PAYMENT OF ANNUAL INCOME AMOUNT Sample Clauses

PAYMENT OF ANNUAL INCOME AMOUNT a. General Points SSQ does not make payments under this plan other than those required or permitted under applicable pension legislation and under the Income Tax Act (Canada). If the contributions constituting the SSQ PRRIF come directly or indirectly from another PRRIF held by the same contractholder, then no payment shall be made during the initial fiscal year of the SSQ PRRIF, except to the extent established under the Income Tax Act (Canada). Payment of income must commence no later than the last day of the second fiscal year of the SSQ PRRIF. The annual amount of income paid out of the SSQ PRRIF may vary each year. The fiscal year of the SSQ PRRIF must end on December 31 of each year and may not exceed 12 months, unless otherwise permitted under applicable pension legislation. Within 60 days after receipt of the annual statement provided by SSQ, the contractholder will establish and notify SSQ in writing of the amount of income to be paid during the current year. The aggregate of all payments made out of the SSQ PRRIF for a year must be at least equal to the annual minimum income amount determined for said year in accordance with the Income Tax Act (Canada). The contractholder may, at any time during a year, change the amount of income to be paid from the SSQ PRRIF provided that the amount will always result, by the end of the year, in a payment or payments that are at least equal to the minimum amount required by the federal tax legislation. No minimum income amount is applicable to the initial year the contract is issued. If the contractholder would like the annual minimum income amount to be calculated based on the age of the spouse, SSQ must receive such notification at least 10 days prior to the initial payment, otherwise the minimum income amount shall be calculated based on the age of the contractholder. In addition, this decision related to the age used to calculate the minimum annual amount is irrevocable. Should the contractholder fail to give instructions to SSQ within the required time period or should said instructions not be in accordance with applicable pension legislation or the Income Tax Act (Canada), then SSQ shall pay the minimum income amount required under the Income Tax Act (Canada). If the monthly payments are less than the minimum in force at that time at SSQ, then SSQ reserves the right to reduce the frequency of payments in order to attain this minimum or to pay the redemption value of the SSQ LIF in a lump sum, and this, in...
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Related to PAYMENT OF ANNUAL INCOME AMOUNT

  • Payment of Annual Leave (a) If an employee takes annual leave during a period, the annual leave shall be paid at the employee’s ordinary pay immediately before the period begins.

  • Calculation of Annual Leave Pay Annual leave shall be paid at the employee’s ordinary weekly wage rate for ordinary hours for the period of annual leave (excluding shift allowances and weekend payments but including leading hand allowance); plus an amount equal to 17.5% of the amount

  • PAYMENT TERMS/PRE-PAYMENT/QUANTITY DISOUNTS If discounts for accelerated payment, pre-payment, progress payment, or quantity discounts are offered, they must be clearly indicated in the Contractor’s submission prior to contract award. The applicability or acceptance of these terms is at the discretion of the Customer.

  • Payment of Annual Leave on Termination On the termination of their employment, an employee will be paid their untaken or pro-rata annual leave.

  • Payment Amount Payment for the Services shall be as follows: (choose one) ☐ - $______________________ for the Services (“Payment”). ☐ - At an hourly rate of $____ per hour (“Payment”). ☐ - Other. ______________________________________________ (“Payment”) If the Subcontractor asserts a claim which involves, in whole or in part, acts or omissions which are the responsibility of the Client or another person for whom a claim may be submitted, including but not limited to, claims for failure to pay, an extension of time, impacts, delay damages, or extra work, the Contractor shall present the Subcontractor's claim to the Client or other responsible party provided the Subcontractor presents to Contractor competent supporting evidence and in sufficient time for the Contractor to do so. The Subcontractor shall cooperate fully with the Contractor in any and all steps the Contractor takes in connection with prosecuting such a claim and shall hold harmless and reimburse the Contractor for all expenses, including legal expenses, incurred by the Contractor which arise out of the Contractor's submission of the Subcontractor's claims to the Client or other responsible party(ies). The Subcontractor shall be bound by any adjudication or award in any action or proceeding resolving such a claim.

  • Payment flows The Programme Operator shall ensure that payments to projects are made in a timely manner. Interim and final payments to the projects shall be based on approved project reports. Payments of the project grant shall take the form of advance payments, interim payments and a final payment. The level of advance payment to projects shall be set out in the project contract. The maximum level of advance payment shall be as follows: Advance payment Interim payments Final payment (reimbursement) Projects Up to 30% 30-90% 10% The first advance instalment shall be paid following the signature of the project contract. Subsequent payments shall be paid after the approval of project interim reports. The final payment will be paid after approval of the final report. An advance payment of a percentage of the total grant amount shall be paid within one month from the submission of a request after signature of the project contract. The interim payments shall be paid within one month after the approval of project interim reports. Upon approval of the final project report a final balance payment, if applicable, shall be made within one month. The approval of project interim and final reports shall take place within two months from the submission of the required information. The periodicity of reporting periods, and deadlines for reporting will be further detailed in the description of the Programme Operator’s management and control systems. In case of euro-denominated contracts with entities from Norway or with intergovernmental organisations, the Programme Operator shall transfer the amounts in euro.

  • Payment Terms – Payment in Arrears A. Invoices are to be submitted in arrears to the user agency/department to the ship- to address, unless otherwise directed in this CONTRACT. Payment will be net 30 days after receipt of an invoice in a format acceptable to the County of Orange and verified and approved by the agency/department and subject to routine processing requirements. The responsibility for providing an acceptable invoice rests with the CONTRACTOR.

  • Sick Leave Annual Cash Out ‌ Each January, employees are eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if:

  • Returned Payment Fee If your account is subject to a Returned Payment Fee, the fee will be charged to your account when a payment is returned for any reason.

  • Payment for annual leave (a) Before going on annual leave, an employee will be paid the amount of wages they would have received for ordinary time worked had they not been on leave during that period.

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