Bill C-378
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SUMMARY |
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The purpose of this enactment is to provide that, under certain
federally funded pension plans, in the case where there is no surviving
spouse, the children of a contributor to a pension receive the same
benefit as the spouse would have received, divided equally between
them, in place of the lesser amount provided for previously.
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It also provides that, under these pension plans, where there is no
spouse or child entitled to a benefit, the contributor may designate one
or more relatives, who have been financially dependent on the
contributor for three or more years to the extent of fifty percent or more,
to share the benefit that would have gone to a spouse.
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Further, it is provided that after January 1, 2004, to qualify to be
registered under the Income Tax Act for contributions to be deductible,
private sector pensions that provide a benefit for a surviving spouse or
child must also include the right, where there is no surviving spouse or
child, for the contributor to designate a dependent relative as a surviving
beneficiary in lieu of a spouse.
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