GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3
paid-up capital value of a share means the amount determined by the formula A/B where A is the paid-up capital of the corporation that is represented by the shares of the class to which that share belongs, and B is the number of shares of that class that are in fact issued and outstanding; ( valeur en capital versé )
Income Tax Act — I-3.3
revoked plan means a deferred profit sharing plan the registration of which has been revoked by the Minister pursuant to subsection 147(14) or 147(14.1).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 )
Income Tax Act — I-3.3 204.1
Tax payable by individuals 204.1 (1) Where, at the end of any month after May, 1976, an individual has an excess amount for a year in respect of registered retirement savings plans, the individual shall, in respect of that month, pay a tax under this Part equal to 1% of that portion of the total of all those excess amounts that has not been paid by those plans to the individual before the end of that month. Amount deemed repaid (2) For the purposes of subsection 204.1(1), where an amount in respect of a plan has been included in computing an individual’s income pursuant to paragraph 146(12)(b), that amount shall be deemed to have been paid to the individual by the plan at the time referred to in that paragraph. Tax payable by individuals -- contributions after 1990 (2.1) Where, at the end of any month after December, 1990, an individual has a cumulative excess amount in respect of registered retirement savings plans, the individual shall, in respect of that month, pay a tax under this Part equal to 1% of that cumulative excess amount. Tax payable by deferred profit sharing plan (3) Where, at the end of any month after May, 1976, a trust governed by a deferred profit sharing plan has an excess amount, the trust shall, in respect of that month, pay a tax under this Part equal to 1% of the excess amount. Waiver of tax (4) Where an individual would, but for this subsection, be required to pay a tax under subsection 204.1(1) or 204.1(2.1) in respect of a month and the individual establishes to the satisfaction of the Minister that (a) the excess amount or cumulative excess amount on which the tax is based arose as a consequence of reasonable error, and (b) reasonable steps are being taken to eliminate the excess, the Minister may waive the tax. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 204.1 2024, c. 17, s. 61(F)
Income Tax Act — I-3.3 204.3
Return and payment of tax 204.3 (1) Within 90 days after the end of each year after 1975, a taxpayer to whom this Part applies shall (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 the taxpayer under this Part in respect of each month in the year; and (c) pay to the Receiver General the amount of tax, if any, payable by the taxpayer under this Part in respect of each month in the year. Provisions applicable to Part (2) 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.] 1976-77, c. 4, s. 69; 1980-81-82-83, c. 48, s. 115; 1985, c. 45, s. 126(F); 1986, c. 6, s. 106
Income Tax Act — I-3.3 204.4
eemed to be a registered investment for each month or part of a month after the notification during which an interest in, or a share of the capital stock of, the taxpayer continues, by virtue of having been a registered investment, to be a qualified investment for a plan or fund referred to in subsection (1). Cancellation of revocation (5) Where a registered investment has been notified pursuant to paragraph 204.4(3)(a) and within 3 months from the date of notification it satisfies the Minister that it is acceptable for registration under this Part, the Minister may declare the notification to be a nullity. Successor trust (6) Where at any time in a year a particular trust described in paragraph 204.4(2)(a) or 204.4(2)(b) has substantially the same beneficiaries and can reasonably be regarded as being a continuation of another trust that was a registered investment in the year or the immediately preceding year, for the purposes of this Part, the particular trust shall be deemed to be the same trust as the other trust. Deemed registration of registered investment (7) Where at the end of any month a registered investment could qualify for acceptance at that time under subsection 204.4(2), it shall be deemed for the purposes of section 204.6 to have been registered under the first of the following paragraphs under which it is registrable regardless of the paragraph under which it was accepted for registration by the Minister: (a) paragraph 204.4(2)(c) or 204.4(2)(e), as the case may be; (b) paragraph 204.4(2)(a); (c) paragraph 204.4(2)(d) or 204.4(2)(f), as the case may be; and (d) paragraph 204.4(2)(b). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 204.4; 2001, c. 17, s. 224; 2005, c. 30, s. 12; 2013, c. 34, s. 154
Income Tax Act — I-3.3 204.5
Publication 204.5 Each year the Minister shall make available to the public, in such a manner as the Minister deems appropriate, the names of all registered investments as of December 31 of the preceding 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. 204.5 2023, c. 26, s. 59
Income Tax Act — I-3.3 204.6
