GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 190.13
d on in Canada; and (iv) [Repealed, 2009, c. 2, s. 64] (d) in the case of an authorized foreign bank, the total of (i) 10% of the total of all amounts, each of which is the risk-weighted amount at the end of the year of an on-balance sheet asset or an off-balance sheet exposure of the bank in respect of its Canadian banking business that the bank would be required to report under the OSFI risk-weighting guidelines if those guidelines applied and required a report at that time, and (ii) the total of all amounts, each of which is an amount at the end of the year in respect of the bank’s Canadian banking business that (A) if the bank were a bank listed in Schedule II to the Bank Act , would be required under the risk-based capital adequacy guidelines issued by the Superintendent of Financial Institutions and applicable at that time to be deducted from the bank’s capital in determining the amount of capital available to satisfy the Superintendent’s requirement that capital equal a particular proportion of risk-weighted assets and exposures, and (B) is not an amount in respect of a loss protection facility required to be deducted from capital under the Superintendent’s guidelines respecting asset securitization applicable at that time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.13; 1994, c. 7, Sch. II, s. 159, c. 21, s. 89; 1998, c. 19, s. 203; 2001, c. 17, s. 166; 2009, c. 2, s. 64; 2013, c. 34, s. 330 2022, c. 19, s. 47
Income Tax Act — I-3.3 190.14
Investment in related institutions 190.14 (1) A corporation’s investment for a taxation year in a financial institution related to it is (a) in the case of a corporation that was resident in Canada at any time in the year, the total of all amounts each of which is the carrying value (or in the case of contributed surplus, the amount) at the end of the year of an eligible investment of the corporation in the financial institution; (b) in the case of a life insurance corporation that was non-resident throughout the year, the total of all amounts each of which is the carrying value (or is, in the case of contributed surplus, the amount) at the end of the year of an eligible investment of the corporation in the financial institution that was used or held by the corporation in the year in the course of carrying on an insurance business in Canada (or that, in the case of contributed surplus, was contributed by the corporation in the course of carrying on that business); and (c) in the case of a corporation that is an authorized foreign bank, the total of all amounts each of which is the amount at the end of the year, before the application of risk weights, that would be required to be reported under the OSFI risk-weighting guidelines if those guidelines applied and required a report at that time, of an eligible investment of the corporation in the financial institution that was used or held by the corporation in the year in the course of carrying on its Canadian banking business or, in the case of an eligible investment that is contributed surplus of the financial institution at the end of the year, the amount of the surplus contributed by the corporation in the course of carrying on that business. Interpretation (2) For the purpose of subsection (1), an eligible investment of a corporation in a financial institution is a share of the capital stock or long-term debt (and, where the corporation is an insurance corporation, is non-segregated property within the meaning assigned by subsection 138(12)) of the financial institution or any surplus of the financial institution contributed by the corporation (other than an amount otherwise included as a share or debt) if the financial institution at the end of the year is (a) related to the corporation; and (b) resident in Canada or can reasonably be regarded as using the surplus or the proceeds of the share or debt in a business carried on by the financial institution through a permanent establishment (as defined by regulation) in Canada. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.14; 1994, c. 7, Sch. II, s. 159, c. 21, s. 90; 2001, c. 17, s. 167
Income Tax Act — I-3.3 190.16
190.16 [Repealed, 2013, c. 34, s. 331] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 21, s. 91; 2007, c. 2, s. 42; 2013, c. 34, s. 331
Income Tax Act — I-3.3 190.17
190.17 [Repealed, 2007, c. 2, s. 42] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1996, c. 21, s. 50; 2007, c. 2, s. 42
Income Tax Act — I-3.3 190.2
Return 190.2 A corporation that is or would, but for subsection 190.1(3), be liable to pay tax under this Part for a taxation year shall file with the Minister, not later than the day on or before which the corporation is required by section 150 to file its return of income for the year under Part I, a return of capital for the year in prescribed form containing an estimate of the tax payable under this Part by it for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.2; 1994, c. 7, Sch. VIII, s. 113
