GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 207.06
Waiver of tax payable 207.06 (1) If an individual would otherwise be liable to pay a tax under this Part because of section 207.02 or 207.03, the Minister may waive or cancel all or part of the liability if (a) the individual establishes to the satisfaction of the Minister that the liability arose as a consequence of a reasonable error; and (b) one or more distributions are made without delay under a TFSA of which the individual is the holder, the total amount of which is not less than the total of (i) the amount in respect of which the individual would otherwise be liable to pay the tax, and (ii) income (including a capital gain) that is reasonably attributable, directly or indirectly, to the amount described in subparagraph (i). Waiver of tax payable (2) If a person would otherwise be liable to pay a tax under this Part because of subsection 207.04(1) or section 207.05, the Minister may waive or cancel all or part of the liability where the Minister considers it just and equitable to do so having regard to all the circumstances, including (a) whether the tax arose as a consequence of reasonable error; (b) the extent to which the transaction or series of transactions that gave rise to the tax also gave rise to another tax under this Act; and (c) the extent to which payments have been made from the person’s registered plan. Waiver of tax payable (3) If an individual would otherwise be liable to pay a tax under section 207.021, the Minister may waive or cancel all or part of the liability if (a) the individual establishes to the satisfaction of the Minister that the liability arose as a consequence of a reasonable error; and (b) one or more distributions are made without delay under a FHSA of which the individual is the holder, the total amount of which is not less than the total of (i) the amount in respect of which the individual would otherwise be liable to pay tax, and (ii) the income (including any capital gain) that is reasonably attributable, directly or indirectly, to the amount described in subparagraph (i). Other powers of Minister (4) The Minister may notify the controlling individual of a registered plan that the controlling individual must cause a payment to be made from the registered plan to the controlling individual within 90 days of receipt of the notice, the amount of which is not less than the amount of specified non-qualified investment income in respect of the registered plan. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2008, c. 28, s. 31; 2009, c. 2, s. 71; 2010, c. 25, s. 60; 2011, c. 24, s. 67; 2013, c. 40, s. 77 2022, c. 19, s. 52
Income Tax Act — I-3.3 207.061
Income inclusion 207.061 A holder of a TFSA shall include in computing the holder’s income for a taxation year under Part I any portion of a distribution made in the year that is described in subparagraph (a)(ii) of the definition specified distribution in subsection 207.01(1) or subparagraph 207.06(1)(b)(ii) or that is specified by the Minister as part of an agreement to waive or cancel a liability for tax under this Part. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2010, c. 25, s. 61; 2013, c. 40, s. 78
Income Tax Act — I-3.3 207.062
Special limit on tax payable 207.062 If an individual is liable to pay an amount of tax under section 207.05 and under sections 207.02 or 207.03 in respect of the same contribution for the same calendar year, the tax payable under section 207.05 for the year shall be reduced by the amount of the tax payable under section 207.02 or 207.03, as the case may be, for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2010, c. 25, s. 61
Income Tax Act — I-3.3 207.07
Return and payment of tax 207.07 (1) A person who is liable to pay tax under this Part for all or any part of a calendar year shall before July of the following calendar year (a) file with the Minister a return for the year under this subsection in prescribed form and containing prescribed information including (i) an estimate of the amount of tax payable under this Part by the person in respect of the year, and (ii) an estimate of the amount of the person’s allowable refund, if any, for the year; and (b) pay to the Receiver General the amount, if any, by which the amount of the person’s tax payable under this Part in respect of the year exceeds the person’s allowable refund, if any, for the year. Multiple holders or subscribers (1.1) If two or more holders of a RDSP, or two or more subscribers of a RESP, are jointly and severally, or solidarily, liable with each other to pay a tax under this Part for a calendar year in connection with the plan, (a) a payment by any of the holders, or any of the subscribers, on account of that tax liability shall to the extent of the payment discharge the joint liability; and (b) a return filed by one of the holders, or one of the subscribers, as required by this Part for the year is deemed to have been filed by each other holder, or each other subscriber, in respect of the joint liability to which the return relates. Refund (2) If a person has filed a return under this Part for a calendar year within three years after the end of the year, the Minister (a) may, on sending the notice of assessment for the year, refund without application any allowable refund of the person for the year, to the extent that it was not applied against the person’s tax payable under paragraph (1)(b); and (b) shall, with all due dispatch, make the refund referred to in paragraph (a) after sending the notice of assessment if an application for it has been made in writing by the person within three years after the sending of an original notice of assessment for the year. Provisions applicable to Part (3) Subsections 150(2) and (3), sections 152 and 158 to 167 and Division J of Part I apply to this Part with any modifications that the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2008, c. 28, s. 31; 2010, c. 25, s. 62; 2013, c. 40, s. 79; 2017, c. 33, s. 71