Tax payable 204.6 (1) If at the end of any month a taxpayer that is a registered investment described in paragraph 204.4(2)(b), (d) or (f) holds property that is not a prescribed investment for that taxpayer, it shall, in respect of that month, pay a tax under this Part equal to the total of all amounts each of which is an amount determined in respect of such a property by the formula 0.01(A × B ÷ C) where A is the fair market value of the property at the time of its acquisition by the taxpayer; B is the total number of units or shares of the capital stock of the registered investment held at the end of the month by one or more (a) trusts that are governed by any of a FHSA, RDSP, RESP, RRIF, RRSP, TFSA or deferred profit sharing plan, or (b) registered investments described in paragraph 204.4(2)(b), (d) or (f); and C is the total number of issued units or issued and outstanding shares of the capital stock of the registered investment at the end of the month. Tax payable (2) Where at the end of any month a taxpayer that is a registered investment described in paragraph 204.4(2)(a) or (b) holds property that is a share, bond, mortgage, hypothecary claim or other security of a corporation or debtor (other than bonds, mortgages, hypothecary claims and other securities of or guaranteed by Her Majesty in right of Canada or a province or Canadian municipality), it shall, in respect of that month, pay a tax under this Part equal to 1% of the amount, if any, by which (a) the total of all amounts each of which is the fair market value of such a property at the time of its acquisition exceeds (b) 10% of the amount by which (i) the total of all amounts each of which is the fair market value, at the time of acquisition, of one of its properties exceeds (ii) the total of all amounts each of which is an amount owing by the trust at the end of the month in respect of the acquisition of real property or immovables. Tax payable — real property or immovables (3) If at the end of any month a taxpayer that is a registered investment described in paragraph 204.4(2)(a) holds real or immovable property, it shall, in respect of that month, pay a tax under this Part equal to 1% of the total of all amounts each of which is the amount by which the excess of (a) the fair market value at the time of its acquisition of any one real or immovable property of the taxpayer over (b) the total of all amounts each of which was an amount owing by it at the end of the month on account of its acquisition of the real or immovable property was greater than 10% of the amount by which the total of all amounts each of which is the fair market value at the time of its acquisition of a property held by it at the end of the month exceeds the total of all amounts each of which was an amount owing by it at the end of the month on account of its acquisition of real or immovable property. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 204.6; 2001, c. 17, s. 225; 2013, c. 34, s. 155 2022, c. 19, s. 49
Income Tax Act — I-3.3 204.7
Return and payment of tax 204.7 (1) Within 90 days from the end of each taxation year commencing after 1980, a registered investment shall (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 amount of tax, if any, payable by it under this Part for the year. Liability of trustee (2) Where the trustee of a registered investment that is liable to pay tax under this Part does not remit to the Receiver General the amount of the tax within the time specified in subsection 204.7(1), the trustee is personally liable to pay on behalf of the registered investment the full amount of the tax and is entitled to recover from the registered investment any amount paid by the trustee as tax under this section. Provisions applicable to Part (3) 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.] 1980-81-82-83, c. 48, s. 94; 1985, c. 45, s. 126(F); 1986, c. 6, s. 108
Income Tax Act — I-3.3 204.8
e period of time after the exchange, Class A shareholders of the predecessor corporation receive all of the Class A shares of the particular corporation issued to the predecessor corporation in the course of a wind-up of the predecessor corporation. ( société sortante ) When venture capital business discontinued (2) For the purposes of section 127.4, this Part and Part XII.5, a corporation discontinues its venture capital business (a) at the time its articles cease to comply with paragraph 204.81(1)(c) and would so cease to comply if it had been incorporated after December 5, 1996; (b) at the time it begins to wind-up, and for the purpose of this paragraph a corporation is not to be considered to have begun to wind up solely because it discontinues its venture capital business under prescribed wind-up rules; (c) immediately before the time it amalgamates or merges with one or more other corporations to form one corporate entity (other than an entity deemed by paragraph 204.85(3)(d) to have been registered under this Part); (d) at the time it becomes a revoked corporation, if one of the grounds on which the Minister could revoke its registration for the purposes of this Part is set out in paragraph 204.81(6)(a.1); or (e) at the first time after the revocation of its registration for the purposes of this Part that it fails to comply with any of the provisions of its articles governing its authorized capital, the management of its business and affairs, the reduction of paid-up capital or the redemption or transfer of its Class A shares. Date of issue of Class A shares (3) For the purposes of this Part and subsection 211.8(1), in determining the time of the issue or the original acquisition of Class A shares, identical Class A shares held by a person are deemed to be disposed of by the person in the order in which the shares were issued. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 164, Sch. VIII, s. 118, c. 8, s. 29; 1997, c. 25, s. 55; 1998, c. 19, ss. 51, 209; 2000, c. 19, s. 54; 2005, c. 30, s. 13; 2013, c. 34, s. 335
