GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 253
Extended meaning of carrying on business 253 For the purposes of this Act, where in a taxation year a person who is a non-resident person or a trust to which Part XII.2 applies (a) produces, grows, mines, creates, manufactures, fabricates, improves, packs, preserves or constructs, in whole or in part, anything in Canada whether or not the person exports that thing without selling it before exportation, (b) solicits orders or offers anything for sale in Canada through an agent or servant, whether the contract or transaction is to be completed inside or outside Canada or partly in and partly outside Canada, or (c) disposes of (i) Canadian resource property, except where an amount in respect of the disposition is included under paragraph 66.2(1)(a) or 66.4(1)(a), (ii) property (other than depreciable property) that is a timber resource property, an option in respect of a timber resource property or an interest in, or for civil law a right in, a timber resource property, or (iii) property (other than capital property) that is real or immovable property situated in Canada, including an option in respect of such property or an interest in, or for civil law a real right in, such property, whether or not the property is in existence, the person shall be deemed, in respect of the activity or disposition, to have been carrying on business in Canada in 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. 253; 1994, c. 7, Sch. II, s. 197; 2013, c. 34, s. 168
Income Tax Act — I-3.3 253.1
Investments in limited partnerships 253.1 (1) For the purposes of subparagraph 108(2)(b)(ii), paragraphs 130.1(6)(b), 131(8)(b), 132(6)(b) and 146.1(2.1)(c), subsection 146.2(6), paragraph 146.4(5)(b), subsections 146.6(3) and 147.5(8), paragraph 149(1)(o.2), the definition private holding corporation in subsection 191(1), the definition investment fund in subsection 251.2(1) and regulations made for the purposes of paragraphs 149(1)(o.3) and (o.4), if a trust or corporation holds an interest as a member of a partnership and, by operation of any law governing the arrangement in respect of the partnership, the liability of the member as a member of the partnership is limited, the member shall not, solely because of its acquisition and holding of that interest, be considered to carry on any business or other activity of the partnership. Investments in limited partnerships (2) For the purposes of section 149.1 and subsections 188.1(1) and (2), if a registered charity, a registered Canadian amateur athletic association or a registered journalism organization holds an interest as a member of a partnership, the member shall not, solely because of its acquisition and holding of that interest, be considered to carry on any business of the partnership if (a) by operation of any law governing the arrangement in respect of the partnership, the liability of the member as a member of the partnership is limited; (b) the member deals at arm’s length with each general partner of the partnership; and (c) the member, or the member together with persons and partnerships with which it does not deal at arm’s length, holds interests in the partnership that have a fair market value of not more than 20% of the fair market value of the interests of all members in the partnership. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2001, c. 17, s. 193; 2007, c. 35, s. 124; 2008, c. 28, s. 36; 2009, c. 2, s. 77; 2012, c. 31, s. 57; 2013, c. 34, ss. 363, 426; 2016, c. 7, s. 49, c. 12, s. 66 2019, c. 29, s. 44 2022, c. 19, s. 58
Income Tax Act — I-3.3 254
Contract under pension plan 254 Where a document has been issued or a contract has been entered into before July 31, 1997 purporting to create, to establish, to extinguish or to be in substitution for, a taxpayer’s right to an amount or amounts, immediately or in the future, out of or under a superannuation or pension fund or plan, (a) if the rights provided for in the document or contract are rights provided for by the superannuation or pension plan or are rights to a payment or payments out of the superannuation or pension fund, and the taxpayer acquired an interest under the document or in the contract before that day, any payment under the document or contract is deemed to be a payment out of or under the superannuation or pension fund or plan and the taxpayer is deemed not to have received, by the issuance of the document or entering into the contract, an amount out of or under the superannuation or pension fund or plan; and (b) if the rights created or established by the document or contract are not rights provided for by the superannuation or pension plan or a right to payments out of the superannuation or pension fund, an amount equal to the value of the rights created or established by the document or contract shall be deemed to have been received by the taxpayer out of or under the superannuation or pension fund or plan when the document was issued or the contract was entered into. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 254; 1998, c. 19, s. 245
