VII, s. 1]Marginal note:CPP/QPP and UCCB amounts for previous years(8)Notwithstanding subsections (1) and (6), if(a)one or more amounts(i)are received by an individual (other than a trust) in a taxation year as, on account of, in lieu of payment of or in satisfaction of, any benefit under theCanada Pension Planor a provincial pension plan as defined in section 3 of that Act, or(ii)would be, but for this subsection, included in computing the income of an individual for a taxation year under subsection (6), and(b)a portion, not less than $300, of the total of those amounts relates to one or more preceding taxation years,that portion shall, at the option of the individual, not be included in the individual’s income.Meaning ofincome for the year(9)For the purposes of paragraphs 56(1)(s) and 56(1)(u),income for the yearof a person means the amount that would, but for those paragraphs, paragraphs 60(v.1) and 60(w) and section 63, be the income of that person for the year.Meaning ofincome(9.1)For the purposes of subsection (6),incomeof a person for a taxation year means the amount that would, in the absence of that subsection, paragraphs (1)(s) and (u) and 60(v.1), (w) and (y) and section 63, be the income of the person for the taxation year.Marginal note:Severability of retirement compensation arrangement(10)Where a retirement compensation arrangement is part of a plan or arrangement (in this subsection referred to as the “plan”) under which amounts not related to the retirement compensation arrangement are payable or provided, for the purposes of this Act, other than this subsection,(a)the retirement compensation arrangement shall be deemed to be a separate arrangement independent of other parts of the plan of which it is a part; and(b)subject to subsection 6(14), amounts paid out of or under the plan shall be deemed to have first been paid out of the retirement compensation arrangement unless a provision in the plan otherwise provides.Marginal note:Disposition of property by RCA trust(11)For the purposes of paragraphs 56(1)(x) and 56(1)(z), where, at any time in a year, a trust governed by a retirement compensation arrangement(a)disposes of property to a person for consideration less than the fair market value of the property at the time of the disposition, or for no consideration,(b)acquires property from a person for consideration greater than the fair market value of the property at the time of the acquisition, or(c)permits a person to use or enjoy property of the trust for no consideration or for consideration less than the fair market value of such use or enjoyment,the amount, if any, by which the fair market value differs from the consideration or, if there is no consideration, the amount of the fair market value shall be deemed to be an amount received at that time by the person out of or under the arrangement that can reasonably be considered to have been received in respect of an office or employment of a taxpayer.Marginal note:Foreign retirement arrangement(12)If an amount in respect of a foreign retirement arrangement is, as a result of a transaction, an event or a circumstance, considered to be distributed to an individual under the income tax laws of the country in which the arrangement is established, the amount is, for the purpose of paragraph (1)(a), deemed to be received by the individual as a payment out of the arrangement in the taxation year that includes the time of the transaction, event or circumstance.
Marginal note:Pension benefits, unemployment insurance benefits, etc.(a)any amount received by the taxpayer in the year as, on account or in lieu of payment of, or in satisfaction of,(i)a superannuation or pension benefit including, without limiting the generality of the foregoing,(A)the amount of any pension, supplement or spouse’s or common-law partner’s allowance under theOld Age Security Actand the amount of any similar payment under a law of a province,(B)the amount of any benefit under theCanada Pension Planor a provincial pension plan as defined in section 3 of that Act,(C)the amount of any payment out of or under a specified pension plan, and(C.1)the amount of any payment out of or under a foreign retirement arrangement established under the laws of a country, except to the extent that the amount would not, if the taxpayer were resident in the country, be subject to income taxation in the country,but not including(D)the portion of a benefit received out of or under an employee benefit plan that is required by paragraph 6(1)(g) to be included in computing the taxpayer’s income for the year, or would be required to be so included if that paragraph were read without reference to subparagraph 6(1)(g)(ii),(E)the portion of an amount received out of or under a retirement compensation arrangement that is required by paragraph 56(1)(x) or 56(1)(z) to be included in computing the taxpayer’s income for the year,(F)a benefit received under section 71 of theCanada Pension Planor under a similar provision of a provincial pension plan as defined in section 3 of that Act, and(G)an amount received out of or under a registered pension plan as a return of all or a portion of a contribution to the plan to the extent that the amount(I)is a payment made to the taxpayer under subsection 147.1(19) or subparagraph 8502(d)(iii) of theIncome Tax Regulations,and(II)is not deducted in computing the taxpayer’s income for the year or a preceding taxation year,(ii)a retiring allowance, other than an amount received out of or under an employee benefit plan, a retirement compensation arrangement or a salary deferral arrangement,(iii)a death benefit,(iv)a benefit under theUnemployment Insurance Act, other than a payment relating to a course or program designed to facilitate the re-entry into the labour force of a claimant under that Act, or a benefit under Part I, VII.1, VIII or VIII.1 of theEmployment Insurance Act,(v)a benefit under regulations made under an appropriation Act providing for a scheme of transitional assistance benefits to persons employed in the production of products to which the Canada-United States Agreement on Automotive Products, signed on January 16, 1965 applies,(vi)except to the extent otherwise required to be included in computing the taxpayer’s income, a prescribed benefit under a government assistance program,(vii)a benefit under theAct respecting parental insurance, R.S.Q., c