Income Tax Act — I-3.3 190.21
Provisions applicable to Part 190.21 Sections 152, 158 and 159, subsection 161(11), sections 162 to 167 and Division J of Part I apply to this Part with such modifications as the circumstances require and, for the purpose of this section, paragraph 152(6)(a) shall be read as follows: “(a) a deduction under subsection 190.1(3) in respect of any unused surtax credit or unused Part I tax credit (within the meanings assigned by subsection 190.1(5)) for a subsequent taxation year,” [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.21; 1994, c. 7, Sch. II, s. 161, Sch. VIII, s. 114
Income Tax Act — I-3.3 190.211
Provisions applicable -- Crown corporations 190.211 Section 27 applies 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.] 1998, c. 19, s. 205
Income Tax Act — I-3.3 190.22
190.22 [Repealed, 1994, c. 7, s. 114(1)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.22; 1994, c. 7, Sch. VIII, s. 114
Income Tax Act — I-3.3 190.23
190.23 [Repealed, 1994, c. 7, Sch. VIII, s. 114(1)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.23; 1994, c. 7, Sch. II, s. 161, Sch. VIII, s. 114
Income Tax Act — I-3.3 190.24
190.24 [Repealed, 1994, c. 7, Sch. VIII, s. 114(1)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.24; 1994, c. 7, Sch. VIII, s. 114
Income Tax Act — I-3.3 191
o a partnership, the corporation is, for the purposes of this subsection and paragraph (a) of the definition excluded dividend in subsection (1), deemed to have paid at that time to each member of the partnership a dividend equal to the amount determined by the formula A × B where A is the amount of the dividend paid to the partnership; and B is the member’s specified proportion for the last fiscal period of the partnership that ended before that time (or, if the partnership’s first fiscal period includes that time, for that first fiscal period). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 191; 1994, c. 7, Sch. II, s. 162, Sch. VIII, s. 115; 2013, c. 34, s. 332
Income Tax Act — I-3.3 (a)
excluded dividend means a dividend (a) paid by a corporation to a shareholder that had a substantial interest in the corporation at the time the dividend was paid, (b) paid by a corporation that was a financial intermediary corporation or a private holding corporation at the time the dividend was paid, (c) paid by a particular corporation that would, but for paragraphs (h) and (i) of the definition financial intermediary corporation in this subsection, have been a financial intermediary corporation at the time the dividend was paid, except where the dividend was paid to a controlling corporation in respect of the particular corporation or to a specified person (within the meaning assigned by paragraph (h) of the definition taxable preferred share in subsection 248(1)) in relation to such a controlling corporation, (d) paid by a mortgage investment corporation, or (e) that is a capital gains dividend within the meaning assigned by subsection 131(1); ( dividende exclu )
Income Tax Act — I-3.3 (a)
financial intermediary corporation means a corporation that is (a) a corporation described in subparagraph (b)(ii) of the definition retirement savings plan in subsection 146(1), (b) an investment corporation, (c) a mortgage investment corporation, (d) a mutual fund corporation, (e) a prescribed venture capital corporation, or (f) a prescribed labour-sponsored venture capital corporation, but does not include (g) a prescribed corporation, (h) a corporation that is controlled by or for the benefit of one or more corporations (each of which is referred to in this subsection as a “controlling corporation”) other than financial intermediary corporations or private holding corporations unless the controlling corporations and specified persons (within the meaning assigned by paragraph (h) of the definition taxable preferred share in subsection 248(1)) in relation to the controlling corporations do not own in the aggregate shares of the capital stock of the corporation having a fair market value of more than 10% of the fair market value of all of the issued and outstanding shares of the capital stock of the corporation (those fair market values being determined without regard to any voting rights attaching to those shares), or (i) any particular corporation in which another corporation (other than a financial intermediary corporation or a private holding corporation) has a substantial interest unless the other corporation and specified persons (within the meaning assigned by paragraph (h) of the definition taxable preferred share in subsection 248(1)) in relation to the other corporation do not own in the aggregate shares of the capital stock of the particular corporation having a fair market value of more than 10% of the fair market value of all of the issued and outstanding shares of the capital stock of the particular corporation (those fair market values being determined without regard to any voting rights attaching to those shares); ( intermédiaire financier constitué en société )