Income Tax Act — I-3.3 255
Canada 255 For the purposes of this Act, Canada is hereby declared to include and to have always included (a) the sea bed and subsoil of the submarine areas adjacent to the coasts of Canada in respect of which the Government of Canada or of a province grants a right, licence or privilege to explore for, drill for or take any minerals, petroleum, natural gas or any related hydrocarbons; and (b) the seas and airspace above the submarine areas referred to in paragraph 255(a) in respect of any activities carried on in connection with the exploration for or exploitation of the minerals, petroleum, natural gas or hydrocarbons referred to in that paragraph. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“255”; 1980-81-82-83, c. 48, s. 111
Income Tax Act — I-3.3 256
are capital (8.1) For the purposes of subsections 256(7) and 256(8), (a) a corporation incorporated without share capital is deemed to have a capital stock of a single class; (b) each member, policyholder and other participant in the corporation is deemed to be a shareholder of the corporation; and (c) the membership, policy or other interest in the corporation of each of those participants is deemed to be the number of shares of the corporation’s capital stock that the Minister considers reasonable in the circumstances, having regard to the total number of participants in the corporation and the nature of their participation. Date of acquisition of control (9) For the purposes of this Act, other than for the purposes of determining if a corporation is, at any time, a small business corporation or a Canadian-controlled private corporation, where control of a corporation is acquired by a person or group of persons at a particular time on a day, control of the corporation shall be deemed to have been acquired by the person or group of persons, as the case may be, at the beginning of that day and not at the particular time unless the corporation elects in its return of income under Part I filed for its taxation year that ends immediately before the acquisition of control not to have this subsection apply. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 256; 1994, c. 7, Sch. II, s. 198, c. 21, s. 114; 1995, c. 3, s. 55, c. 21, s. 44; 1998, c. 19, s. 246; 2001, c. 17, ss. 194, 231; 2005, c. 19, s. 55; 2009, c. 2, s. 78; 2013, c. 34, ss. 37, 364, c. 40, s. 93; 2014, c. 39, s. 76; 2016, c. 12, s. 67; 2017, c. 33, s. 79 2024, c. 15, s. 68
Income Tax Act — I-3.3 256.1
ections (2) to (4), if the fair market value of the shares of the capital stock of a corporation is nil at any time, then for the purpose of determining the fair market value of those shares, the corporation is deemed, at that time, to have assets net of liabilities equal to $100,000 and to have $100,000 of income for the taxation year that includes that time. Deemed acquisition of control (6) If, at any time as part of a transaction or event or series of transactions or events, control of a particular corporation is acquired by a person or group of persons and it can reasonably be concluded that one of the main reasons for the transaction or event or any transaction or event in the series of transactions or events is so that a specified provision does not apply to one or more corporations, the attribute trading restrictions are deemed to apply to each of those corporations as if control of each of those corporations were acquired at that time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2013, c. 40, s. 94; 2016, c. 12, s. 68 2023, c. 26, s. 75 2024, c. 15, s. 69 2026, c. 3, s. 96
Income Tax Act — I-3.3
attribute trading restriction means a restriction on the use of a tax attribute arising on the application, either alone or in combination with other provisions, of any of this section, subsections 10(10) and 13(24), section 37, subsections 66(11.4) and (11.5), 66.7(10) and (11), 69(11) and 88(1.1) and (1.2), sections 111 and 127, subsections 181.1(7), 190.1(6) and 249(4), section 251.2 and subsection 256(7). ( restriction au commerce d’attributs )
Income Tax Act — I-3.3