Income Tax Act — I-3.3 207.1
207.1 (1) [Repealed, 2011, c. 24, s. 68] Tax payable by trust under deferred profit sharing plan (2) Where, at the end of any month, a trust governed by a deferred profit sharing plan holds property that is neither a qualified investment (within the meaning assigned by section 204) nor a life insurance policy (referred to in paragraphs 198(6)(c) to 198(6)(e) or subsection 198(6.1)), the trust shall, in respect of that month, pay a tax under this Part equal to 1% of the fair market value of the property at the time it was acquired by the trust of all such property held by it at the end of the month, other than (a) property in respect of the acquisition of which the trust has paid or is liable to pay a tax under subsection 198(1); and (b) property acquired by the trust before August 25, 1972. (3) [Repealed, 2017, c. 33, s. 72] (4) [Repealed, 2011, c. 24, s. 68] Tax payable in respect of agreement to acquire shares (5) Where at any time a taxpayer whose taxable income is exempt from tax under Part I makes an agreement (otherwise than as a consequence of the acquisition or writing by it of an option listed on a designated stock exchange) to acquire a share of the capital stock of a corporation (otherwise than from the corporation) at a price that may differ from the fair market value of the share at the time the share may be acquired, the taxpayer shall, in respect of each month during which the taxpayer is a party to the agreement, pay a tax under this Part equal to the total of all amounts each of which is the amount, if any, by which the amount of a dividend paid on the share at a time in the month at which the taxpayer is a party to the agreement exceeds the amount, if any, of the dividend that is received by the taxpayer. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 207.1; 1994, c. 8, s. 31; 1999, c. 22, s. 73; 2005, c. 30, s. 16; 2007, c. 35, s. 58; 2011, c. 24, s. 68; 2017, c. 33, s. 72
Income Tax Act — I-3.3 207.2
Return and payment of tax 207.2 (1) Within 90 days after the end of each year, a taxpayer to whom this Part applies shall (a) file with the Minister a return for the year under this Part in prescribed form and containing prescribed information, without notice or demand therefor; (b) estimate in the return the amount of tax, if any, payable by it under this Part in respect of each month in the year; and (c) pay to the Receiver General the amount of tax, if any, payable by it under this Part in respect of each month in the year. Liability of trustee (2) Where the trustee of a trust that is liable to pay tax under this Part does not remit to the Receiver General the amount of the tax within the time specified in subsection 207.2(1), the trustee is personally liable to pay on behalf of the trust the full amount of the tax and is entitled to recover from the trust any amount paid by the trustee as tax under this section. Provisions applicable to Part (3) Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1973-74, c. 30, s. 23; 1974-75-76, c. 26, s. 116; 1979, c. 5, s. 60; 1980-81-82-83, c. 48, s. 115; 1985, c. 45, s. 126(F); 1986, c. 6, s. 113
Income Tax Act — I-3.3 207.3
Tax Payable by institution or public authority 207.3 Every institution or public authority that, at any time in a year, disposes of an object within 10 years after the object became an object described in subparagraph 39(1)(a)(i.1) shall pay a tax under this Part, in respect of the year, equal to 30% of the object’s fair market value at that time, unless the disposition was made to another institution or public authority that was, at that time, designated under subsection 32(2) of the Cultural Property Export and Import Act either generally or for a specified purpose related to that object. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 207.3; 1994, c. 7, Sch. II, s. 168; 1999, c. 22, s. 74
Income Tax Act — I-3.3 207.31
Ecological gift — tax payable 207.31 (1) A charity, municipality in Canada or municipal or public body performing a function of government in Canada (each of which is referred to in this section as the “recipient”) shall, in respect of a property, pay a tax under this Part in respect of a taxation year if (a) at any time in the year, the recipient (i) disposes of the property, or (ii) in the opinion of the Minister of the Environment, or a person designated by that Minister, changes the use of the property; (b) the property is described in paragraph 110.1(1)(d) or in the definition total ecological gifts in subsection 118.1(1); and (c) the disposition or change is made without the authorization of the Minister of the Environment or a person designated by that Minister. Ecological gift — amount of tax (2) The amount of tax to be paid under subsection (1) is equal to 50% of the amount that would be determined for the purposes of section 110.1 or 118.1, if this Act were read without reference to subsections 110.1(3) and 118.1(6), to be the fair market value of the property referred to in subsection (1) if the property were given to the recipient immediately before the disposition or change referred to in paragraph (1)(a). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1996, c. 21, s. 53; 2001, c. 17, s. 170; 2013, c. 34, s. 340; 2017, c. 33, s. 73
Income Tax Act — I-3.3 207.4
