GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
designated income , of a trust for a taxation year, means the amount that would be the income of the trust for the year determined under section 3 if (a) this Act were read without reference to subsections 104(6), (12) and (30); (b) the trust had no income other than taxable capital gains from dispositions described in paragraph (c) and incomes from (i) real or immovable properties in Canada (other than Canadian resource properties), (ii) timber resource properties, (iii) Canadian resource properties (other than properties acquired by the trust before 1972), and (iv) businesses carried on in Canada; (c) the only taxable capital gains and allowable capital losses referred to in paragraph 3(b) were from (i) dispositions of taxable Canadian property, and (ii) dispositions of particular property (other than property described in any of subparagraphs 128.1(4)(b)(i) to (iii)), or property for which the particular property is substituted, that was transferred at any particular time to a particular trust in circumstances in which subsection 73(1) or 107.4(3) applied, if (A) it is reasonable to conclude that the property was so transferred in anticipation that a person beneficially interested at the particular time in the particular trust would subsequently cease to reside in Canada, and a person beneficially interested at the particular time in the particular trust did subsequently cease to reside in Canada, or (B) when the property was so transferred, the terms of the particular trust satisfied the conditions in subparagraph 73(1.01)(c)(i) or (iii), and it is reasonable to conclude that the transfer was made in connection with the cessation of residence, on or before the transfer, of a person who was, at the time of the transfer, beneficially interested in the particular trust and a spouse or common-law partner, as the case may be, of the transferor of the property to the particular trust; and (d) the only losses referred to in paragraph 3(d) were losses from sources described in any of subparagraphs (b)(i) to (iv). ( revenu de distribution )
Income Tax Act — I-3.3 210.1
210.1 [Repealed, 2013, c. 34, s. 341] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 210.1; 2001, c. 17, s. 171; 2013, c. 34, s. 341
Income Tax Act — I-3.3 210.2
ay of that year. Returns (5) A trust shall, within 90 days after the end of each taxation year, (a) file with the Minister a return for the year under this Part in prescribed form and containing prescribed information, without notice or demand therefor; (b) estimate in the return the amount of tax, if any, payable by it under this Part for the year; and (c) pay to the Receiver General the tax, if any, payable by it under this Part for the year. Liability of trustee (6) A trustee of a trust is personally liable to pay to the Receiver General on behalf of the trust the full amount of any tax payable by the trust under this Part to the extent that the amount is not paid to the Receiver General within the time specified in subsection 210.2(5), and the trustee is entitled to recover from the trust any such amount paid by the trustee. Provisions applicable to Part (7) Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 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.] R.S., 1985, c. 1 (5th Supp.), s. 210.2; 1994, c. 7, Sch. VIII, s. 122; 2001, c. 17, s. 172; 2013, c. 34, s. 342; 2016, c. 7, s. 62
Income Tax Act — I-3.3 210.3
Where no designated beneficiaries 210.3 (1) No tax is payable under this Part by a trust for a taxation year in respect of which the trustee has certified in the trust’s return under this Part for the year that no beneficiary under the trust was a designated beneficiary in the year. Where beneficiary deemed not designated (2) Where a trust would, if the trust paid tax under this Part for a taxation year, be entitled to designate an amount under subsection 210.2(3) in respect of a non-resident beneficiary and the income amount in respect of the beneficiary is included in computing the income of the beneficiary which is subject to tax under Part I by reason of subsection 2(3) and is not exempt from tax under Part I by reason of a provision contained in a tax convention or agreement with another country that has the force of law in Canada, for the purposes of subsection 210.3(1), the beneficiary shall be deemed not to be a designated beneficiary of the trust at any time in the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 160
Income Tax Act — I-3.3 211
