Budget and Economic Statement Implementation Act, 2007 (S.C. 2007, c. 35)
Full Document:
Assented to 2007-12-14
127. (1) The definition “governing plan” in subsection 4901(2) of the Regulations is replaced by the following:
- “governing plan”
“governing plan” means a registered retirement savings plan, a registered education savings plan, a registered retirement income fund, a registered disability savings plan, a deferred profit sharing plan or a revoked plan; (régime d’encadrement)
(2) Subsection 4901(2) of the Regulations is amended by adding the following in alphabetical order:
- “connected person”
“connected person”, in relation to a governing plan of a plan trust, means a person who is an annuitant, a beneficiary, an employer or a subscriber under, or a holder of, the governing plan and any person who does not deal at arms’s length with that person; (personne rattachée)
Consequential Amendments
Marginal note:1996, c. 23
Employment Insurance Act
Marginal note:2006, c. 4, s. 172
128. The definition “income” in section 144 of the Employment Insurance Act is replaced by the following:
“income”
« revenu »
“income” of a person for a period means the amount that would be their income for the period determined under the Income Tax Act if no amount were
(a) deductible under paragraphs 60(v.1), (w), (y) and (z) of that Act,
(b) included in respect of a gain from a disposition of property to which section 79 of that Act applies, or
(c) included under paragraph 56(1)(q.1) or subsection 56(6) of that Act;
Marginal note:R.S., c. O-9
Old Age Security Act
Marginal note:2006, c. 4, s. 180
129. Paragraph (e) of the definition “income” in section 2 of the Old Age Security Act is replaced by the following:
(e) there shall be deducted from the person’s income for the year any amount included under paragraph 56(1)(q.1) or subsection 56(6) of the Income Tax Act and there shall be included in the person’s income for the year any amount that may be deducted under paragraph 60(y) or (z) of that Act;
Coordinating Amendments
Marginal note:Bill C-10
130. Sections 131 to 134 apply if Bill C-10, introduced in the 2nd session of the 39th Parliament and entitled the Income Tax Amendments Act, 2006 (referred to in those sections as the “other Act”), receives royal assent.
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