GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
excluded acquisition or disposition , in respect of a taxation year of a foreign affiliate of a taxpayer, means an acquisition or disposition of an equity interest in a corporation, partnership or trust that can reasonably be considered to result in a change in the aggregate participating percentage of the taxpayer in respect of the affiliate for the taxation year of the affiliate, if (a) the change is less than 1%; and (b) it cannot reasonably be considered that one of the main reasons the acquisition or disposition occurs as a separate acquisition or disposition from one or more other acquisitions or dispositions is to avoid the application of subsection (1.2). ( acquisition ou disposition exclue )
Income Tax Act — I-3.3 (a)
triggering event means (a) an acquisition or disposition of an equity interest in a corporation, partnership or trust; (b) a change in the terms or conditions of a share of the capital stock of a corporation or the rights as a member of a partnership or as a beneficiary under a trust; and (c) a disposition or change of a right referred to in paragraph 95(6)(a). ( événement déclencheur )
Income Tax Act — I-3.3 93
ould be just and equitable (a) to permit an election under subsection 93(1) to be made after the day that is 3 years after the day on or before which the election was required by that subsection to be made, or (b) to permit an election made under subsection 93(1) to be amended, the election or amended election shall be deemed to have been made on the day on or before which the election was so required to be made if (c) the election or amended election is made in prescribed form, and (d) an estimate of the penalty in respect of the election or amended election is paid by the corporation when the election or amended election is made, and where this subsection applies to the amendment of an election, that election shall be deemed not to have been effective. Amended election (5.2) An election (referred to in this subsection as the “amended election”) by a taxpayer under subsection (1) in respect of a disposition of shares of the capital stock of a foreign affiliate of the taxpayer is deemed to have been made on the day on or before which the election was required to be made and any previous election (referred to in this subsection as the “old election”) under subsection (1) in respect of that disposition is deemed not to have been made if (a) the taxpayer has not elected under section 51 of the Technical Tax Amendments Act, 2012 ; (b) the taxpayer made the old election on or before December 18, 2009; (c) in the opinion of the Minister, the circumstances are such that it would be just and equitable to permit the old election to be amended; and (d) the amended election is made in prescribed form on or before December 31, 2013. Penalty for late filed election (6) For the purposes of this section, the penalty in respect of an election or amended election referred to in paragraph 93(5)(a) or 93(5.1)(c) is an amount equal to the lesser of (a) 1/4 of 1% of the amount designated in the election or amended election for each month or part of a month during the period commencing with the day on or before which the election is required by subsection 93(1) to be made and ending on the day the election is made, and (b) an amount, not exceeding $8,000, equal to the product obtained by multiplying $100 by the number of months each of which is a month all or part of which is during the period referred to in paragraph 93(6)(a). Unpaid balance of penalty (7) The Minister shall, with all due dispatch, examine each election and amended election referred to in paragraph 93(5)(a) or 93(5.1)(c), assess the penalty payable and send a notice of assessment to the corporation, and the corporation shall pay forthwith to the Receiver General the amount, if any, by which the penalty so assessed exceeds the total of all amounts previously paid on account of that penalty. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 93; 1994, c. 7, Sch. II, s. 69; 1998, c. 19, s. 120; 2001, c. 17, s. 70; 2013, c. 34, ss. 32, 68
Income Tax Act — I-3.3
equity interest , in a non-resident corporation without share capital, means any right, whether absolute or contingent, conferred by the non-resident corporation to receive, either immediately or in the future, an amount that can reasonably be regarded as all or any part of the capital, revenue or income of the non-resident corporation, but does not include a right as creditor.  ( participation )
Income Tax Act — I-3.3
non-resident corporation without share capital means a non-resident corporation that, determined without reference to this section, does not have capital divided into shares. ( société non-résidente sans capital-actions )
Income Tax Act — I-3.3 93.3
For the purposes of subsection (3), the specified purposes are (a) the determination, in respect of an interest in a specified trust, of the Canadian tax results (as defined in subsection 261(1)) of the taxpayer resident in Canada referred to in subsection (3) for a taxation year in respect of shares of the capital stock of a foreign affiliate of the taxpayer; (b) the filing obligations of the taxpayer under section 233.4; and (c) if the taxpayer is a corporation resident in Canada, the application of section 212.3 in respect of an investment (as defined in subsection 212.3(10)) by the taxpayer. Mergers (5) For the purposes of this section, (a) if there has been an amalgamation to which subsection 87(1) applies, the new corporation referred to in that subsection is deemed to be the same corporation as, and a continuation of, each predecessor corporation referred to in that subsection; and (b) if there has been a winding-up to which subsection 88(1) applies, the parent referred to in that subsection is deemed to be the same corporation as, and a continuation of, the subsidiary referred to in that subsection. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 39, s. 22 2023, c. 26, s. 19
