GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 194
ursuant to which an amount is paid by a person to a corporation as consideration for the granting by the corporation to that person of any right, either absolute or contingent, to receive income, other than interest or dividends. Late designation (7) Where a taxable Canadian corporation that issued a share or debt obligation or granted a right under a scientific research and experimental development financing contract does not designate an amount under subsection 194(4) in respect of the share, debt obligation or right on or before the day on or before which the designation was required by that subsection, the corporation shall be deemed to have made the designation on that day if (a) the corporation has filed with the Minister a prescribed information return relating to the scientific research and experimental development tax credit in respect of the share, debt obligation or right within the time that it would have been so required to file the return had the designation been filed on that day, and (b) within 3 years after that day, the corporation has (i) designated an amount in respect of the share, debt obligation or right by filing a prescribed form with the Minister, and (ii) paid to the Receiver General, at the time the prescribed form referred to in subparagraph 194(7)(b)(i) is filed, an amount that is a reasonable estimate of the penalty payable by the corporation for the late designation in respect of the share, debt obligation or right, except that, where the Minister has mailed a notice to the corporation that a designation has not been made in respect of the share, debt obligation or right under subsection 194(4), the designation and payment described in paragraph 194(7)(b) must be made by the corporation on or before the day that is 90 days after the day of the mailing. Penalty for late designation (8) Where, pursuant to subsection 194(7), a corporation made a late designation in respect of a share or debt obligation issued, or a right granted, in a month, the corporation shall pay, for each month or part of a month that elapsed during the period beginning on the last day on or before which an amount could have been designated by the corporation under subsection 194(4) in respect of the share, debt obligation or right and ending on the day that the late designation is made, a penalty for the late designation in respect of the share, debt obligation or right in an amount equal to 1% of the amount designated in respect of the share, debt obligation or right, except that the maximum penalty payable under this subsection by the corporation for a month shall not exceed $500. Restriction (9) Where at any time a corporation has designated an amount under subsection 194(4) in respect of a share, debt obligation or right, no amount may be designated by the corporation at any subsequent time in respect of that share, debt obligation or right. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“194”; 1977-78, c. 1, s. 88; 1984, c. 1, ss. 73, 95, c. 45, s. 82; 1985, c. 45, s. 105; 1986, c. 6, ss. 15, 103
Income Tax Act — I-3.3
debt obligation has the meaning assigned by paragraph (d) of the description of A in the formula found in the definition scientific research and experimental development tax credit in subsection 127.3(2); ( créance )
Income Tax Act — I-3.3 (a)
refundable Part VIII tax on hand of a corporation at the end of a taxation year means the amount, if any, by which (a) the total of the taxes payable by it under this Part for the year and all preceding taxation years exceeds (b) the total of its Part VIII refunds for all preceding taxation years. ( impôt de la partie VIII en main remboursable )
Income Tax Act — I-3.3 195
reasonably be considered to be the avoidance of tax that might otherwise have been or become payable under Part II of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, by any corporation, a particular corporation has issued a share or debt obligation or granted a right in a taxation year in respect of which it has designated an amount under subsection 194(4), the particular corporation shall, on or before the last day of the second month after the end of the year, pay a tax under this Part for the year equal to 125% of the amount of tax under Part II of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, 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 127.3(9) in respect of any share or debt obligation that was part of a distribution of shares or debt obligations 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 194(4) in respect of those shares or debt obligations 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 194(4) in respect of those shares or debt obligations 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 50% 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 195(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 (except subsections 164(1.1) to 164(1.3)) and Division J of Part I are applicable to this Part with such modifications as the circumstances require and, for greater certainty, the Minister may assess, before the end of a taxation year, an amount payable under this Part for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“195”; 1977-78, c. 1, s. 88; 1984, c. 1, s. 95, c. 45, s. 83; 1985, c. 45, s. 106; 1986, c. 6, s. 104, c. 24, s. 1
Income Tax Act — I-3.3 196
