GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
exempt earned income , of a taxpayer for a taxation year, means the total of all amounts each of which is an amount that is (a) not included in the taxpayer’s earned income (as defined in subsection 146(1)) for the year and that would be so included but for paragraph 81(1)(a) as it applies with respect to the Indian Act ; and (b) reported by the taxpayer in prescribed form filed with the Minister by the taxpayer’s filing-due date for the year, or such later date as is acceptable to the Minister, provided that the later date is within three calendar years following the end of the year. ( revenu gagné exonéré )
Income Tax Act — I-3.3 (a)
exempt-income contribution amount , of a taxpayer for a taxation year, means the total of (a) all amounts each of which is a contribution to a PRPP made by the taxpayer for the year that is not deductible in computing the income of the taxpayer because of subsection (32), and (b) the amount, if any, designated under subsection (34) by the taxpayer for the year in prescribed form filed with the Minister by the taxpayer’s filing-due date for the year, or such later date as is acceptable to the Minister, provided that the later date is within three calendar years following the end of the year. ( cotisation provenant du revenu exonéré )
Income Tax Act — I-3.3
member , of a pooled pension plan, means an individual (other than a trust) who holds an account under the plan. ( participant )
Income Tax Act — I-3.3 (a)
participating employer , in relation to a pooled pension plan for a calendar year, means an employer that, in the year, (a) makes contributions to the plan in respect of all or a class of its employees or former employees; or (b) remits to the administrator of the plan contributions made by members of the plan under a contract with the administrator in respect of all or a class of its employees. ( employeur participant )
Income Tax Act — I-3.3
pooled pension plan means a plan that is registered under the Pooled Registered Pension Plans Act or a similar law of a province. ( régime de pension collectif )
Income Tax Act — I-3.3
pooled registered pension plan or PRPP means a pooled pension plan that has been accepted for registration by the Minister for the purposes of this Act, which registration has not been revoked. ( régime de pension agréé collectif ou RPAC )
Income Tax Act — I-3.3 (a)
qualifying annuity , for an individual, means an annuity (other than an advanced life deferred annuity) that (a) is payable to (i) the individual for the individual’s life, or (ii) the individual for the lives, jointly, of the individual and the individual’s spouse or common-law partner and to the survivor of them for the survivor’s life; (b) is payable beginning no later than the later of (i) the end of the calendar year in which the individual attains 71 years of age, and (ii) the end of the calendar year in which the annuity is acquired; (c) unless the annuity is subsequently commuted into a single payment, is payable (i) at least annually, and (ii) in equal amounts or is not so payable solely because of an adjustment that would, if the annuity were an annuity under a retirement savings plan, in accordance with any of subparagraphs 146(3)(b)(iii) to (v); (d) if the annuity includes a guaranteed period, requires that (i) the period not exceed 15 years, and (ii) in the event of the later of the death of the individual and that of the individual’s spouse or common-law partner during the period, any remaining amounts otherwise payable be commuted into a single payment as soon as practicable after the later death; and (e) does not permit any premiums to be paid, other than the premium paid from the PRPP to acquire the annuity. ( rente admissible )
Income Tax Act — I-3.3 (a)
qualifying survivor , in relation to a member of a PRPP, means an individual who, immediately before the death of the member (a) was a spouse or common-law partner of the member; or (b) was a child or grandchild of the member who was financially dependent on the member for support. ( survivant admissible )
Income Tax Act — I-3.3 (a)
restricted investment , for a pooled pension plan, means (a) a debt of a member of the plan; (b) a share of, an interest in, or a debt of (i) a corporation, partnership or trust in which a member of the plan has a significant interest, or (ii) a person or partnership that does not deal at arm’s length with the member of the plan or with a person or partnership described in subparagraph (i); (c) an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a) or (b); or (d) prescribed property. ( placement non admissible )
Income Tax Act — I-3.3
