Income Tax Act — I-3.3 149.1
f subsection 251(1) were read without reference to its paragraphs (a) and (b), at that time, deal at arm’s length with all controlling individuals; ( personne intéressée ) specified gift [Repealed, 2010, c. 25, s. 37] substituted shares held by a private foundation means shares acquired by the private foundation, in exchange for exempt shares held by the private foundation, in the course of a transaction to which section 51, subsection 85.1(1) or section 86 or 87 applies; ( actions de remplacement ) taxation year means, in the case of a registered charity or registered Canadian amateur athletic association, a fiscal period; ( année d’imposition ) total corporate holdings percentage of a private foundation, in respect of a class of shares of the capital stock of a corporation, at any particular time means the percentage of the issued and outstanding shares of that class that are held at that time by the private foundation, or by a relevant person in respect of the private foundation who holds a material interest in respect of that class; ( pourcentage de participation totale ) Deeming rule — Safe Streets and Communities Act (1.01) In this section, a reference to a record suspension is deemed also to be a reference to a pardon that is granted or issued under the Criminal Records Act . Deeming rule — listed terrorist entity (1.02) If, but for this subsection, a person, partnership, group, fund, unincorporated association or organization becomes a listed terrorist entity at a particular time and ceases to be a listed terrorist entity at a later time further to an application made under subsection 83.05(2) of the Criminal Code or as a result of paragraph 83.05(6)(d) of that Act, then the entity is deemed not to have become a listed terrorist entity and to not have been a listed terrorist entity throughout that period. Exclusions (1.1) For the purposes of paragraphs (2)(b), (3)(b) and (4)(b) and subsection (21), the following shall be deemed to be neither an amount expended in a taxation year on charitable activities nor a gift made to a qualified donee: (a) a designated gift; (b) [Repealed, 2018, c. 27, s. 17] (c) a transfer that has, because of paragraph (c) of the description of B in subsection 188(1.1), paragraph 189(6.2)(b) or subsection 189(6.3), reduced the amount of a liability under Part V; and (d) expenditures on administration and management of the charity. Authority of Minister (1.2) For the purposes of the determination of B in the definition disbursement quota in subsection 149.1(1), the Minister may (a) authorize a change in the number of periods chosen by a registered charity in determining the prescribed amount; and (b) accept any method for the determination of the fair market value of property or a portion thereof that may be required in determining the prescribed amount. Revocation of registration of charitable organization (2) The Minister may, in the manner described in section 168, revoke the registration of a charitable organization for any reason described in subsection 168(1) or where the organization (a) carries on a business that is not a related business of that charity; (b) fails to expend in any taxation year, on charitable activities carried on by it and by way of gifts made by it that are qualifying disbursements, amounts the total of which is at least equal to the organization’s disbursement quota for that year; or (c) makes a disbursement, other than (i) a disbursement made in the course of charitable activities carried on by it, or (ii) a qualifying disbursement. Revocation of registration of public foundation (3) The Minister may, in the manner described in section 168, revoke the registration of a public foundation for any reason described in subsection 168(1) or where the foundation (a) carries on a business that is not a related business of that charity; (b) fails to expend in any taxation year, on charitable activities carried on by it and by way of gifts made by it that are qualifying disbur