GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 4
Income or loss from a source or from sources in a place 4 (1) For the purposes of this Act, (a) a taxpayer’s income or loss for a taxation year from an office, employment, business, property or other source, or from sources in a particular place, is the taxpayer’s income or loss, as the case may be, computed in accordance with this Act on the assumption that the taxpayer had during the taxation year no income or loss except from that source or no income or loss except from those sources, as the case may be, and was allowed no deductions in computing the taxpayer’s income for the taxation year except such deductions as may reasonably be regarded as wholly applicable to that source or to those sources, as the case may be, and except such part of any other deductions as may reasonably be regarded as applicable thereto; and (b) where the business carried on by a taxpayer or the duties of the office or employment performed by a taxpayer was carried on or were performed, as the case may be, partly in one place and partly in another place, the taxpayer’s income or loss for the taxation year from the business carried on, or the duties performed, by the taxpayer in a particular place is the taxpayer’s income or loss, as the case may be, computed in accordance with this Act on the assumption that the taxpayer had during the taxation year no income or loss except from the part of the business that was carried on in that particular place or no income or loss except from the part of those duties that were performed in that particular place, as the case may be, and was allowed no deductions in computing the taxpayer’s income for the taxation year except such deductions as may reasonably be regarded as wholly applicable to that part of the business or to those duties, as the case may be, and except such part of any other deductions as may reasonably be regarded as applicable thereto. Idem (2) Subject to subsection 4(3), in applying subsection 4(1) for the purposes of this Part, no deductions permitted by sections 60 to 64 apply either wholly or in part to a particular source or to sources in a particular place. Deductions applicable (3) In applying subsection 4(1) for the purposes of subsections 104(22) and 104(22.1) and sections 115 and 126, (a) subject to paragraph (b), all deductions permitted in computing a taxpayer’s income for a taxation year for the purposes of this Part, except any deduction permitted by any of paragraphs 60(b) to (o), (p), (r) and (v) to (z), apply either wholly or in part to a particular source or to sources in a particular place; and (b) any deduction permitted by subsection 104(6) or 104(12) shall not apply either wholly or in part to a source in a country other than Canada. (4) [Repealed, 1996, c. 21, s. 2(1)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 4; 1994, c. 7, Sch. II, s. 2, c. 21, s. 1; 1996, c. 21, s. 2; 2007, c. 35, s. 101; 2013, c. 34, s. 169
Income Tax Act — I-3.3 5
Income from office or employment 5 (1) Subject to this Part, a taxpayer’s income for a taxation year from an office or employment is the salary, wages and other remuneration, including gratuities, received by the taxpayer in the year. Loss from office or employment (2) A taxpayer’s loss for a taxation year from an office or employment is the amount of the taxpayer’s loss, if any, for the taxation year from that source computed by applying, with such modifications as the circumstances require, the provisions of this Act respecting the computation of income from that source. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“5”
Income Tax Act — I-3.3 6
using loss (20) For the purpose of paragraph (1)(a), an amount paid at any time in a taxation year in respect of an eligible housing loss to or on behalf of a taxpayer or a person who does not deal at arm’s length with the taxpayer in respect of, in the course of or because of, an office or employment is deemed to be a benefit received by the taxpayer at that time because of the office or employment to the extent of the amount, if any, by which (a) one half of the amount, if any, by which the total of all amounts each of which is so paid in the year or in a preceding taxation year exceeds $15,000 exceeds (b) the total of all amounts each of which is an amount included in computing the taxpayer’s income because of this subsection for a preceding taxation year in respect of the loss. Housing loss (21) In this section, housing loss at any time in respect of a residence of a taxpayer means the amount, if any, by which the greater of (a) the adjusted cost base of the residence at that time to the taxpayer or to another person who does not deal at arm’s length with the taxpayer, and (b) the highest fair market value of the residence within the six-month period that ends at that time exceeds (c) if