ns t >e requir$ "u ! new p5.n plan4 -------------------------------------#bd 7;iv7 ,": a memb] elects 6pur*ase pa/ s]vice b5efits & 9 do+ s 2comes obligat$ 6satisfy a det]m9a# 9debt$;s 7norm,y1 ": b5efits >e def9$71 ! 3tribu;ns on a3.t ( s* 9debt$;s >e requir$ 3tribu;ns1 n a4i;nal volunt>y 3tribu;ns4 7c7 ,special ,pay;ts--,special pay;ts 0employ]s on a3.t ( pa/ s]vice 79clud+ t]m9al fund+7 m/ 2 approv$ 0! ,m9i/] pursuant 6p>agraph #bj7#a77s7 (! ,act4 ,if any por;n ( curr5t s]vice 3tribu;ns >e n deducti# "u p>agraph #bj7#a77q71 approval (! total curr5t s]vice 3tribu;ns =! ye> may 2 s"\ "u p>agraph #bj7#a77s74 ,! require;ts t #ei ,"p ;,i regi/r,n a#bd m/ 2 met 6secure s* approval >e 3ta9$ 9 ,"p ,,ii ( ? circul>4 7d7 ,"pn]s & ,proprietors--,subject 6! limit,ns 3ta9$ 9 #h7b77;ii7 abv1 a "pn] or proprietor may 3tribute 6a plan on a3.t ( pa/ s]vice z an employee 7see #h7b77;ii7 abv7 6! ext5t t s* am.ts >e deducti# "u subp>agraph #h7#a77m77;ii7 (! ,act4 7e7 ,! re/ric;ns 9 7a77;iii7 & 7b77;ii7 abv may 2 waiv$ 0! ,de"p;t if ! corpor,n is n 3troll$ 0! memb]s :o >e significant %>ehold]s or relat$ p]sons4 ,a waiv] may al 2 grant$ ": significant %>ehold]s or relat$ p]sons >e oblig$ 6be memb]s (a multi-employ] plan z a 3di;n ( union memb]%ip t is a prerequisite 6employ;t4 #ab4 ,assign;ts & ,loans 7a7 ,no "r or 9t]e/ (a plan memb]1 9clud+ ^? result+ f employee volunt>y 3tribu;ns1 may 2 capa# ( assign;t or ali5,n except z #fj ,"p ;,i regi/r,n b#bd specific,y requir$ or p]mitt$ "u ! ,9come ,tax ,act1 ,p5.n ,b5efits ,/&>ds ,act1 #aihe1 or a prov9cial p5.n b5efits act or1 9 ! ev5t (a splitt+ ( a3ru$ p5.n b5efits on or af ! br1kd[n (a m>riage1 pursuant 6a decree1 ord] or judg;t (a -pet5t tribunal or 9 a3ord.e )a writt5 sep>,n agree;t relat+ 6a divi.n ( prop]ty 2t ! memb] &! memb]'s sp\se or =m] sp\se 9 settle;t ( "rs >is+ \ ( _! m>riage4 7b7 ,! plan may n provide loan privileges4 ,n"e!.s1 x is n 9t5d$ t tru/ees %d 2 prohibit$ f 9ve/+ 9 mortgages "u : a plan memb] is ! mortgagor1 provid$ t ! mortgage be>s a r1sona# rate ( 9t]e/ & s* 9ve/;ts >e made )9 ! limit,ns set = s* 9ve/;ts 9 ! ,p5.n ,b5efits ,/&>ds ,act1 #aihe1 or a prov9cial p5.n b5efits act or regul,ns "!"u4 #fa ,"p ;,i regi/r,n #be 7c7 ,tru/ees >e n 6be giv5 p[] 6borr[ m"oys1 except o3a.n,y on a %ort-t]m basis to 7;i7 provide funds =! curr5t pay;t ( b5efits or pur*ase ( annuities )\t resort 6a 4tress sale ( assets (! fund1 or 7;ii7 make a4i;nal 9ve/;ts1 provid$ t ! assets (! fund >e n pl$g$ z secur;y ag/ ! loan &! total 9debt$;s (! p5.n fund 9 respect ( s* borr[+ does n exce$ at any "t ! sum (! requir$ curr5t s]vice 3tribu;ns 6& r1sona# e>n+s (! fund 9 ! immly subsequ5t twelve mon? p]iod4 .,note3 ,item 7;ii7 abv may n 2 a3epta# 6"s jurisdic;ns adm9i/]+ a p5.n b5efits act4 #ac4 ,9ve/;ts 7a7 ,un.s a tru/e$ plan is regi/]$ "u ei ,! ,p5.n ,b5efits ,act (! ,prov9ce ( ,ont>io1 ,! ,employ;t ,p5.n ,plans ,act (! ,prov9ce ( ,alb]ta1 ,! ,p5.n ,b5efits #fb ,"p ;,i regi/r,n a#be ,act (! ,prov9ce ( ,saskat*ewan1 ,! ,p5.n ,b5efits ,act ( ,manitoba1 ,! ,p5.n ,b5efits ,act ( ,nova ,scotia1 ,! ,supple;tal ,p5.n ,plans ,act ( ,quebec1 ! ,p5.n ,b5efits ,act ( ,newf.dl&1 an act ( ano!r prov9ce t simil>ly 3trols plan 9ve/;ts or ! f$]al ,p5.n ,b5efits ,/&>ds ,act1 #aihe1 ! plan m/ 3ta9 a require;t t all 9ve/;ts & re-9ve/;ts w 3=m 6! 9ve/;t require;ts ( sec;n #i (! ,p5.n ,b5efits ,/&>ds ,act1 #aihe & sec;n #f & ,s*$ule ,,iii (! ,p5.n ,b5efits ,/&>ds ,regul,ns1 #aihe4 7b7 ,failure 6-ply )! abv 9ve/;t require;ts at ! "t ( applic,n = regi/r,n or subsequ5t "!to w result 9 d5ial or t]m9,n ( regi/r,n1 z applica#4 #ac.a ,use ( ,surplus 7a7 ,a plan m/ n provide =a surplus on w9d-up (! plan1 or at any o!r "t1 6be paya# 6an employees' welf>e fund or 6any fund except ! fund ( #fc ,"p ;,i regi/r,n b#be ano!r regi/]$ employees' p5.n plan & !n subject 6! adv.e approval ( s* pay;t 0,rev5ue ,canada1 ,tax,n4 ,a reque/ = p]mis.n 6e6ect s* a transf] %d 2 direct$ to3 #fd ,"p ;,i regi/r,n c#be ,regi/]$ ,p5.n & ,def]r$ ,9come ,plans ,divi.n ,rev5ue ,canada1 ,tax,n ,ottawa1 ,ont>io ,k#a;,a #j;,l#h -------------------------------------#bf ,! reque/ %d 2 a3ompani$ 0a curr5t actu>ial report & c]tificate1 prep>$ 9 a3ord.e ) g5],y a3ept$ actu>ial pr9ciples1 pres5t+ ! fund$ /atus ( ea* plan "picipat+ 9 ! transf] transac;n1 s* resolu;ns & plan am5d;ts z may 2 requir$ & evid;e ( approval 0a prov9cial or f$]al jurisdic;n1 if applica#4 7b7 ,a def9$ b5efit plan may n p]mit ! 