GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
option means (a) a security that is issued or sold by a taxpayer under an agreement referred to in subsection 7(1); or (b) an option, warrant or similar right, issued or granted by a taxpayer, giving the holder the right to acquire an interest in the taxpayer or in another taxpayer with whom the taxpayer does not, at the time the option, warrant or similar right is issued or granted, deal at arm’s length. ( option )
Income Tax Act — I-3.3 143.4
ubsequent contingent amount (5) For the purposes of subsection (4), a taxpayer’s subsequent contingent amount in respect of a prior expenditure of the taxpayer is the amount, if any, by which (a) the maximum amount by which the amount (in this subsection referred to as the “particular amount”) in respect of the prior expenditure may be reduced pursuant to a right to reduce the particular amount exceeds (b) the amount, if any, paid to obtain the right to reduce the particular amount. Anti-avoidance (6) If a taxpayer, or another taxpayer that does not deal at arm’s length with the taxpayer, has a right to reduce an amount in respect of an expenditure of the taxpayer in a taxation year that is after the taxation year in which the expenditure otherwise occurred, determined without reference to subsection (3), the taxpayer is deemed to have the right to reduce in the taxation year in which that expenditure otherwise occurred if it is reasonable to conclude having regard to all the circumstances that one of the purposes for having the right to reduce after the end of the year in which the expenditure otherwise occurred was to avoid the application of subsection (2) to the amount of the expenditure. Assessments (7) Notwithstanding subsections 152(4) to (5), such assessments, determinations and redeterminations may be made as are necessary to give effect to this section. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2013, c. 34, s. 295
Income Tax Act — I-3.3
contingent amount , of a taxpayer at any time (other than a time at which the taxpayer is a bankrupt), includes an amount to the extent that the taxpayer, or another taxpayer that does not deal at arm’s length with the taxpayer, has a right to reduce the amount at that time. ( montant éventuel )
Income Tax Act — I-3.3
expenditure , of a taxpayer, means an expense, expenditure or outlay made or incurred by the taxpayer, or a cost or capital cost of property acquired by the taxpayer. ( dépense )
Income Tax Act — I-3.3
right to reduce means a right to reduce or eliminate an amount in respect of an expenditure at any time, including, for greater certainty, a right to reduce that is contingent upon the occurrence of an event, or in any other way contingent, if it is reasonable to conclude, having regard to all the circumstances, that the right will become exercisable. ( droit de réduire )
Income Tax Act — I-3.3 144
eign country, to the government of that country an amount equal to that proportion of the non-business-income tax paid by the trust governed by the plan for the year to the government of that country, or to the government of a state, province or other political subdivision of that country (except such portion of that tax as was deductible under subsection 20(11) in computing its income for the year) that (i) the income that the employee is deemed by paragraph 144(8.1)(a) to have for the year from sources in that country is of (ii) the income of the trust for the year from sources (other than businesses carried on by it) in that country. (8.2) [Repealed, 1994, c. 21, s. 68(3)] Deduction for forfeited amounts (9) Where a person ceases at any time in a taxation year to be a beneficiary under an employees profit sharing plan and does not become a beneficiary under the plan after that time and in the year, there may be deducted in computing the person’s income for the year the amount determined by the formula A - B - C/4 - D where A is the total of all amounts each of which is an amount included in computing the person’s income for the year or a preceding taxation year (other than an amount received before that time under the plan or an amount under the plan that the person is entitled at that time to receive) because of an allocation (other than an allocation to which subsection 144(4) applies) to the person made contingently under the plan before that time; B is the portion, if any, of the value of A that is included in the value of A because of paragraph 82(1)(b); C is the total of all taxable dividends deemed to be received by the person because of allocations under subsection 144(8) in respect of the plan; and D is the total of all amounts deductible under this subsection in computing the person’s income for a preceding taxation year because the person ceased to be a beneficiary under the plan in a preceding taxation year. Payments out of profits (10) Where the terms of an arrangement under which an employer makes payments to a trustee specifically provide that the payments shall be made “out of profits”, the arrangement shall, if the employer so elects in prescribed manner, be deemed, for the purpose of subsection 144(1), to be an arrangement under which payments computed by reference to the employer’s profits are required. Taxation year of trust (11) Where an employees profit sharing plan is accepted for registration by the Minister as a deferred profit sharing plan, the taxation year of the trust governed by the employees profit sharing plan shall be deemed to have ended immediately before the plan is deemed to have become registered as a deferred profit sharing plan pursuant to subsection 147(5). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 144; 1994, c. 21, s. 68; 1995, c. 3, s. 42; 1998, c. 19, s. 169
Income Tax Act — I-3.3 (a)