single amount means an amount that is not part of a series of periodic payments. ( montant unique )
Income Tax Act — I-3.3
successor member means an individual who was the spouse or common-law partner of a member of a PRPP immediately before the death of the member and who acquires, as a consequence of the death, all of the member’s rights in respect of the member’s account under the PRPP. ( participant remplaçant )
Income Tax Act — I-3.3
unused non-deductible PRPP room , of a taxpayer at the end of a taxation year, means the amount determined by the formula A – B where A is the amount of the taxpayer’s unused RRSP deduction room at the end of the year, determined in accordance with subsection (33); and B is the taxpayer’s unused RRSP deduction room at the end of the year. ( somme inutilisée non déductible au titre des RPAC )
Income Tax Act — I-3.3 148
n a life insurance policy (other than an annuity contract) last acquired before December 2, 1982 to which subsection 12.2(9) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada, 1952, does not apply has been acquired by a taxpayer from a person with whom the taxpayer was not dealing at arm’s length, the interest shall be deemed to have been last acquired by the taxpayer before December 2, 1982. Loss of grandfathering (11) For the purposes of determining at and after a particular time whether a life insurance policy (other than an annuity contract) issued before 2017 is treated as issued after 2016 under this section (other than this subsection) and sections 306 (other than subsections (9) and (10)), 307, 308, 310, 1401 and 1403 of the Income Tax Regulations (except as they apply for the purposes of subsection 211.1(3)), the policy is deemed to be a policy issued at the particular time if the particular time is the first time after 2016 at which life insurance — in respect of a life, or two or more lives jointly insured, and in respect of which a particular schedule of premium or cost of insurance rates applies — is (a) if the insurance is term insurance, converted to permanent life insurance within the policy; or (b) if the insurance (other than insurance paid for with policy dividends or that is reinstated) is medically underwritten after 2016 (other than to obtain a reduction in the premium or cost of insurance rates under the policy), added to the policy. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 148; 1994, c. 7, Sch. II, s. 121, Sch. VIII, s. 87, c. 21, s. 73; 1997, c. 25, s. 46; 2000, c. 12, s. 142; 2008, c. 28, s. 26; 2012, c. 31, s. 37; 2013, c. 34, s. 305, c. 40, s. 65; 2014, c. 39, s. 52; 2016, c. 12, s. 53; 2017, c. 33, s. 61 2022, c. 19, s. 32
Income Tax Act — I-3.3 (a)
f any, determined under subsection (4) in respect of a disposition before that time of the interest because of paragraph (2)(e) in respect of the payment in respect of the fund value benefit under the policy paid in respect of the coverage (as defined in section 310 of the Income Tax Regulations for the purposes of section 306 of the Income Tax Regulations ) on the termination; ( coût de base rajusté )
Income Tax Act — I-3.3
amount payable , in respect of a policy loan, has the meaning assigned by subsection 138(12); ( montant payable )
Income Tax Act — I-3.3
cash surrender value at a particular time of a life insurance policy means its cash surrender value at that time computed without regard to any policy loans made under the policy, any policy dividends (other than paid-up additions) payable under the policy or any interest payable on those dividends; ( valeur de rachat )
Income Tax Act — I-3.3
child of a policyholder includes a child as defined in subsection 70(10); ( enfant )
Income Tax Act — I-3.3 (a)
disposition , in relation to an interest in a life insurance policy, includes (a) a surrender thereof, (b) a policy loan made after March 31, 1978, (c) the dissolution of that interest by virtue of the maturity of the policy, (d) a disposition of that interest by operation of law only, and (e) the payment by an insurer of an amount (other than an annuity payment, a policy loan or a policy dividend) in respect of a policy (other than a policy described in paragraph 148(1)(a), 148(1)(b), 148(1)(c), 148(1)(d) or 148(1)(e)) that is a life annuity contract, as defined by regulation, entered into after November 16, 1978, and before November 13, 1981, but does not include (f) an assignment of all or any part of an interest in the policy for the purpose of securing a debt or a loan other than a policy loan, (g) a lapse of the policy in consequence of the premiums under the policy remaining unpaid, if the policy was reinstated not later than 60 days after the end of the calendar year in which the