4tribu;n 6a memb]1 ^u t]m9,n (! plan or at any o!r "t1 ( any por;n (a surplus 9 ! fund t wd result 9 b5efits 6! memb] 2+ 9 excess (! maximum p]mitt$ "u #i7g7 or #i7g4#a7 abv1 z applica#4 ,"!=e1 ! plan m/ 3ta9 a provi.n p]mitt+ an actu>ial surplus 6be refund$ 63tribut+ #fe ,"p ;,i regi/r,n a#bf employ]s ^u t]m9,n (! plan 7,al see #ci 2l74 #ad4 ,applic,n = ,regi/r,n 7a7 ,me?od & ,docu;t,n--,s5d "o copy ( -plet$ =m ,t#eaj 7,applic,n = ,regi/r,n ( ,employees' ,p5.n ,plan71 tgr )a copy ( any applica# 9sur.e 3tract1 plan text or tru/ agree;t1 s* p]t95t by-laws or resolu;ns z may exi/ & any o!r mat]ial docu;ts to3 ,regi/]$ ,p5.n & ,def]r$ ,9come ,plans ,divi.n ,rev5ue ,canada1 ,tax,n ,ottawa1 ,ont>io ,k#a;,a #j;,l#h ,copies ( ,=m ,t#eaj may 2 obta9$ f any ,rev5ue ,canada1 ,tax,n ,4trict ,(fice4 7b7 ,regi/r,n "u ,o!r ,jurisdic;n--,if ! p5.n plan is subject 6regi/r,n "u ! ,f$]al ,p5.n ,b5efits ,/&>ds #ff ,"p ;,i regi/r,n b#bf ,act1 #aihe1 ,! ,p5.n ,b5efits ,act ( ,ont>io1 ,! ,employ;t ,p5.n ,plans ,act ( ,alb]ta1 ,! ,p5.n ,b5efits ,act ( ,saskat*ewan1 ,! ,p5.n ,b5efits ,act ( ,manitoba1 ,! ,p5.n ,b5efits ,act ( ,nova ,scotia1 ,! ,p5.n ,b5efits ,act ( ,newf.dl& or simil> legisl,n ( any o!r prov9ce1 ! regi/r,n numb] "u ! ,act is 6be submitt$ )! ,t#eaj applic,n or z soon "!af z x 2comes availa#4 ,if ! p5.n plan is subject 6regi/r,n "u ! ,supple;tal ,p5.n ,plans ,act ( ,quebec1 a copy (! c]tificate ( regi/r,n "u ! act or (! lr t a3ompani$ ! c]tificate is 6be #fg ,"p ;,i regi/r,n c#bf submitt$ )! ,t#eaj applic,n or z soon "!af z x 2comes availa#4 ,:5 a plan is subject 6regi/r,n "u "o (! abv-"nd ,acts1 regi/r,n "u subsec;n #bdh7#a7 (! ,act w n 2 e6ect$ until ! abv-m5;n$ evid;e ( regi/r,n is submitt$4 -------------------------------------#bg 7c7 ,specim5 ,plans-- 7;i7 ,9 ord] 6simplify & exp$ite ! regi/r,n process1 /&>diz$ -pon5ts ( plan docu;t,n 7specim5s7 may 2 submitt$ 6! a4ress %[n 9 7a7 abv = approval 9 pr9ciple4 ,specim5s may 3si/ ( ei ! 5tire /&>diz$ plan 9clud+ ! plan provi.ns & fund+ 3tract1 or sep>ate plan -pon5ts4 ,c]ta9 v>ia#s1 s* z 3tribu;n rates1 ve/+ s*$ules & retire;t age1 >e p]mitt$ b ^! m/ 2 specific,y id5tifi$ z s* 9 ! specim54 #fh ,"p ;,i regi/r,n a#bg ,a specim5 plan numb] is issu$ :5 ! specim5 has be5 approv$ 9 pr9ciple4 7;ii7 ,": a plan 3=ms 6an approv$ specim5 plan1 ! applic,n = regi/r,n w 3si/ (! -plet$ ,t#eaj applic,n =m1 a descrip;n (! actual t]ms provid$ "u ! p]mitt$ v>ia#s1 if any1 & any o!r requir$ docu;t,n n 9clud$ 9 ! specim54 7;iii7 ,if a plan t 3=m$ 6a specim5 plan at ! "t ( applic,n is subsequ5tly am5d$ s t x no l;g] 3=ms1 -plete plan docu;t,n m/ 2 submitt$ 6! a4ress %[n 9 7a7 abv4 #ae4 ,am5d;ts or ,revi.ns 7a7 ,all am5d;ts or revi.ns 6! 9sur.e 3tract1 plan text or tru/ agree;t1 9clud+ ^? provid$ "u ! p]mitt$ v>ia#s (a plan 3=m+ 6a specim51 m/ 2 submitt$ promptly 6,rev5ue ,canada1 ,tax,n1 z specifi$ 9 #ad7a7 abv4 ,! submis.n %d id5tify ! nature (! *anges4 #fi ,"p ;,i regi/r,n b#bg 7b7 ,s* submis.ns may n 2 ac"kl$g$ & 3firm,n ( _! a3eptabil;y & 3t9u,n ( regi/]$ /atus may n 2 giv54 ,excep;ns w 2 made ": "! is an ext5sive revi.n 6or replace;t (a plan1 ": a3ept.e is 3di;nal or ": approval (a special pay;t on a3.t ( pa/ s]vice is s"\ 9 3junc;n )! am5d;t4 ,correspond;e w 5sue 9 reg>d 6una3epta# or "qa# am5d;ts4 7c7 ,a regi/]$ p5.n plan t is am5d$ or revis$ reta9s xs regi/]$ /atus un.s advice ( t]m9,n ( regi/r,n is giv5 6! "picipat+ employ]7s71 or union or ag5t "!