GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 233.6
Returns respecting distributions from non-resident trusts 233.6 (1) Where a specified Canadian entity (as defined by subsection 233.3(1)) for a taxation year or fiscal period receives a distribution of property from, or is indebted to, a non-resident trust (other than a trust that was an excluded trust in respect of the year or period of the entity or an estate that arose on and as a consequence of the death of an individual) in the year or period and the entity is beneficially interested in the trust at any time in the year or period, the entity shall file with the Minister for the year or period a return in prescribed form on or before the day that is (a) where the entity is a partnership, the day on or before which a return is required by section 229 of the Income Tax Regulations to be filed in respect of the fiscal period of the partnership or would be required to be so filed if that section applied to the partnership; and (b) where the entity is not a partnership, the entity’s filing-due date for the year. Excluded trust defined (2) For the purpose of subsection 233.6(1), an excluded trust in respect of the taxation year or fiscal period of an entity means (a) a trust described in paragraph (a) or (b) of the definition exempt trust in subsection 233.2(1) throughout the portion of the year or period during which the trust was extant; (b) a trust in respect of which the entity is required by section 233.2 to file a return in respect of each taxation year of the trust that ends in the entity’s year; (c) a trust an interest in which is at any time in the year or period specified foreign property (as defined by subsection 233.3(1)) of the entity, where the entity is a reporting entity (as defined by subsection 233.3(1)) for the year or period; and (d) a trust in respect of which the entity is required by section 233.4 to file a return for the year or period. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1997, c. 25, s. 69
Income Tax Act — I-3.3 233.7
Exception for first-year residents 233.7 Notwithstanding sections 233.2, 233.3, 233.4 and 233.6, a person who, but for this section, would be required under any of those sections to file an information return for a taxation year, is not required to file the return if the person is an individual (other than a trust) who first became resident in Canada in the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1997, c. 25, s. 69
Income Tax Act — I-3.3 233.8
ry reports, (ii) has a qualifying competent authority agreement in effect to which Canada is a party on or before the time specified in subsection (6) for filing the country-by-country report in respect of the reporting fiscal year, (iii) is not in a position of systemic failure, and (iv) has been notified by the surrogate parent entity that it is the surrogate parent entity. Time for filing (6) A country-by-country report in respect of a reporting fiscal year of an MNE group that is required to be filed by a constituent entity under this section shall be filed on or before the later of (a) if notification of systemic failure has been received by the constituent entity, 30 days after receipt of the notification, and (b) 12 months after the last day of the reporting fiscal year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2016, c. 12, s. 61
Income Tax Act — I-3.3 (a)
business entity means (a) a person (other than an individual that is not a trust) or partnership; and (b) a business that is carried on through a permanent establishment, if a separate financial statement for the business is prepared for financial reporting, regulatory, tax reporting or internal management control purposes. ( entité )
Income Tax Act — I-3.3
consolidated financial statements means financial statements in which the assets, liabilities, income, expenses and cash flows of the members of a group are presented as those of a single economic entity. ( états financiers consolidés )
Income Tax Act — I-3.3 (a)
constituent entity , of an MNE group, means (a) any business entity of the MNE group that (i) is included in the consolidated financial statements of the MNE group for financial reporting purposes, or (ii) would be required to be included if equity interests in any of the business entities in the MNE group were traded on a public securities exchange; and (b) any business entity that is excluded from the MNE group’s consolidated financial statements solely because of size or materiality. ( entité constitutive )
Income Tax Act — I-3.3
excluded MNE group means two or more business entities that meet the conditions in paragraphs (a) and (b) of the definition MNE group , if, with respect to a particular fiscal year of the MNE group, it has a total consolidated group revenue of less than €750 million during the fiscal year immediately preceding the particular fiscal year, as reflected in its consolidated financial statements for the preceding fiscal year. ( groupe d’entreprises multinationales exclu )
Income Tax Act — I-3.3
fiscal year , of an MNE group, means an annual accounting period with respect to which the ultimate parent entity of the MNE group prepares its financial statements. ( exercice )
Income Tax Act — I-3.3 (a)
multinational enterprise group or MNE group means two or more business entities, if (a) they are either required to prepare consolidated financial statements for financial reporting purposes under applicable accounting principles or would be so required if equity interests in any of the business entities were traded on a public securities exchange; (b) one of the business entities is resident in a particular jurisdiction and (i) another business entity resides in a different jurisdiction, or (ii) is subject to tax in a different jurisdiction with respect to a business carried on by it through a business entity — described in paragraph (b) of the definition business entity — in that other jurisdiction; and (c) they are not an excluded MNE group. ( groupe d’entreprises multinationales )