Income Tax Act — I-3.3 (a)
FABI surplus , of a foreign affiliate (referred to in this definition as the “subject affiliate”) of a corporation at any time, means the amount that would be the subject affiliate’s taxable surplus (as defined in subsection 5907(1) of the Income Tax Regulations ) at that time if (a) the amount included in subparagraph (iii) of the description of A in the definition taxable surplus in subsection 5907(1) of the Income Tax Regulations in respect of the portion of any dividend received by the subject affiliate that is prescribed to be paid out of the taxable surplus of the foreign affiliate that paid the dividend were equal to the lesser of (i) that portion, and (ii) the proportion of the payer affiliate’s FABI surplus at the time the dividend was paid that the dividend received is of the whole dividend referred to in paragraph 5900(1)(b) of those Regulations; (b) the amount included in subparagraph (iv) of the description of B in the definition taxable surplus in subsection 5907(1) of the Income Tax Regulations in respect of any whole dividend paid by the subject affiliate were equal to the lesser of (i) the portion of the whole dividend deemed under paragraph 5901(1)(b) of those Regulations to be paid out of the subject affiliate’s taxable surplus, and (ii) the subject affiliate’s FABI surplus at that time; and (c) the only other amounts taken into consideration in determining the subject affiliate’s taxable surplus were amounts that are included in computing (i) the subject affiliate’s net earnings (as defined in subsection 5907(1) of the Income Tax Regulations ) (A) in respect of foreign accrual property income that can reasonably be considered to be attributable to its foreign accrual business income in respect of which an election has been made under subsection (2), or (B) from an active business carried on by it in a country, and (ii) the subject affiliate’s net loss (as defined in subsection 5907(1) of the Income Tax Regulations ) (A) in respect of foreign accrual property income that can reasonably be considered to be attributable to its foreign accrual business income, or (B) from an active business carried on by it in a country. ( surplus REATE )
Income Tax Act — I-3.3
underlying FABI surplus tax , of a foreign affiliate of a corporation in respect of the corporation, at any time, means the portion of the underlying foreign tax (as defined in subsection 5907(1) of the Income Tax Regulations ) of the affiliate in respect of the corporation at that time that can reasonably be regarded as applicable in respect of the affiliate’s FABI surplus. ( montant intrinsèque d’impôt REATE )
Income Tax Act — I-3.3 (a)
beneficiary under a trust includes (a) a person or partnership that is beneficially interested in the trust; and (b) a person or partnership that would be beneficially interested in the trust if the reference in subparagraph 248(25)(b)(ii) to (i) “any arrangement in respect of the particular trust” were read as a reference to “any arrangement (including, for greater certainty, the terms or conditions of a share, or any arrangement in respect of a share, of the capital stock of a corporation that is beneficially interested in the particular trust) in respect of the particular trust”, and (ii) “the particular person or partnership might” were read as a reference to “the particular person or partnership becomes (or could become on the exercise of any discretion by any person or partnership), directly or indirectly, entitled to any amount derived, directly or indirectly, from the income or capital of the particular trust or might”. ( bénéficiaire )
Income Tax Act — I-3.3 (a)
closely held corporation at any time means a corporation, other than a corporation in respect of which (a) there is at least one class of shares of its capital stock that includes shares prescribed for the purpose of paragraph 110(1)(d); (b) it is reasonable to conclude that at that time, in respect of each class of shares described in paragraph (a), shares of the class are held by at least 150 shareholders each of whom holds shares of the class that have a total fair market value of at least $500; and (c) it is reasonable to conclude that at that time in no case does a particular shareholder (or particular shareholder together with any other shareholder with whom the particular shareholder does not deal at arm’s length) hold shares of the corporation (i) that would give the particular shareholder (or the particular shareholder together with those other shareholders referred to in this paragraph) 10% or more of the votes that could be cast under any circumstance at an annual meeting of shareholders of the corporation if the meeting were held at that time, or (ii) that have a fair market value of 10% or more of the fair market value of all of the issued and outstanding shares of the corporation. ( société à peu d’actionnaires )
Income Tax Act — I-3.3
connected contributor , to a trust at a particular time, means a contributor to the trust at the particular time, other than a person all of whose contributions to the trust made at or before the particular time were made at a non-resident time of the person. ( contribuant rattaché )
Income Tax Act — I-3.3 (a)
contribution to a trust by a particular person or partnership means (a) a transfer or loan (other than an arm’s length transfer) of property to the trust by the particular person or partnership; (b) if a particular transfer or loan (other than an arm’s length transfer) of property is made by the particular person or partnership as part of a series of transactions that includes another transfer or loan (other than an arm’s length transfer) of property to the trust by another person or partnership, that other transfer or loan to the extent that it can reasonably be considered to have been made in respect of the particular transfer or loan; and (c) if the particular person or partnership becomes obligated to make a particular transfer or loan (other than a transfer or loan that would, if it were made, be an arm’s length transfer) of property as part of a series of transactions that includes another transfer or loan (other than an arm’s length transfer) of property to the trust by another person or partnership, that other transfer or loan to the extent that it can reasonably be considered to have been made in respect of the obligation. ( apport )