specified provision means any of subsections 10(10) and 13(24), paragraph 37(1)(h), subsections 66(11.4) and (11.5), 66.7(10) and (11), 69(11) and 111(4), (5), (5.01), (5.1) and (5.3), paragraphs (j) and (k) of the definition investment tax credit in subsection 127(9), subsections 181.1(7) and 190.1(6), section 251.2 and any provision of similar effect. ( dispositions déterminées )
Income Tax Act — I-3.3 257
Negative amounts 257 Except as specifically otherwise provided, where an amount or a number is required under this Act to be determined or calculated by or in accordance with an algebraic formula, if the amount or number when so determined or calculated would, but for this section, be a negative amount or number, it shall be deemed to be nil. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1 “257”; 1977-78, c. 1, s. 100, c. 22, s. 26(F); 1980-81-82-83, c. 140, s. 132; 1986, c. 6, s. 128
Income Tax Act — I-3.3 259
ays after making the election, to each person who held a unit in the qualified trust at any time in the period before the election was made and during which the election is applicable, and (ii) at the time of acquisition, to each person who acquires a unit in the qualified trust at any time in the period after the election was made and during which the election is applicable; and (b) if a person who holds a unit in the qualified trust at any time in the period during which the election is applicable makes a written request to the qualified trust for information that is necessary for the purpose of determining the consequences under this Act of the election for that person, the qualified trust shall provide to the person that information within 30 days after receiving the request. Definitions (5) In this section, designated provisions means sections 146 and 146.1 to 146.4 and Parts X, XI.01 and XI.1, as they apply in respect of investments that are not qualified investments for a trust, and Part X.2; ( dispositions désignées ) qualified corporation [Repealed, 2005, c. 30, s. 18] qualified trust at any time means a trust (other than a registered investment or a trust that is prescribed to be a small business investment trust) where (a) each trustee of the trust at that time is a corporation that is licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as a trustee or a person who is a trustee of a trust governed by a registered pension plan, (b) all the interests of the beneficiaries under the trust at that time are described by reference to units of the trust all of which are at that time identical to each other, (c) it has never before that time borrowed money except where the borrowing was for a term not exceeding 90 days and the borrowing was not part of a series of loans or other transactions and repayments, and (d) it has never before that time accepted deposits; ( fiducie admissible ) specified taxpayer means a taxpayer that is a registered investment or that is described in any of paragraphs 149(1)(r), (s), (u) to (u.2) and (x). ( contribuable déterminé ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 259; 1994, c. 7, Sch. VIII, s. 142, c. 21, s. 115; 2005, c. 30, s. 18; 2008, c. 28, s. 37; 2009, c. 2, s. 79; 2011, c. 24, s. 75; 2017, c. 33, s. 80
Income Tax Act — I-3.3
designated provisions means sections 146 and 146.1 to 146.4 and Parts X, XI.01 and XI.1, as they apply in respect of investments that are not qualified investments for a trust, and Part X.2; ( dispositions désignées )
Income Tax Act — I-3.3
qualified corporation [Repealed, 2005, c. 30, s. 18]
Income Tax Act — I-3.3 (a)
qualified trust at any time means a trust (other than a registered investment or a trust that is prescribed to be a small business investment trust) where (a) each trustee of the trust at that time is a corporation that is licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as a trustee or a person who is a trustee of a trust governed by a registered pension plan, (b) all the interests of the beneficiaries under the trust at that time are described by reference to units of the trust all of which are at that time identical to each other, (c) it has never before that time borrowed money except where the borrowing was for a term not exceeding 90 days and the borrowing was not part of a series of loans or other transactions and repayments, and (d) it has never before that time accepted deposits; ( fiducie admissible )
Income Tax Act — I-3.3
specified taxpayer means a taxpayer that is a registered investment or that is described in any of paragraphs 149(1)(r), (s), (u) to (u.2) and (x). ( contribuable déterminé )
Income Tax Act — I-3.3 260