Income Tax Act — I-3.3 (a)
private holding corporation means a private corporation the only undertaking of which is the investing of its funds, but does not include (a) a specified financial institution, (b) any particular corporation that owns shares of another corporation in which it has a substantial interest, except where the other corporation would, but for that substantial interest, be a financial intermediary corporation or a private holding corporation, or (c) any particular corporation in which another corporation owns shares and has a substantial interest, except where the other corporation would, but for that substantial interest, be a private holding corporation. ( société de portefeuille privée )
Income Tax Act — I-3.3 191.1
 dividends (other than excluded dividends) paid by those corporations on taxable preferred shares, or shares that would be taxable preferred shares if they were issued after June 18, 1987 and were not grandfathered shares, in the calendar year immediately preceding the calendar year in which the taxation year ended exceeds $1,000,000. Failure to file agreement (5) If any of the taxable Canadian corporations that are associated with each other in a taxation year and that have paid taxable dividends (other than excluded dividends) on taxable preferred shares in the year has failed to file with the Minister an agreement as contemplated by subsection 191.1(3) within 30 days after notice in writing by the Minister has been forwarded to any of them that such an agreement is required for the purpose of any assessment of tax under this Part, the Minister shall, for the purpose of this section, allocate an amount to one or more of them for the taxation year, which amount or the total of which amounts, as the case may be, shall equal the total dividend allowance for the year for those corporations and all other taxable Canadian corporations with which each such corporation is associated in the year, and the dividend allowance for the year of each of the corporations is the amount so allocated to it. Dividend allowance in short years (6) Notwithstanding any other provision of this section, (a) where a corporation has a taxation year that is less than 51 weeks, its dividend allowance for the year is that proportion of its dividend allowance for the year determined without reference to this paragraph that the number of days in the year is of 365; and (b) where a taxable Canadian corporation (in this paragraph referred to as the “first corporation”) has more than one taxation year ending in a calendar year and is associated in two or more of those taxation years with another taxable Canadian corporation that has a taxation year ending in that calendar year, the dividend allowance of the first corporation for each taxation year in which it is associated with the other corporation ending in that calendar year is, subject to the application of paragraph 191.1(6)(a), an amount equal to the amount that would be its dividend allowance for the first such taxation year if the allowance were determined without reference to paragraph 191.1(6)(a). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 191.1; 2013, c. 34, s. 333
Income Tax Act — I-3.3 191.2
Election 191.2 (1) For the purposes of determining the tax payable by reason of subparagraphs 191.1(1)(a)(ii) and 191.1(1)(a)(iii), a taxable Canadian corporation (other than a financial intermediary corporation or a private holding corporation) may make an election with respect to a class of its taxable preferred shares the terms and conditions of which require an election to be made under this subsection by filing a prescribed form with the Minister (a) not later than the day on or before which its return of income under Part I is required by section 150 to be filed for the taxation year in which shares of that class are first issued or first become taxable preferred shares; or (b) within the 6 month period commencing on any of the following days, namely, (i) the day of sending of any notice of assessment of tax payable under this Part or Part I by the corporation for that year, (ii) where the corporation has served a notice of objection to an assessment described in subparagraph (i), the day of sending of a notice that the Minister has confirmed or varied the assessment, (iii) where the corporation has instituted an appeal in respect of an assessment described in subparagraph 191.2(1)(b)(i) to the Tax Court of Canada, the day of mailing of a copy of the decision of the Court to the taxpayer, and (iv) where the corporation has instituted an appeal in respect of an assessment described in subparagraph 191.2(1)(b)(i) to the Federal Court of Appeal or the Supreme Court of Canada, the day on which the judgment of the Court is pronounced or delivered or the day on which the corporation discontinues the appeal. Time of election (2) An election with respect to a class of taxable preferred shares filed in accordance with subsection 191.2(1) shall be deemed to have been filed before any dividend on a share of that class is paid. Assessment (3) Where an election has been filed under subsection 191.2(1), the Minister shall, notwithstanding subsections 152(4) and 152(5), assess or reassess the tax, interest or penalties payable under this Act by any corporation for any relevant taxation year in order to take into account the election. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 191.2; 2002, c. 8, s. 184; 2010, c. 25, s. 53
