Amend a deferred profit sharing plan - Approval process

3. Approval process

When we receive an amendment, we will verify that we have all the information that we need. If we need more information, we will request it from the submitter. 

A DPSP that is amended maintains its registered status under the Income Tax Act. However, we may issue a notice of intent to revoke a plan’s registration if the plan amendment results in the plan no longer complying with the Act or our administrative rules.  

When we approve an amendment, we will write to the submitter informing them of our approval, update the plan or trust agreement with the changes and place the documents on file.