Income Tax Act — I-3.3 144
Definitions 144 (1) The definitions in this subsection apply in this section. 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 ) 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 ) No tax while trust governed by plan (2) No tax is payable under this Part by a trust on the taxab