GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 67.3
Limitation re cost of leasing passenger vehicle 67.3 Notwithstanding any other section of this Act, where (a) in a taxation year all or part of the actual lease charges in respect of a passenger vehicle are paid or payable, directly or indirectly, by a taxpayer, and (b) in computing the taxpayer’s income for the year an amount may be deducted in respect of those charges, in determining the amount that may be so deducted, the total of those charges shall be deemed not to exceed the lesser of (c) the amount determined by the formula (A × B)/30 - C - D - E where A is $600 or such other amount as is prescribed, B is the number of days in the period commencing at the beginning of the term of the lease and ending at the earlier of the end of the year and the end of the lease, C is the total of all amounts deducted in computing the taxpayer’s income for preceding taxation years in respect of the actual lease charges in respect of the vehicle, D is the amount of interest that would be earned on the part of the total of all refundable amounts in respect of the lease that exceeds $1,000 if interest were (i) payable on the refundable amounts at the prescribed rate, and (ii) computed for the period before the end of the year during which the refundable amounts were outstanding, and E is the total of all reimbursements that became receivable before the end of the year by the taxpayer in respect of the lease, and (d) the amount determined by the formula (A × B)/0.85C - D - E where A is the total of the actual lease charges in respect of the lease incurred in respect of the year or the total of the actual lease charges in respect of the lease paid in the year (depending on the method regularly followed by the taxpayer in computing income), B is $20,000 or such other amount as is prescribed, C is the greater of $23,529 (or such other amount as is prescribed) and the manufacturer’s list price for the vehicle, D is the amount of interest that would be earned on that part of the total of all refundable amounts paid in respect of the lease that exceeds $1,000 if interest were (i) payable on the refundable amounts at the prescribed rate, and (ii) computed for the period in the year during which the refundable amounts are outstanding, and E is the total of all reimbursements that became receivable during the year by the taxpayer in respect of the lease. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 67.3; 1994, c. 7, Sch. II, s. 45
Income Tax Act — I-3.3 67.4
More than one owner or lessee 67.4 Where a person owns or leases a motor vehicle jointly with one or more other persons, the reference in paragraph 13(7)(g) to the amount of $20,000, in section 67.2 to the amount of $250 and in section 67.3 to the amounts of $600, $20,000 and $23,529 shall be read as a reference to that proportion of each of those amounts or such other amounts as may be prescribed for the purposes thereof that the fair market value of the first-mentioned person’s interest in the vehicle is of the fair market value of the interests in the vehicle of all those persons. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 46
Income Tax Act — I-3.3 67.41
More than one owner 67.41 If a person owns a zero-emission passenger vehicle jointly with one or more other persons, any reference in paragraph 13(7)(i) to the prescribed amount and in section 67.2 to the amount of $250 or such other amount as may be prescribed is to be read as a reference to that proportion of each of those amounts that the fair market value of the first-mentioned person’s interest in the vehicle is of the fair market value of the interests in the vehicle of all those persons. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2019, c. 29, s. 8
Income Tax Act — I-3.3 67.5
Non-deductibility of illegal payments 67.5 (1) In computing income, no deduction shall be made in respect of an outlay made or expense incurred for the purpose of doing anything that is an offence under section 3 of the Corruption of Foreign Public Officials Act or under any of sections 119 to 121, 123 to 125, 393 and 426 of the Criminal Code , or an offence under section 465 of the Criminal Code as it relates to an offence described in any of those sections. Reassessments (2) Notwithstanding subsections 152(4) to (5), the Minister may make such assessments, reassessments and additional assessments of tax, interest and penalties and such determinations and redeterminations as are necessary to give effect to subsection (1) for any taxation year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 46; 1998, c. 34, s. 10
Income Tax Act — I-3.3 67.6
Non-deductibility of fines and penalties 67.6 In computing income, no deduction shall be made in respect of any amount that is a fine or penalty (other than a prescribed fine or penalty) imposed under a law of a country or of a political subdivision of a country (including a state, province or territory) by any person or public body that has authority to impose the fine or penalty. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2005, c. 19, s. 16
Income Tax Act — I-3.3 67.7
