Examples of Income Tax Act in a sentence
Notes: It is not completely clear in the Income Tax Act, but it seems a retiring allowance cannot be paid until there is a loss of employment.
The payment could be treated as a retiring allowance to the extent allowed under the Income Tax Act.
This Plan shall not be effective prior to receipt by the Employer of the necessary rulings, satisfactory to the Employer, from Canadian governmental authorities establishing that payments made by the Employer under the Plan constitute a currently deductible expense under the Canadian Income Tax Act, as now in effect or as hereafter may be amended, or under any other applicable federal or provincial income tax law.
To the extent allowed by the Income Tax Act (Canada) and its Regulations, the lump sum will be paid as a retiring allowance which may allow for some or all to be deposited to a Registered Retirement Savings Plan or to a Registered Retirement Income Fund.