Return and payment of tax 207.4 (1) Any institution, public authority, charity or municipality that is liable to pay a tax under subsection 207.3 or 207.31 in respect of a year shall, within 90 days after the end of the year, (a) file with the Minister a return for the year under this Part in prescribed form and containing prescribed information without notice or demand therefor; (b) estimate in the return the amount of tax payable by it under this Part in respect of the year; and (c) pay to the Receiver General the amount of tax payable by it under this Part in respect of the year. Provisions applicable to Part (2) Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 207.4; 1996, c. 21, s. 54
Income Tax Act — I-3.3 207.5
convention de retraite ) Election (2) Despite the definition refundable tax in subsection 207.5(1), where the custodian of a retirement compensation arrangement so elects in the return under this Part for a taxation year of an RCA trust under the arrangement and all the subject property, if any, of the arrangement (other than a right to claim a refund under subsection 164(1) or 207.7(2)) at the end of the year consists only of cash, debt obligations, shares listed on a designated stock exchange, units of a mutual fund trust that are listed on a designated stock exchange, or any combination thereof, an amount equal to the total of (a) the amount of that cash at the end of the year, (b) the total of all amounts each of which is the greater of the principal amount of such a debt obligation outstanding at the end of the year and the fair market value of the obligation at the end of the year, and (c) the fair market value of those shares or units at the end of the year shall be deemed for the purposes of this Part to be the refundable tax of the arrangement at the end of the year. Limitation on election (3) Subsection (2) does not apply in respect of an RCA trust if any part of a decline in the fair market value of subject property of the retirement compensation arrangement is reasonably attributable to a prohibited investment for, or an advantage in relation to, the RCA trust unless the Minister is satisfied that it is just and equitable to allow the election to be made, having regard to all the circumstances, in which case, the Minister may adjust the amount deemed by subsection (2) to be the refundable tax of the arrangement to take into account all or part of the decline in the fair market value of the subject property. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1987, c. 46, s. 62; 2007, c. 35, s. 68; 2012, c. 31, s. 44 2024, c. 15, s. 56 2024, c. 17, s. 66
Income Tax Act — I-3.3 (a)
advantage , in relation to a retirement compensation arrangement, means (a) any benefit, loan or indebtedness that is conditional in any way on the existence of the arrangement, other than (i) a benefit derived from the provision of administrative or investment services in respect of the arrangement, (ii) a loan or an indebtedness the terms and conditions of which are terms and conditions that persons dealing at arm’s length with each other would have entered into, and (iii) a payment out of or under the arrangement that is included in computing a taxpayer’s income under Part I, and (b) a benefit that is an increase in the total fair market value of the subject property of the arrangement if it is reasonable to consider, having regard to all the circumstances, that the increase is attributable, directly or indirectly, to a transaction or event or a series of transactions or events one of the main purposes of which was to enable a person or a partnership to benefit from a provision of this Part, or from the exemption from tax under paragraph 149(1)(q.1), if the transaction, event or series (i) would not have occurred in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly, or (ii) included a payment received as, on account or in lieu of, or in satisfaction of, a payment (A) for services provided by a person who is, or does not deal at arm’s length with, a specified beneficiary of the arrangement, or (B) of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, in respect of property (other than subject property of the arrangement) held by a person who is, or does not deal at arm’s length with, a specified beneficiary of the arrangement, (c) a benefit that is income or a capital gain that is reasonably attributable, directly or indirectly, to (i) a prohibited investment in respect of the arrangement, (ii) an amount received by a specified beneficiary of the arrangement, or by a person who does not deal at arm’s length with the specified beneficiary, if it is reasonable to consider, having regard to all the circumstances, that the amount was paid in relation to, or would not have been paid but for, subject property of the arrangement and the amount was paid as, on account or in lieu of, or in satisfaction of, a payment (A) for services provided by a person who is, or who does not deal at arm’s length with, the specified beneficiary, or (B) of interest, of a dividend, of rent, of a royalty or of any other return on investment, or of proceeds of disposition, (d) an RCA strip in respect of the arrangement, and (e) a prescribed benefit; ( avantage )
Income Tax Act — I-3.3
excluded contribution means an amount paid or payable under a specified arrangement to obtain or renew a letter of credit or surety bond issued by a financial institution for the purposes of securing future retirement benefit payments out of or under the arrangement; ( cotisation exclue )
Income Tax Act — I-3.3 (a)