Definitions 67.7 (1) The following definitions apply in this section. non-compliant amount , for a taxation year, means the amount determined by the formula A × B ÷ C where A is the total of all amounts that would, if subsection (2) did not apply, be deductible in computing income in the taxation year in respect of the use of a residential property as a short-term rental in the taxation year; B is the number of days in the taxation year that the residential property was a non-compliant short-term rental; and C is the number of days in the taxation year that the residential property was a short-term rental. ( montant non conforme ) non-compliant short-term rental means, at any time, a short-term rental that is located in a province or municipality that, at that time, (a) does not permit the operation of the short-term rental at the location of the short-term rental; or (b) requires registration, a licence or a permit to operate the short-term rental, and the short-term rental does not comply with all applicable registration, licensing and permit requirements. ( location à court terme non conforme ) residential property means all or any part of a house, apartment, condominium unit, cottage, mobile home, trailer, houseboat or other property, located in Canada, the use of which is permitted for residential purposes under applicable law. ( bien résidentiel ) short-term rental means a residential property that is rented or offered for rent for a period of less than 90 consecutive days. ( location à court terme ) Non-deductibility of expenses — short-term rental (2) Notwithstanding any other provision of this Act, no amount is deductible in computing income in respect of a short-term rental for a taxation year, to the extent the amount is a non-compliant amount for the taxation year. Deemed compliance (3) For the purposes of subsection (1), a short-term rental of a person or partnership is deemed not to be a non-compliant short-term rental for the 2024 taxation year of the person or partnership if (a) the short-term rental is located in a province or municipality that requires registration, a licence or a permit to operate as a short-term rental; and (b) the short-term rental complies with all applicable registration, licensing and permit requirements by December 31, 2024. Reassessments (4) Notwithstanding subsections 152(4) to (5), the Minister may make any assessments, reassessments and additional assessments of tax, interest and penalties and any determinations and redeterminations that are necessary to give effect to subsection (2) for any taxation year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2024, c. 17, s. 16
Income Tax Act — I-3.3
non-compliant amount , for a taxation year, means the amount determined by the formula A × B ÷ C where A is the total of all amounts that would, if subsection (2) did not apply, be deductible in computing income in the taxation year in respect of the use of a residential property as a short-term rental in the taxation year; B is the number of days in the taxation year that the residential property was a non-compliant short-term rental; and C is the number of days in the taxation year that the residential property was a short-term rental. ( montant non conforme )
Income Tax Act — I-3.3 (a)
non-compliant short-term rental means, at any time, a short-term rental that is located in a province or municipality that, at that time, (a) does not permit the operation of the short-term rental at the location of the short-term rental; or (b) requires registration, a licence or a permit to operate the short-term rental, and the short-term rental does not comply with all applicable registration, licensing and permit requirements. ( location à court terme non conforme )
Income Tax Act — I-3.3
residential property means all or any part of a house, apartment, condominium unit, cottage, mobile home, trailer, houseboat or other property, located in Canada, the use of which is permitted for residential purposes under applicable law. ( bien résidentiel )
Income Tax Act — I-3.3
short-term rental means a residential property that is rented or offered for rent for a period of less than 90 consecutive days. ( location à court terme )
Income Tax Act — I-3.3 68
Allocation of amounts in consideration for property, services or restrictive covenants 68 If an amount received or receivable from a person can reasonably be regarded as being in part the consideration for the disposition of a particular property of a taxpayer, for the provision of particular services by a taxpayer or for a restrictive covenant as defined by subsection 56.4(1) granted by a taxpayer, (a) the part of the amount that can reasonably be regarded as being the consideration for the disposition shall be deemed to be proceeds of disposition of the particular property irrespective of the form or legal effect of the contract or agreement, and the person to whom the property was disposed of shall be deemed to have acquired it for an amount equal to that part; (b) the part of the amount that can reasonably be regarded as being consideration for the provision of particular services shall be deemed to be an amount received or receivable by the taxpayer in respect of those services irrespective of the form or legal effect of the contract or agreement, and that part shall be deemed to be an amount paid or payable to the taxpayer by the person to whom the services were rendered in respect of those services; and (c) the part of the amount that can reasonably be regarded as being consideration for the restrictive covenant is deemed to be an amount received or receivable by the taxpayer in respect of the restrictive covenant irrespective of the form or legal effect of the contract or agreement, and that part is deemed to be an amount paid or payable to the taxpayer by the person to whom the restrictive covenant was granted. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 68; 2013, c. 34, s. 207
