GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 18.21
 period unless the Canadian group members jointly elect, for the first relevant taxation year in respect of which the Canadian group members jointly elect under subsection (2), to include net fair value amounts in calculating group adjusted net book income for the relevant period in which the first relevant taxation year ends; (b) if an election to include net fair value amounts in the calculation is not made in the first relevant taxation year, each Canadian group member is deemed not to have so elected in that taxation year and any subsequent taxation year; and (c) if an election to include net fair value amounts in the calculation is made in the first relevant taxation year, each Canadian group member is deemed to have so elected in that taxation year and any subsequent taxation year. Assessment (5) If an election or amended election has been made under subsection (2), the Minister shall, notwithstanding subsections 152(4) and (5), assess or reassess the tax, interest or penalties payable under this Act by any taxpayer for any relevant taxation year as is necessary to give effect to the election or amended election. Use of accounting terms (6) For the purposes of the definitions consolidated financial statements , consolidated group , equity-accounted entity , fair value amount , group adjusted net book income , specified interest expense , specified interest income and ultimate parent in subsection (1), a term that is not defined under this Act has the meaning assigned to the term for financial reporting purposes under the relevant acceptable accounting standards. Single member group (7) For the purposes of this section, if a taxpayer resident in Canada is not a member of a consolidated group for a relevant period, (a) the taxpayer is deemed to be an eligible group entity in respect of itself; (b) the taxpayer is deemed to be (i) a member of a consolidated group that comprises only itself, and (ii) the ultimate parent of the group; and (c) the taxpayer’s financial statements are deemed to be consolidated financial statements. Anti-avoidance — specified non-member (8) A particular person or partnership that is not a member of a consolidated group for a relevant period is deemed to be a specified non-member in respect of the group for the period if a portion of the amount of the specified interest expense of the group is paid or payable by a member of the group to the particular person or partnership as part of a transaction or series of transactions where it can reasonably be considered that one of the main purposes of the transaction or series is to avoid the inclusion of that portion in the determination of the amount for E in the definition group net interest expense in subsection (1). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2024, c. 15, s. 7
Income Tax Act — I-3.3 (a)
acceptable accounting standards means International Financial Reporting Standards and the generally accepted accounting principles of (a) Canada; (b) Australia; (c) Brazil; (d) member states of the European Union; (e) member states of the European Economic Area; (f) Hong Kong (China); (g) Japan; (h) Mexico; (i) New Zealand; (j) the People’s Republic of China; (k) the Republic of India; (l) the Republic of Korea; (m) Singapore; (n) Switzerland; (o) the United Kingdom; and (p) the United States. ( principes comptables acceptables )
Income Tax Act — I-3.3
consolidated financial statements means financial statements prepared in accordance with a relevant acceptable accounting standard in which the assets, liabilities, income, expenses and cash flows of two or more entities are presented as those of a single economic entity and, for greater certainty, the financial statements include the notes to the financial statements. ( états financiers consolidés )
Income Tax Act — I-3.3
consolidated group means two or more entities, other than an equity-accounted entity but including an ultimate parent, (each such entity referred to in this section as a “member of the consolidated group”) in respect of which consolidated financial statements are required to be prepared for financial reporting purposes or would be so required if the entities were subject to International Financial Reporting Standards. ( groupe consolidé )
Income Tax Act — I-3.3
equity-accounted entity means an entity the net income or loss of which is included in the consolidated financial statements of a consolidated group under the equity method of accounting. ( entité comptabilisée à la valeur de consolidation )
Income Tax Act — I-3.3 (a)
equity interest means (a) a share of the capital stock of a corporation; (b) an interest as a beneficiary under a trust; (c) an interest as a member of a partnership; or (d) any similar interest in respect of any entity. ( participation au capital )
Income Tax Act — I-3.3 (a)
fair value amount means any amount reflected in the net income or net loss reported in the consolidated financial statements of a consolidated group for a relevant period where (a) the carrying value of any asset or liability of the consolidated group is measured using the fair value method of accounting; and (b) the amount reflects a change in the carrying value of the asset or liability during the relevant period and is included in either the description of C or H in the definition group adjusted net book income . ( montant de la juste valeur )
Income Tax Act — I-3.3 (a)
