Examples of Transferor Plan in a sentence
In accordance with subsection 146.1(6.1) of the Tax Act, any registered education savings plan receiving a transfer will be deemed to have been entered into on the day that is the earlier of the day on which the registered education savings plan receiving the transfer (the "Transferee Plan") was entered into, and the day on which the registered education savings plan from which the transfer was made (the "Transferor Plan") was entered into.
SpinoffsA “Spinoff” is a transaction in which a plan (the Transferor Plan) transfers a portion of its assets and/or liabilities to another plan (the Transferee Plan).
Each Subscriber under the Transferor Plan will be deemed to be a Subscriber under the Transferee Plan for the purposes of the over contribution tax payable as a result of a transfer, in accordance with subsections 204.9(5) and 204.91(1) of the Tax Act.
If neither of the conditions set out in (a) and (b) above are met, the transfer may cause an over contribution to the Transferor Plan.
The amendment is effective from April 1, 2017.Thus, the date of allotment at the time of subscription in Transferor Plan (Consolidating Plan) under a mutual fund scheme will be considered as the date of allotment for determining period of holding for the purpose of computing short term / long term capital gain/ loss at the time of redemption of such units in Surviving Plan (Consolidated Plan) under a mutual fund scheme.