Income Tax Act — I-3.3 70
law partner described in that subsection, shall, in respect of property that was not disposed of by the taxpayer or the trust before that time, be the amount that it would be if subsection 13(7) were read without reference to (c) the expression “the lesser of” in paragraph 13(7)(b) and clause (d)(i)(A) thereof, and (d) subparagraph 13(7)(b)(ii), subclause 13(7)(d)(i)(A)(II), clause 13(7)(d)(i)(B) and paragraph (e) thereof. Order of disposal of depreciable property (14) Where 2 or more depreciable properties of a prescribed class are disposed of at the same time as a consequence of a taxpayer’s death, this section and paragraph (a) of the definition cost amount in subsection 248(1) apply as if each property so disposed of were separately disposed of in the order designated by the taxpayer’s legal representative or, in the case of a trust described in subsection 70(9.1), by the trust and, where the taxpayer’s legal representative or the trust, as the case may be, does not designate an order, in the order designated by the Minister. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 70; 1994, c. 7, Sch. II, s. 48, Sch. VIII, s. 28, c. 21, s. 33; 1995, c. 3, s. 18; 1996, c. 21, s. 14; 1998, c. 19, s. 108; 2000, c. 12, s. 142; 2001, c. 17, ss. 52, 208(E); 2002, c. 9, s. 27; 2007, c. 2, s. 10; 2010, c. 25, s. 13; 2013, c. 34, s. 209, c. 40, s. 34; 2014, c. 39, s. 13; 2016, c. 12, s. 20
Income Tax Act — I-3.3 (a)
child of a taxpayer includes (a) a child of the taxpayer’s child, (b) a child of the taxpayer’s child’s child, (b.1) a person who was a child of the taxpayer immediately before the death of the person’s spouse or common-law partner, and (c) a person who, at any time before the person attained the age of 19 years, was wholly dependent on the taxpayer for support and of whom the taxpayer had, at that time, in law or in fact, the custody and control; ( enfant )
Income Tax Act — I-3.3 (a)
interest in a family farm or fishing partnership , of an individual at any time, means a partnership interest owned by the individual at that time if, at that time, all or substantially all of the fair market value of the property of the partnership was attributable to (a) property that has been used principally in the course of carrying on a farming or fishing business in Canada in which the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual was actively engaged on a regular and continuous basis (or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot), by (i) the partnership, (ii) a corporation, a share of the capital stock of which was a share of the capital stock of a family farm or fishing corporation of the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, (iii) a partnership, a partnership interest in which was an interest in a family farm or fishing partnership of the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, or (iv) the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, (b) shares of the capital stock or indebtedness of one or more corporations of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), (c) partnership interests or indebtedness of one or more partnerships of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), or (d) properties described in any of paragraphs (a) to (c); ( participation dans une société de personnes agricole ou de pêche familiale )
Income Tax Act — I-3.3
interest in a family farm partnership [Repealed, 2014, c. 39, s. 13]
Income Tax Act — I-3.3
interest in a family fishing partnership [Repealed, 2014, c. 39, s. 13]
Income Tax Act — I-3.3
share of the capital stock of a family farm corporation [Repealed, 2014, c. 39, s. 13]
Income Tax Act — I-3.3 (a)
share of the capital stock of a family farm or fishing corporation , of an individual at any time, means a share of the capital stock of a corporation owned by the individual at that time if, at that time, all or substantially all of the fair market value of the property owned by the corporation was attributable to (a) property that has been used principally in the course of carrying on a farming or fishing business in Canada in which the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual was actively engaged on a regular and continuous basis (or, in the case of property used in the operation of a woodlot, was engaged to the extent required by a prescribed forest management plan in respect of that woodlot), by (i) the corporation, (ii) a corporation, a share of the capital stock of which was a share of the capital stock of a family farm or fishing corporation of the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, (iii) a corporation controlled by a corporation described in subparagraph (i) or (ii), (iv) a partnership, a partnership interest in which was an interest in a family farm or fishing partnership of the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, or (v) the individual, the individual’s spouse or common-law partner, a child of the individual or a parent of the individual, (b) shares of the capital stock or indebtedness of one or more corporations of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), (c) partnership interests or indebtedness of one or more partnerships of which all or substantially all of the fair market value of the property was attributable to property described in paragraph (d), or (d) properties described in any of paragraphs (a) to (c). ( action du capital-actions d’une société agricole ou de pêche familiale )