(4 #af4 ,t]m9,n ( ,plan ,if an employ] t]m9ates a regi/]$ p5.n plan1 t]m9ates 8 "picip,n 9 s* a plan or places s* a plan on a pd-up basis1 ,rev5ue ,canada1 ,tax,n m/ 2 s -------------------------------------#bh advis$4 ,prior approval ( ? ,de"p;t is n requir$4 ,= def9$ b5efit plans1 ! ,de"p;t m/ 2 advis$ (! curr5t #gj ,"p ;,i regi/r,n a#bh posi;n (! plan fund &a w9d-up actu>ial valu,n report1 prep>$ 9 a3ord.e ) g5],y a3ept$ actu>ial pr9ciples m/ 2 submitt$4 ,if a tru/ fund is w.d-up = any r1son1 ! ,de"p;t %d 2 9=m$ ( t fact &(! applic,n ( all funds1 9clud+ ! pur*ase ( def]r$ annuities1 & :e!r s* annuities 7 pur*as$ 9 a3ord.e ) p>agraph 7a7 or 7b7 ( sec;n #bed (! ,act4 ,"p ,,ii--,special ,pay;ts 9 ,respect ( ,curr5t or ,pa/ ,s]vice #ag4 ,g5]al 7a7 ,p>agraph #bj7#a77s7 (! ,act p]mits ! deduc;n ( special pay;ts 0an employ] on a3.t ( an employees' sup]annu,n or p5.n fund 9 respect ( curr5t or pa/ s]vices ( memb]s if ! pay;t is approv$ 0! ,m9i/] ( ,n,nal ,rev5ue on ! advice (! ,(fice (! ,sup]9t5d5t ( ,f9ancial #ga ,"p ,,ii special pay;ts b#bh ,9/itu;ns 7=m]ly ! ,sup]9t5d5t ( ,9sur.e74 ,sec;n #fg (! ,act /ates t 9 -put+ 9come no deduc;n % 2 made 9 respect ( an \tlay or exp5se o!rwise deducti# except 6! ext5t t ! \tlay or exp5se 0 r1sona#4 ,special pay;ts w 2 approv$ only )9 ! limit,ns set \ 9 ! su3e$+ p>agraphs ( ? "p & only 9 reg>d 6regi/]$ plans4 7b7 ,x %d 2 not$ t special pay;ts m/ 2 irrevocably ve/$ 9 or =! fund or plan except t "! %d 2 a provi.n p]mitt+ a refund ( an actu>ial surplus 6! 3tribut+ employ] 7,see #ac.a7b7 abv74 7c7 ,an applic,n = approval "u p>agraph #bj7#a77s7 ( special pay;ts on a3.t ( curr5t s]vice m/ cov] all employ] pay;ts 6any "o plan 9 ! ye> on a3.t ( s]vice ( xs employees 9 ! ye>4 ,! applic,n _c 2 re/rict$ 6pay;ts on 2half ( employees = :om curr5t s]vice 3tribu;ns exce$ 4#c1ejj =! ye>4 #gb ,"p ,,ii special pay;ts c#bh 7d7 8,actu>y0 m1ns a ,fell[ (! ,canadian ,9/itute ( ,actu>ies 7,= =eign plans1 submis.ns 0o!r actu>ies may 2 a3ept$74 #ah4 ,def9$ ,b5efits 7a7 ,if curr5t or pa/ s]vice is 6be fund$ z provid$ 0p>agraph #bj7#a77s7 (! ,act1 "! m/ 2 def9$ & precisely /at$ b5efits =! p]iod = : b5efits >e 2+ s fund$4 ,! special pay;t m/ 2 "o 65sure t ! oblig,ns (! fund or plan 6! employees may 2 4*>g$4 ,? m1ns t "! m/ 2 a def9$ b5efit provi.n 9 ! plan & an oblig,n ^u ! employ] 6fund ^? b5efits4 ,an oblig,n ( an employ] -------------------------------------#bi 6make 3tribu;ns = s]vices on a m"oy pur*ase basis does n meet ! require;ts ( ? "p4 7b7 ,except ": an employee has retir$ or is ab 6be retir$ or employ;t is 6c1se1 a plan w n 2 approv$ ": x only provides = p5.ns on a3.t ( pa/ s]vice1 )\t any future s]vice #gc ,"p ,,ii special pay;ts a#bi 3tribu;ns4 ,x is n r1sona# 6provide a p5.n bas$ solely on pa/ s]vice :5 ! s]vice is n t]m9at+ at t "t4 #ai4 ,propor;nate ,b5efits 7a7 ,if a plan provides def9$ b5efits = bo? pa/ & future s]vice1 ! por;n (! p5.n ref]a# 6pa/ s]vice norm,y m/ n 2 grt] ?an ! propor;n "!( t ! numb] ( ye>s ( pa/ s]vice is (! less] (3 7;i7 ! total numb] ( ye>s ( pa/ s]vice & pot5tial future s]vice 6normal retire;t age1 & 7;ii7 ! total numb] ( ye>s ( pa/ s]vice & pot5tial future s]vice until a total p5.n ( #gj p] c5t is a3ru$1 e4g41 #ce ye>s = #b p] c5t p] annum a3rual or #dj ye>s = #ac ov] #d p] c5t p] annum a3rual4 ,= purposes ( ? rule1 memb]s' volunt>y 3tribu;ns on a3.t ( pa/ & future s]vice 6provide a4i;nal b5efits ne$ n 2 3sid]$ 9 det]m9+ ! p5.n4 #gd ,"p ,,ii special pay;ts b#bi 7b7 ,not)/&+ 7a7 abv1 3sid],n w 2 giv5 6reque/s = approval ( special pay;ts 6plans t provide =! a3rual ( grt] b5efits on a3.t (a ye> ( pa/ s]vice1 ?an =a ye> ( future s]vice or t provide = def9$ b5efits = pa/ s]vice & m"oy pur*ase b5efits = future s]vice1 on 3di;n t3 7;i7 bo? pa/ & future s]vice b5efits >e r1sona# 9 ! circum/.es & b5efits 6be a3ru$ or 3tribu;ns requir$ on a3.t ( future s]vice >e n m]ely nom9al1 7;ii7 b5efits = pa/ s]vice >e n a3ru$ at a rate 9 excess ( #b p] c5t p] annum appli$ 6av]age f9al e>n+s t >e n 9 excess (! be/ ?ree 3secutive ye>s ( remun],n pd 6! memb] 0! employ]1 & 7;iii7 ! total p5.n paya# "u ! plan is subject 6! limit,ns ( #i7g7 or #i7g4#a7 abv4 #ge ,"p ,,ii special pay;ts c#bi #bj4 ,maximum ,p5.n ,b5efits ,! b5efits 2+ fund$ m/ 2 "u ! plan & m/ n exce$ ! b5efits p]mitt$ 0#i7e7 6#i7;i7 abv1 9clusive4 -------------------------------------#cj #ba4 ,maximum ,value ,! value (! p5.ns 79clud+ excess bridg+ b5efits z ref]r$ 6in #i7g77;ii7 abv7 paya# 6a memb] at retire;t z a s+le life or a jo9t & la/ survivor annu;y m/ n exce$ ! value (a maximum p5.n1 z specifi$ 9 p>agraph #i7g7 abv1 paya# z a s+le life annu;y gu>ante$ = t5 ye>s or a #fj p] c5t jo9t & la/ survivor annu;y respectively1 at ! e>lie/ ( age #fj1 normal retire;t age or age at date ( 4abil;y4 #bb4 ,sal>y ,projec;n 7a7 ,9 cases ( plans : provide = p5.n b5efits bas$ on be/ or f9al av]age e>n+s at retire;t1 ^! b5efits may 2 fund$ on ! basis ( anticipat$ 9cr1ses 9 sal>ies : reflect promo;nal1 productiv;y & #gf ,"p ,,ii special pay;ts a#cj economic 9cr1ses1 provid$ t ! l;g t]m assump;n adopt$ =! sal>y scale is at l1/ #a p] c5t less ?an ! l;g t]m assump;n 3c]n+ ! rate ( return on assets4 7b7 ,9 project+ remun],n = significant %>ehold]s 7z def9$ 9 #h7d7 abv7 ! foll[+ rules w apply3 7;i7 ,! base =! projec;n ( remun],n m/ 2 no grt] ?an ! av]age (! remun],n pd 6! 9dividual 9 ! be/ ?ree 3secutive ye>s prior 6! ye> 9 : ! pa/ s]vice pay;t 0 made1 un.s ! plan requires t b5efits 2 bas$ on ! av]age remun],n (a grt] numb] ( ye>s1 9 : ev5t remun],n = t numb] ( prior ye>s m/ 2 us$ 6det]m9e ! base4 7;ii7 ,"! m/ 2 evid;e ( an 9cr1se 9 remun],n dur+ ! immly prior five or m ye>s &a r1sona# expect,n t s* 9cr1ses w 3t9ue4 ,s* evid;e1 duly c]tifi$ 0! employ]1 m/ 2 submitt$ )! applic,n = approval4 #gg ,"p ,,ii special pay;ts b#cj ,fluctu,ns )9 ! p]iod >e a3epta# s l;g z a tr5d ( 9cr1s+ remun],n is e/abli%$4 ,a sub/antial 9cr1se 9 remun],n 9 ! la/ "o or two ye>s w n 0xf e/abli% an 9cr1s+ tr5d4 7;iii7 ,if a projec;n ( remun],n is n w>rant$ 9 ! circum/.es1 ! pa/ s]vice liabil;y m/ 2 det]m9$ f ! remun],n base def9$ 9 7;i7 abv r ?an f curr5t remun],n4 #bc4 ,supple;t>y ,p5.n ,b5efits ,supple;t>y p5.n b5efits 9 a3ord.e ) #i7;i7 abv may 2 fund$ on ! basis ( anticipat$ l;g-t]m 9cr1ses 9 ! ,3sum] ,price ,9dex or ! excess e>n+s1 -------------------------------------#ca z ! case may be1 9 future ye>s 9 reg>d 6active1 retir$ & t]m9at$ memb]s provid$ t ! plan specific,y def9es ! employ]'s fund+ oblig,n4 ,! l;g-t]m fund+ assump;n 3c]n+ ! rate ( return on assets norm,y m/ exce$1 0at l1/ #c p] c5t1 ! l;g-t]m assump;n adopt$ =! fund+ ( supple;t>y p5.n b5efits4 #gh ,"p ,,ii special pay;ts a#ca ,supple;t>y p5.n b5efits bas$ on excess e>n+s d n cr1te an oblig,n ^u ! employ] 6fund = s* b5efits & "!=e s* b5efits "u a m"oy pur*ase plan >e n gr.ds = approval (a special pay;t "u p>agraph #bj7#a77s7 (! ,act4 #bd4 ,appor;n;t ( ,special ,pay;ts ,2t ,employ]s ,if a plan cov]s employees ( two or m employ]s :o >e assum+ pa/ s]vice liabilities or curr5t s]vice co/s 9 excess (! am.t deducti# "u p>agraph #bj7#a77q71 :e!r or n !y >e subsidi>y1 associat$ or a6iliat$ -panies1 ! co/ m/ 2 appor;n$ on a r1sona# basis1 hav+ reg>d 6! l5g? ( s]vice &! remun],n pd4 ,h["e1 ": a plan cov]s employees ( two or m divi.ns (! same employ]1 special pay;ts >e n 6be subdivid$4 ,co/s m/ al 2 appor;n$ if "o 9dividual has _h eligi# pa/ s]vice ) m ?an "o "picipat+ employ] or has curr5t s]vice ) m ?an "o "picipat+ employ]4 #gi ,"p ,,ii special pay;ts b#ca #be4 ,p]iod & ,dur,n ( ,approval 7a7 ,pa/ ,s]vice--,z a 3v5i;e 6taxpay]s ! ,de"p;t norm,y gives approval "u p>agraph #bj7#a77s7 (! ,act 6special pay;ts on a3.t ( unfund$ liabil;y t -ply )! require;ts ( t p>agraph =! ?ree tax,n ye>s foll[+ ! valu,n date4 ,pay;ts ( s* approv$ am.ts w 2 deducti# 9 ! tax,n ye> 9 : ! pay;t 0 made1 provid$ t3 7;i7 s* pay;t 0 made subsequ5t 6! date (! actu>y's recomm5d,n1 7;ii7 s* pay;t 0 made ei 9 ! tax,n ye> 9 : ! recomm5d,n 0 made or 9 "o (! ?ree immly foll[+ tax,n ye>s1 & 7;iii7 ! actu>ial assump;ns 7 / valid at ! "t ( pay;t4 ,special pay;ts t d n meet ^! 3di;ns >e n deducti# "u p>agraph #bj7#a77s7 (! ,act4 7,= example1 if a projec;n ( remun],n or anticip,n ( co/ ( liv+ 9cr1se >e rev1l$ 0subsequ5t #hj ,"p ,,ii special pay;ts c#ca exp]i;e 6be una3epta#1 no deduc;n "u p>agraph #bj7#a77s7 may 2 made47 7b7 ,curr5t ,s]vice--,approval ( special pay;ts on a3.t ( curr5t s]vice may 2 appli$ = annu,y or =a ?ree-ye> p]iod foll[+ a valu,n date4 ,9 ! case ( annual approvals1 ! applic,n -------------------------------------#cb may 2 submitt$ af ! 5d (! p]iod :5 ! actual am.t & date (! 