employees profit sharing plan at a particular time means an arrangement (a) under which payments computed by reference to (i) an employer’s profits from the employer’s business, (ii) the profits from the business of a corporation with which the employer does not deal at arm’s length, or (iii) any combination of the amounts described in subparagraphs 144(1) employees profit sharing plan (a)(i) and 144(1) employees profit sharing plan (a)(ii) are required to be made by the employer to a trustee under the arrangement for the benefit of employees of the employer or of a corporation with which the employer does not deal at arm’s length; and (b) in respect of which the trustee has, since the later of the beginning of the arrangement and the end of 1949, allocated, either contingently or absolutely, to those employees (i) in each year that ended at or before the particular time, all amounts received in the year by the trustee from the employer or from a corporation with which the employer does not deal at arm’s length, (ii) in each year that ended at or before the particular time, all profits for the year from the property of the trust (determined without regard to any capital gain made by the trust or capital loss sustained by it at any time after 1955), (iii) in each year that ended after 1971 and at or before the particular time, all capital gains and capital losses of the trust for the year, (iv) in each year that ended after 1971, before 1993 and at or before the particular time, 100/15 of the total of all amounts each of which is deemed by subsection 144(9) to be paid on account of tax under this Part in respect of an employee because the employee ceased to be a beneficiary under the plan in the year, and (v) in each year that ended after 1991 and at or before the particular time, the total of all amounts each of which is an amount that may be deducted under subsection 144(9) in computing the employee’s income because the employee ceased to be a beneficiary under the plan in the year. ( régime de participation des employés aux bénéfices )
Income Tax Act — I-3.3 (a)
unused portion of a beneficiary’s exempt capital gains balance in respect of a trust governed by an employees profit sharing plan, at any particular time in a taxation year of the beneficiary, means (a) where the year ends before 2005, the amount, if any, by which the beneficiary’s exempt capital gains balance (in this paragraph having the same meaning as in subsection 39.1(1)) in respect of the trust for the year exceeds the total of all amounts each of which is an amount by which a capital gain is reduced under section 39.1 in the year because of the beneficiary’s exempt capital gains balance in respect of the trust; or (b) where the year ends after 2004, the amount, if any, by which (i) the amount, if any, that would, if the definition exempt capital gains balance in subsection 39.1(1) were read without reference to “that ends before 2005”, be the beneficiary’s exempt capital gains balance in respect of the trust for the year exceeds (ii) where there has been a disposition of an interest or a part of an interest of the beneficiary in the trust after the beneficiary’s 2004 taxation year (other than a disposition that is a part of a transaction described in paragraph 144(7.1)(c) in which property is received in satisfaction of all or a portion of the beneficiary’s interests in the trust), the total of all amounts each of which is an amount by which the adjusted cost base of an interest or a part of an interest disposed of by the beneficiary (other than an interest or a part of an interest that is all or a portion of the beneficiary’s interests referred to in paragraph 144(7.1)(c)) was increased because of paragraph 53(1)(p), and (iii) in any other case, nil. ( fraction inutilisée du solde des gains en capital exonérés )
Income Tax Act — I-3.3 144.1
 111(7.5) applies to the trust as if the reference in paragraph (b) of that subsection to “subsection 144.1(3)” were read as a reference to “paragraph 144.1(3)(b)”, and (ii) subsection (3) applies to the trust without reference to its paragraph (a). Trust-to-trust transfer (16) If a property is transferred from a trust that provides employee benefits substantially all of which are designated employee benefits (referred to in this subsection as the “transferor trust”) to an employee life and health trust (referred to in this subsection as the “receiving trust”), and if the Minister has been so notified in prescribed form, then (a) the transferred property is deemed to have been disposed of by the transferor trust, and to have been acquired by the receiving trust, for an amount equal to the cost amount of the property to the transferor trust immediately before the disposition; and (b) section 107.1 does not apply to the transfer. Deductibility of transferred property (17) If subsection (16) applies to a transfer of property to an employee life and health trust, the transfer shall not be considered to be a contribution to the employee life and health trust for the purposes of subsections (4) and (6). Requirement to file (18) A trust shall, on or before its first filing-due date after 2021, notify the Minister in prescribed form that it is an employee life and health trust if (a) prior to February 27, 2018, it provided employee benefits substantially all of which are designated employee benefits; (b) after February 26, 2018, it becomes an employee life and health trust because it satisfies the conditions in subsection (2); and (c) subsections (15) and (16) do not apply to the trust. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2010, c. 25, s. 34 2021, c. 23, s. 30 2023, c. 26, s. 36
Income Tax Act — I-3.3
actuary means a Fellow of the Canadian Institute of Actuaries. ( actuaire )