prohibited investment , for a retirement compensation arrangement at any time, means property (other than prescribed excluded property) that is at that time (a) a debt of a specified beneficiary of the arrangement, (b) a share of the capital stock of, an interest in, or a debt of (i) a corporation, partnership or trust in which the specified beneficiary has a significant interest, or (ii) a person or partnership that does not deal at arm’s length with, or is affiliated with, the specified beneficiary, (c) an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a) or (b), or (d) prescribed property; ( placement interdit )
Income Tax Act — I-3.3
RCA strip , in respect of a retirement compensation arrangement, means the amount of a reduction in the fair market value of subject property of the arrangement, if the value is reduced as part of a transaction or event or a series of transactions or events one of the main purposes of which is to enable a specified beneficiary of the arrangement, or a person or a partnership who does not deal at arm’s length with the specified beneficiary, to benefit from a provision of this Part or to obtain a benefit in respect of subject property of the arrangement or as a result of the reduction, but does not include an amount that is included in computing the income of the specified beneficiary or of an employer or former employer of the specified beneficiary; ( somme découlant d’un dépouillement de CR )
Income Tax Act — I-3.3 (a)
RCA trust under a retirement compensation arrangement means (a) any trust deemed by subsection 207.6(1) to be created in respect of subject property of the arrangement, and (b) any trust governed by the arrangement; ( fiducie de convention de retraite )
Income Tax Act — I-3.3 (a)
refundable tax of a retirement compensation arrangement at the end of a taxation year of an RCA trust under the arrangement means the amount, if any, by which the total of (a) 50% of all contributions (other than an excluded contribution made on or after March 28, 2023) made under the arrangement while it was a retirement compensation arrangement and before the end of the year, and (b) 50% of the amount, if any, by which (i) the total of all amounts each of which is the income (determined as if this Act were read without reference to paragraph 82(1)(b)) of an RCA trust under the arrangement from a business or property for the year or a preceding taxation year or a capital gain of the trust for the year or a preceding taxation year, exceeds (ii) the total of all amounts each of which is a loss of an RCA trust under the arrangement from a business or property for the year or a preceding taxation year or a capital loss of the trust for the year or a preceding taxation year, exceeds (c) 50% of all amounts paid as distributions to one or more persons (including amounts that are required by paragraph 12(1)(n.3) to be included in computing the recipient’s income) under the arrangement while it was a retirement compensation arrangement and before the end of the year, other than a distribution paid where it is established, by subsequent events or otherwise, that the distribution was paid as part of a series of payments and refunds of contributions under the arrangement; ( impôt remboursable )
Income Tax Act — I-3.3
significant interest has the same meaning as in subsection 207.01(4); ( participation notable )
Income Tax Act — I-3.3 (a)
specified arrangement means a retirement compensation arrangement of which the primary purpose is to provide annual or more frequent periodic retirement benefit payments that are paid (a) as supplemental benefits provided out of or under (i) a registered pension plan, (ii) a registered retirement savings plan, (iii) a deferred profit sharing plan, (iv) a pooled registered pension plan, or (v) any combination of plans described in subparagraphs (i) to (iv), or (b) under an arrangement that would, in the absence of subsection 147.1(8) and section 8504 of the Income Tax Regulations , substantially comply with the prescribed conditions for registration for a registered pension plan under section 8501 of those Regulations; ( convention déterminée )
Income Tax Act — I-3.3
specified beneficiary , of a retirement compensation arrangement, means an individual who has an interest or a right in respect of the arrangement and who has or had a significant interest in an employer or former employer in respect of the arrangement; ( bénéficiaire déterminé )
Income Tax Act — I-3.3
subject property of a retirement compensation arrangement means property that is held in connection with the arrangement. ( bien déterminé d’une convention de retraite )
Income Tax Act — I-3.3 207.6
ngement, at any time, shall be deemed to include an amount of cash equal to the balance at that time in the account. Transfers (7) Where an amount (other than an amount that is part of a series of periodic payments) is transferred directly to a retirement compensation arrangement (other than an arrangement the custodian of which is non-resident or which is deemed by subsection 207.6(5) to be a retirement compensation arrangement) from another retirement compensation arrangement, (a) the amount shall not, solely because of the transfer, be included in computing a taxpayer’s income under Part I; (b) no deduction may be made in respect of the amount in computing a taxpayer’s income under Part I; and (c) the amount is considered, for the purpose of the definition refundable tax in subsection 207.5(1), to be paid as a distribution to one or more persons under the arrangement from which the amount is transferred and to be a contribution made under the arrangement to which the amount is transferred. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 207.6; 1994, c. 7, Sch. VIII, s. 121, c. 21, s. 94; 1998, c. 19, s. 212; 2014, c. 39, s. 62