Income Tax Act — I-3.3
permanent establishment has the meaning assigned by regulation. ( établissement stable )
Income Tax Act — I-3.3 (a)
qualifying competent authority agreement means an agreement that (a) is between authorized representatives of those jurisdictions that are parties to a listed international agreement; and (b) requires the automatic exchange of country-by-country reports between the party jurisdictions. ( accord admissible )
Income Tax Act — I-3.3
reporting fiscal year means a fiscal year, if the financial and operational results of the fiscal year are reflected in the country-by-country report. ( exercice déclarable )
Income Tax Act — I-3.3
surrogate parent entity means a constituent entity of an MNE group that has been appointed by the MNE group — in substitution for the ultimate parent entity — to file the country-by-country report on behalf of the MNE group, if one or more of the conditions in subparagraph (3)(b)(ii) applies. ( entité mère de substitution )
Income Tax Act — I-3.3 (a)
systemic failure means, with respect to a jurisdiction, that the jurisdiction has a qualifying competent authority agreement in effect with Canada, but (a) has suspended automatic exchange (for reasons other than those that are in accordance with the terms of the agreement); or (b) has persistently failed to automatically provide country-by-country reports in its possession — in respect of MNE groups that have constituent entities in Canada — to Canada. ( défaillance systémique )
Income Tax Act — I-3.3 (a)
ultimate parent entity means a constituent entity of an MNE group that meets the following conditions: (a) the constituent entity holds directly or indirectly a sufficient interest in one or more constituent entities of the MNE group so that it is required to prepare consolidated financial statements under accounting principles generally applied in its jurisdiction of residence, or would be so required if its equity interests were traded on a public securities exchange in its jurisdiction of residence; and (b) no other constituent entity of the MNE group holds, directly or indirectly, an interest in it that is described in paragraph (a). ( entité mère ultime )
Income Tax Act — I-3.3 234
Ownership certificates 234 (1) Before the bearer coupon or warrant representing either interest or dividends payable by any debtor or cheque representing dividends or interest payable by a non-resident debtor is negotiated by or on behalf of a resident of Canada, there shall be completed by or on behalf of the resident an ownership certificate in prescribed form. Idem (2) An ownership certificate completed pursuant to subsection 234(1) shall be delivered in such manner, at such time and at such place as may be prescribed. Idem (3) The operation of this section may be extended by regulation to bearer coupons or warrants negotiated by or on behalf of non-resident persons. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1 “234”; 1976-77, c. 4, s. 75; 1980-81-82-83, c. 48, s. 106; 1985, c. 45, s. 126(F); 1988, c. 55, s. 177
Income Tax Act — I-3.3 235
Penalty for failing to file corporate returns 235 Every large corporation (within the meaning assigned by subsection 225.1(8)) that fails to file a return for a taxation year as and when required by section 150 or 190.2 is liable, in addition to any penalty otherwise provided, to a penalty for each such failure equal to the amount determined by the formula A × B where A is the total of (a) 0.0005% of the corporation’s taxable capital employed in Canada (within the meaning assigned in Part I.3) at the end of the taxation year, and (b) 0.25% of the tax that would be payable under Part VI by the corporation for the year if this Act were read without reference to subsection 190.1(3); and B is the number of complete months, not exceeding 40, from the day on or before which the return was required to be filed to the day on which the return is filed. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 187, Sch. VIII, s. 135; 2006, c. 4, s. 88 2024, c. 17, s. 72
Income Tax Act — I-3.3 236
Execution of documents by corporations 236 A return, certificate or other document made by a corporation pursuant to this Act or a regulation shall be signed on its behalf by the President, Secretary or Treasurer of the corporation or by any other officer or person thereunto duly authorized by the Board of Directors or other governing body of the corporation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“236”
Income Tax Act — I-3.3 237.1
as filed, as the case may be, and (b) if the tax shelter is a gifting arrangement, the total of all amounts each of which is an amount stated or represented to be the value of property that the particular person could donate to a qualified donee. Application of ss. 231 to 231.3 (8) Without restricting the generality of sections 231 to 231.3, where an application under subsection 237.1(2) with respect to a tax shelter has been made, notwithstanding that a return of income has not been filed by any taxpayer under section 150 for the taxation year of the taxpayer in which an amount is claimed as a deduction in respect of the tax shelter, sections 231 to 231.3 apply, with such modifications as the circumstances require, for the purpose of permitting the Minister to verify or ascertain any information in respect of the tax shelter. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 237.1; 1994, c. 7, Sch. II, s. 188; 1998, c. 19, s. 234; 1999, c. 17, s. 169; 2003, c. 15, s. 87; 2005, c. 38, s. 138; 2012, c. 19, s. 15; 2013, c. 34, s. 355; 2018, c. 12, s. 34
Income Tax Act — I-3.3 (a)