3tribu;n has be5 det]m9$1--provid$ t ! pay;ts 7 made pursuant 6a recomm5d,n 0an actu>y4 ,s* approvals >e al subject 6! 3di;ns & limit,ns set \ 9 7a7 abv 7,see #bf 2l on applic,n proc$ures74 #bf4 ,applic,n = ,approval ( ,special ,pay;ts 7a7 ,applic,n = approval ( an am.t pursuant 6p>agraph #bj7#a77s7 (! ,act m/ 2 made 9 writ+ 0! employ] or xs au?oriz$ repres5tative1 /at+ ! am.t = : approval is reque/$ &1 if applica#1 %[+ curr5t s]vice & #ha ,"p ,,ii special pay;ts a#cb pa/ s]vice pay;ts sep>ately4 ,if approval ( o!r ?an a lump sum pay;t 9 respect ( pa/ s]vice b5efits is reque/$1 bo? ! am.t (! deficit at ! actu>ial valu,n date &! propos$ s*$ule ( pay;ts 7bas$ on ! employ]'s tax,n ye>71 ea* z recomm5d$ 0an actu>y1 %d 2 /at$4 ,! s*$ule ( pay;ts may 3ta9 a r1sona# provi.n = 9t]e/ 6date (! reque/1 z recomm5d$ 0! actu>y4 ,! actu>y's recomm5d,n = pay;ts on a3.t ( curr5t s]vice may 2 express$ z a p]c5tage ( memb]s' remun],n b ! applic,n "u p>agraph #bj7#a77s7 m/ 2 = specific doll> am.ts = ea* ye>4 ,if ! plan is regi/]$ "u ! ,p5.n ,b5efits ,/&>ds ,act #aihe or "u a simil> p5.n b5efits act (a prov9ce1 ! employ] 7or 8 repres5tative7 is 63firm t ! same actu>ial c]tificate1 report & recomm5d,n 6! employ] #hb ,"p ,,ii special pay;ts b#cb 7z requir$ 0? p>agraph7 h be5 fil$1 = purposes ( t ,act1 )! sup]visory au?or;y "u t ,act4 7b7 ,": b5efits >e provid$ "? ! use ( an allocat$ fund+ 9/ru;t 7i4e4 ": ! 3tribu;ns >e appli$ at ! "t !y >e made 6pur*ase b5efits =! 9dividual "picipants71 a /ate;t m/ 2 furni%$ giv+ ! foll[+ data ) respect 6ea* memb]1 "nly3 7;i7 "n or numb]1 7;ii7 sex1 7;iii7 date ( bir?1 7;iv7 date ( employ;t1 7;v7 remun],n ^u : b5efits >e bas$4 ,if possi#1 ! memb]s %d 2 li/$ 9 ord] ( _! bir? dates1 males & females sep>ately4 ,! /ate;t m/ 2 c]tifi$ 0! employ]-- 0an (fic] (! -pany if ! employ] is a corpor,n4 ,! c]tificate %d 2 sub/anti,y 9 ! foll[+ =m3 #hc ,"p ,,ii special pay;ts c#cb 8,i "hby c]tify t ! 9=m,n giv5 "hon 7or on ! atta*$ %eets1 z ! case may be7 is a3urate -------------------------------------#cc & -plete 6! be/ ( my k & 2lief & is 9 a3ord.e ) \r records z ! employ] (! memb]s 3c]n$40 7,signature7 ---- 7,posi;n or rank ( (fic]7 ---- 7c7 ,": b5efits >e provid$ "? ! use ( an unallocat$ fund+ 9/ru;t 7i4e41 ": "s or all (! 3tribu;ns >e a3umulat$ 9 an unallocat$ fund 6be us$ 6meet b5efit pay;ts z !y -e due or 6pur*ase annuities = "picipants at retire;t or on e>li] t]m9,n ( s]vice )a ve/$ "r71 ! full valu,n report (! actu>y m/ 2 furni%$ giv+ ! foll[+ data3 7;i7 a brief hi/ory (! fund1 7;ii7 a descrip;n (! b5efits provid$ 0! plan z at ! valu,n date1 #hd ,"p ,,ii special pay;ts a#cc 7;iii7 a /ate;t1 = bo? liabilities & assets1 (! bases ^u : ! valu,n 0 made4 ,) respect 6liabilities1 ! /ate;t %d 9clude a descrip;n (! valu,n me?od1 ! rate ( 9t]e/1 ! actu>ial assump;n ) respect 6d1?1 4abil;y1 )drawal1 retire;t1 etc41 ! remun],n scale1 ! relative ages ( memb]s & sp\ses1 etc4 ,) respect 6assets1 9 a4i;n 6! descrip;n (! valu,n me?od1 bo? ! m>ket value & book value (! fund %d 2 /at$4 ,": applica#1 ! actu>y %d id5tify >1s ": *anges h be5 made s9ce ! la/ valu,n1 e4g4 fund+ me?od1 valu,n ( assets1 9t]e/ assump;n1 t]m9,n rates1 etc41 7;iv7 detail$ summ>ies (! memb]s cov]$1 %[+ = ea* age gr\p+ 7e4g4 qu9qu5nial7 ! numb] ( memb]s1 ! remun],n ^u : b5efits >e bas$ &! numb] ( ye>s ( pa/ s]vice1 if applica#1 or a two-dim5.nal grid #he ,"p ,,ii special pay;ts b#cc %[+ remun],n pd = ea* age & ye> ( s]vice cell1 7;v7 s* detail$ summ>ies (! results (! valu,n z may 2 practica# 7at l1/ ! valu,n bal.e %eet on : ! recomm5d$ fund+ has be5 det]m9$74 ,z f> z possi#1 ! actu>y %d reconcile ! 3di;n (! fund z %[n 0? valu,n ) t %[n 0! la/ prec$+ valu,n4 ,! employ] m/ submit a /ate;t c]tify+ t ! data submitt$ 6! actu>y 7 a3urate & -plete4 -------------------------------------#cd 7d7 ,if b5efits >e 6be provid$ = only a few employees1 ei "? ! use ( an allocat$ or unallocat$ fund+ 9/ru;t1 a copy (! "w+ pap]s %d 2 submitt$ )! valu,n report4 ,rev5ue ,canada1 ,tax,n or ! ,(fice (! ,sup]9t5d5t ( ,f9ancial ,9/itu;ns 7=m]ly ! ,sup]9t5d5t ( ,9sur.e7 may reque/ ! #hf ,"p ,,ii special pay;ts a#cd "w+ pap]s1 or samples "!