Tax in respect of cumulative offset account 196 (1) Every corporation shall pay a tax under this Part for each taxation year equal to 30% of the amount deducted under subsection 66.5(1) in computing its income for the year. Return (2) Every corporation that is 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 it is required under section 150 to file a return of its income for the year under Part I, a return for the year under this Part in prescribed form containing an estimate of the amount of tax payable by it under this Part for the year. Instalments (3) Where a corporation is liable to pay tax for a taxation year under this Part, the corporation shall pay in respect of the year, to the Receiver General (a) on or before the last day of each month in the year, an amount equal to 1/12 of the amount of tax payable by it under this Part for the year; and (b) the remainder, if any, of the tax payable by it under this Part for the year, on or before its balance-due day for the year. Provisions applicable to Part (4) Sections 152, 158 and 159, subsections 161(1) and 161(2), 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. 196; 2003, c. 15, s. 123
Income Tax Act — I-3.3 197
 and 161 to 167 and Division J of Part I apply to this Part, with any modifications that the circumstances require, and for greater certainty, (a) a notice of assessment referred to in subsection 152(2) in respect of tax payable under this Part is valid notwithstanding that a partnership is not a person; and (b) notwithstanding subsection 152(4), the Minister may at any time make an assessment or reassessment of tax payable under this Part or Part I to give effect to a determination made by the Minister under subsection 152(1.4), including the assessment or reassessment of Part I tax payable in respect of the disposition of an interest in a SIFT partnership by a member of the partnership. Payment (7) Every SIFT partnership shall pay to the Receiver General, on or before its SIFT partnership balance-due day for each taxation year, its tax payable under this Part for the taxation year. Application of definition SIFT partnership (8) The definition SIFT partnership applies to a partnership for a taxation year of the partnership that ends after 2006, except that if the partnership would have been a SIFT partnership on October 31, 2006 had that definition been in force and applied to the partnership as of that date, that definition does not apply to the partnership for a taxation year of the partnership that ends before the earlier of (a) 2011, and (b) the first day after December 15, 2006 on which the partnership exceeds normal growth as determined by reference to the normal growth guidelines issued by the Department of Finance on December 15, 2006, as amended from time to time, unless that excess arose as a result of a prescribed transaction. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2007, c. 29, s. 24; 2008, c. 28, s. 30; 2009, c. 2, s. 65; 2013, c. 40, s. 72
Income Tax Act — I-3.3 (a)
non-portfolio earnings , of a SIFT partnership for a taxation year, means the total of (a) the amount, if any, by which (i) the total of all amounts each of which is the SIFT partnership’s income for the taxation year from a business carried on by it in Canada or from a non-portfolio property, other than income that is a taxable dividend received by the SIFT partnership, exceeds (ii) the total of all amounts each of which is the SIFT partnership’s loss for the taxation year from a business carried on by it in Canada or from a non-portfolio property, and (b) the amount, if any, by which all taxable capital gains of the SIFT partnership from dispositions of non-portfolio properties during the taxation year exceeds the total of the allowable capital losses of the SIFT partnership for the taxation year from dispositions of non-portfolio properties during the taxation year. ( gains hors portefeuille )
Income Tax Act — I-3.3 (a)
SIFT partnership , being a specified investment flow-through partnership, for any taxation year, means a partnership other than an excluded subsidiary entity (as defined in subsection 122.1(1)) for the taxation year that meets the following conditions at any time during the taxation year: (a) the partnership is a Canadian resident partnership; (b) investments (as defined in subsection 122.1(1)) in the partnership are listed or traded on a stock exchange or other public market; and (c) the partnership holds one or more non-portfolio properties. ( société de personnes intermédiaire de placement déterminée )
Income Tax Act — I-3.3 (a)
taxable non-portfolio earnings of a SIFT partnership, for a taxation year, means the lesser of (a) the amount that would, if the SIFT partnership were a taxpayer for the purposes of Part I and if subsection 96(1) were read without reference to its paragraph (d), be its income for the taxation year as determined under section 3; and (b) its non-portfolio earnings for the taxation year. ( gains hors portefeuille imposables )
Income Tax Act — I-3.3 198