gifting arrangement means any arrangement under which it may reasonably be considered, having regard to statements or representations made or proposed to be made in connection with the arrangement, that if a person were to enter into the arrangement, the person would (a) make a gift to a qualified donee, or a contribution referred to in subsection 127(4.1), of property acquired by the person under the arrangement; or (b) incur a limited-recourse debt, determined under subsection 143.2(6.1), that can reasonably be considered to relate to a gift to a qualified donee or a monetary contribution referred to in subsection 127(4.1); ( arrangement de don )
Income Tax Act — I-3.3 (a)
promoter in respect of a tax shelter means a person who in the course of a business (a) sells or issues, or promotes the sale, issuance or acquisition of, the tax shelter, (b) acts as an agent or adviser in respect of the sale or issuance, or the promotion of the sale, issuance or acquisition, of the tax shelter, or (c) accepts, whether as a principal or agent, consideration in respect of the tax shelter, and more than one person may be a tax shelter promoter in respect of the same tax shelter; ( promoteur )
Income Tax Act — I-3.3 (a)
tax shelter means (a) a gifting arrangement described by paragraph (b) of the definition gifting arrangement ; and (b) a gifting arrangement described by paragraph (a) of the definition gifting arrangement , or a property (including any right to income) other than a flow-through share or a prescribed property, in respect of which it can reasonably be considered, having regard to statements or representations made or proposed to be made in connection with the gifting arrangement or the property, that, if a person were to enter into the gifting arrangement or acquire an interest in the property, at the end of a particular taxation year that ends within four years after the day on which the gifting arrangement is entered into or the interest is acquired, (i) the total of all amounts each of which is (A) an amount, or a loss in the case of a partnership interest, represented to be deductible in computing the person’s income for the particular year or any preceding taxation year in respect of the gifting arrangement or the interest in the property (including, if the property is a right to income, an amount or loss in respect of that right that is stated or represented to be so deductible), or (B) any other amount stated or represented to be deemed under this Act to be paid on account of the person’s tax payable, or to be deductible in computing the person’s income, taxable income or tax payable under this Act, for the particular year or any preceding taxation year in respect of the gifting arrangement or the interest in the property, other than an amount so stated or represented that is included in computing a loss described in clause (A), would equal or exceed (ii) the amount, if any, by which (A) the cost to the person of the property acquired under the gifting arrangement, or of the interest in the property at the end of the particular year, determined without reference to section 143.2, would exceed (B) the total of all amounts each of which is the amount of any prescribed benefit that is expected to be received or enjoyed, directly or indirectly, in respect of the property acquired under the gifting arrangement, or of the interest in the property, by the person or another person with whom the person does not deal at arm’s length. ( abri fiscal )
Income Tax Act — I-3.3
“ ‘The identification number issued for this tax shelter shall be included in any income tax return filed by the investor. Issuance of the identification number is for administrative purposes only and does not in any way confirm the entitlement of an investor to claim any tax benefits associated with the tax shelter.’ ”
Income Tax Act — I-3.3
“ ‘ Le numéro d’inscription attribué à cet abri fiscal doit figurer dans toute déclaration d’impôt sur le revenu produite par l’investisseur. L’attribution de ce numéro n’est qu’une formalité administrative et ne confirme aucunement le droit de l’investisseur aux avantages fiscaux découlant de cet abri fiscal. ’ ”
Income Tax Act — I-3.3 237.2
Application of s. 237.1 237.2 Section 237.1 is applicable with respect to interests acquired after August 31, 1989. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 180
Income Tax Act — I-3.3
advisor , in respect of a transaction or series of transactions, means each person who provides, directly or indirectly in any manner whatever, any contractual protection in respect of the transaction or series, or any assistance or advice with respect to creating, developing, planning, organizing or implementing the transaction or series, to another person (including any person who enters into the transaction for the benefit of another person). ( conseiller )
Income Tax Act — I-3.3
avoidance transaction means a transaction if it may reasonably be considered that one of the main purposes of the transaction, or of a series of transactions of which the transaction is a part, is to obtain a tax benefit. ( opération d’évitement )
Income Tax Act — I-3.3
confidential protection , in respect of a transaction or series of transactions, means anything that prohibits the disclosure to any person or to the Minister of the details or structure of the transaction or series under which a tax benefit results, or would result but for section 245, but for greater certainty, the disclaiming or restricting of an advisor’s liability shall not be considered confidential protection if it does not prohibit the disclosure of the details or structure of the transaction or series. ( droit à la confidentialité )
Income Tax Act — I-3.3 (a)