rance policy, December 31, 1989, (ii) in any other case, March 2, 1988, of accidental death, dismemberment, disability or guaranteed purchase option benefits, (d) the deletion of a rider, (e) redating lapsed policies within the reinstatement period referred to in paragraph (g) of the definition disposition in subsection 148(9) or redating for policy loan indebtedness, (f) a change in premium because of a correction of erroneous information, (g) the payment of a premium after its due date, or no more than 30 days before its due date, as established on or before (i) in the case of an existing guaranteed life insurance policy, December 31, 1989, and (ii) in any other case, March 2, 1988, and (h) the payment of an amount described in paragraph (a) of the definition premium in subsection 148(9); ( opération ou événement déterminé ) taxable life insurance policy of an insurer at any time means a life insurance policy in Canada issued by the insurer (or in respect of which the insurer has assumed the obligations of the issuer of the policy to the policyholder), other than a policy that is at that time (a) an existing guaranteed life insurance policy, (b) an annuity contract (including a settlement annuity), (c) a registered life insurance policy, (d) a registered pension plan, or (e) a retirement compensation arrangement. ( police d’assurance-vie imposable ) Riders and changes in terms (2) For the purposes of this Part, (a) any rider added at any time after March 2, 1988 to a life insurance policy shall be deemed to be a separate life insurance policy issued and effected at that time; and (b) a change in the terms or conditions of a life insurance policy resulting from a specified transaction or event shall be deemed not to have occurred and not to be a change. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 211; 1994, c. 7, Sch. II, s. 171; 1997, c. 25, s. 60; 2008, c. 28, s. 32; 2009, c. 2, s. 72; 2012, c. 31, s. 47
Income Tax Act — I-3.3 (a)
existing guaranteed life insurance policy , at any time, means a non-participating life insurance policy in Canada in respect of which (a) the amount of every premium that became payable before that time and after December 31, 1989, (b) the number of premium payments under the policy, and (c) the amount of each benefit under the policy at that time were fixed and determined on or before December 31, 1989; ( police d’assurance-vie garantie existante )
Income Tax Act — I-3.3 (a)
life insurance policy includes a benefit under (a) a group life insurance policy, and (b) a group annuity contract but does not include (c) that part of a policy in respect of which the policyholder is deemed by paragraph 138.1(1)(e) to have an interest in a related segregated fund trust, or (d) a reinsurance arrangement; ( police d’assurance-vie )
Income Tax Act — I-3.3 (a)
net interest rate , in respect of a liability, benefit, risk or guarantee under a life insurance policy of an insurer for a taxation year, is the positive amount, if any, determined by the formula (A - B) × C where A is the simple arithmetic average determined as of the first day of the year of the average yield (expressed as a percentage per year rounded to 2 decimal points) in each of the 60 immediately preceding months prevailing on all domestic Canadian-dollar Government of Canada bonds outstanding on the last Wednesday of that month that have a remaining term to maturity of more than 10 years, B is (a) in the case of a guaranteed benefit provided under the terms and conditions of the policy as they existed on March 2, 1988, other than a policy where, at any time after March 2, 1988, its terms and conditions relating to premiums and benefits were changed (otherwise than to give effect to the terms and conditions that were determined before March 3, 1988), the greater of (i) the rate of interest (expressed as a percentage per year) used by the insurer in determining the amount of the guaranteed benefit, and (ii) 4%, and (b) in any other case, nil, and C is (a) in the case of a guaranteed benefit to which paragraph (a) of the description of B applies, 65%, and (b) in any other case, 55%; ( taux d’intérêt net )
Income Tax Act — I-3.3
non-participating life insurance policy means a life insurance policy that is not a participating life insurance policy; ( police d’assurance-vie sans participation )
Income Tax Act — I-3.3
participating life insurance policy has the meaning assigned by subsection 138(12); ( police d’assurance-vie avec participation )
Income Tax Act — I-3.3
policy loan has the meaning assigned by subsection 138(12); ( avance sur police )
Income Tax Act — I-3.3
