GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Regulations — 236
236 Every person who is a member of a partnership for which an information return is required to be made under these Regulations by a government payer or by a producer organization or association shall provide the government payer or the producer organization or association, as the case may be, with the following information: (a) the person’s legal name, address and Social Insurance Number, or, where the person is a trust or is not an individual, the person’s income tax identification number; and (b) the partnership’s name and business address. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/93-527, s. 4; SOR/94-686, s. 78(F)
Income Tax Regulations — 237
237 (1) The definitions in this subsection apply in this section. federal body means a department or a Crown corporation, within the meaning of section 2 of the Financial Administration Act . ( organisme fédéral ) payee means a person or partnership to whom an amount is paid or credited in respect of goods for sale or lease, or services rendered, by or on behalf of the person or the partnership. ( bénéficiaire ) (2) A federal body that pays or credits an amount to a payee shall file an information return in prescribed form in respect of the amount on or before March 31 in each year in respect of the preceding calendar year. (3) Subsection (2) does not apply in respect of an amount (a) all or substantially all of which is paid or credited in the year in respect of goods for sale or lease by the payee; (b) to which section 212 of the Act applies; (c) that is not required to be included in computing the income of the payee, if the payee is an employee of the federal body; (d) that is paid or credited in respect of services rendered outside Canada by a payee who was not resident in Canada during the period in which the services were rendered; or (e) that is paid or credited in respect of a program administered under the Witness Protection Program Act or any other similar program. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/99-21, s. 1; SOR/2003-5, s. 11
Income Tax Regulations — Income Tax Regulations
federal body means a department or a Crown corporation, within the meaning of section 2 of the Financial Administration Act . ( organisme fédéral )
Income Tax Regulations — Income Tax Regulations
payee means a person or partnership to whom an amount is paid or credited in respect of goods for sale or lease, or services rendered, by or on behalf of the person or the partnership. ( bénéficiaire )
Income Tax Regulations — 238
238 (1) In this section, construction activities includes the erection, excavation, installation, alteration, modification, repair, improvement, demolition, destruction, dismantling or removal of all or any part of a building, structure, surface or sub-surface construction, or any similar property. (2) Every person or partnership that pays or credits, in a reporting period, an amount in respect of goods or services rendered on their behalf in the course of construction activities shall make an information return in the prescribed form in respect of that amount, if the person’s or partnership’s business income for that reporting period is derived primarily from those activities. (3) The reporting period may be either on a calendar year basis or a fiscal period basis. Once a period is chosen, it cannot be changed for subsequent years, unless the Minister authorizes it. (4) The return shall be filed within six months after the end of the reporting period to which it pertains. (5) Subsection (2) does not apply in respect of an amount (a) all of which is paid or credited in the reporting period in respect of goods for sale or lease by the person or partnership; (b) to which section 212 of the Act applies; or (c) that is paid or credited in respect of services rendered outside Canada by a person or partnership who was not resident in Canada during the period in which the services were rendered. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/2000-9, s. 1; SOR/2003-5, s. 11
Income Tax Regulations — 301
301 (1) For the purposes of this Part and section 148 of the Act, life annuity contract means a contract under which a person authorized under the laws of Canada or of a province to carry on in Canada an annuities business agrees to make annuity payments to one person or partnership (in this section referred to as “the annuitant”) or jointly to two or more annuitants, which annuity payments are, under the terms of the contract, (a) to be paid annually or at more frequent periodic intervals; (b) to commence on a specified day; and (c) to continue throughout the lifetime of one or more individuals (each of whom is referred to in this section as “the identified individual”). (2) For the purposes of subsection (1), a contract shall not fail to be a life annuity contract by reason that (a) the contract provides that the annuity payments may be assigned by the annuitant or owner; (b) the contract provides for annuity payments to be made for a period ending on the death of the identified individual or for a specified period of not less than 10 years, whichever is the lesser; (c) the contract provides for annuity payments to be made for a specified period or throughout the lifetime of the identified individual, whichever is longer, to the annuitant and, if the specified period is longer, to a specified person after that period; (d) the contract provides, in addition to the annuity payments to be made throughout the lifetime of the identified individual, for a payment to be made on the death of the identified individual; (e) the contract provides that the date (i) on which the annuity payments commence, or (ii) on which the contract holder becomes entitled to proceeds of the disposition, may be changed with respect to the whole contract or any portion thereof at the option of the annuitant or owner; or (f) the contract provides that all or a portion of the proceeds payable at any particular time under the contract may be received in the form of an annuity contract other than a life annuity contract. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/80-341, s. 1; SOR/82-499, s. 2; SOR/83-865, s. 2; SOR/2011-188, s. 7