contractual protection , in respect of a transaction or series of transactions, means (a) any form of insurance or other protection, including, without limiting the generality of the foregoing, an indemnity, compensation or a guarantee, that (i) either immediately or in the future and either absolutely or contingently, (A) protects a person against a failure of the transaction or series to achieve any tax benefit from the transaction or series, or (B) pays for or reimburses any expense, fee, tax, interest, penalty or similar amount that may be incurred by a person in the course of a dispute in respect of a tax benefit from the transaction or series, and (ii) is not (A) standard professional liability insurance, or (B) integral to an agreement between persons acting at arm’s length for the sale or transfer of all or part of a business (either directly or through the sale or transfer of one or more corporations, partnerships or trusts) where it is reasonable to consider that the insurance or protection (I) is intended to ensure that the purchase price paid under the agreement takes into account any liabilities of the business immediately prior to the sale or transfer, and (II) is obtained primarily for purposes other than to achieve any tax benefit from the transaction or series; and (b) any form of undertaking provided by a promoter, or by any person who does not deal at arm’s length with a promoter, that provides, either immediately or in the future and either absolutely or contingently, assistance, directly or indirectly in any manner whatever, to a person in the course of a dispute in respect of a tax benefit from the transaction or series. ( protection contractuelle )
Income Tax Act — I-3.3 (a)
fee , in respect of a transaction or series of transactions, means any consideration that is, or could be, received or receivable, directly or indirectly in any manner whatever, by an advisor or a promoter, or any person who does not deal at arm’s length with an advisor or promoter, for (a) providing advice or an opinion with respect to the transaction or series; (b) creating, developing, planning, organizing or implementing the transaction or series; (c) promoting or selling an arrangement, plan or scheme that includes, or relates to, the transaction or series; (d) preparing documents supporting the transaction or series, including tax returns or any information returns to be filed under this Act; or (e) providing contractual protection. ( honoraires )
Income Tax Act — I-3.3 (a)
promoter , in respect of a transaction or series of transactions, means each person who (a) promotes or sells (whether as principal or agent and whether directly or indirectly) an arrangement, plan or scheme (referred to in this definition as an “arrangement”), if it may reasonably be considered that the arrangement includes or relates to the transaction or series; (b) makes a statement or representation (whether as principal or agent and whether directly or indirectly) that a tax benefit could result from an arrangement, if it may reasonably be considered that (i) the statement or representation was made in furtherance of the promoting or selling of the arrangement, and (ii) the arrangement includes or relates to the transaction or series; or (c) accepts (whether as principal or agent and whether directly or indirectly) consideration in respect of an arrangement referred to in paragraph (a) or (b). ( promoteur )
Income Tax Act — I-3.3
solicitor-client privilege [Repealed, 2023, c. 26, s. 68]
Income Tax Act — I-3.3
tax benefit has the meaning assigned by subsection 245(1). ( avantage fiscal )
Income Tax Act — I-3.3
tax treatment , of a person, means a treatment in respect of a transaction, or series of transactions, that the person uses, or plans to use, in a return of income or an information return (or would use in a return of income or an information return if a return of income or an information return were filed) and includes the person’s decision not to include a particular amount in a return of income or an information return. ( traitement fiscal )
Income Tax Act — I-3.3
transaction has the meaning assigned by subsection 245(1). ( opération )
Income Tax Act — I-3.3 237.4
s (12)(a) and (b). Penalty – non-application (14) For greater certainty, if any person is deemed to have filed an information return in prescribed form and manner in respect of a particular notifiable transaction under subsection (5), that person is not liable to a penalty under subsection (12) in respect of the particular transaction. Carrying value (15) For the purpose of subparagraph (12)(a)(i), the carrying value of the assets of a corporation is to be determined in accordance with paragraphs 181(3)(a) and (b). Return – not an admission (16) The filing of an information return under this section by a person in respect of a notifiable transaction is not an admission by the person that any transaction is part of a series of transactions. Application of sections 231 to 231.3 (17) Without restricting the generality of sections 231 to 231.3, even if a return of income has not been filed by a taxpayer under section 150 for a taxation year of the taxpayer in which a transaction occurs that is relevant to the tax benefit referred to in paragraph (4)(a) that results (or is expected to result) from a notifiable transaction, sections 231 to 231.3 apply, with such modifications as the circumstances require, for the purpose of permitting the Minister to verify or ascertain any information in respect of the notifiable transaction. Solicitor-client privilege (18) For greater certainty, this section does not require the disclosure of information if it is reasonable to believe that the information is subject to solicitor-client privilege. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2023, c. 26, s. 69
Income Tax Act — I-3.3
advisor , in respect of a notifiable transaction, means each person who provides, directly or indirectly in any manner whatever, any assistance or advice with respect to creating, developing, planning, organizing or implementing the notifiable transaction, to another person (including any person who enters into the notifiable transaction for the benefit of another person). ( conseiller )