qualifying person definition
Examples of qualifying person in a sentence
If there is a dispute over a Qualifying Family Member’s status as Holder, the Qualifying Family Member (who is a Qualifying Person solely because of conditions (a) to (e) under the Qualifying Person definition) must attempt to avoid a reduction in the fair market value of the Plan Trust’s property.
A Qualifying Family Member (who is a Qualifying Person solely because of conditions (a) to (e) under the Qualifying Person definition) will cease to be a Holder of the Plan if the Beneficiary notifies the Issuer that they wish to become the Holder and either the Issuer, after reasonable enquiry determines the Beneficiary to be contractually competent, or a competent tribunal or other provincial authority has declared the Beneficiary to be contractually competent.
A Qualifying Family Member (who is a Qualifying Person solely because of conditions (a) to (e) under the Qualifying Person definition) will cease to be a Holder of the Plan if an entity described in point (ii) or (iii) of the Qualifying Person definition is given legal authority to act on behalf of the Beneficiary.
If a Holder (other than a legal parent of the Beneficiary) ceases to be a Qualifying Person, he or she will also cease to be a Holder of the Plan.
A contribution does not include Government Funded Benefits, amounts from a Designated Provincial Program or from another program that has a similar purpose and is funded directly or indirectly by a province (other than an amount paid by an entity described in paragraph (iii) of the Qualifying Person definition, or an amount transferred to the plan in accordance with section 9).