lapse occurred, (h) a payment under a policy as a disability benefit or as an accidental death benefit, (i) an annuity payment, (j) a payment under a life insurance policy (other than an annuity contract) that (i) was last acquired before December 2, 1982, or (ii) is an exempt policy in consequence of the death of any person whose life was insured under the policy, or (k) any transaction or event by which an individual becomes entitled to receive, under the terms of an exempt policy, all of the proceeds (including or excluding policy dividends) payable under the policy in the form of an annuity contract or annuity payments, if, at the time of the transaction or event, the individual whose life is insured under the policy was totally and permanently disabled; ( disposition )
Income Tax Act — I-3.3
interest , in relation to a policy loan, has the meaning assigned by subsection 138(12); ( intérêt )
Income Tax Act — I-3.3
policy loan means an amount advanced by an insurer to a policyholder in accordance with the terms and conditions of the life insurance policy; ( avance sur police )
Income Tax Act — I-3.3 (a)
premium under a policy includes (a) interest paid after 1977 to a life insurer in respect of a policy loan, other than interest deductible in the 1978 or any subsequent taxation year pursuant to paragraph 20(1)(c) or 20(1)(d), and (b) a prepaid premium under the policy to the extent that it cannot be refunded otherwise than on termination or cancellation of the policy, but does not include (c) the portion of any amount paid under the policy with respect to an accidental death benefit, a disability benefit, an additional risk as a result of insuring a substandard life, an additional risk in respect of the conversion of a term policy into another policy after the end of the year, an additional risk under a settlement option, or an additional risk under a guaranteed insurability benefit, if (i) in the case of an annuity contract, a policy issued before 2017 or in respect of which the particular time at which the policy is issued is determined under subsection (11), where the interest in the policy was last acquired after December 1, 1982, the payment is made after May 31, 1985 and, if the particular time at which the policy is issued is determined under subsection (11), before the particular time, or (ii) in the case where the taxpayer’s interest in the policy was last acquired before December 2, 1982, (A) subsection 12.2(9) of the Income Tax Act , chapter 148 of the Revised Statutes of Canada , 1952, applies to the interest, (B) the particular time at which the policy is issued is determined under subsection (11), and (C) the payment is made in the period that starts at the later of May 31, 1985 and the first time at which that subsection 12.2(9) applies in respect of the interest and that ends at the particular time; ( prime )
Income Tax Act — I-3.3 (a)
proceeds of the disposition of an interest in a life insurance policy means the amount of the proceeds that the policyholder, beneficiary or assignee, as the case may be, is entitled to receive on a disposition of an interest in the policy and for greater certainty, (a) in respect of a surrender or maturity thereof, means the amount determined by the formula (A - B) - C where A is the cash surrender value of the interest in the policy at the time of surrender or maturity, B is that portion of the cash surrender value represented by A that is applicable to the policyholder’s interest in the related segregated fund trust as referred to in paragraph 138.1(1)(e), and C is the total of amounts each of which is (i) an amount by which the amount payable in respect of a policy loan in respect of the policy is reduced as a consequence of the disposition, except that if the policy is issued after 2016 and the disposition is of a part of the interest (and, in the case where the particular time at which the policy is issued is determined under subsection (11), the disposition occurs at or after the particular time), only to the extent that the amount represents the portion of the loan applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, (ii) a premium under the policy that is due but unpaid at that time, or (iii) an amount applied, immediately after the time of the surrender, to pay a premium under the policy, as provided for under the terms and conditions of the policy, (b) in respect of a policy loan made after March 31, 1978 means the lesser of (i) the amount of the loan, other than the part thereof applied, immediately after the loan, to pay a premium under the policy, as provided for under the terms and conditions of the policy, and (ii) the amount, if any, by which