(1 = o!r p5.n plans4 ,:5 significant %>ehold]s >e "picipat+ 9 ! p5.n plan1 a /ate;t (! remun],n ( at l1/ five immly prior ye>s m/ 2 provid$ 9 reg>d 6ea* s* memb]4 7e7 ,! actu>y m/ app5d a c]tificate recomm5d+ ! am.t & tim+ ( pay;ts & c]tify+ t s* pay;ts >e su6ici5t 65sure t all ! oblig,ns (! plan 9 respect ( curr5t or pa/ s]vice ( memb]s may 2 4*>g$ 9 full4 ,": "p (! curr5t s]vice co/ or unfund$ liabil;y is ) respect 6b5efits or co/s t exce$ ! applica# limits1 9clud+ cases ": curr5t s]vice co/s & unfund$ liabilities at ! valu,n date >e ) respect 6project$ or actual p5.n b5efits 9 excess (! maxima p]mitt$ 0,"ps ;,i & ,,ii ( ? circul>1 ! actu>y m/ 9dicate ! am.t ( s* excess &! me?od 0: ? am.t #hg ,"p ,,ii special pay;ts b#cd 0 >riv$ at4 ,! ,de"p;t w approve only t por;n (! curr5t s]vice co/ or unfund$ liabil;y t is 9 reg>d 6b5efits & co/s t -ply ) applica# limits 9 ? circul>4 ,all res]ve & surplus a3.ts %d 2 elim9at$ 9 ! det]m9,n (! unfund$ liabil;y4 7f7 ,supple;t>y ,approvals--,if curr5t s]vice 3tribu;ns h be5 approv$ 9 adv.e ( pay;t 7see #be7b7 abv7 &1 due 6remun],n exce$+ expect,ns1 ! 3tribu;ns exce$ ! approv$ am.t1 ! employ] may apply =a supple;t>y approval 6cov] ! a4i;nal am.t4 ,! employ] may secure s* approval 0apply+ 9 writ+ /at+ ! a4i;nal am.t = : approval is 2+ reque/$1 ! tax,n ye> 9 : s* am.t 0 pd &! am.t ( remun],n pd 9 ! ye> 9 "q & c]tify+ t ! 3tribu;ns >e 9 a3ord.e )! actu>y's recomm5d,n z previ\sly submitt$4 7g7 ,approval ,af ,pay;t--,if approval ( curr5t s]vice 3tribu;ns is 2+ s"\ annu,y af pay;t has be5 made #hh ,"p ,,ii special pay;ts c#cd 7see #be7b7 abv71 ! submis.n =! f/ ye> foll[+ a valu,n date m/ 2 a full submis.n 9 a3ord.e )! abv 9/ruc;ns4 ,! applic,ns =! second & ?ird ye>s may 2 made 0! employ] or 8 au?oriz$ repres5tative & ne$ n 9clude valu,n reports or actu>ial c]tific,ns4 ,s* applic,n m/ 2 made 9 writ+ /at+ ! am.t = : approval is 2+ reque/$1 ! tax,n ye> 9 : s* am.t 0 pd &! am.t ( -------------------------------------#ce remun],n pd 9 ! ye> 9 "q & c]tify+ t ! 3tribu;ns >e 9 a3ord.e )! actu>y's recomm5d,n z previ\sly submitt$4 ,"p ,,iii--,curr5t ,s]vice ,3tribu;ns 0,employ]s #bg4 ,! am.t ( an employ]'s curr5t s]vice 3tribu;n 6a regi/]$ p5.n plan t is deducti# )\t ,m9i/]ial approval is limit$ 0! provi.ns ( p>agraph #bj7#a77q7 (! ,act & sec;n #bgjj (! ,regul,ns4 #hi ,"p ,,iii curr5t s]vice a#ce #bh4 ,9 ! case (a regi/]$ p5.n plan "u : ! employ]'s 3tribu;n1 on 2half ( ea* memb]1 is id5tifia# z a doll> am.t or an am.t det]m9$ pursuant 6a =mula or s*$ule 9 ! plan or 3tract1 ! am.t deducti# 9 respect ( any "o memb] is ! id5tifia# am.t 9 respect ( t memb] or 4#c1ejj1 :i*"e is less1 z provid$ = 9 subp>agraph #bj7#a77q77;i7 (! ,act4 ,s* plans w usu,y1 b n necess>ily1 2 m"oy pur*ase type plans4 #bi4 ,9 ! case ( all o!r regi/]$ p5.n plans1 ! am.t deducti# w 2 det]m9$ "u subp>agraph #bj7#a77q77;ii7 (! ,act & sec;n #bgjj (! ,regul,ns4 #cj4 ,9 sec;n #bgjj (! ,regul,ns1 8employ]'s 3tribu;n0 ref]s 6his actual pay;t 6or "u ! plan 9 respect ( s]vices ( 8 employees r5d]$ 9 ! ye>4 ,? is ( signific.e 9 3nec;n ) ^? plans "u : ! e6ect ( )drawal cr$its may m1n t ! am.t pd 9 respect ( curr5t s]vice is less ?an ! gross co/ = s* curr5t s]vice4 ,?us1 ! am.t pd may #ij ,"p ,,iii curr5t s]vice b#ce fluctuate f ye> 6ye> dep5d+ on h[ )drawal cr$its >ise4 #ca4 ,z an example (! applic,n ( sec;n #bgjj (! ,regul,ns1 suppose t ! total payroll ( all employees 9clud$ 9 ! plan 0 4#a1jjj1jjj & t ! employ]'s actual pay;t 9 respect ( s]vices ( employees r5d]$ 9 ! ye> "u ! plan 0 4#he1fhj4 ,! det]m9,n (! por;n ( ? pay;t t may 2 claim$ = tax deduc;n purposes 9 ! ye> wd 2 c>ri$ \ z foll[s3 ;,a ,total payroll ( cov]$ employees """""""""""""" 4#a1jjj1jjj ;,b ,actual 3tribu;n ( employ] = curr5t s]vice """ 4#he1fhj ;,c ,ratio t ;,b is ( ;,a """" #.jhefh ;,d ,maximum limit on e>n+s--4#c1ejj divid$ 0;,c """""""""""""""""""""" 4#dj1hej #ia ,"p ,,iii curr5t s]vice c#ce ,9 respect ( ea* employee1 multiply ! less] ( actual e>n+s or ;,d 74#dj1hej7 0;,c 7#.jhefh7 &! a7regate am.t is ! am.t all[a# z a deduc;n "u subp>agraph #bj7#a77q77;ii7 (! ,act4 -------------------------------------#cf #cb4 ,2c mo/ e>n+s w n 9 fact likely exce$ ! maximum limit1 x may 2 simpl] 6calculate ! a7regate (! am.ts 0: 9dividual e>n+s exce$ item ;,d & multiply ! result 0item ,c4 ,suppose t 9 ! abv example "o employee rcvd a sal>y ( 4#da1hej1 i4e41 an excess ( 4#a1jjj1 & ano!r employee's sal>y 0 4#df1cej1 i4e4 an excess ( 4#e1ejj1 & t no o!r employee's sal>y exce$$ 4#dj1hej4 ,! am.t n deducti# z a p5.n 3tribu;n wd 2 4#f1ejj multipli$ 0#.jhefh or 4#eef.ib4 #cc4 ,x %d 2 po9t$ \ t =! purpose ( sec;n #bgjj (! ,regul,ns1 8total payroll0 9cludes all sal>ies1 wages1 -mis.ns1 bonuses1 etc41 pd 6an #ib ,"p ,,iii curr5t s]vice a#cf employee cov]$ 0! plan ev5 if "p ( ^! >e n tak5 96a3.t = p5.n purposes4 ,= example1 ": "s (! employees >e 2+ pd sal>ies plus -mis.ns &! plan only provides = p5.n 3tribu;ns bas$ on sal>ies1 ! -mis.ns pd 6p]sons cov]$ 0! plan w 2 9clud$ 9 det]m9+ 8total payroll04 ,likewise1 if an employee is pd up = p5.n purposes1 b is / cov]$ 0! plan1 ! employee's sal>y w 2 9clud$ 9 det]m9+ 8total payroll04 #cd4 ,z an op;n1 ! taxpay] may id5tify ! actual co/ = ea* memb] = b5efits "u ! p5.n plan 9 respect ( s]vices r5d]$ 0t memb] 9 ! ye>1 9 : case ! taxpay] may derive ! 8am.t det]m9$ 9 prescrib$ mann]0 0summ+ ! am.ts1 ea* ( : is 4#c1ejj or ! am.t id5tifi$ ) ea* memb] z describ$ abv1 :i*"e is less4 #ce4 ,if an employ] is 3tribut+ 6m ?an "o plan & ea* employee's "picip,n is re/rict$ 6"o plan1 ! abv calcul,ns >e #ic ,"p ,,iii curr5t s]vice b#cf 6be made 9dep5d5tly 9 reg>d 6ea* plan 6: sec;n #bgjj (! ,regul,ns applies4 ,"p ,,iv--,o!r ,p5.n ,plan ,matt]s #cf4 ,life ,9sur.e ,adjo9$ 6,p5.n ,plan ,"! may 2 adjo9$ 6an 9sur$ p5.n plan1 a provi.n = c]ta9 life 9sur.e b5efits 6be pd 9 ! ev5t ( d1? prior 6retire;t4 ,! por;n (! pay;t : is appli$ 6pur*ase ! life 9sur.e b5efits m/ 2 segregat$ f ! co/ (! p5.n b5efits & *>g$ z a sep>ate 9sur.e co/ 9 ! records & f9ancial /ate;ts ( "picipat+ employ]s4 ,! life 9sur.e provi.n is n "p (! regi/]$ p5.n plan & any life 9sur.e b5efits deriv$ f ! life 9sur.e provi.n >e n sup]annu,n or p5.n b5efits4 ,h["e1 any d1? b5efit pd "u ! p5.n plan 7:e!r a return ( 3tribu;ns or a m9imum d1? b5efit7 m/ 2 report$ z a p5.n b5efit4 #id ,"p ,,iv o!r p5.n plan #cg #cg4 ,deductibil;y ( ,3tribu;ns 7a7 ,t por;n ( 3tribu;ns 0an employ] 6a regi/]$ p5.n plan t is 9 excess (! maximum deduc;ns p]mitt$ 0p>agraph #bj7#a77q7 (! ,act or t 0 n approv$ "u p>agraph #bj7#a77s7 (! ,act is n deducti# 9 det]m9+ 9come =! ye> = purposes (! ,act4 7b7 ,3tribu;ns on a3.t ( curr5t or pa/ s]vice made 0an employ] 6an employees' p5.n plan t is n regi/]$ "u ! ,act w n 2 approv$ pursuant 6p>agraph #bj7#a77s7 (! ,act &1 "!=e1 >e n deducti# 9 det]m9+ 9come =! ye> ( 3tribu;n = purposes (! ,act4 7c7 ,3tribu;ns1 :e!r on a3.t ( curr5t or pa/ s]vice1 0a memb] 6an employees' p5.n plan t is n regi/]$ "u ! ,act >e n deducti# 9 det]m9+ ! memb]'s 9come = purposes (! ,act4 #ch4 ,transf]s 6,o!r ,plans ,p>agraph #fj7j7 (! ,act p]mits deduc;n f 9come1 9 designat$ #ie ,"p ,,iv o!r p5.n plan a#cg circum/.es1 ( p5.n b5efits t >e re9ve/$ 9 ano!r regi/]$ p5.n plan or regi/]$ retire;t sav+s plan4 ,9=m,n ,circul> #gi-h;,r#b gives 9=m,n reg>d+ ! =ms & proc$ures p]ta9+ 6transf]s &! waiv+ ( )hold+ tax on ! b5efits pd4 #ci4 ,refund ( ,surplus 6,employ] 7a7 ,9sof> z ? ,de"p;t is 3c]n$1 a surplus 9 a p5.n plan1 z c]tifi$ 0an actu>y if ! plan is a def9$ b5efit plan1 may 2 refund$ 6! 3tribut+ employ] at any "t4 ,": ! surplus exce$s ! 3tribu;ns t wd o!rwise 2 requir$ 6be made 0t employ] on a3.t ( curr5t s]vice ( employees 9 ! foll[+ #bd-mon? p]iod1 ! por;n (! surplus : is 9 excess ( s* 3tribu;ns is 3sid]$ 0? ,de"p;t 6be excess surplus4 ,! excess surplus m/ 2 elim9at$ 0"o or a -b9,n (! foll[+ m1ns3 7;i7 refund 6! employ] 7;ii7 applic,n ag/ ! employ]'s oblig,ns = 3tribu;ns on a3.t #if ,"p ,,iv o!r p5.n plan b#cg ( curr5t s]vice 9 ! curr5t & subsequ5t ye>s1 or 7;iii7 improve;t ( b5efits "u ! plan 7": p]missi#74 7b7 ,a refund 6an employ] is a sup]annu,n or p5.n b5efit pursuant 6subsec;n #bdh7#a7 (! ,act & m/ 2 report$ on =ms ,t#d;,a ,supple;t>y & ,t#d-,t#d;,a ,summ>y4 ,s* am.ts m/ 2 9clud$ 9 ! 