Income Tax Act — I-3.3
class of beneficiaries of a trust means a group of beneficiaries who have identical rights or interests under the trust.  ( catégorie de bénéficiaires )
Income Tax Act — I-3.3 (a)
designated employee benefit means a benefit that is (a) from a group sickness or accident insurance plan; (b) from a group term life insurance policy; (c) from a private health services plan; (d) in respect of a counselling service described in subparagraph 6(1)(a)(iv); or (e) not a death benefit, but that would be a death benefit if the amounts determined for paragraphs (a) and (b) of the definition death benefit in subsection 248(1) were nil. ( prestation désignée )
Income Tax Act — I-3.3
employee means a current or former employee of an employer and includes an individual in respect of whom the employer has assumed responsibility for the provision of designated employee benefits as a result of the acquisition by the employer of a business in which the individual was employed. ( employé )
Income Tax Act — I-3.3 (a)
key employee , of an employer in respect of a taxation year, means an employee who (a) was at any time in the taxation year or in a preceding taxation year, a specified employee of the employer; or (b) was an employee whose employment income from the employer in any two of the five taxation years preceding the year exceeded five times the Year’s Maximum Pensionable Earnings (as determined under section 18 of the Canada Pension Plan ) for the calendar year in which the employment income was earned. ( employé clé )
Income Tax Act — I-3.3 145
Definitions 145 (1) In this section, registered supplementary unemployment benefit plan means a supplementary unemployment benefit plan accepted by the Minister for registration for the purposes of this Act in respect of its constitution and operations for the taxation year under consideration; ( régime enregistré de prestations supplémentaires de chômage ) supplementary unemployment benefit plan means an arrangement, other than an arrangement in the nature of a superannuation or pension fund or plan or an employees profit sharing plan, under which payments are made by an employer to a trustee in trust exclusively for the payment of periodic amounts to employees or former employees of the employer who are or may be laid off for any temporary or indefinite period. ( régime de prestations supplémentaires de chômage ) No tax while trust governed by plan (2) No tax is payable under this Part by a trust on the taxable income of the trust for a period during which the trust was governed by a registered supplementary unemployment benefit plan. Amounts received taxable (3) There shall be included in computing the income of a taxpayer for a taxation year each amount received by the taxpayer under a supplementary unemployment benefit plan from the trustee under the plan at any time in the year. Amounts received on amendment or winding-up of plan (4) There shall be included in computing the income for a taxation year of a taxpayer who, as an employer, has made any payment to a trustee under a supplementary unemployment benefit plan, any amount received by the taxpayer in the year as a result of an amendment to or modification of the plan or as a result of the termination or winding-up of the plan. Payments by employer deductible (5) An amount paid by an employer to a trustee under a registered supplementary unemployment benefit plan during a taxation year or within 30 days thereafter may be deducted in computing the employer’s income for the taxation year to the extent that it was not deductible in computing income for a previous taxation year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1 “145”; 1977-78, c. 1, s. 101(F)
Income Tax Act — I-3.3
registered supplementary unemployment benefit plan means a supplementary unemployment benefit plan accepted by the Minister for registration for the purposes of this Act in respect of its constitution and operations for the taxation year under consideration; ( régime enregistré de prestations supplémentaires de chômage )
Income Tax Act — I-3.3
supplementary unemployment benefit plan means an arrangement, other than an arrangement in the nature of a superannuation or pension fund or plan or an employees profit sharing plan, under which payments are made by an employer to a trustee in trust exclusively for the payment of periodic amounts to employees or former employees of the employer who are or may be laid off for any temporary or indefinite period. ( régime de prestations supplémentaires de chômage )
Income Tax Act — I-3.3 (a)
annuitant means (a) until such time after maturity of the plan as an individual’s spouse or common-law partner becomes entitled, as a consequence of the individual’s death, to receive benefits to be paid out of or under the plan, the individual referred to in paragraph (a) or (b) of the definition retirement savings plan in this subsection for whom, under a retirement savings plan, a retirement income is to be provided, and (b) thereafter, the spouse or common-law partner referred to in paragraph (a); ( rentier )
Income Tax Act — I-3.3 (a)
