GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
proceeds of disposition of property includes, (a) the sale price of property that has been sold, (b) compensation for property unlawfully taken, (c) compensation for property destroyed, and any amount payable under a policy of insurance in respect of loss or destruction of property, (d) compensation for property taken under statutory authority or the sale price of property sold to a person by whom notice of an intention to take it under statutory authority was given, (e) compensation for property injuriously affected, whether lawfully or unlawfully or under statutory authority or otherwise, (f) compensation for property damaged and any amount payable under a policy of insurance in respect of damage to property, except to the extent that such compensation or amount, as the case may be, has within a reasonable time after the damage been expended on repairing the damage, (g) an amount by which the liability of a taxpayer to a mortgagee or hypothecary creditor is reduced as a result of the sale of mortgaged or hypothecated property under a provision of the mortgage or hypothec, plus any amount received by the taxpayer out of the proceeds of the sale, (h) any amount included in computing a taxpayer’s proceeds of disposition of the property because of section 79, and (i) in the case of a share, an amount deemed by subparagraph 88(2)(b)(ii) not to be a dividend on that share, but notwithstanding any other provision of this Part, does not include (j) any amount that would otherwise be proceeds of disposition of a share to the extent that the amount is deemed by subsection 84(2) or (3) to be a dividend received except to the extent the dividend is deemed (i) by paragraph 55(2)(b) to be proceeds of disposition of the share, or (ii) by subparagraph 88(2)(b)(ii) not to be a dividend, or (k) any amount that would otherwise be proceeds of disposition of property of a taxpayer to the extent that the amount is deemed by subsection 84.1(1), 212.1(1.1) or 212.2(2) to be a dividend paid to the taxpayer or, if the taxpayer is a partnership, to a member of the taxpayer; ( produit de disposition )
Income Tax Act — I-3.3 (a)
specified property of a taxpayer is capital property of the taxpayer that is (a) a share, (b) a capital interest in a trust, (c) an interest in a partnership, or (d) an option to acquire specified property of the taxpayer; ( bien déterminé )
Income Tax Act — I-3.3 (a)
superficial loss of a taxpayer means the taxpayer’s loss from the disposition of a particular property where (a) during the period that begins 30 days before and ends 30 days after the disposition, the taxpayer or a person affiliated with the taxpayer acquires a property (in this definition referred to as the “substituted property”) that is, or is identical to, the particular property, and (b) at the end of that period, the taxpayer or a person affiliated with the taxpayer owns or had a right to acquire the substituted property, except where the disposition was (c) a disposition deemed to have been made by subsection 45(1), section 48 as it read in its application before 1993, section 50 or 70, subsection 104(4), section 128.1, paragraph 132.2(3)(a) or (c), subsection 138(11.3) or 138.2(4) or 142.5(2), section 142.6 or any of subsections 144(4.1) and (4.2) and 149(10), (d) the expiry of an option, (e) a disposition to which paragraph 40(2)(e.1) applies, (f) a disposition by a taxpayer that was subject to a loss restriction event within 30 days after the disposition, (g) a disposition by a person that, within 30 days after the disposition, became or ceased to be exempt from tax under this Part on its taxable income, or (h) a disposition to which subsection 40(3.4) or 69(5) applies, and, for the purpose of this definition, (i) a right to acquire a property (other than a right, as security only, derived from a mortgage, hypothec, agreement for sale or similar obligation) is deemed to be a property that is identical to the property, and (j) a share of the capital stock of a SIFT wind-up corporation in respect of a SIFT wind-up entity is, if the share was acquired before 2013, deemed to be a property that is identical to equity in the SIFT wind-up entity. ( perte apparente )
Income Tax Act — I-3.3 54.1
Exception to principal residence rules 54.1 (1) A taxation year in which a taxpayer does not ordinarily inhabit the taxpayer’s property as a consequence of the relocation of the place of employment of the taxpayer or the taxpayer’s spouse or common-law partner while the taxpayer or the taxpayer’s spouse or common-law partner, as the case may be, is employed by an employer who is not a person to whom the taxpayer or the taxpayer’s spouse or common-law partner is related is deemed not to be a previous taxation year referred to in paragraph (d) of the definition principal residence in section 54 if (a) the property subsequently becomes ordinarily inhabited by the taxpayer during the term of the taxpayer’s or the taxpayer’s spouse’s or common-law partner’s employment by that employer or before the end of the taxation year immediately following the taxation year in which the taxpayer’s or the spouse’s or common-law partner’s employment by that employer terminates; or (b) the taxpayer dies during the term of the taxpayer’s or the spouse’s or common-law partner’s employment by that employer. Definition of property (2) In this section, property , in relation to a taxpayer, means a housing unit (a) owned by the taxpayer, (b) in respect of which the taxpayer has a leasehold interest, or (c) in respect of which the taxpayer owned a share of the capital stock of a co-operative housing corporation if the share was acquired for the sole purpose of acquiring the right to inhabit a housing unit owned by the corporation whether jointly with another person or otherwise in the year and that at all times was at least 40 kilometres farther from the taxpayer’s or the taxpayer’s spouse’s or common-law partner’s new place of employment than was the taxpayer’s subsequent place or places of residence. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 54.1; 2000, c. 12, s. 142; 2001, c. 17, s. 238(E); 2013, c. 34, s. 192(E)