Income Tax Act — I-3.3 (a)
eligible business entity , at any time, means a particular entity that is (a) a prescribed corporation, or (b) a Canadian partnership or a taxable Canadian corporation, all or substantially all of the fair market value of the property of which is, at that time, attributable to (i) property used in a specified active business carried on by the particular entity or by a corporation controlled by the particular entity, (ii) shares of the capital stock or debt obligations of one or more entities that, at that time, are eligible business entities related to the particular entity, or (iii) any combination of properties described in subparagraph (i) or (ii); ( entreprise admissible )
Income Tax Act — I-3.3
eligible labour body means a trade union, as defined in the Canada Labour Code, that represents employees in more than one province, or an organization that is composed of 2 or more such unions; ( organisme syndical admissible )
Income Tax Act — I-3.3
labour-sponsored funds tax credit [Repealed, 1997, c. 25, s. 55(1)]
Income Tax Act — I-3.3
national central labour body [Repealed, 1994, c. 7, Sch. VIII, s. 118(2)]
Income Tax Act — I-3.3
original acquisition of a share has the meaning assigned by subsection 127.4(1); ( acquisition initiale )
Income Tax Act — I-3.3
original purchaser [Repealed, 1997, c. 25, s. 55(2)]
Income Tax Act — I-3.3
registered labour-sponsored venture capital corporation [Repealed, 1997, c. 25, s. 55(1)]
Income Tax Act — I-3.3 (a)
reserve means (a) property described in any of paragraphs (a), (b), (c), (f) and (g) of the definition qualified investment in section 204, and (b) deposits with a credit union that is a member institution in relation to a deposit insurance corporation (within the meaning assigned by subsection 137.1(5)); ( réserve )
Income Tax Act — I-3.3
revoked corporation means a corporation the registration of which has been revoked under subsection 204.81(6); ( Version anglaise seulement )
Income Tax Act — I-3.3 (a)
specified active business , at any time, means an active business that is carried on in Canada where (a) at least 50% of the full-time employees employed at that time in respect of the business are employed in Canada, and (b) at least 50% of the salaries and wages paid to employees employed at that time in respect of the business are reasonably attributable to services rendered in Canada by the employees; ( entreprise déterminée exploitée activement )
Income Tax Act — I-3.3
specified individual , in respect of a share, means an individual (other than a trust) whose labour-sponsored funds tax credit (as defined by subsection 127.4(6)) in respect of the original acquisition of the share is not nil or would not be nil if this Act were read without reference to paragraphs 127.4(6)(b) and 127.4(6)(d). ( particulier déterminé )
Income Tax Act — I-3.3 (a)
start-up period of a corporation means (a) subject to paragraph (c), in the case of a corporation that first issued Class A shares before February 17, 1999, the corporation’s taxation year in which it first issued those shares and the four following taxation years, (b) subject to paragraph (c), in the case of a corporation that first issues Class A shares after February 16, 1999, the corporation’s taxation year in which it first issues those shares and the following taxation year, or (c) where a corporation files an election with its return under this Part for a particular taxation year of the corporation that ends after 1998 and that is referred to in paragraph (a) or (b), the period, if any, consisting of the taxation years referred to in paragraph (a) or (b), as the case may be, other than the particular year and all taxation years following the particular year. ( période de démarrage )
Income Tax Act — I-3.3 (a)
terminating corporation in respect of a particular corporation means a predecessor corporation in circumstances where (a) subsection 204.85(3) applies to a merger of the particular corporation and the predecessor corporation, (b) Class A shares of the particular corporation have been issued to the predecessor corporation in exchange for property of the predecessor corporation, and (c) within a reasonable period of time after the exchange, Class A shareholders of the predecessor corporation receive all of the Class A shares of the particular corporation issued to the predecessor corporation in the course of a wind-up of the predecessor corporation. ( société sortante )
Income Tax Act — I-3.3 204.81
n of a corporation under subsection 204.81(7), the corporation may appeal to the Federal Court of Appeal from the decision or from the giving of the notice. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 164, Sch. VIII, s. 119, c. 8, s. 30; 1997, c. 25, s. 56; 1998, c. 19, s. 52; 2000, c. 12, ss. 137, 142, c. 19, s. 55; 2009, c. 2, s. 67; 2010, c. 25, s. 55; 2013, c. 34, s. 336, c. 40, s. 73; 2014, c. 20, s. 24
Income Tax Act — I-3.3 204.82
