Income Tax Act — I-3.3 116
han real or immovable property situated in Canada, a Canadian resource property or a timber resource property) that is described in an inventory of a business carried on in Canada by the person; (b) a security that is (i) listed on a recognized stock exchange, and (ii) either (A) a share of the capital stock of a corporation, or (B) SIFT wind-up entity equity; (c) a unit of a mutual fund trust; (d) a bond, debenture, bill, note, mortgage, hypothecary claim or similar obligation; (e) property of a non-resident insurer that (i) is licensed or otherwise authorized under the laws of Canada or a province to carry on an insurance business in Canada, and (ii) carries on an insurance business, within the meaning of subsection 138(1) of the Act, in Canada; (f) property of an authorized foreign bank that carries on a Canadian banking business; (g) an option in respect of property referred to in any of paragraphs (a) to (f) whether or not such property is in existence; (h) an interest, or for civil law a right, in property referred to in any of paragraphs (a) to (g); and (i) a property that is, at the time of its disposition, a treaty-exempt property of the person. Treaty-exempt property (6.1) For the purpose of subsection (6), a property is a treaty-exempt property of a non-resident person, at the time of the non-resident person’s disposition of the property to another person (referred to in this subsection as the “purchaser”), if (a) it is, at that time, a treaty-protected property of the non-resident person; and (b) where the purchaser and the non-resident person are related at that time, the purchaser provides notice under subsection (5.02) in respect of the disposition. Application of s. 138(12) (7) The definitions in subsection 138(12) apply to this section. Exception — underused housing tax (8) If, in the absence of this subsection, the Minister would be required to issue a certificate under subsection (2), (4) or (5.2) in respect of a disposition, or a proposed disposition, of property that is residential property , as defined in section 2 of the Underused Housing Tax Act , the Minister may decline to issue the certificate if (a) the Minister is not satisfied that all returns that the non-resident person is required to file under section 7 of that Act in respect of the property have been filed; (b) the Minister is not satisfied that all taxes and other amounts payable under that Act by the non-resident person have been paid; or (c) the following conditions are met: (i) the Minister has reasonable grounds to believe that, for the calendar year immediately preceding the calendar year in which the property is or is expected to be disposed of, the non-resident person will be required to file a return under section 7 of that Act in respect of the property or will become liable to pay an amount of tax under subsection 6(3) of that Act in respect of the property, and (ii) the return has not been filed or the amount of tax has not been paid. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 116; 1994, c.7, Sch. II, s. 87; 1998, c. 19, s. 133; 2001, c. 17, ss. 91, 212; 2007, c. 35, s. 33; 2008, c. 28, s. 14; 2009, c. 2, s. 32; 2013, c. 34, ss. 125, 245; 2016, c. 12, s. 41 2022, c. 19, s. 16 2024, c. 17, s. 25(F)