benefit includes any amount received out of or under a retirement savings plan other than (a) the portion thereof received by a person other than the annuitant that can reasonably be regarded as part of the amount included in computing the income of an annuitant by virtue of subsections 146(8.8) and 146(8.9), (b) an amount received by the person with whom the annuitant has the contract or arrangement described in the definition retirement savings plan in this subsection as a premium under the plan, (b.1) an amount in respect of which the annuitant pays a tax under Part XI.01, unless the tax is waived, cancelled or refunded, (c) an amount, or part thereof, received in respect of the income of the trust under the plan for a taxation year for which the trust was not exempt from tax by virtue of paragraph 146(4)(c), and (c.1) a tax-paid amount described in paragraph (b) of the definition tax-paid amount in this subsection that relates to interest or another amount included in computing income otherwise than because of this section and without restricting the generality of the foregoing includes any amount paid to an annuitant under the plan (d) in accordance with the terms of the plan, (e) resulting from an amendment to or modification of the plan, or (f) resulting from the termination of the plan; ( prestation )
Income Tax Act — I-3.3
issuer means the person referred to in the definition retirement savings plan in this subsection with whom an annuitant has a contract or arrangement that is a retirement savings plan; ( émetteur )
Income Tax Act — I-3.3
maturity means the date fixed under a retirement savings plan for the commencement of any retirement income the payment of which is provided for by the plan; ( échéance )
Income Tax Act — I-3.3
net past service pension adjustment of a taxpayer for a taxation year means the positive or negative amount determined by the formula P + Q - G where P is the total of all amounts each of which is the taxpayer’s past service pension adjustment for the year in respect of an employer, Q is the total of all amounts each of which is the amount of a contribution made under subsection 147.1(20), or deemed by prescribed rules to have been made, in respect of the taxpayer for the immediately preceding year, and G is the amount of the taxpayer’s PSPA withdrawals for the year, determined as of the end of the year in accordance with prescribed rules; ( facteur d’équivalence pour services passés net )
Income Tax Act — I-3.3
non-qualified investment has the same meaning as in subsection 207.01(1); ( placement non admissible )
Income Tax Act — I-3.3 (a)
premium means any periodic or other amount paid or payable under a retirement savings plan (a) as consideration for any contract referred to in paragraph (a) of the definition retirement savings plan to pay a retirement income, or (b) as a contribution or deposit referred to in paragraph (b) of that definition for the purpose stated in that paragraph but except for the purposes of paragraph (b) of the definition benefit in this subsection, paragraph (2)(b.3), subsection (22) and the definition excluded premium in subsection 146.02(1), does not include a repayment to which paragraph (b) or (d) of the definition excluded withdrawal in subsection 146.01(1), or paragraph (b) of the definition excluded withdrawal in subsection 146.02(1), applies or an amount that is designated under subsection 146.01(3) or 146.02(3); ( prime )
Income Tax Act — I-3.3 (a)
RRSP deduction limit of a taxpayer for a taxation year means the amount determined by the formula A + B + R - C where A is the taxpayer’s unused RRSP deduction room at the end of the preceding taxation year, B is the amount, if any, by which (a) the lesser of the RRSP dollar limit for the year and 18% of the taxpayer’s earned income for the preceding taxation year exceeds the total of all amounts each of which is (b) the taxpayer’s pension adjustment for the preceding taxation year in respect of an employer, or (c) a prescribed amount in respect of the taxpayer for the year, C is the taxpayer’s net past service pension adjustment for the year, and R is the taxpayer’s total pension adjustment reversal for the year; ( maximum déductible au titre des REER )
Income Tax Act — I-3.3 (a)
RRSP dollar limit for a calendar year means (a) for years other than 1996 and 2003, the money purchase limit for the preceding year, (b) for 1996, $13,500, and (c) for 2003, $14,500; ( plafond REER )
Income Tax Act — I-3.3 (a)
refund of premiums means any amount paid out of or under a registered retirement savings plan (other than a tax-paid amount in respect of the plan) as a consequence of the death of the annuitant under the plan, (a) to an individual who was, immediately before the death, a spouse or common-law partner of the annuitant, where the annuitant died before the maturity of the plan, or (b) to a child or grandchild of the annuitant who was, immediately before the death, financially dependent on the annuitant for support; ( remboursement de primes )
Income Tax Act — I-3.3
registered retirement savings plan means a retirement savings plan accepted by the Minister for registration for the purposes of this Act as complying with the requirements of this section; ( régime enregistré d’épargne-retraite )
Income Tax Act — I-3.3 (a)
retirement income means (a) an annuity commencing at maturity, and with or without a guaranteed term commencing at maturity, not exceeding the term referred to in paragraph (b), or, in the case of a plan entered into before March 14, 1957, not exceeding 20 years, payable to (i) the annuitant for the annuitant’s life, or (ii) the annuitant for the lives, jointly, of the annuitant and the annuitant’s spouse and to the survivor of them for the survivor’s life, or (b) an annuity commencing at maturity, payable to the annuitant, or to the annuitant for the annuitant’s life and to the spouse after the annuitant’s death, for a term of years equal to 90 minus either (i) the age in whole years of the annuitant at the maturity of the plan, or (ii) where the annuitant’s spouse is younger than the annuitant and the annuitant so elects, the age in whole years of the spouse at the maturity of the plan, issued by a person described in the definition retirement savings plan in this subsection with whom an individual may have a contract or arrangement that is a retirement savings plan, or any combination thereof; ( revenu de retraite )