Over Contributions Sample Clauses

Over Contributions. If the Employer receives a refund from the Pension Corporation of an over contribution by the Employer in excess of the maximum allowed by the Canada Customs and Revenue Agency, the Employer shall hold the refund in accordance with the following: (a) The Employer shall hold in trust and invest all excess contributions on behalf of the employee. (b) The Employer pays compounded interest on these funds based on the bank's interest rate in place at the beginning of each year. (c) All principal and interest held for each employee shall be paid to the employee on retirement. (d) The funds shall be paid in the form of a retiring allowance and added to all funds eligible for the Retirement Gratuity. (e) The Employer agrees to provide the employee with an annual statement that outlines the employee's funds held in trust and the interest rate applied for the previous year.
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Over Contributions. Employees may make voluntary contributions in addition to their regular contributions; however, the Employer does not match voluntary contributions.
Over Contributions. The Holder acknowledges that any excess contributions over the maximum allowable amount are subject to tax at the rate prescribed by the Minister of National Revenue from time to time, for each month that the excess remains in the TFSA.
Over Contributions. As permitted by paragraph 146(2)(c.1) of the Income Tax Act (Canada), the taxpayer may direct motusbank in writing to refund from the Account balance an amount to reduce the tax that would otherwise be payable under Part X.1 of the Income Tax Act (Canada). motusbank must comply with that direction. In order to provide for the refund, motusbank may redeem a sufficient portion of any Certificate it selects in its sole discretion. motusbank is not responsible for determining the amount of that refund.
Over Contributions. If the Employer receives a refund from the Pension Corporation of an over contribution by the Employer in excess of the maximum allowed by the Canada Customs and Revenue Agency, the Employer shall hold the refund in accordance with the following : (a) The Employer shall hold in trust and invest all excess contributions on behalf of the employee. (b) The Employer pays compounded interest on these funds based on the bank's interest rate in place at the beginning of each year. (c) All principal and interest held fo r each employee shall be paid to the employee on reti rement. (d) The funds shall be paid in the fo rm of a reti ring allowance and added to all funds eligible for the Reti rement Gratu ity. (e) The Employer xx xxxx to provide the employee with an annual statement that outl i nes the employee's funds held in trust and the interest rate applied for the previous year.
Over Contributions. In the case of an over-contribution by a Participating Employer of a Participant due to a good faith mistake of fact, the contribution may be returned to such Participating Employer or to the Participant, as applicable. The amount which may be returned to the Participating Employer or to the Participant is the excess of (i) the amount contributed by the Participating Employer or the Participant, over (ii) the amount that would have been contributed had there not been a mistake of fact. The Association may determine in its sole and absolute discretion whether to return earnings attributable to such excess contribution to the Participating Employer and may offset losses attributable to the excess contribution to reduce the amount returned to the Participating Employer. * * * * End of Article 2 * * * *
Over Contributions. Members and pensioners who are affected by the agreement will receive service credit for the maximum period for which they are eligible in accordance with the Plan rules. Members’ and pensioners’ over-contributions will be refunded with interest. Financial credit will also be given to the employer for any employer-remitted over- contributions, plus interest.
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Over Contributions. The member’s service should reflect only the actual service credit that was to be purchased under the signed Agreement to Purchase Credit. Any employee over-contributions will be refunded with interest. The employer will also be refunded any matching over-contribution it made, plus interest.
Over Contributions. When an employee reaches an income level at any point during a calendar year of $78,153 (using 2009 as the tax year, such figure to be adjusted annually based on changes in the Yearly Maximum Pensionable Earnings (YMPE) and the maximum pensionable contributions under CCRA rules), the Employer agrees not to make any further Special Agreement deductions from the employee’s pay cheque and the Employer will no longer contribute for purposes of the Special Agreement for such employee. Employer contributions thereafter will be paid to the employee on their pay cheque and identified as Special Agreement over-contributions.
Over Contributions. If the Employer receives a refund from the Pension Corporation of an over contribution by the Employer in excess of the maximum allowed by the Canada Customs and Revenue Agency, the Employer shall hold the refund in accordance with the following:
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