Income Tax Act — I-3.3
share of the capital stock of a family fishing corporation [Repealed, 2014, c. 39, s. 13]
Income Tax Act — I-3.3 72
n clause (A); and (c) notwithstanding paragraphs 72(2)(a) (b), where any property had been disposed of by the taxpayer, in computing the income of the transferee for any taxation year ending after the death of the taxpayer, (i) the amount of the transferee’s deduction under paragraph 20(1)(n) as a reserve in respect of the property sold in the course of business, (ii) the amount of the transferee’s claim under subparagraph 40(1)(a)(iii) or 44(1)(e)(iii) in respect of the disposition of the property, and (iii) the amount of the transferee’s deduction under section 64 as a reserve in respect of the disposition of the property shall be computed as if the transferee were the taxpayer who had disposed of the property and as if the property were disposed of by the transferee at the time it was disposed of by the taxpayer. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 72; 1994, c. 7, Sch. II, s. 49; 1998, c. 19, s. 12; 2000, c. 12, s. 142; 2013, c. 34, s. 210(F)
Income Tax Act — I-3.3 74.2
ns 3 and 111, as they apply for the purposes of sections 110.6 to 110.62, such portion of the gain or loss as may reasonably be considered to relate to the disposition of a property by another person in the year shall be deemed to arise from the disposition of that property by the individual in the year; and (b) for the purposes of sections 110.6 to 110.62, that property shall be deemed to have been disposed of by the individual on the day on which it was disposed of by the other person. Election for subsection (1) to apply (3) Subsection (1) does not apply to a disposition at any particular time (in this subsection referred to as the “emigration disposition”) under paragraph 128.1(4)(b), by a taxpayer who is a recipient referred to in subsection (1), unless the recipient and the individual referred to in that subsection, in their returns of income for the taxation year that includes the first time, after the particular time, at which the recipient disposes of the property, jointly elect that subsection (1) apply to the emigration disposition. Application of subsection (3) (4) For the purpose of applying subsection (3) and notwithstanding subsections 152(4) to (5), any assessment of tax payable under this Act by the recipient or the individual referred to in subsection (1) shall be made that is necessary to take an election under subsection (3) into account except that no such assessment shall affect the computation of (a) interest payable under this Act to or by a taxpayer in respect of any period that is before the taxpayer’s filing-due date for the taxation year that includes the first time, after the particular time referred to in subsection (3), at which the recipient disposes of the property referred to in that subsection; or (b) any penalty payable under this Act. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 74.2; 1994, c. 7, Sch. II, s. 51; 1995, c. 3, s. 20; 2000, c. 12, s. 142; 2001, c. 17, s. 54 2026, c. 3, s. 18
Income Tax Act — I-3.3 74.3
Transfers or loans to a trust 74.3 (1) Where an individual has lent or transferred property (in this section referred to as “lent or transferred property”), either directly or indirectly, by means of a trust or by any other means whatever, to a trust in which another individual who is at any time a designated person in respect of the individual is beneficially interested at any time, the following rules apply: (a) for the purposes of section 74.1, the income of the designated person for a taxation year from the lent or transferred property shall be deemed to be an amount equal to the lesser of (i) the amount in respect of the trust that was included by virtue of paragraph 12(1)(m) in computing the income for the year of the designated person, and (ii) that proportion of the amount that would be the income of the trust for the year from the lent or transferred property or from property substituted therefor if no deduction were made under subsection 104(6) or (12) that (A) the amount determined under subparagraph 74.3(1)(a)(i) in respect of the designated person for the year is of (B) the total of all amounts each of which is an amount determined under subparagraph 74.3(1)(a)(i) for the year in respect of the designated person or any other person who is throughout the year a designated person in respect of the individual; and (b) for the purposes of section 74.2, an amount equal to the lesser of (i) the amount that was designated under subsection 104(21) in respect of the designated person in the trust’s return of income for the year, and (ii) the amount, if any, by which (A) the total of all amounts each of which is a taxable capital gain for the year from the disposition by the trust of the lent or transferred property or property substituted therefor exceeds (B) the total of all amounts each of which is an allowable capital loss for the year from the disposition by the trust of the lent or transferred property or property substituted therefor, shall be deemed to be a taxable capital gain of the designated person for the year from the disposition of property (other than listed personal property) that is lent or transferred property. Definition of designated person (2) In this section, designated person , in respect of an individual, has the meaning assigned by subsection 74.5(5). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1986, c. 6, s. 38, c. 55, s. 18