Income Tax Act — I-3.3
contributor to a trust at any time means a person (other than an exempt person but including a person that has ceased to exist) that, at or before that time, has made a contribution to the trust. ( contribuant )
Income Tax Act — I-3.3 (a)
electing contributor at any time in respect of a trust means a resident contributor, to the trust, who has elected to have subsection (16) apply in respect of the contributor and the trust for a taxation year of the contributor that includes that time or that ends before that time and for all subsequent taxation years, if (a) the election was in writing filed with the Minister on or before the contributor’s filing-due date for the first taxation year of the contributor for which the election was to take effect (referred to in this definition as the “initial year”); and (b) the election included both the trust’s account number as assigned by the Minister and evidence that the contributor notified, no later than 30 days after the end of the trust’s taxation year that ends in the initial year, the trust that the election would be made. ( contribuant déterminé )
Income Tax Act — I-3.3 (a)
electing trust in respect of a trust’s particular taxation year means the trust, if the trust (a) holds at any time in the particular taxation year, or in a prior taxation year of the trust throughout which it was deemed by subsection (3) to be resident in Canada for the purpose of computing its income, property that is at that time part of its non-resident portion; (b) elects to have paragraph (3)(f) apply to it for (i) its first taxation year (A) throughout which it is deemed by subsection (3) to be resident in Canada for the purpose of computing its income, and (B) in which it holds property that is at a time in the year part of its non-resident portion, and (ii) all of its taxation years that end after its taxation year described in subparagraph (i); and (c) files the election described in paragraph (b) in writing filed with the Minister with the trust’s return of income for its taxation year described in subparagraph (b)(i). ( fiducie déterminée )
Income Tax Act — I-3.3 (a)
exempt amount in respect of a trust’s particular taxation year means an amount that is (a) paid or credited (in this definition within the meaning assigned by Part XIII) by the trust before 2004; (b) paid or credited by the trust and referred to in paragraph 104(7.01)(b) in respect of the trust for the particular taxation year; or (c) paid in the particular taxation year (or within 60 days after the end of the particular taxation year) by the trust directly to a beneficiary (determined without reference to subsection 248(25)) under the trust if (i) the beneficiary is a natural person none of whose interests as a beneficiary under the trust was ever acquired for consideration, (ii) the amount is described in subparagraph 212(1)(c)(i) and is not included in computing an exempt amount in respect of any other taxation year of the trust, (iii) the trust was created before October 30, 2003, and (iv) no contribution has been made to the trust on or after July 18, 2005. ( somme exclue )
Income Tax Act — I-3.3 (a)
not to be an exempt foreign trust under this paragraph for the taxation year in which the election is made and for each subsequent taxation year), if at the particular time (i) the only beneficiaries who may for any reason receive, at or after the particular time and directly from the trust, any of the income or capital of the trust are beneficiaries that hold fixed interests in the trust, and (ii) any of the following applies: (A) there are at least 150 beneficiaries described in subparagraph (i) under the trust each of whose fixed interests in the trust have at the particular time a total fair market value of at least $500, (B) all fixed interests in the trust are listed on a designated stock exchange and in the 30 days immediately preceding the particular time fixed interests in the trust were traded on a designated stock exchange on at least 10 days, (C) each outstanding fixed interest in the trust (I) was issued by the trust in exchange for consideration that was not less than 90% of the interest’s proportionate share of the net asset value of the trust’s property at the time of its issuance, or (II) was acquired in exchange for consideration equal to the fair market value of the interest at the time of its acquisition, or (D) the trust is governed by (I) a Roth IRA, within the meaning of section 408A of the Internal Revenue Code of the United States, or (II) a plan or arrangement that was created after September 21, 2007, that is subject to that Code and that the Minister agrees is substantially similar to a Roth IRA; or (i) a trust that is at the particular time a prescribed trust. ( fiducie étrangère exempte )
Income Tax Act — I-3.3 (a)
exempt person at any time means (a) Her Majesty in right of Canada or a province; (b) a person whose taxable income for the taxation year that includes that time is exempt from tax under this Part because of subsection 149(1); (c) a trust resident in Canada or a Canadian corporation (i) that was established by or arises under an Act of Parliament or of the legislature of a province, and (ii) the principal activities of which at that time are to administer, manage or invest the monies of one or more pension funds or plans established under an Act of Parliament or of the legislature of a province; (d) a trust or corporation established by or arising by reason of an Act of Parliament or the legislature of a province in connection with a scheme or program for the compensation of workers injured in an accident arising out of or in the course of their employment; (e) a trust resident in Canada all the beneficiaries under which are at that time exempt persons; (f) a Canadian corporation all the shares, or rights to shares, of which are held at that time by exempt persons; (g) a Canadian corporation without share capital all the property of which is held at that time exclusively for the benefit of exempt persons; (h) a partnership all the members of which are at that time exempt persons; and (i) a trust or corporation that is at that time a mutual fund. ( personne exemptée )