group adjusted net book income , of a consolidated group for a relevant period, means the amount determined by the formula A − B where A is the amount determined by the formula C + D + E + F + G where C is the amount, if any, of net income reported in the consolidated financial statements of the group for the period, D is the amount, if any, of income tax expense reported in those statements, E is the amount that would be the specified interest expense of the group for the period if the definition specified interest expense were read without reference to paragraph (b) of the description of A, F is the total of all amounts used in determining the amounts reported in those statements each of which is the amount of (a) a depreciation or amortization expense in respect of an asset, (b) a charge in respect of the impairment or write-off of an asset referred to in paragraph (a), (c) a loss on the disposal of an asset referred to in paragraph (a), (d) if an election is made under subsection (4) and the net fair value amount for the period is negative, the absolute value of the net fair value amount, and (e) an expense, charge, deduction or loss that is similar to any of those referred to in paragraphs (a) to (d), and G is the total of all amounts referred to in the description of D or F that are included in the determination of the net income or loss of an equity-accounted entity, to the extent of the consolidated group’s share of that net income or loss; and B is the amount determined by the formula H + I + J + K + L + M + N where H is the amount, if any, of net loss reported in those statements, I is the amount, if any, of income tax recoverable reported in those statements, J is the specified interest income of the group for the period, K if an election is made under subsection (4) and the net fair value amount for the period is positive, the net fair value amount, L is the total of all amounts used in determining the amounts reported in those statements each of which is the amount of a gain on the disposal of an asset referred to in paragraph (a) of the description of F, to the extent that the sale proceeds do not exceed the original cost of the asset, M is the total of all amounts referred to in the descriptions of I, K and L that is included in the determination of the net income or loss of an equity-accounted entity, to the extent of the consolidated group’s share of that net income or loss, and N is the total of all amounts, each of which is the portion of net income reported in those statements that can reasonably be considered to be earned by a borrower (within the meaning of the definition exempt interest and financing expenses in subsection 18.2(1)) in respect of a borrowing (within the meaning of the definition exempt interest and financing expenses in subsection 18.2(1)) that results in exempt interest and financing expenses of the borrower. ( bénéfice net comptable rajusté du groupe )
Income Tax Act — I-3.3
group net interest expense , of a consolidated group for a relevant period, means the amount determined by the formula A − B where A is the amount determined by the formula C − D where C is the specified interest expense of the group for the period, and D is the specified interest income of the group for the period; and B is the total of all amounts each of which is an amount determined, in respect of a specified non-member of the group, by the formula E − F where E is the portion of the amount of the specified interest expense of the group for the period that is paid or payable to the specified non-member, and F is the portion of the amount of the specified interest income of the group for the period that is received or receivable from the specified non-member. ( dépenses nettes d’intérêts du groupe )
Income Tax Act — I-3.3 (a)
group ratio , of a consolidated group for a relevant period, means (a) except where paragraph (b) applies, the percentage determined by the formula 1.1 × A ÷ B where A is the group net interest expense of the consolidated group for the relevant period, and B is the group adjusted net book income of the consolidated group for the relevant period; and (b) if the group adjusted net book income of the consolidated group for the relevant period is nil, nil. ( ratio de groupe )
Income Tax Act — I-3.3
net fair value amount means the positive or negative amount that is the total of all amounts, each of which is a positive or negative fair value amount in the consolidated financial statements of the consolidated group for a relevant period. ( montant de la juste valeur net )
Income Tax Act — I-3.3
relevant period means a period in respect of which the consolidated financial statements of a consolidated group are presented. ( période pertinente )
Income Tax Act — I-3.3 (a)
specified interest expense , of a consolidated group for a relevant period, means the amount determined by the formula A − B where A is the total of all amounts (other than amounts that are included in exempt interest and financing expenses), each of which is (a) an amount of interest expense used in determining the amounts reported in the consolidated financial statements of the consolidated group for the relevant period, (b) an amount of capitalized interest used in determining the amounts reported in those statements, (c) the amount of a guarantee fee, standby charge, arrangement fee or similar fee paid or payable that is used in determining the amounts reported in those statements and that is not included in paragraph (a) or (b), or (d) an amount referred to in any of paragraphs (a) to (c) that is included in the determination of the net income or loss of an equity-accounted entity, to the extent of the consolidated group’s share of that net income or loss; and B is the total of all amounts each of which is the amount of a dividend included in the determination of an amount referred to in any of paragraphs (a) to (d) of the description of A. ( dépenses d’intérêts déterminées )
Income Tax Act — I-3.3 (a)