Income Tax Act — I-3.3 54.2
Certain shares deemed to be capital property 54.2 Where any person has disposed of property that consisted of all or substantially all of the assets used in an active business carried on by that person to a corporation for consideration that included shares of the corporation, the shares shall be deemed to be capital property of the person. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 32
Income Tax Act — I-3.3 55
deemed to be a separate taxable dividend equal to the lesser of (A) the taxable part, and (B) the amount of the income earned or realized by any corporation — after 1971 and before the safe-income determination time for the transaction, event or series — that could reasonably be considered to contribute to the capital gain that could be realized on a disposition at fair market value, immediately before the dividend, of the share on which the dividend is received, and (ii) the amount, if any, by which the taxable part exceeds the portion referred to in subparagraph (i) is deemed to be a separate taxable dividend. Unlisted shares deemed listed (6) A share (in this subsection referred to as the “reorganization share”) is deemed, for the purposes of subsection 116(6) and the definition taxable Canadian property in subsection 248(1), to be listed on a designated stock exchange if (a) a dividend, to which subsection (2) does not apply because of paragraph (3)(b), is received in the course of a reorganization; (b) in contemplation of the reorganization (i) the reorganization share is issued to a taxpayer by a public corporation in exchange for another share of that corporation (in this subsection referred to as the “old share”) owned by the taxpayer, and (ii) the reorganization share is exchanged by the taxpayer for a share of another public corporation (in this subsection referred to as the “new share”) in an exchange that would be a permitted exchange if the definition permitted exchange were read without reference to paragraph (a) and subparagraph (b)(ii) of that definition; (c) immediately before the exchange, the old share (i) is listed on a designated stock exchange, and (ii) is not taxable Canadian property of the taxpayer; and (d) the new share is listed on a designated stock exchange. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 55; 1994, c. 21, s. 24; 1995, c. 3, s. 16; 1998, c. 19, s. 96; 2001, c. 17, s. 38; 2013, c. 34, ss. 62, 193, c. 40, s. 24; 2016, c. 7, s. 5 2021, c. 21, s. 1 2026, c. 3, s. 10
Income Tax Act — I-3.3
distribution means a direct or indirect transfer of property of a corporation (referred to in this section as the “distributing corporation”) to one or more corporations (each of which is referred to in this section as a “transferee corporation”) where, in respect of each type of property owned by the distributing corporation immediately before the transfer, each transferee corporation receives property of that type the fair market value of which is equal to or approximates the amount determined by the formula A × B/C where A is the fair market value, immediately before the transfer, of all property of that type owned at that time by the distributing corporation, B is the fair market value, immediately before the transfer, of all the shares of the capital stock of the distributing corporation owned at that time by the transferee corporation, and C is the fair market value, immediately before the transfer, of all the issued shares of the capital stock of the distributing corporation; ( attribution )
Income Tax Act — I-3.3 (a)
permitted acquisition , in relation to a distribution by a distributing corporation, means an acquisition of property by a person or partnership on, or as part of, (a) a distribution, or (b) a permitted exchange or permitted redemption in relation to a distribution by another distributing corporation; ( acquisition autorisée )
Income Tax Act — I-3.3 (a)
permitted exchange , in relation to a distribution by a distributing corporation, means (a) an exchange of shares for shares of the capital stock of the distributing corporation to which subsection 51(1) or 86(1) applies or would, if the shares were capital property to the holder thereof, apply, other than an exchange that resulted in an acquisition of control of the distributing corporation by any person or group of persons, and (b) an exchange of shares of the capital stock of the distributing corporation by one or more shareholders of the distributing corporation (each of whom is referred to in this paragraph as a “participant”) for shares of the capital stock of another corporation (referred to in this paragraph as the “acquiror”) in contemplation of the distribution where (i) no share of the capital stock of the acquiror outstanding immediately after the exchange (other than directors’ qualifying shares) is owned at that time by any person or partnership other than a participant, and either (ii) the acquiror owns, immediately before the distribution, all the shares each of which is a share of the capital stock of the distributing corporation that was owned immediately before the