82(2) to pay a tax in respect of 12 consecutive months (in this subsection referred to as the “particular period”), the corporation shall pay a tax under this Part for a taxation year in respect of each particular period that ends in the year equal to the total of the amounts determined by the formula (A/12 × 20%) - (B - C) where A is the total of the monthly deficiencies for each month in the particular period; B is the total of all taxes payable by the corporation under subsection 204.82(1) for preceding taxation years and taxes payable by it under this subsection in respect of a period ending before the end of the particular period; and C is the total of all amounts refunded under section 204.83 in respect of the tax paid under this subsection by the corporation for preceding taxation years. Penalty (4) Where a corporation is liable under subsection 204.82(3) to pay a tax for a taxation year, the corporation shall pay, in addition to the tax payable under that subsection, a penalty for the year equal to that tax. Provincially registered LSVCCs (5) Where (a) an amount (other than interest on an amount to which this subsection applies or an amount payable under or as a consequence of a prescribed provision of a law of a province) is payable to the government of a province by a corporation, (b) the amount is payable as a consequence of a failure to acquire sufficient properties of a character described in the law of the province, (c) the corporation has been prescribed for the purpose of the definition approved share in subsection 127.4(1), and (d) the corporation is not a registered labour-sponsored venture capital corporation or a revoked corporation, the corporation shall pay a tax under this Part for the taxation year in which the amount became payable equal to that amount. Further matching of amounts payable to a province (6) Where (a) a particular amount is payable (other than interest on an amount to which this subsection applies) by a registered labour-sponsored venture capital corporation or a revoked corporation to the government of a province as a consequence of a failure of a prescribed corporation to acquire sufficient properties of a character described in a law of the province, and (b) the particular amount became payable before the corporation first discontinued its venture capital business, the corporation shall pay a tax under this Part for the taxation year in which the particular amount became payable equal to that amount. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 164; 1998, c. 19, s. 53; 1999, c. 22, s. 69; 2000, c. 19, s. 56
Income Tax Act — I-3.3 204.83
Refunds for federally registered LSVCCs 204.83 (1) If a corporation is required, under subsections 204.82(3) and (4), to pay a tax and a penalty under this Part for a taxation year, it has no monthly deficiency throughout any period of 12 consecutive months (in this section referred to as the “second period”) that begins after the 12-month period in respect of which the tax became payable (in this section referred to as the “first period”) and it so requests in an application filed with the Minister in prescribed form, the Minister shall refund to it an amount equal to the total of the amount that was paid under subsection 204.82(3) and 80% of the amount that was paid under subsection 204.82(4) in respect of the first period on or before the later of (a) the 30th day after receiving the application, and (b) the 60th day after the end of the second period. Refunds of amounts payable to provinces (2) Where (a) the government of a province refunds, at any time, an amount to a corporation, (b) the refund is of an amount that had been paid in satisfaction of a particular amount payable in a taxation year of the corporation, and (c) tax was payable under subsection 204.82(5) or (6) by the corporation for a taxation year because the particular amount became payable, the corporation is deemed to have paid at that time an amount equal to the refund on account of its tax payable under this Part for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 164; 1998, c. 19, s. 54; 1999, c. 22, s. 70; 2000, c. 19, s. 57
Income Tax Act — I-3.3 204.84
Penalty 204.84 Every corporation that for a taxation year issues an information return described in paragraph 204.81(6)(c) in respect of (a) the issuance of a share when the corporation was a revoked corporation, or (b) a subscription in respect of a share if the share is not issued on or before the day that is 180 days after the day the information return was issued, is liable to a penalty for the year equal to the amount of the consideration for which the share was or was to be issued. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 164
Income Tax Act — I-3.3 204.841
Penalty tax where venture capital business discontinued 204.841 Where, at a particular time in a taxation year, a particular corporation that is a registered labour-sponsored venture capital corporation or a revoked corporation first discontinues its venture capital business, the particular corporation shall pay a tax under this Part for the year equal to the total of all amounts each of which is the amount in respect of a Class A share of the capital stock of the particular corporation outstanding immediately before the particular time that is determined by the formula A × B where A is (a) if the original acquisition of the share was before March 6, 1996 and less than five years before the particular time, 4% of the consideration received by the particular corporation for the issue of the share, (b) if the original acquisition of the share was after March 5, 1996 and less than eight years before the particular time, 1.875% of the consideration received by the particular corporation for the issue of the share, and (c) in any other case, nil; and B is (a) if the original acquisition of the share was before March 6, 1996, the number obtained when the number of whole years throughout which the share was outstanding before the particular time is subtracted from five, and (b) in any other case, the number obtained when the number of whole years throughout which the share was outstanding is subtracted from eight. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2000, c. 19, s. 58