Income Tax Act — I-3.3 191.3
ation was, by paragraph (1)(e), made jointly and severally, or solidarily, liable. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 191.3; 1994, c. 7, Sch. II, s. 163; 1995, c. 21, s. 41; 1998, c. 19, s. 207; 2010, c. 25, s. 54; 2013, c. 34, s. 153
Income Tax Act — I-3.3 191.4
Information return 191.4 (1) Every corporation that is or would, but for section 191.3, be liable to pay tax under this Part for a taxation year shall, not later than the day on or before which it is required by section 150 to file its return of income for the year under Part I, file with the Minister a return for the year under this Part in prescribed form containing an estimate of the tax payable by it under this Part for the year. Provisions applicable to Part (2) Sections 152, 158 and 159, subsection 161(11), sections 162 to 167 and Division J of Part I apply to this Part with such modifications as the circumstances require. Provisions applicable -- Crown corporations (3) Section 27 applies 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.] R.S., 1985, c. 1 (5th Supp.), s. 191.4; 1994, c. 7, Sch. VIII, s. 116; 1998, c. 19, s. 208
Income Tax Act — I-3.3 191.5
r for the year is nil. Return (8) A corporation that is a bank or life insurer group member shall file with the Minister, no later than the day on or before which the corporation is required by section 150 to file its return of income for the 2022 taxation year under Part I, a prescribed form containing prescribed information. Instalments (9) A corporation liable to pay tax for the 2022 taxation year under this Part shall pay 1/5 of the tax to the Receiver General on or before its balance-due day for the 2022 and each of the four subsequent taxation years. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2022, c. 19, s. 48
Income Tax Act — I-3.3 191.6
Administrative provisions — Part VI.2 191.6 Sections 152, 158 and 159, subsection 161(11), sections 162 to 167 and Division J of Part I apply 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.] 2022, c. 19, s. 48
Income Tax Act — I-3.3 192
d to have been deducted by the taxpayer under subsection 127(5) for the year. Restriction (11) Where at any time a corporation has designated an amount under subsection 192(4) in respect of a share, no amount may be designated by the corporation at any subsequent time in respect of that share. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1 “192”; 1973-74, c. 14, s. 62(F); 1974-75-76, c. 26, s. 111; 1976-77, c. 4, s. 66; 1977-78, c. 1, s. 88; 1984, c. 1, s. 95, c. 45, s. 80; 1985, c. 45, s. 103; 1986, c. 6, s. 101
Income Tax Act — I-3.3 193
equal to 125% of the amount of tax under Part II that is or may be avoided by reason of the series of transactions or events. Tax on excess (7.1) Where a corporation has in a taxation year made an election under subsection 127.2(10) in respect of any share that was part of a distribution of shares referred to in that subsection and, at the end of that year or any subsequent taxation year, (a) the total of the amounts designated under subsection 192(4) in respect of those shares as evidenced by the prescribed information returns required by regulation to be filed with the Minister by a taxpayer other than the corporation exceeds (b) the total of the amounts designated under subsection 192(4) in respect of those shares acquired by the taxpayer and in respect of which another taxpayer was required by regulation to provide the taxpayer with a prescribed information return relating to the designation under that subsection, the taxpayer is liable to pay a tax under this Part for the taxation year at the end of which there is such an excess equal to the amount of the excess, which tax is to be paid to the Receiver General within 60 days after the end of the taxation year, and the excess shall be included in determining the total under paragraph 193(7.1)(b) for any taxation year of the taxpayer subsequent to that year. Provisions applicable to Part (8) Sections 151, 152, 158 and 159, subsection 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.] 1970-71-72, c. 63, s. 1 “193”; 1977-78, c. 1, s. 88; 1984, c. 1, s. 95, c. 45, s. 81; 1985, c. 45, ss. 104, 126(F); 1986, c. 6, s. 102