n of a non-qualified investment at a cost equal to the amount of the payment. Idem (6.1) A life insurance policy giving an option to the policyholder to receive annuity payments that otherwise complies with paragraph 198(6)(d) shall be deemed, (a) where the option has not been exercised, to comply with that paragraph; and (b) where at a particular time the option is exercised, to have been disposed of at that time for an amount equal to the cash surrender value of the policy immediately before that time, and an annuity contract shall be deemed to have been acquired at that time at a cost equal to that amount. Idem (7) Notwithstanding subsection 198(6), where the total of all payments made in a year by a trust governed by a deferred profit sharing plan or revoked plan under or to acquire interests in life insurance policies in respect of which the trust is the only person entitled to any rights or benefits (other than the rights or benefits of the insurer) does not exceed an amount equal to 25% of the total of all amounts paid by employers to the trust in the year under the plan for the benefit of beneficiaries thereunder, the making of the payments under or to acquire interests in such policies shall be deemed, for the purposes of this section, not to be the acquisition of non-qualified investments. Idem (8) Where a trust surrenders, cancels, assigns or otherwise disposes of its interest in a life insurance policy, (a) the trust shall be deemed, for the purposes of subsection 198(4), to have disposed of each non-qualified investment that, by virtue of payments under the policy, it was deemed by subsection 198(6) to have acquired; and (b) the proceeds of the disposition shall be deemed to be the amount, if any, by which (i) the amount received by the trust in consequence of the surrender, cancellation, assignment or other disposition of its interest in the policy exceeds the total of (ii) each amount paid by the trust under or to acquire an interest in the policy, the payment of which is deemed by this section not to be the acquisition of a non-qualified investment, and (iii) the cash surrender value on December 21, 1966 of the interest of the trust in the policy on that date. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 198; 1997, c. 25, s. 54; 2007, c. 29, s. 25
Income Tax Act — I-3.3 199
Tax on initial non-qualified investments not disposed of 199 (1) Every trust governed by a deferred profit sharing plan or revoked plan shall pay a tax (a) for 1967, equal to the amount, if any, by which 20% of the initial base of the trust exceeds the proceeds of disposition of its initial non-qualified investments disposed of after December 21, 1966 and before 1968; (b) for 1968, equal to the amount, if any, by which 40% of the initial base of the trust exceeds the total of (i) the proceeds of disposition of its initial non-qualified investments disposed of after December 21, 1966 and before 1969, and (ii) the tax payable by the trust determined under paragraph 199(1)(a); (c) for 1969, equal to the amount, if any, by which 60% of the initial base of the trust exceeds the total of (i) the proceeds of disposition of its initial non-qualified investments disposed of after December 21, 1966 and before 1970, and (ii) the tax payable by the trust determined under paragraphs 199(1)(a) and 199(1)(b); and (d) for 1970, equal to the amount, if any, by which 100% of the initial base of the trust exceeds the total of (i) the proceeds of disposition of its initial non-qualified investments disposed of after December 21, 1966 and before 1971, and (ii) the tax payable by the trust determined under paragraphs 199(1)(a), 199(1)(b) and 199(1)(c). Refund (2) Where at the end of a year, (a) the total of all taxes paid by a trust under subsection 199(1) exceeds (b) the total of (i) all refunds made to the trust under this subsection, and (ii) the amount, if any, by which the initial base of the trust exceeds the proceeds of disposition of its initial non-qualified investments disposed of after December 21, 1966 and before the end of the year, the trust is, on application in accordance with section 202, entitled to a refund equal to the amount by which the total described in paragraph 199(2)(a) exceeds the total described in paragraph 199(2)(b). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“199”
Income Tax Act — I-3.3 200
Distribution deemed disposition 200 For the purposes of this Part, a distribution by a trust of a non-qualified investment to a beneficiary of the trust shall be deemed to be a disposition of that non-qualified investment and the proceeds of disposition of that non-qualified investment shall be deemed to be its fair market value at the time of the distribution. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 200; 2013, c. 34, s. 334(F)
Income Tax Act — I-3.3 201
Tax where inadequate consideration on purchase or sale 201 Every trust governed by a deferred profit sharing plan or a revoked plan shall, for each calendar year after 1990, pay a tax equal to 50% of the total of all amounts each of which is, by reason of subsection 147(18), an amount taxable under this section for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“201”; 1976-77, c. 4, s. 68; 1990, c. 35, s. 20
Income Tax Act — I-3.3 203
Application to other taxes 203 Instead of making a refund to which a trust is entitled under subsection 198(4) or 198(5) or 199(2), the Minister may, where the trust is liable or about to become liable to make another payment under this Act, apply the amount of the refund or any part thereof to that other liability and notify a trustee of the trust of that action. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“203”
Income Tax Act — I-3.3 204