f the partnership that ends in the taxation year, of each amount received by the partnership in that fiscal period, and (ii) in respect of the receipt of the individual’s specified proportion of that amount, to be the same person as the partnership; and (b) for the purpose of subsection 82(1), to have paid the individual’s specified proportion, for each fiscal period of the partnership that ends in the year, of each amount paid by the partnership in that fiscal period that is deemed by subsection (5.1) to have been received by another person as a taxable dividend. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 260; 1994, c. 7, Sch. II, s. 199, c. 21, s. 116; 1995, c. 21, s. 75; 2007, c. 2, s. 54, c. 35, s. 66; 2013, c. 34, s. 365; 2018, c. 27, s. 27 2021, c. 23, s. 64 2023, c. 26, s. 76 2024, c. 15, s. 70
Income Tax Act — I-3.3 (a)
dealer compensation payment means an amount received by a taxpayer as compensation, for an underlying payment, (a) from a registered securities dealer resident in Canada who paid the amount in the ordinary course of a business of trading in securities, or (b) in the ordinary course of the taxpayer’s business of trading in securities, where the taxpayer is a registered securities dealer resident in Canada; ( paiement compensatoire (courtier) )
Income Tax Act — I-3.3 (a)
qualified security means (a) a share of a class of the capital stock of a corporation that is listed on a stock exchange or of a class of the capital stock of a corporation that is a public corporation by reason of the designation of the class by the corporation in an election made under subparagraph (b)(i) of the definition public corporation in subsection 89(1) or by the Minister in a notice to the corporation under subparagraph (b)(ii) of that definition, (b) a bond, debenture, note or similar obligation of a corporation described in paragraph (a) or of a corporation that is controlled by such a corporation, (c) a bond, debenture, note or similar obligation of or guaranteed by the government of any country, province, state, municipality or other political subdivision, or a corporation, commission, agency or association controlled by any such person, (d) a warrant, right, option or similar instrument with respect to a share described in paragraph (a), or (e) a qualified trust unit; ( titre admissible )
Income Tax Act — I-3.3
qualified trust unit means an interest, as a beneficiary under a trust, that is listed on a stock exchange; ( unité de fiducie déterminée )
Income Tax Act — I-3.3 (a)
securities lending arrangement means an arrangement under which (a) a person (in this section referred to as the “lender”) transfers or lends at any particular time a qualified security to another person (in this section referred to as the “borrower”), (b) it may reasonably be expected, at the particular time, that the borrower will transfer or return after the particular time to the lender a security (in this section referred to as an “identical security”) that is identical to the security so transferred or lent, (c) the borrower is obligated to pay to the lender amounts equal to and as compensation for all amounts, if any, paid on the security that would have been received by the borrower if the borrower had held the security throughout the period that begins after the particular time and that ends at the time an identical security is transferred or returned to the lender, (d) the lender’s risk of loss or opportunity for gain or profit with respect to the security is not changed in any material respect, and (e) if the lender and the borrower do not deal with each other at arm’s length, it is intended that neither the arrangement nor any series of securities lending arrangements, loans or other transactions of which the arrangement is a part be in effect for more than 270 days, but does not include an arrangement one of the main purposes of which may reasonably be considered to be to avoid or defer the inclusion in income of any gain or profit with respect to the security. ( mécanisme de prêt de valeurs mobilières )
Income Tax Act — I-3.3 (a)
security distribution means an amount that is (a) an underlying payment, or (b) an SLA compensation payment, or a dealer compensation payment, that is deemed by subsection (5.1) to be an amount received as an amount described by any of paragraphs (5.1)(a) to (c); ( paiement de titre )
Income Tax Act — I-3.3 (a)
SLA compensation payment means an amount paid pursuant to (a) a securities lending arrangement as compensation for an underlying payment; or (b) a specified securities lending arrangement as compensation for an underlying payment, including, if the property transferred or lent is described in subparagraph (a)(ii) of the definition specified securities lending arrangement , as compensation for a taxable dividend paid on a share described in subparagraph (a)(i) of that definition; ( paiement compensatoire (MPVM) )
