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Quiz: Deferred Salary Leave Plan (DSLP)

5 questions

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1 Which conditions must a deferred salary leave plan meet? Select all that apply.

Select all that apply.

The leave must begin no later than six years after the deferrals start The plan must be registered with CRA before deferrals begin The leave must be at least six consecutive months, or three where it is for full-time attendance at a designated educational institution The employee must return to work for the employer for a period at least as long as the leave The plan must be in writing and established before deferrals begin No more than one third of salary for a year may be deferred

Answer key unconfirmed — rests on 7 unverified claims.

2 When is deferred salary included in the employee's income? On return to work after the leave When it is paid out during the leave, reported on the T4 for the year of payment In the years it is earned and deferred Half in the year of deferral and half on payment

Answer key unconfirmed — rests on 2 unverified claims.

3 A plan ceases to meet the prescribed conditions partway through — the employee does not take the leave in time. What follows? The deferred amounts are taxed on eventual payment as originally intended It is treated as a salary deferral arrangement and the deferred amounts become taxable in the years they were earned A penalty applies but the tax treatment is unchanged The arrangement becomes a retirement compensation arrangement

Answer key unconfirmed — rests on 2 unverified claims.

4 An employee asks where her deferred amounts are held and whether they are protected. With CRA, as refundable tax By the employer, with the employee an unsecured creditor for them In a trust, with the employee as beneficiary In a registered account in the employee's name

Answer key unconfirmed — rests on 1 unverified claim.

5 May an employee receive other salary from the employer during the leave? Yes, provided total pay does not exceed pre-leave salary No, other than the deferred amounts and certain permitted amounts Yes, without restriction No, in any circumstances whatsoever

Answer key unconfirmed — rests on 1 unverified claim.

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