the cash surrender value of the policy immediately before the loan was made exceeds the total of the balances outstanding at that time of any policy loans in respect of the policy, (c) in respect of a payment described in paragraph (e) of the definition disposition in this subsection, means the amount of that payment, and (d) in respect of a disposition deemed to have occurred under paragraph 148(2)(b), means the accumulating fund in respect of the interest, as determined in prescribed manner, (i) immediately before the time of death in respect of a life insurance policy (other than an annuity contract) last acquired after December 1, 1982, or (ii) immediately after the time of death in respect of an annuity contract; ( produit de disposition )
Income Tax Act — I-3.3
relevant authority [Repealed, 1997, c. 25, s. 46(1)
Income Tax Act — I-3.3
tax anniversary date , in relation to a life insurance policy, means the second anniversary date of the policy to occur after October 22, 1968; ( jour anniversaire d’imposition )
Income Tax Act — I-3.3 (a)
value at a particular time of an interest in a life insurance policy means (a) where the interest includes an interest in the cash surrender value of the policy, the amount in respect thereof that the holder of the interest would be entitled to receive if the policy were surrendered at that time, and (b) in any other case, nil. ( valeur )
Income Tax Act — I-3.3 148.1
an by way of a transfer from an eligible funeral arrangement) at the particular time under the recipient arrangement for the purpose of funding funeral or cemetery services with respect to the recipient. Non-application of subsection (4) (5) Subsection (4) does not apply if (a) the transferor and the recipient are the same individual; (b) the amount that is transferred, credited or added to the balance in respect of the individual under the recipient arrangement is equal to the balance in respect of the individual under the transferor arrangement immediately before the particular time; and (c) the transferor arrangement is terminated immediately after the transfer. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 62; 1998, c. 19, s. 177; 2013, c. 34, s. 306
Income Tax Act — I-3.3
cemetery care trust means a trust established pursuant to an Act of a province for the care and maintenance of a cemetery; ( fiducie pour l’entretien d’un cimetière )
Income Tax Act — I-3.3
cemetery services with respect to an individual means property (including interment vaults, markers, flowers, liners, urns, shrubs and wreaths) and services that relate directly to cemetery arrangements in Canada in consequence of the death of the individual including, for greater certainty, property and services to be funded out of a cemetery care trust; ( services de cimetière )
Income Tax Act — I-3.3 (a)
custodian of an arrangement means (a) where a trust is governed by the arrangement, a trustee of the trust, and (b) in any other case, a qualifying person who receives a contribution under the arrangement as a deposit for the provision by the person of funeral or cemetery services; ( dépositaire )
Income Tax Act — I-3.3 (a)
eligible funeral arrangement at a particular time means an arrangement established and maintained by a qualifying person solely for the purpose of funding funeral or cemetery services with respect to one or more individuals and of which there is one or more custodians each of whom was resident in Canada at the time the arrangement was established, where (a) each contribution made before the particular time under the arrangement was made for the purpose of funding funeral or cemetery services to be provided by the qualifying person with respect to an individual, and (b) for each such individual, the total of all relevant contributions made before the particular time in respect of the individual does not exceed (i) $15,000, where the arrangement solely covers funeral services with respect to the individual, (ii) $20,000, where the arrangement solely covers cemetery services with respect to the individual, and (iii) $35,000, in any other case, and for the purpose of this definition, any payment (other than the portion of the payment to be applied as a contribution to a cemetery care trust) that is made in consideration for the immediate acquisition of a right to burial in or on property that is set apart or used as a place for the burial of human remains or of any interest in a building or structure for the permanent placement of human remains, shall be considered to have been made pursuant to a separate arrangement that is not an eligible funeral arrangement; ( arrangement de services funéraires )
Income Tax Act — I-3.3