exchange by a participant, or (iii) the fair market value, immediately before the distribution, of each participant’s shares of the capital stock of the acquiror is equal to or approximates the amount determined by the formula (A × B/C) + D where A is the fair market value, immediately before the distribution, of all the shares of the capital stock of the acquiror then outstanding (other than shares issued to participants in consideration for shares of a specified class all the shares of which were acquired by the acquiror on the exchange), B is the fair market value, immediately before the exchange, of all the shares of the capital stock of the distributing corporation (other than shares of a specified class none or all of the shares of which were acquired by the acquiror on the exchange) owned at that time by the participant, C is the fair market value, immediately before the exchange, of all the shares (other than shares of a specified class none or all of the shares of which were acquired by the acquiror on the exchange and shares to be redeemed, acquired or cancelled by the distributing corporation pursuant to the exercise of a statutory right of dissent by the holder of the share) of the capital stock of the distributing corporation outstanding immediately before the exchange, and D is the fair market value, immediately before the distribution, of all the shares issued to the participant by the acquiror in consideration for shares of a specified class all of the shares of which were acquired by the acquiror on the exchange; ( échange autorisé )
Income Tax Act — I-3.3 (a)
permitted redemption , in relation to a distribution by a distributing corporation, means (a) a redemption or purchase for cancellation by the distributing corporation, as part of the reorganization in which the distribution was made, of all the shares of its capital stock that were owned, immediately before the distribution, by a transferee corporation in relation to the distributing corporation, (b) a redemption or purchase for cancellation by a transferee corporation in relation to the distributing corporation, or by a corporation that, immediately after the redemption or purchase, was a subsidiary wholly-owned corporation of the transferee corporation, as part of the reorganization in which the distribution was made, of all of the shares of the capital stock of the transferee corporation or the subsidiary wholly-owned corporation that were acquired by the distributing corporation in consideration for the transfer of property received by the transferee corporation on the distribution, and (c) a redemption or purchase for cancellation by the distributing corporation, in contemplation of the distribution, of all the shares of its capital stock each of which is (i) a share of a specified class the cost of which, at the time of its issuance, to its original owner was equal to the fair market value at that time of the consideration for which it was issued, or (ii) a share that was issued, in contemplation of the distribution, by the distributing corporation in exchange for a share described in subparagraph 55(1) permitted redemption (c)(i); ( rachat autorisé )
Income Tax Act — I-3.3 (a)
qualified person , in relation to a distribution, means a person or partnership with whom the distributing corporation deals at arm’s length at all times during the course of the series of transactions or events that includes the distribution if (a) at any time before the distribution, (i) all of the shares of each class of the capital stock of the distributing corporation that includes shares that cause that person or partnership to be a specified shareholder of the distributing corporation (in this definition all of those shares in all of those classes are referred to as the “exchanged shares”) are, in the circumstances described in paragraph (a) of the definition permitted exchange , exchanged for consideration that consists solely of shares of a specified class of the capital stock of the distributing corporation (in this definition referred to as the “new shares”), or (ii) the terms or conditions of all of the exchanged shares are amended (which shares are in this definition referred to after the amendment as the “amended shares”) and the amended shares are shares of a specified class of the capital stock of the distributing corporation, (b) immediately before the exchange or amendment, the exchanged shares are listed on a designated stock exchange, (c) immediately after the exchange or amendment, the new shares or the amended shares, as the case may be, are listed on a designated stock exchange, (d) the exchanged shares would be shares of a specified class if they were not convertible into, or exchangeable for, other shares, (e) the new shares or the amended shares, as the case may be, and the exchanged shares are non-voting in respect of the election of the board of directors of the distributing corporation except in the event of a failure or default under the terms or conditions of the shares, and (f) no holder of the new shares or the amended shares, as the case may be, is entitled to receive on the redemption, cancellation or acquisition of the new shares or the amended shares, as the case may be, by the distributing corporation or by any person with whom the distributing corporation does not deal at arm’s length an amount (other than a premium for early redemption) that is greater than the total of the fair market value of the consideration for which the exchanged shares were issued and the amount of any unpaid dividends on the new shares or on the amended shares, as the case may be; ( personne admissible )