9come (! employ]4 -------------------------------------#ch #dj4 ,sec;n #bed (! ,act 7,def]r$ ,annuities7 ,9 c]ta9 circum/.es1 ! b5efits paya# \ ( or "u a p5.n plan may 2 pd \ ( or "u a sep>ate def]r$ annu;y or o!r 3tract t has be5 5t]$ 96=! purpose ( pay+ ! p5.n b5efits4 ,p>agraph #bed7a7 (! ,act provides t1 if ! "rs "u ! def]r$ annu;y or o!r 3tract >e ^? set \ 9 ! p5.n plan1 ! pay;t \ (! p5.n plan 6acquire ! def]r$ annu;y or o!r 3tract w 2 deem$ n 6be a p5.n b5efit at t "t4 ,h["e1 ! pay;ts subsequ5tly made #ig ,"p ,,iv o!r p5.n plan a#ch "u ! def]r$ annu;y or o!r 3tract w 2 deem$ 6be pay;ts \ (! p5.n plan & w 2 9come (! recipi5t :5 rcvd4 ,x %d 2 not$ t ! def]r$ annu;y or o!r 3tract sub/itut$ =a regi/]$ p5.n plan m/ n 3ta9 ca% settle;t provi.ns o!r ?an ^? : >e a3epta# "u a regi/]$ p5.n plan1 z specifi$ 9 #i7b7 & 7c7 abv4 #da4 ,9come ( ,tru/ 7a7 ,p>agraph #adi7#a77o7 (! ,act provides t ! 9come (a tru/ e/abli%$ solely =! adm9i/r,n (a regi/]$ p5.n plan w 2 exempt f tax,n "u ,"p ;,i (! ,act4 7b7 ,a tru/ : holds =eign prop]ty at ! 5d ( any mon? may 2 subject 6tax "u ,"p ,,xi (! ,act4 ,3sult yr local 4trict tax,n (fice = a4i;nal 9=m,n4 7c7 ,ea* p5.n tru/ & p5.n corpor,n is requir$ 6file an annual return 7=m ,t#c;,p7 )9 #ij "ds (! 5d ( ea* ye>4 #ih ,"p ,,iv o!r p5.n plan b#ch ,^! =ms >e availa# at ,rev5ue ,canada1 ,tax,n ,4trict ,(fices4 #db4 ,employees' ,pa/ ,s]vice ,3tribu;ns ,employees' 3tribu;ns on a3.t ( pa/ s]vice c only 2 deduct$ 9 det]m9+ 9come (! ye> 6! ext5t p]mitt$ or requir$ 0! plan & )9 ! limit,ns ( subp>agraphs #h7#a77m77;ii7 & 7;iii7 (! ,act1 z aug;t$ 0subsec;n #h7#h74 ,! plan may only p]mit or require pa/ s]vice 3tribu;ns on a3.t ( eligi# s]vice z describ$ 9 #h7e7 abv4 #dc4 ,p]sonal ,9=m,n ,banks ,! ,9come ,tax ,act /ipulates t 9=m,n obta9$ 0! ,de"p;t = purposes (! ,act m/ 2 kept /rictly 3fid5tial4 ,only ! taxpay] :o is ! subject (! 9=m,n & p]sons prop]ly au?oriz$ 0law or 0t taxpay] h a "r ( a3ess 6s* 9=m,n4 ,! ,privacy ,act &! ,a3ess 6,9=m,n ,act re9=ce t "r4 #ii ,app5dix ;,a #ci ,extracts f ,canadian ,life ,ta#1 #aihj-hb ,age "" ,life """"" ,life """" expectancy expectancy """"""" male """" female #be """ #dh.gh """ #ee.bb #bf """ #dg.hf """ #ed.be #bg """ #df.ib """ #ec.bg #bh """ #de.ii """ #eb.cj #bi """ #de.je """ #ea.cc #cj """ #dd.aa """ #ej.cf #ca """ #dc.ag """ #di.ci #cb """ #db.bb """ #dh.db #cc """ #da.bh """ #dg.de #cd """ #dj.cd """ #df.dh #ce """ #ci.ci """ #de.ea #cf """ #ch.de """ #dd.ee #cg """ #cg.eb """ #dc.ei #ch """ #cf.eh """ #db.fc #ci """ #ce.fe """ #da.fh #dj """ #cd.gb """ #dj.gc #da """ #cc.hj """ #ci.gh #ajj ,app5dix ;,a a#ci ,age "" ,life """"" ,life """" expectancy expectancy """"""" male """" female #db """ #cb.hh """ #ch.hd #dc """ #ca.ig """ #cg.ij #dd """ #ca.jf """ #cf.ig #de """ #cj.af """ #cf.jd #df """ #bi.bg """ #ce.aa #dg """ #bh.ci """ #cd.ai #dh """ #bg.eb """ #cc.bh #di """ #bf.ff """ #cb.cg #ej """ #be.ha """ #ca.dg #ea """ #bd.ig """ #cj.eg #eb """ #bd.ad """ #bi.fh #ec """ #bc.cc """ #bh.hj #ed """ #bb.eb """ #bg.ic #ee """ #ba.gc """ #bg.jf #ef """ #bj.ie """ #bf.bj #eg """ #bj.ah """ #be.ce #eh """ #ai.dc """ #bd.ea #ei """ #ah.fi """ #bc.fh #fj """ #ag.if """ #bb.he #fa """ #ag.be """ #bb.jc #fb """ #af.ef """ #ba.bb #aja ,app5dix ;,a b#ci ,age "" ,life """"" ,life """" expectancy expectancy """"""" male """" female #fc """ #ae.hh """ #bj.db #fd """ #ae.ba """ #ai.fc #fe """ #ad.eg """ #ah.he #ff """ #ac.ic """ #ah.ji #fg """ #ac.cb """ #ag.cc #fh """ #ab.gb """ #af.ei #fi """ #ab.ad """ #ae.hf #gj """ #aa.eh """ #ae.ad #ga """ #aa.jc """ #ad.dd #gb """ #aj.di """ #ac.ge #gc """" #i.ih """ #ac.jh -------------------------------------#dj #gd """" #i.dh """ #ab.db #ge """" #i.jj """ #aa.gh #gf """" #h.ec """ #aa.ae #gg """" #h.ji """ #aj.ed #gh """" #g.ff """" #i.ie #gi """" #g.be """" #i.ci #hj """" #f.he """" #h.hd #ha """" #f.dh """" #h.cb #hb """" #f.ab """" #g.hb #ajb ,app5dix ;,a a#dj ,age "" ,life """"" ,life """" expectancy expectancy """"""" male """" female #hc """" #e.gh """" #g.cd #hd """" #e.de """" #f.hh #he """" #e.ad """" #f.de #hf """" #d.he """" #f.jd #hg """" #d.eg """" #e.fe #hh """" #d.cj """" #e.bh #hi """" #d.je """" #d.ic #ij """" #c.hb """" #d.fj #ajc