specified interest income , of a consolidated group for a relevant period, means the amount determined by the formula A − B where A is the total of all amounts, each of which is (a) an amount of interest income used in determining the amounts reported in the consolidated financial statements of the consolidated group for the relevant period, (b) the amount of a guarantee fee, standby charge, arrangement fee or similar fee received or receivable that is used in determining the amounts reported in those statements and that is not included in paragraph (a), or (c) an amount referred to in paragraph (a) or (b) that is included in the determination of the net income or loss of an equity-accounted entity, to the extent of the consolidated group’s share of that income or loss; and B is the total of all amounts each of which is the amount of a dividend included in the determination of an amount referred to in any of paragraphs (a) to (c) of the description of A. ( revenus d’intérêts déterminés )
Income Tax Act — I-3.3 (a)
specified non-member , of a consolidated group for a relevant period, means a particular person or partnership that is not a member of the consolidated group and that, at any time in the period, (a) does not deal at arm’s length with a member of the group; (b) alone or together with persons or partnerships with whom the particular person or partnership does not deal at arm’s length owns, or has the right to acquire, one or more equity interests in a member of the group that (i) provide 25% or more of the votes that could be cast at an annual meeting of the shareholders of the member, if the member is a corporation, or (ii) have 25% or more of the fair market value of all equity interests in the member; or (c) is a person or partnership in respect of which a member of the group — alone or together with persons or partnerships with whom the member does not deal at arm’s length — owns, or has the right to acquire, one or more equity interests in the particular person or partnership that (i) provide 25% or more of the votes that could be cast at an annual meeting of the shareholders of the particular person, if the particular person is a corporation, or (ii) have 25% or more of the fair market value of all equity interests in the particular person or partnership. ( non-membre déterminé )
Income Tax Act — I-3.3 (a)
ultimate parent means a particular entity if (a) the particular entity is not His Majesty in right of Canada, His Majesty in right of a province or an entity referred to in any of paragraphs 149(1)(c) to (d.6); (b) it holds directly or indirectly an interest in one or more other entities in respect of which it is required to prepare consolidated financial statements for financial reporting purposes, or would be so required if it was subject to International Financial Reporting Standards; and (c) no entity (other than an entity described in paragraph (a)) holds, directly or indirectly, in the particular entity an interest that is described in paragraph (b). ( mère ultime )
Income Tax Act — I-3.3 18.3
hat is a stapled security, unless each reference security in respect of the stapled security is a liability, or (ii) if a security of the particular entity, a subsidiary of the particular entity or an entity of which the particular entity is a subsidiary is a reference security in respect of a stapled security of a real estate investment trust or a subsidiary of a real estate investment trust, an amount paid or payable to (A) the real estate investment trust, (B) a subsidiary of the real estate investment trust, or (C) any person or partnership on condition that any person or partnership pays or makes payable an amount to the real estate investment trust or a subsidiary of the real estate investment trust. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2013, c. 40, s. 10
Income Tax Act — I-3.3
entity has the same meaning as in subsection 122.1(1). ( entité )
Income Tax Act — I-3.3
equity value has the same meaning as in subsection 122.1(1). ( valeur des capitaux propres )
Income Tax Act — I-3.3
real estate investment trust has the same meaning as in subsection 122.1(1). ( fiducie de placement immobilier )
Income Tax Act — I-3.3 (a)
security , of an entity, means (a) a liability of the entity; (b) if the entity is a corporation, (i) a share of the capital stock of the corporation, and (ii) a right to control in any manner whatever the voting rights of a share of the capital stock of the corporation if it can reasonably be concluded that one of the reasons that a person or partnership holds the right to control is to avoid the application of subsection (3) or 12.6(3); (c) if the entity is a trust, an income or a capital interest in the trust; and (d) if the entity is a partnership, an interest as a member of the partnership. ( titre )
Income Tax Act — I-3.3 (a)
stapled security , of a particular entity at any time, means a particular security of the particular entity if at that time (a) another security (referred to in this section as the “reference security”) (i) is or may be required to be transferred together or concurrently with the particular security as a term or condition of the particular security, the reference security, or an agreement or arrangement to which the particular entity (or if the reference security is a security of another entity, the other entity) is a party, or (ii) is listed or traded with the particular security on a stock exchange or other public market under a single trading symbol; (b) the particular security or the reference security is listed or traded on a stock exchange or other public market; and (c) any of the following applies: (i) the reference security and the particular security are securities of the particular entity and the particular entity is a corporation, SIFT partnership or SIFT trust, (ii) the reference security is a security of another entity, one of the particular entity or the other entity is a subsidiary of the other, and the particular entity or the other entity is a corporation, SIFT partnership or SIFT trust, or (iii) the reference security is a security of another entity and the particular entity or the other entity is a real estate investment trust or a subsidiary of a real estate investment trust. ( titre agrafé )
Income Tax Act — I-3.3 (a)