Income Tax Regulations — 302
302 [Repealed, SOR/83-865, s. 3] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/83-865, s. 3
Income Tax Regulations — 303
303 (1) Where in a taxation year the rights of a holder under an annuity contract cease upon termination or cancellation of the contract and (a) the aggregate of all amounts, each of which is an amount in respect of the contract that was included in computing the income of the holder for the year or any previous taxation year by virtue of subsection 12(3) of the Act exceeds the aggregate of (b) such proportion of the amount determined under paragraph (a) that the annuity payments made under the contract before the rights of the holder have ceased is of the total of the payments expected to be made under the contract, and (c) the aggregate of all amounts, each of which is an amount in respect of the contract that was deductible in computing the income of the holder for the year or any previous year by virtue of subsection (2), the amount of such excess may be deducted by the holder under subsection 20(19) of the Act in computing his income for the year. (2) For the purposes of subsection 20(19) of the Act, where an annuity contract was acquired after December 19, 1980 and annuity payments under the contract commenced before 1982, the amount that may be deducted by a holder under that subsection in respect of an annuity contract for a taxation year is that proportion of (a) the aggregate of all amounts, each of which is an amount that was included in computing the income of the holder for any previous taxation year by virtue of subsection 12(3) of the Act in respect of the contract that (b) the aggregate of all annuity payments received by the holder in the year in respect of the contract is of (c) the total of the payments determined under paragraph 300(1)(a) or (b) in respect of the holder’s interest in the contract. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/82-499, s. 3; SOR/83-865, s. 4
Income Tax Regulations — 304
 year. (2) Notwithstanding subsection (1), an annuity contract shall not fail to be a prescribed annuity contract by reason that (a) where the contract provides for a joint and last survivor annuity or is held jointly, the terms and conditions thereof provide that there will be a decrease in the amount of the annuity payments to be made under the contract from the time of death of one of the annuitants thereunder; (b) the terms and conditions thereof provide that where the holder thereof dies at or before the time he attains the age of 91 years, the contract will terminate and an amount will be paid out of the contract not exceeding the amount, if any, by which the total premiums paid under the contract exceeds the total annuity payments made under the contract; (c) where the annuity payments are to be made over a term that is guaranteed or fixed, the terms and conditions thereof provide that as a consequence of the death of the holder thereof during the guaranteed or fixed term any payments that, but for the death of the holder, would be made during the term may be commuted into a single payment; or (d) the terms and conditions thereof, as they read on December 1, 1982 and at all subsequent times, provide that the holder participates in the investment earnings of the issuer and that the amount of such participation is to be paid within 60 days after the end of the year in respect of which it is determined. (3) For the purposes of this section, the annuitant under an annuity contract is deemed to be the holder of the contract where (a) the contract is held by another person in trust for the annuitant; or (b) the contract was acquired by the annuitant under a group term life insurance policy under which life insurance was effected on the life of another person in respect of, in the course of, or by virtue of the office or employment or former office or employment of that other person. (4) In this section, annuitant under an annuity contract, at any time, means a person who, at that time, is entitled to receive annuity payments under the contract. (5) For the purpose of this section, spouse and former spouse of a particular individual include another individual who is a party to a void or voidable marriage with the particular individual. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/82-499, s. 3; SOR/83-865, s. 5; SOR/86-488, s. 1; SOR/88-165, s. 2; SOR/88-319, s. 1; SOR/94-415, s. 1; SOR/94-686, s. 2(F); SOR/2001-188, s. 3; SOR/2001-216, s. 10(F); SOR/2007-116, s. 1; 2009, c. 2, s. 90; SOR/2009-222, s. 1; SOR/2011-188, s. 8; 2012, c. 31, s. 60; 2013, c. 34, s. 378; 2014, c. 39, s. 80 2024, c. 15, s. 78
Income Tax Regulations — 305
305 [Repealed, SOR/2011-188, s. 9] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/83-865, s. 5; SOR/2011-188, s. 9
Income Tax Regulations — 306