Income Tax Act — I-3.3 (a)
specified securities lending arrangement means an arrangement, other than a securities lending arrangement, under which (a) a particular person (referred to in this definition as a “transferor”) transfers or lends at any particular time a property to another person (referred to in this definition as a “transferee”) and the property is (i) a particular share described in paragraph (a) of the definition qualified security , or (ii) a property in respect of which the following conditions are met: (A) the property is (I) an interest in a partnership, or (II) an interest as a beneficiary under a trust, and (B) all or any part of the fair market value of the property, immediately before the particular time, is derived, directly or indirectly, from a share described in subparagraph (i), (b) it may reasonably be expected, at the particular time, that the transferee — or a person that does not deal at arm’s length with, or is affiliated with, the transferee — will transfer or return after the particular time to the transferor — or a person that does not deal at arm’s length with, or is affiliated with, the transferor (referred to in this definition as a “substitute transferor”) — a property that is identical or substantially identical to the property so transferred or lent, and (c) the transferor’s (together with any substitute transferor’s) risk of loss or opportunity for gain or profit with respect to the particular property is not changed in any material respect; ( mécanisme de prêt de valeurs mobilières déterminé )
Income Tax Act — I-3.3
underlying payment means an amount paid on a qualified security by the issuer of the security. ( paiement sous-jacent )
Income Tax Act — I-3.3 261
uld, in the absence of this subsection and subsection (21), be reasonable to consider that a fluctuation at any time in the accrual period in the value of the taxpayer’s tax reporting currency relative to the value of the related person’s tax reporting currency (i) increased the taxpayer’s loss in respect of the specified transaction, (ii) reduced the taxpayer’s income or gain in respect of the specified transaction, or (iii) caused the taxpayer to have a loss, instead of income or a gain, in respect of the specified transaction. Income, gain or loss determinations (21) If this subsection applies, each fluctuation in value referred to in paragraph (20)(c) is, for the purposes of determining the taxpayer’s income, gain or loss in respect of the specified transaction and notwithstanding any other provision of this Act, deemed not to have occurred. Partnership transactions (22) For the purposes of this subsection and subsections (18) to (21), (a) if a property is directly or indirectly transferred to or by a partnership, the property is deemed to have been transferred to or by (as the case may be) each member of the partnership; and (b) if a partnership is a party to a transaction, each member of the partnership is deemed to be that party to that transaction. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2007, c. 35, s. 67; 2009, c. 2, s. 80; 2013, c. 34, ss. 38, 77; 2014, c. 39, s. 77; 2016, c. 12, s. 69; 2017, c. 33, s. 81 2023, c. 26, s. 77
Income Tax Act — I-3.3
Canadian currency year of a taxpayer means a taxation year that precedes the first functional currency year of the taxpayer. ( année de déclaration en monnaie canadienne )
Income Tax Act — I-3.3 (a)
Canadian tax results of a taxpayer for a taxation year means (a) the amount of the income, taxable income or taxable income earned in Canada of the taxpayer for the taxation year; (b) the amount (other than an amount payable on behalf of another person under subsection 153(1) or section 215) of tax or other amount payable under this Act by the taxpayer in respect of the taxation year; (c) the amount (other than an amount refundable on behalf of another person in respect of amounts payable on behalf of that person under subsection 153(1) or section 215) of tax or other amount refundable under this Act to the taxpayer in respect of the taxation year; and (d) any amount that is relevant in determining the amounts described in respect of the taxpayer under paragraphs (a) to (c). ( résultats fiscaux canadiens )
Income Tax Act — I-3.3
elected functional currency of a taxpayer means the currency of a country other than Canada that was the functional currency of the taxpayer for its first taxation year in respect of which it made an election under paragraph (3)(b). ( monnaie fonctionnelle choisie )