registered life insurance policy means a life insurance policy issued or effected as or under a pooled registered pension plan, a registered retirement savings plan, a deferred profit sharing plan or a registered pension plan; ( police d’assurance-vie agréée )
Income Tax Act — I-3.3
reinsurance arrangement does not include an arrangement under which an insurer has assumed the obligations of the issuer of a life insurance policy to the policyholder; ( mécanisme de réassurance )
Income Tax Act — I-3.3 (a)
specified transaction or event , in respect of a life insurance policy, means (a) a change in underwriting class, (b) a change in premium because of a change in frequency of premium payments within a year that does not alter the present value, at the beginning of the year, of the total premiums to be paid under the policy in the year, (c) an addition under the terms of the policy as they existed on (i) in the case of an existing guaranteed life insurance policy, December 31, 1989, (ii) in any other case, March 2, 1988, of accidental death, dismemberment, disability or guaranteed purchase option benefits, (d) the deletion of a rider, (e) redating lapsed policies within the reinstatement period referred to in paragraph (g) of the definition disposition in subsection 148(9) or redating for policy loan indebtedness, (f) a change in premium because of a correction of erroneous information, (g) the payment of a premium after its due date, or no more than 30 days before its due date, as established on or before (i) in the case of an existing guaranteed life insurance policy, December 31, 1989, and (ii) in any other case, March 2, 1988, and (h) the payment of an amount described in paragraph (a) of the definition premium in subsection 148(9); ( opération ou événement déterminé )
Income Tax Act — I-3.3 (a)
taxable life insurance policy of an insurer at any time means a life insurance policy in Canada issued by the insurer (or in respect of which the insurer has assumed the obligations of the issuer of the policy to the policyholder), other than a policy that is at that time (a) an existing guaranteed life insurance policy, (b) an annuity contract (including a settlement annuity), (c) a registered life insurance policy, (d) a registered pension plan, or (e) a retirement compensation arrangement. ( police d’assurance-vie imposable )
Income Tax Act — I-3.3 211.1
determined in respect of the insurer under the description of E in respect of the policy for taxation years ending before the year, and (c) the amount, if any, by which (i) the maximum amount that would be determined under paragraph 1401(1)(c.1) of the Income Tax Regulations in respect of the insurer for the year in respect of the policy if subsection 1401(1) of those Regulations applied to all life insurance policies and if that amount were determined without reference to any policy loan or reinsurance arrangement exceeds (ii) the maximum amount that would be determined under paragraph 1401(1)(c.1) of the Income Tax Regulations in respect of the insurer for its last 1989 taxation year in respect of the policy if subsection 1401(1) of those Regulations applied to all life insurance policies and if that amount were determined without reference to any policy loan or reinsurance arrangement; and C is the total of all amounts each of which is 100% of the amount required to be included in computing the income of a policyholder under section 12.2 or paragraph 56(1)(j) for which the insurer is required by regulation to prepare an information return in respect of the calendar year ending in the taxation year, in respect of a taxable life insurance policy of the insurer, except that the reference in this description to 100% shall be read as a reference to, (a) where paragraph (a) of the description of B in the definition net interest rate in subsection 211(1) applies for any taxation year in respect of a guaranteed benefit under the policy, 0% for calendar years before 1991, 5% for 1991, 10% for 1992, 15% for 1993, 20% for 1994, 25% for 1995, 30% for 1996, 35% for 1997, 40% for 1998, 45% for 1999, and 50% for calendar years after 1999, and (b) where the policy was at any time after 1989 an existing guaranteed life insurance policy, 0% for the calendar year in which it became a taxable life insurance policy of the insurer, 0% for the first following calendar year, 0% for the second following calendar year, 5% for the third following calendar year, 10% for the fourth following calendar year, 15% for the fifth following calendar year, 20% for the sixth following calendar year, 25% for the seventh following calendar year, 30% for the eighth following calendar year, 35% for the ninth following calendar year, 40% for the tenth following calendar year, 45% for the eleventh following calendar year, and 50% for the twelfth following and subsequent calendar years. Short taxation year (4) Where a taxation year of a life insurer is less than 51 weeks, the values of A and D in subsection 211.1(3) for the year are that proportion of those values otherwise so determined that the number of days in the year (other than February 29) is of 365. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 211.1; 1994, c. 7, Sch. II, s. 172; 1997, c. 25, s. 61; 1998, c. 19, s. 213; 2005, c. 19, s. 46; 2006, c. 4, s. 84