cy on which (A) the amount of the benefit on death under the life insurance policy exceeds (B) 108% of the amount of the benefit on death under the life insurance policy on the later of the life insurance policy’s date of issue and the date of the life insurance policy’s preceding policy anniversary, if any; (b) in respect of each coverage issued before the particular time under the life insurance policy, subsection (3) does not apply to deem an exemption test policy to be issued in respect of the policy, or in respect of a coverage under the policy, at any time before the particular time; (c) in respect of each exemption test policy the date of issuance of which is determined under subparagraph (a)(i), the references in subparagraph (4)(a)(iii) and paragraph (5)(b) to “subparagraph (3)(b)(i)” are to be read as references to “subparagraph (10)(a)(i)”; (d) in respect of each exemption test policy the date of issuance of which is determined under subparagraph (a)(ii), subparagraph (4)(a)(iv) is to be read as follows: (iv) if the date on which the exemption test policy is issued is determined by subparagraph (10)(a)(ii) at a time before a particular time, the portion of the amount – that amount being the amount that would be determined, at the time immediately before the particular time, under subparagraph (a)(ii), if the exemption test policy were issued in respect of the policy on the same date as the date determined for it under subparagraph (10)(a)(ii) – that can be reasonably allocated to the coverage in the circumstances (and for these purposes, an allocation is considered not to be reasonable if the total of the amounts determined for A and B in subparagraph (a)(iii) is less than the amount determined for C in that subparagraph in respect of the exemption test policy the date of issuance of which is determined under subparagraph (10)(a)(i) in respect of the coverage), and and (e) in applying paragraph (5)(b), the reference in that paragraph to “any time” is to be read as “any time at or after the particular time referred to in subsection (10) in respect of the life insurance policy”. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/83-865, s. 5; SOR/94-415, s. 2; SOR/94-686, ss. 55(F), 56(F); 2013, c. 40, s. 97; 2014, c. 39, s. 81; 2017, c. 33, s. 85
Income Tax Regulations — 307
spect of the benefit on death of the exemption test policy related to a segregated fund. (3) and (4) [Repealed, 2014, c. 39, s. 82] (5) In this section, any amount determined by reference to section 1401 shall be determined (a) without regard to section 1402; and (b) as if each reference to “policy loan” in section 1401 were read as a reference to “policy loan, as defined in subsection 148(9) of the Act,”. (c) [Repealed, 2014, c. 39, s. 82] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/83-865, s. 5; SOR/84-948, s. 2; SOR/91-290, s. 1; SOR/94-686, ss. 3(F), 55(F); SOR/2011-188, s. 10; 2014, c. 39, s. 82
Income Tax Regulations — 308
al to the expected value of the aggregate net cost of pure insurance, calculated using the rates of mortality that would be calculated under paragraph (1)(b) in respect of the coverage using the mortality tables described in paragraph 1401(4)(b). (2) Subject to subsection (4), for the purposes of this section and of the description of G in the definition adjusted cost basis in subsection 148(9) of the Act, a mortality gain immediately before the end of any calendar year after 1982 in respect of a taxpayer’s interest in a life annuity contract means such reasonable amount in respect of the taxpayer’s interest in the life annuity contract at that time that the life insurer determines to be the increase to the accumulating fund in respect of the interest that occurred during that year as a consequence of the survival to the end of the year of one or more of the annuitants under the life annuity contract. (3) Subject to subsection (4), for the purposes of this section and of paragraph (c) of the description of L in the definition adjusted cost basis in subsection 148(9) of the Act, a mortality loss immediately before a particular time after 1982 in respect of an interest in a life annuity contract disposed of immediately after that particular time as a consequence of the death of an annuitant under the life annuity contract means such reasonable amount that the life insurer determines to be the decrease, as a consequence of the death, in the accumulating fund in respect of the interest assuming that, in determining such decrease, the accumulating fund immediately after the death is determined in the manner described in subparagraph 307(1)(b)(i). (4) In determining an amount for a year in respect of an interest in a life annuity contract under subsection (2) or (3), the expected value of the mortality gains in respect of the interest for the year shall be equal to the expected value of the mortality losses in respect of the interest for the year and the mortality rates for the year used in computing those expected values shall be those that would be relevant to the interest and that are specified under such of paragraphs 1403(1)(c), (d) and (e) as are applicable. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/83-865, s. 5; SOR/91-290, s. 2; SOR/94-415, s. 3; SOR/94-686, s. 55(F); SOR/2011-188, s. 11; 2014, c. 39, s. 83
Income Tax Regulations — 309
(ii) that function has not changed since that date, unless any part of such increase is attributable to a prescribed premium paid in respect of a policy or to income earned on such a premium; and (e) an increase that is granted by the life insurer on a class basis without consideration and not pursuant to any term of the contract. (3) For the purposes of subsections (1) and (2), a life insurance policy that is issued as a result of the exercise of a renewal privilege provided under the terms of another policy as they read on December 1, 1982 shall be deemed to be a continuation of that other policy. (4) For the purposes of subsection (2), a life insurance policy that is issued as a result of the exercise of a conversion privilege provided under the terms of another policy as they read on December 1, 1982 shall be deemed to be a continuation of that other policy except that any portion of the policy relating to the portion of the benefit on death, immediately before the conversion, that arose as a consequence of an event occurring after December 1, 1982 and described in paragraph (1)(e) shall be deemed to be a separate life insurance policy issued at the time of the conversion. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/83-865, s. 5; SOR/88-165, s. 30(F); SOR/94-686, s. 55(F); SOR/2011-188, s. 13; 2013, c. 34, s. 379
