Common use of Salary Holdback Clause in Contracts

Salary Holdback. During the teaching years of the plan the Teacher shall be paid a percentage of the salary and allowances to which the Teacher is otherwise entitled in accordance with the Collective Agreement. The salary shall be placed in an individual trust account in the name of the Teacher. Interest paid on the trust account shall be the prime rate less 2% as established from time to time by the Employer’s chartered bank. Any interest must be paid to the individual in the taxation year in which it is earned. Such interest is treated as income for the purpose of the Income Tax Act and shall be paid by December 31 in each year. A statement of each Teacher’s account will be issued at the end of each school year.

Salary Holdback. During the teaching years of the plan plan, the Teacher teacher shall be paid a percentage of the salary and allowances to which the Teacher teacher is otherwise entitled in accordance with the Collective Agreement. The salary shall be placed in an individual trust account in the name of the Teacherteacher. Interest paid on the trust account shall be the prime rate less 2% as established from time to time by the Employer’s chartered bank. Any interest must be paid to the individual in the taxation year in which it is earned. Such interest is treated as income for the purpose of the Income Tax Act and shall be paid by December 31 in each year. A statement of each Teacherteacher’s account will be issued at the end of each school year.

Salary Holdback. During the teaching years of the plan the Teacher teacher shall be paid a percentage of the salary and allowances to which the Teacher teacher is otherwise entitled in accordance with the Collective Agreement. The salary shall be placed in an individual trust account in the name of the Teacherteacher. Interest paid on the trust account shall be the prime rate less 2% as established from time to time by the Employer’s chartered bank. Any interest must be paid to the individual in the taxation year in which it is earned. Such interest is treated as income for the purpose of the Income Tax Act and shall be paid by December 31 31st in each year. A statement of each Teacherteacher’s account will be issued at the end of each school year.

Salary Holdback. During the teaching years of the plan the Teacher teacher shall be paid a percentage of the salary and allowances to which the Teacher teacher is otherwise entitled in accordance with the Collective Agreement. The salary shall be placed in an individual trust account in the name of the Teacherteacher. Interest paid on the trust account shall be the prime rate less 2% as established from time to time by the Employer’s chartered bank. Any interest must be paid to the individual in the taxation year in which it is earned. Such interest is treated as income for the purpose of the Income Tax Act and shall be paid by December 31 in each year. A statement of each Teacherteacher’s account will be issued at the end of each school year.

Salary Holdback. During the teaching years of the plan plan, the Teacher teacher shall be paid a percentage of the salary and allowances to which the Teacher teacher is otherwise entitled in accordance with the Collective Agreement. The salary shall be placed in an individual trust account in the name of the Teacherteacher. Interest paid on the trust account shall be the prime rate less 2% as established from time to time by the Employer’s chartered bank. Any interest must be paid to the individual in the taxation year in which it is earned. Such interest is treated as income for the purpose of the Income Tax Act and shall be paid by December 31 in each year. A statement of each Teacherteacher’s account will be issued at the end of each school year.

Salary Holdback. During the teaching years of the plan the Teacher shall be paid a percentage of the salary and allowances to which the Teacher is otherwise entitled in accordance with the Collective Agreement. The salary shall be placed in an individual trust account in the name of the Teacher. Interest paid on the trust account shall be the prime rate less 2% as established from time to time by the Employer’s Employer‘s chartered bank. Any interest must be paid to the individual in the taxation year in which it is earned. Such interest is treated as income for the purpose of the Income Tax Act and shall be paid by December 31 in each year. A statement of each Teacher’s Teacher‘s account will be issued at the end of each school year.

Salary Holdback. During the teaching years of the plan the Teacher teacher shall be paid a percentage of the salary and allowances to which the Teacher teacher is otherwise entitled in accordance with the Collective Agreement. The salary shall be placed in an individual trust account in the name of the Teacherteacher. Interest paid on the trust account shall be the prime rate less 2% as established from time to time by the Employer’s chartered bank. Any interest must be paid to the individual in the taxation year in which it is earned. Such interest is treated as income for the purpose of the Income Tax Act and shall be paid by December 31 31St in each year. A statement of each Teacherteacher’s account will be issued at the end of each school year.