Income Tax Act — I-3.3 0%
0% for the calendar year in which it became a taxable life insurance policy of the insurer,
Income Tax Act — I-3.3 0%
0% for the first following calendar year,
Income Tax Act — I-3.3 0%
0% for the second following calendar year,
Income Tax Act — I-3.3 5%
5% for the third following calendar year,
Income Tax Act — I-3.3 10%
10% for the fourth following calendar year,
Income Tax Act — I-3.3 15%
15% for the fifth following calendar year,
Income Tax Act — I-3.3 20%
20% for the sixth following calendar year,
Income Tax Act — I-3.3 25%
25% for the seventh following calendar year,
Income Tax Act — I-3.3 30%
30% for the eighth following calendar year,
Income Tax Act — I-3.3 35%
35% for the ninth following calendar year,
Income Tax Act — I-3.3 40%
40% for the tenth following calendar year,
Income Tax Act — I-3.3 45%
45% for the eleventh following calendar year, and
Income Tax Act — I-3.3 50%
50% for the twelfth following and subsequent calendar years.
Income Tax Act — I-3.3 211.2
Return 211.2 Every life insurer shall file with the Minister, not later than the day on or before which it is required by section 150 to file its return of income for a taxation year under Part I, a return of taxable Canadian life investment income for that year in prescribed form containing an estimate of the tax payable by it under this Part for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 160
Income Tax Act — I-3.3 211.3
Instalments 211.3 (1) Every life insurer shall, in respect of each of its taxation years, pay to the Receiver General on or before the last day of each month in the year, an amount equal to 1/12 of the lesser of (a) the amount estimated by the insurer to be the annualized tax payable under this Part by it for the year, and (b) the annualized tax payable under this Part by the insurer for the immediately preceding taxation year. Annualized tax payable (2) For the purposes of subsections 211.3(1) and 211.5(2), the annualized tax payable under this Part by a life insurer for a taxation year is the amount determined by the formula (365/A) × B where A is (a) if the year is less than 357 days, the number of days in the year (other than February 29), and (b) otherwise, 365; and B is the tax payable under this Part by the insurer 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. 211.3; 1998, c. 19, s. 214
Income Tax Act — I-3.3 211.4
Payment of remainder of tax 211.4 Every life insurer shall pay, on or before its balance-due day for a taxation year, the remainder, if any, of the tax payable under this Part by the insurer 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. 211.4; 2003, c. 15, s. 127
Income Tax Act — I-3.3 211.5
Provisions applicable to Part 211.5 (1) Section 152, subsection 157(2.1), sections 158 and 159, subsections 161(1), 161(2), 161(2.1), 161(2.2) and 161(11), sections 162 to 167 and Division J of Part I apply to this Part, with such modifications as the circumstances require. Interest on instalments (2) For the purposes of subsection 161(2) and section 163.1 as they apply to this Part, a life insurer is, in respect of a taxation year, deemed to have been liable to pay, on or before the last day of each month in the year, an instalment equal to 1/12 of the lesser of (a) the annualized tax payable under this Part by the insurer for the year, and (b) the annualized tax payable under this Part by the insurer for the immediately preceding 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. 211.5; 1994, c. 7, Sch. II, s. 173; 1998, c. 19, s. 215
Income Tax Act — I-3.3 211.6