subsidiary , of a particular entity at any time, means (a) an entity in which the particular entity holds at that time securities that have a total fair market value greater than 10% of the equity value of the entity; and (b) an entity that at that time is a subsidiary of an entity that is a subsidiary of the particular entity. ( filiale )
Income Tax Act — I-3.3
controlled foreign company tax regime means a set of provisions under the tax laws of a particular country other than Canada under which a direct or indirect shareholder of an entity that is located in a country other than the particular country is subject to current taxation in respect of its share of all or part of the income earned by the entity, irrespective of whether that income is distributed currently to the shareholder. ( régime fiscal des sociétés étrangères contrôlées )
Income Tax Act — I-3.3 (a)
deductible , in relation to an amount in respect of a payment, in computing relevant foreign income or profits, includes any relief that arises in respect of the payment and is equivalent in effect to a deduction, including (a) an exemption or exclusion in computing the relevant foreign income or profits; and (b) a refund of, or credit that can be applied to reduce or offset, income or profits tax paid or payable to a government of a country other than Canada in respect of the relevant foreign income or profits. ( déductible )
Income Tax Act — I-3.3
entity has the same meaning as in subsection 95(1). ( entité )
Income Tax Act — I-3.3 (a)
equity interest means any of the following: (a) a share of the capital stock of a corporation; (b) an interest as a beneficiary under a trust; (c) an interest as a member of a partnership; or (d) any similar interest in respect of any entity. ( participation au capital )
Income Tax Act — I-3.3 (a)
equity or financing return means a payment that can reasonably be considered to be in respect of, or determined by reference to, (a) revenue, profit, cash flow, commodity price or any other similar criterion; (b) dividends paid or payable to shareholders of any class of shares of the capital stock of a corporation, or income or capital paid or payable to any member of a partnership or beneficiary under a trust, or any other distribution in respect of any entity; or (c) an amount that is, or is on account of, in lieu of payment of or in satisfaction of, interest, or that is otherwise compensation for the use of money. ( rendement financier ou de capitaux propres )
Income Tax Act — I-3.3 (a)
exempt dealer compensation payment means a payment that (a) is a dealer compensation payment (as defined in subsection 260(1)); (b) is received by a registered securities dealer resident in Canada, as compensation for a taxable dividend paid on a share of the capital stock of a public corporation, from a non-resident corporation (referred to in this definition as the “affiliate”) that, at the time the payment is received, (i) is a controlled foreign affiliate of (A) the registered securities dealer, or (B) another taxpayer that does not deal at arm’s length with the registered securities dealer, (ii) has a substantial market presence in a particular country other than Canada, (iii) makes the payment in the ordinary course of a business of trading in securities, if (A) the business is carried on by the affiliate as a foreign bank (as defined in subsection 95(1)), a trust company, a credit union, an insurance corporation or a trader or dealer in securities, (B) the activities of the business are regulated under the laws of (I) the particular country, (II) another country under the laws of which the affiliate is governed and any of exists, was (unless the affiliate was continued in any jurisdiction) formed or organized, or was last continued and of each country in which the business is carried on through a permanent establishment, or (III) if the affiliate is related to a corporation, another country under the laws of which the related corporation is governed and any of exists, was (unless the related corporation was continued in any jurisdiction) formed or organized, or was last continued, if those regulating laws are recognized under the laws of the country in which the business is principally carried on and all of those countries are members of the European Union, and (iv) conducts the business, directly or indirectly, (A) principally with persons that (I) deal at arm’s length with the affiliate, and (II) are resident, or carry on business through a permanent establishment, in the particular country, and (B) in competition with other entities that (I) deal at arm’s length with the affiliate, and (II) have a substantial market presence in the particular country; and (c) does not arise under, or in connection with, a structured arrangement. ( paiement compensatoire (courtier) exonéré )
Income Tax Act — I-3.3 (a)
financial instrument means (a) a debt; (b) an equity interest or any right that may reasonably be considered to replicate a right to participate in profits or gain of any entity; or (c) any other arrangement that gives rise to an equity or financing return. ( instrument financier )
Income Tax Act — I-3.3 (a)
foreign expense restriction rule means a provision under the tax laws of a country other than Canada that can reasonably be considered to (a) have an effect, or be intended to have an effect, that is substantially similar to subsection 18(4) or 18.2(2); or (b) have been enacted or otherwise brought into effect by the country with the intention of implementing, in whole or in part, (i) any of the recommendations set out in Limiting Base Erosion Involving Interest Deductions and Other Financial Payments, Action 4 – 2016 Update , published by the Organisation for Economic Co-operation and Development, or (ii) the Global Anti-Base Erosion Model Rules set out in Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two) , published by the Organisation for Economic Co-operation and Development. ( règle étrangère de restriction des dépenses )