orporation (A) paid a dividend on each share of the class of an amount not less than 4% of the cost per share of the shares to the trust, or (B) had earnings attributable to the shares of the class of an amount not less than the amount obtained when 4% of the cost per share to the trust of the shares is multiplied by the total number of shares of the class that were outstanding immediately after the acquisition, (f) guaranteed investment certificates issued by a trust company incorporated under the laws of Canada or of a province, (g) investment contracts described in subparagraph (b)(ii) of the definition retirement savings plan in subsection 146(1) and issued by a corporation approved by the Governor in Council for the purposes of that subparagraph, and (h) prescribed investments; (i) [Repealed, 2007, c. 29, s. 26] ( placement admissible ) revoked plan means a deferred profit sharing plan the registration of which has been revoked by the Minister pursuant to subsection 147(14) or 147(14.1). ( régime dont l’agrément est retiré ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 204; 1994, c. 7, Sch. III, s. 20(F); 2001, c. 17, ss. 168, 223; 2007, c. 29, s. 26, c. 35, s. 57; 2009, c. 2, s. 66
Income Tax Act — I-3.3
debt obligation means a bond, debenture, note or similar obligation; ( titre de créance )
Income Tax Act — I-3.3 (a)
equity share means (a) a share, other than an excluded share or a non-participating share, the owner of which has, as owner thereof, a right (i) to a dividend, and (ii) to a part of the surplus of the corporation after repayment of capital and payment of dividend arrears on the redemption of the share, a reduction of the capital of the corporation or the winding-up of the corporation, at least as great, in any event, as the right of the owner of any other share, other than a non-participating share, of the corporation, when the magnitude of the right in each case is expressed as a rate based on the paid-up capital value of the share to which the right relates, or (b) a share, other than an excluded share or a non-participating share, the owner of which has, as owner thereof, a right (i) to a dividend, after a dividend at a rate not in excess of 12% per annum of the paid-up capital value of each share has been paid to the owners of shares of a class other than the class to which that share belongs, and (ii) to a part of the surplus of the corporation after repayment of capital and payment of dividend arrears on the redemption of the share, a reduction of the capital of the corporation or the winding-up of the corporation, after a payment of a part of the surplus at a rate not in excess of 10% of the paid-up capital value of each share has been made to the owners of shares of a class other than the class to which that share belongs, at least as great, in any event, as the right of the owner of any other share, other than a non-participating share, of the corporation, when the magnitude of the right in each case is expressed as a rate based on the paid-up capital value of the share to which the right relates; ( action à revenu variable )
Income Tax Act — I-3.3 (a)
excluded property , in relation to a trust governed by a deferred profit sharing plan or revoked plan, means a debt obligation or bankers’ acceptance issued by (a) an employer by whom payments are made in trust to a trustee under the plan for the benefit of beneficiaries under the plan, or (b) a corporation with whom that employer does not deal at arm’s length; ( bien exclu )
Income Tax Act — I-3.3 (a)
excluded share means each share of the capital stock of a private corporation where (a) the paid-up capital of the corporation that is represented by all its issued and outstanding shares that would, but for this definition, be equity shares is less than 50% of the paid-up capital of the corporation that is represented by all its issued and outstanding shares other than non-participating shares, or (b) a non-participating share of the corporation is issued and outstanding and the owner of which has, as owner thereof, a right to a dividend (i) at a fixed annual rate in excess of 12%, or (ii) at an annual rate not in excess of a fixed maximum annual rate, if the fixed maximum annual rate is in excess of 12%, when the right to the dividend is expressed as a rate based on the paid-up capital value of the share to which the right relates; ( action exclue )
Income Tax Act — I-3.3 (a)
initial base of a trust means the total of the values of all initial non-qualified investments held by the trust on December 21, 1966 when each such investment is valued at the lower of (a) its cost to the trust, and (b) its fair market value on December 21, 1966; ( base initiale )
Income Tax Act — I-3.3 (a)
initial non-qualified investment of a trust means an investment held by the trust on December 21, 1966 that was, on that date, a non-qualified investment but does not include (a) any interest in a life insurance policy, or (b) an equity share that would be a qualified investment if the date of acquisition of the share were December 21, 1966; ( placement initial non admissible )
Income Tax Act — I-3.3 (a)
non-participating share means (a) in the case of a private corporation, a share the owner of which is not entitled to receive, as owner thereof, any dividend, other than a dividend, whether cumulative or not, (i) at a fixed annual rate or amount, or (ii) at an annual rate or amount not in excess of a fixed annual rate or amount, and (b) in the case of a corporation other than a private corporation, any share other than a common share; ( action non participante )
Income Tax Act — I-3.3
non-qualified investment means property that is not a qualified investment for a trust governed by a deferred profit sharing plan or revoked plan within the meaning of the definition qualified investment in this subsection; ( placement non admissible )