Income Tax Regulations — 310
issue of the exemption test policy; and (b) where the exemption test policy is issued in respect of a coverage under a life insurance policy issued after 2016, (i) subject to subparagraph (ii), if the individual whose life is insured under the coverage would, if the individual survived, attain the age of 105 years, as defined under the terms of the policy, within the eight-year period that starts on the date of issue of the exemption test policy, the period that starts on that date and that ends on the first policy anniversary that is on or after the day on which the individual would, if the individual survived, attain the age of 105 years, as defined under the terms of the policy, (ii) if two or more lives are jointly insured under the coverage and an individual of an age equal to the equivalent single age on the date of the issue of the coverage would, if the individual survived, attain the age of 105 years, as defined under the terms of the policy, within the eight-year period that starts on the date of issue of the exemption test policy, the period that starts on that date and that ends on the first policy anniversary that is on or after the day on which the individual would, if the individual survived, attain the age of 105 years, as defined under the terms of the policy, and (iii) in any other case, the eight-year period that starts on the date of issue of the exemption test policy. ( période de paiement ) policy anniversary includes, in the case of a life insurance policy that is in existence throughout a calendar year and that would not otherwise have a policy anniversary for the calendar year, the end of the calendar year. ( anniversaire de la police ) policy loan has the same meaning as in subsection 148(9) of the Act. ( avance sur police ) proceeds of the disposition has the same meaning as in subsection 148(9) of the Act. ( produit de la disposition ) tax anniversary date , in relation to an annuity contract, means the second anniversary date of the contract to occur after October 22, 1968. ( jour anniversaire d’imposition ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] SOR/83-865, s. 5; SOR/94-686, s. 55(F); SOR/2011-188, s. 14; 2014, c. 39, s. 84
Income Tax Regulations — Income Tax Regulations
adjusted purchase price , of a taxpayer’s interest in an annuity contract at any time, means, subject to subsections 300(3) and (4), the amount that would be determined at that time in respect of the interest under the definition adjusted cost basis in subsection 148(9) of the Act if the formula in that definition were read without reference to K. ( prix d’achat rajusté )
Income Tax Regulations — Income Tax Regulations
amount payable has the same meaning as in subsection 138(12) of the Act. ( montant payable )
Income Tax Regulations — Income Tax Regulations
benefit on death has the same meaning as in subsection 1401(3). ( prestation de décès )
Income Tax Regulations — Income Tax Regulations
cash surrender value has the same meaning as in subsection 148(9) of the Act. ( valeur de rachat )
Income Tax Regulations — (a)
coverage , under a life insurance policy, (a) for the purposes of section 306, means all life insurance (other than a fund value benefit) under the policy in respect of a specific life, or two or more specific lives jointly insured; and (b) for the purposes of sections 307 and 308, has the same meaning as in subsection 1401(3). ( protection )
Income Tax Regulations — (a)
endowment date , of an exemption test policy, means (a) where the exemption test policy is issued in respect of a life insurance policy issued before 2017, the later of (i) 10 years after the date of issue of the life insurance policy, and (ii) the first policy anniversary that is on or after the day on which the individual whose life is insured under the life insurance policy would, if the individual survived, attain the age of 85 years, as defined under the terms of the policy; and (b) where the exemption test policy is issued in respect of a coverage under a life insurance policy issued after 2016, (i) if two or more lives are jointly insured under the coverage, the date that would be determined under subparagraph (ii) using the equivalent single age, determined on the coverage’s date of issue and in accordance with accepted actuarial principles and practices, that reasonably approximates the mortality rates of those lives, and (ii) in any other case, the later of (A) the earlier of (I) 15 years after the date of issue of the exemption test policy, and (II) the first policy anniversary that is on or after the day on which the individual whose life is insured under the coverage would, if the individual survived, attain the age of 105 years, as defined under the terms of the policy, and (B) the first policy anniversary that is on or after the day on which the individual whose life is insured under the coverage would, if the individual survived, attain the age of 90 years, as defined under the terms of the policy. ( date d’échéance )
Income Tax Regulations — Income Tax Regulations
fund value benefit has the same meaning as in subsection 1401(3). ( bénéfice au titre de la valeur du fonds )
Income Tax Regulations — Income Tax Regulations
fund value of a coverage has the same meaning as in subsection 1401(3). ( valeur du fonds d’une protection )