Income Tax Act — I-3.3 (a)
exempt service means a service rendered at any time by a person or partnership (referred to in this definition as the “service provider”) to, for or on behalf of, another person or partnership (referred to in this definition as the “recipient”) if (a) the recipient is a trust and the service relates to the administration of the trust; or (b) the following conditions apply in respect of the service, namely, (i) the service is rendered in the service provider’s capacity at that time as an employee or agent of the recipient, (ii) in exchange for the service, the recipient transfers or loans property or becomes obligated to transfer or loan property, and (iii) it is reasonable to conclude (A) having regard only to the service and the exchange, that the service provider would be willing to carry out the service if the service provider were dealing at arm’s length with the recipient, and (B) that the terms, conditions and circumstances under which the service is provided would be acceptable to the service provider if the service provider were dealing at arm’s length with the recipient. ( service exempté )
Income Tax Act — I-3.3 (a)
fixed interest at any time of a person or partnership in a trust means an interest of the person or partnership as a beneficiary (in this definition, determined without reference to subsection 248(25)) under the trust provided that no amount of the income or capital of the trust to be distributed at any time in respect of any interest in the trust depends on the exercise by any person or partnership of, or the failure by any person or partnership to exercise, any discretionary power, other than a power in respect of which it is reasonable to conclude that (a) the power is consistent with normal commercial practice; (b) the power is consistent with terms that would be acceptable to the beneficiaries under the trust if the beneficiaries were dealing with each other at arm’s length; and (c) the exercise of, or failure to exercise, the power will not materially affect the value of an interest as a beneficiary under the trust relative to the value of other such interests under the trust. ( participation fixe )
Income Tax Act — I-3.3
joint contributor at any time in respect of a contribution to a trust means, if more than one contributor has made the contribution, each of those contributors that is at that time a resident contributor to the trust. ( contribuant conjoint )
Income Tax Act — I-3.3
mutual fund at a particular time means a mutual fund trust or mutual fund corporation (referred to in this definition as the “fund”), but does not include a fund in respect of which statements or representations have been made at or before the particular time — by the fund, or by a promoter or other representative of the fund, in respect of the acquisition or offering of an interest in the fund — that the taxes, if any, under this Part on the income, profit or gains for any particular year — in respect of property that is held by the fund and that is, or derives its value from, an interest in a trust — are less than, or are expected to be less than, the tax that would have been applicable under this Part if the income, profits or gains from the property had been earned directly by a person who acquires an interest in the fund. ( fonds commun de placement )
Income Tax Act — I-3.3
non-resident portion of a trust at any time means all property held by the trust to the extent that it is not at that time part of the resident portion of the trust. ( partie non-résidente )
Income Tax Act — I-3.3 (a)
non-resident time of a person in respect of a contribution to a trust and a particular time means a time (referred to in this definition as the “contribution time”) at which the person made a contribution to a trust that is before the particular time and at which the person was non-resident (or, if the person is not in existence at the contribution time, the person was non-resident throughout the 18 months before ceasing to exist), if the person was non-resident or not in existence throughout the period that began 60 months before the contribution time (or, if the person is an individual and the trust arose on and as a consequence of the death of the individual, 18 months before the contribution time) and ends at the earlier of (a) the time that is 60 months after the contribution time, and (b) the particular time. ( moment de non-résidence )
Income Tax Act — I-3.3 (a)
promoter of a trust or corporation at any time means (a) a person or partnership that at or before that time establishes, organizes or substantially reorganizes the undertakings of the trust or corporation, as the case may be; and (b) for the purposes of the definition mutual fund in this subsection, a person or partnership described by paragraph (a) and a person or partnership who in the course of a business (i) sells or issues, or promotes the sale, issuance or acquisition of, an interest in a mutual fund corporation or mutual fund trust, (ii) acts as an agent or advisor in respect of the sale or issuance, or the promotion of the sale, issuance or acquisition of, an interest in a mutual fund corporation or mutual fund trust, or (iii) accepts, whether as a principal or agent, consideration in respect of an interest in a mutual fund corporation or mutual fund trust. ( promoteur )