funeral or cemetery services with respect to an individual means funeral services with respect to the individual, cemetery services with respect to the individual or any combination of such services; ( services de funérailles ou de cimetière )
Income Tax Act — I-3.3
funeral services with respect to an individual means property and services (other than cemetery services with respect to the individual) that relate directly to funeral arrangements in Canada in consequence of the death of the individual; ( services funéraires )
Income Tax Act — I-3.3
qualifying person means a person licensed or otherwise authorized under the laws of a province to provide funeral or cemetery services with respect to individuals; ( personne admissible )
Income Tax Act — I-3.3 (a)
relevant contribution in respect of an individual under a particular arrangement means (a) a contribution under the particular arrangement (other than a contribution made by way of a transfer from an eligible funeral arrangement) for the purpose of funding funeral or cemetery services with respect to the individual, or (b) such portion of a contribution to another arrangement that was an eligible funeral arrangement (other than any such contribution made by way of a transfer from any eligible funeral arrangement) as can reasonably be considered to have subsequently been used to make a contribution under the particular arrangement by way of a transfer from an eligible funeral arrangement for the purpose of funding funeral or cemetery services with respect to the individual. ( versement admissible )
Income Tax Act — I-3.3 149
person is deemed to have deducted under sections 20, 138 and 140 in computing the person’s income for its taxation year that ended immediately before that time, the greatest amount that could have been claimed or deducted by the person for that year as a reserve under those sections; (b) the person is deemed to have disposed, at the time (in this subsection referred to as the “disposition time”) that is immediately before the time that is immediately before that time, of each property held by the person immediately before that time for an amount equal to its fair market value at that time and to have reacquired the property at that time at a cost equal to that fair market value; and (c) for the purposes of applying sections 37, 65 to 66.4, 66.7, 111 and 126, subsections 127(5) to (36) and section 127.3 to the person, the person is deemed to be a new corporation or trust, as the case may be, the first taxation year of which began at that time. (d) [Repealed, 2016, c. 12, s. 54] Geographical boundaries — body performing government functions (11) For the purpose of this section, the geographical boundaries of a municipal or public body performing a function of government are (a) the geographical boundaries that encompass the area in respect of which an Act of Parliament or an agreement given effect by an Act of Parliament recognizes or grants to the body a power to impose taxes; or (b) if paragraph (a) does not apply, the geographical boundaries within which that body has been authorized by the laws of Canada or of a province to exercise that function. Information returns (12) Every person who, because of paragraph 149(1)(e) or 149(1)(l), is exempt from tax under this Part on all or part of the person’s taxable income shall, within 6 months after the end of each fiscal period of the person and without notice or demand therefor, file with the Minister an information return for the period in prescribed form and containing prescribed information, if (a) the total of all amounts each of which is a taxable dividend or an amount received or receivable by the person as, on account of, in lieu of or in satisfaction of, interest, rentals or royalties in the period exceeds $10,000; (b) at the end of the person’s preceding fiscal period the total assets of the person (determined in accordance with generally accepted accounting principles) exceeded $200,000; or (c) an information return was required to be filed under this subsection by the person for a preceding fiscal period. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 149; 1994, c.7, Sch. II, s. 122, Sch. VIII, s. 88; 1995, c. 21, s. 63; 1996, c. 21, s. 37; 1997, c. 25, s. 47; 1998, c. 19, ss. 41, 178; 2001, c. 17, s. 145; 2007, c. 35, s. 116; 2008, c. 28, s. 27; 2011, c. 24, s. 50; 2012, c. 31, s. 38; 2013, c. 34, ss. 138, 307, c. 40, s. 66; 2014, c. 39, s. 53; 2016, c. 12, s. 54; 2017, c. 20, s. 24 2019, c. 29, s. 30 2022, c. 19, s. 33 2023, c. 26, s. 46
Income Tax Act — I-3.3 149.01
149.01 [Repealed, 2017, c. 12, s. 12] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2015, c. 41, s. 1; 2017, c. 12, s. 12