s as trustee; (b) that is maintained for the sole purpose of funding the reclamation of a qualifying site; (c) that is, or may become, required to be maintained under (i) the terms of a qualifying contract, or (ii) a qualifying law; and (d) that is not an excluded trust. ( fiducie pour l’environnement admissible ) qualifying law , in respect of a trust, means (a) a law of Canada or a province that was enacted on or before the later of January 1, 1996 and the day that is one year after the day on which the trust was created; and (b) if the trust was created after 2011, an order made (i) by a tribunal constituted under a law described by paragraph (a), and (ii) on or before the day that is one year after the day on which the trust was created. ( loi admissible ) qualifying site , in respect of a trust, means a site in Canada that is or has been used primarily for, or for any combination of, (a) the operation of a mine, (b) the extraction of clay, peat, sand, shale or aggregates (including dimension stone and gravel), (c) the deposit of waste, or (d) if the trust was created after 2011, the operation of a pipeline. ( site admissible ) Charging provision (2) Every trust that is a qualifying environmental trust at the end of a taxation year (other than a trust that is at that time described by paragraph 149(1)(z.1) or (z.2)) shall pay a tax under this Part for the year equal to the amount determined by the formula A × B where A is the trust’s income (computed as if this Act were read without reference to subsections 104(4) to (31) and sections 105 to 107) under Part I for the year; and B is the QET income tax rate for the year. Return (3) Every trust that is a qualifying environmental trust at the end of a taxation year shall file with the Minister on or before its filing-due date for the year a return for the year under this Part in prescribed form containing an estimate of the amount of its tax payable under this Part for the year. Payment of tax (4) Every trust shall pay to the Receiver General its tax payable under this Part for each taxation year on or before its balance-due day for the year. Provisions applicable to Part (5) Subsections 150(2) and 150(3), sections 152, 158 and 159, subsections 161(1) and 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.] R.S., 1985, c. 1 (5th Supp.), s. 211.6; 1994, c. 7, Sch. II, s. 173; 1995, c. 3, s. 50; 1998, c. 19, s. 61; 2011, c. 24, s. 69
Income Tax Act — I-3.3 (a)
excluded trust , at any time, means a trust that (a) relates at that time to the reclamation of a well; (b) is not maintained at that time to secure the reclamation obligations of one or more persons or partnerships that are beneficiaries under the trust; (c) borrows money at that time; (d) if the trust is not a trust to which paragraph (e) applies, acquires at that time any property that is not described by any of paragraphs (a), (b) and (f) of the definition qualified investment in section 204; (e) if the trust is created after 2011 (or if the trust was created before 2012, it elects in writing filed with the Minister on or before its filing-due date for a particular taxation year to have subparagraphs (i) and (ii) apply to it for the particular taxation year and all subsequent taxation years, and that election is made jointly with Her Majesty in right of Canada or a particular province, depending upon the qualifying law or qualifying contract in respect of the trust), (i) acquires at that time any property that is not described by any of paragraphs (a), (b), (c), (c.1), (d) and (f) of the definition qualified investment in section 204, or (ii) holds at that time a prohibited investment; (f) elected in writing filed with the Minister, before 1998 or before April of the year following the year in which the first contribution to the trust was made, never to have been a qualifying environmental trust; or (g) was at any previous time during its existence not a qualifying environmental trust (as determined under the definition qualifying environmental trust in subsection 248(1) as it applied at that previous time). ( fiducie exclue )
Income Tax Act — I-3.3 (a)
prohibited investment , of a trust at any time, means a property that (a) at the time it was acquired by the trust, was described by any of paragraphs (c), (c.1) or (d) of the definition qualified investment in section 204; and (b) was issued by (i) a person or partnership that has contributed property to, or that is a beneficiary under, the trust, (ii) a person that is related to, or a partnership that is affiliated with, a person or partnership that has contributed property to, or that is a beneficiary under, the trust, or (iii) a particular person or partnership if (A) another person or partnership holds a significant interest (within the meaning assigned by subsection 207.01(4) with any modifications that the circumstances require) in the particular person or partnership, and (B) the holder of that significant interest has contributed property to, or is a beneficiary under, the trust. ( placement interdit )