Income Tax Act — I-3.3 (a)
safe-income determination time for a transaction or event or a series of transactions or events means the time that is the earlier of (a) the time that is immediately after the earliest disposition or increase in interest described in any of subparagraphs 55(3)(a)(i) to 55(3)(a)(v) that resulted from the transaction, event or series, and (b) the time that is immediately before the earliest time that a dividend is paid as part of the transaction, event or series; ( moment de détermination du revenu protégé )
Income Tax Act — I-3.3 (a)
specified class means a class of shares of the capital stock of a distributing corporation where (a) the paid-up capital in respect of the class immediately before the beginning of the series of transactions or events that includes a distribution by the distributing corporation was not less than the fair market value of the consideration for which the shares of that class then outstanding were issued, (b) under neither the terms and conditions of the shares nor any agreement in respect of the shares are the shares convertible into or exchangeable for shares other than shares of a specified class or shares of the capital stock of a transferee corporation in relation to the distributing corporation, (c) no holder of the shares is entitled to receive on the redemption, cancellation or acquisition of the shares by the corporation or by any person with whom the corporation does not deal at arm’s length an amount (other than a premium for early redemption) that is greater than the total of the fair market value of the consideration for which the shares were issued and the amount of any unpaid dividends on the shares, and (d) the shares are non-voting in respect of the election of the board of directors except in the event of a failure or default under the terms or conditions of the shares; ( catégorie exclue )
Income Tax Act — I-3.3 (a)
specified corporation in relation to a distribution means a distributing corporation (a) that is a public corporation or a specified wholly-owned corporation of a public corporation, (b) shares of the capital stock of which are exchanged for shares of the capital stock of another corporation (referred to in this definition and subsection (3.02) as an “acquiror”) in an exchange to which the definition permitted exchange in this subsection would apply if that definition were read without reference to paragraph (a) and subparagraph (b)(ii) of that definition, (c) that does not make a distribution, to a corporation that is not an acquiror, after 1998 and before the day that is three years after the day on which the shares of the capital stock of the distributing corporation are exchanged in a transaction described in paragraph (b), and (d) no acquiror in relation to which makes a distribution after 1998 and before the day that is three years after the day on which the shares of the capital stock of the distributing corporation are exchanged in a transaction described in paragraph (b), and for the purposes of paragraphs (c) and (d) (e) a corporation that is formed by an amalgamation of two or more other corporations is deemed to be the same corporation as, and a continuation of, each of the other corporations, and (f) where there has been a winding-up of a corporation to which subsection 88(1) applies, the parent is deemed to be the same corporation as, and a continuation of, the subsidiary; ( société déterminée )
Income Tax Act — I-3.3 (a)
specified wholly-owned corporation of a public corporation means a corporation all of the outstanding shares of the capital stock of which (other than directors’ qualifying shares and shares of a specified class) are held by (a) the public corporation, (b) a specified wholly-owned corporation of the public corporation, or (c) any combination of corporations described in paragraph (a) or (b). ( filiale à cent pour cent déterminée )
Income Tax Act — I-3.3 56
of the trust for no consideration or for consideration less than the fair market value of such use or enjoyment, the amount, if any, by which the fair market value differs from the consideration or, if there is no consideration, the amount of the fair market value shall be deemed to be an amount received at that time by the person out of or under the arrangement that can reasonably be considered to have been received in respect of an office or employment of a taxpayer. Foreign retirement arrangement (12) If an amount in respect of a foreign retirement arrangement is, as a result of a transaction, an event or a circumstance, considered to be distributed to an individual under the income tax laws of the country in which the arrangement is established, the amount is, for the purpose of paragraph (1)(a), deemed to be received by the individual as a payment out of the arrangement in the taxation year that includes the time of the transaction, event or circumstance. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 56; 1994, c. 7, Sch. II, s. 32, Sch. III, s. 13(E), Sch. VII, s. 1, Sch. VIII, s. 17, c. 21, s. 25; 1996, c. 11, s. 99, c. 23, ss. 172, 187; 1997, c. 25, s. 8; 1998, c. 19, ss. 9, 97; 1999, c. 22, s. 15; 2000, c. 12, s. 142, c. 19, s. 6; 2001, c. 17, s. 39; 2002, c. 9, s. 24; 2006, c. 4, s. 173; 2007, c. 2, s. 6, c. 29, s. 3, c. 35, ss. 17, 104; 2009, c. 2, s. 13; 2010, c. 12, s. 4, c. 25, s. 9; 2011, c. 24, s. 10; 2012, c. 19, s. 277, c. 27, ss. 26, 36, c. 31, s. 11; 2013, c. 34, s. 194, c. 40, ss. 25, 236, 237; 2014, c. 20, s. 2; 2016, c. 7, s. 6; 2017, c. 33, s. 14 2018, c. 12, s. 3 2021, c. 23, s. 7 2021, c. 26, s. 6 2022, c. 10, s. 407 2022, c. 19, s. 5 2023, c. 26, s. 660 2024, c. 17, s. 12