the residence is disposed of by the taxpayer or the other person before the end of the first taxation year that begins after that time, the lesser of (i) the proceeds of disposition of the residence, and (ii) the fair market value of the residence at that time, and (d) in any other case, the fair market value of the residence at that time. Eligible housing loss (22) In this section, eligible housing loss in respect of a residence designated by a taxpayer means a housing loss in respect of an eligible relocation of the taxpayer or a person who does not deal at arm’s length with the taxpayer and, for these purposes, no more than one residence may be so designated in respect of an eligible relocation. Employer-provided housing subsidies (23) For greater certainty, an amount paid or the value of assistance provided by any person in respect of, in the course of or because of, an individual’s office or employment in respect of the cost of, the financing of, the use of or the right to use, a residence is, for the purposes of this section, a benefit received by the individual because of the office or employment. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 6; 1994, c. 7, Sch. II, s. 3, Sch. VIII, s. 1, c. 21, s. 2; 1995, c. 3, s. 1, c. 21, s. 1; 1997, c. 10, s. 267; 1998, c. 19, s. 68; 1999, c. 22, s. 2; 2002, c. 9, s. 20; 2003, c. 15, s. 69; 2005, c. 21, s. 101; 2007, c. 16, s. 1; 2009, c. 2, s. 2; 2010, c. 25, s. 2; 2012, c. 31, s. 2; 2013, c. 34, ss. 170, 426; 2016, c. 7, s. 114; 2017, c. 20, s. 2 2018, c. 12, s. 2 2021, c. 23, s. 2 2023, c. 26, s. 2 2024, c. 17, s. 2(F)
Income Tax Act — I-3.3
disability policy means a group disability insurance policy that provides for periodic payments to individuals in respect of the loss of remuneration from an office or employment. ( police d’assurance-invalidité )
Income Tax Act — I-3.3
employer of an individual includes a former employer of the individual. ( employeur )
Income Tax Act — I-3.3 (a)
top-up disability payment in respect of an individual means a payment made by an employer of the individual as a consequence of the insolvency of an insurer that was obligated to make payments to the individual under a disability policy where (a) the payment is made to an insurer so that periodic payments made to the individual under the policy will not be reduced because of the insolvency, or will be reduced by a lesser amount, or (b) the following conditions are satisfied: (i) the payment is made to the individual to replace, in whole or in part, periodic payments that would have been made under the policy to the individual but for the insolvency, and (ii) the payment is made under an arrangement by which the individual is required to reimburse the payment to the extent that the individual subsequently receives an amount from an insurer in respect of the portion of the periodic payments that the payment was intended to replace. For the purposes of paragraphs (a) and (b), an insurance policy that replaces a disability policy is deemed to be the same policy as, and a continuation of, the disability policy that was replaced. ( paiement compensatoire pour invalidité )
Income Tax Act — I-3.3 7
graph 53(1)(j), subsection 110(0.1), paragraphs 110(1)(d), (d.01) and (e) and subsections 110(1.1) to (1.9) and (2.1). qualifying person means a corporation or a mutual fund trust. ( personne admissible ) security of a qualifying person means (a) if the person is a corporation, a share of the capital stock of the corporation; and (b) if the person is a mutual fund trust, a unit of the trust. ( titre ) (8) to (15) [Repealed, 2010, c. 25, s. 3] Prescribed form for deferral (16) Where, at any time in a taxation year, a taxpayer holds a security that was acquired under circumstances to which subsection (8) applied, the taxpayer shall file with the Minister, with the taxpayer’s return of income for the year, a prescribed form containing prescribed information relating to the taxpayer’s acquisition and disposition of securities under agreements referred to in subsection (1). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 7; 1994, c. 7, Sch. II, s. 4, c. 21, s. 3; 1999, c. 22, s. 3; 2001, c. 17, s. 2; 2007, c. 35, s. 68; 2009, c. 2, s. 3; 2010, c. 25, s. 3; 2013, c. 34, s. 171 2021, c. 23, s. 3 2024, c. 17, s. 3
Income Tax Act — I-3.3
qualifying person means a corporation or a mutual fund trust. ( personne admissible )
Income Tax Act — I-3.3 (a)
security of a qualifying person means (a) if the person is a corporation, a share of the capital stock of the corporation; and (b) if the person is a mutual fund trust, a unit of the trust. ( titre )
Income Tax Act — I-3.3 8
i) the expense was deductible under paragraph (1)(t) by the taxpayer for the immediately preceding taxation year, or (iii) the taxpayer is entitled to receive a reimbursement, allowance or any other form of assistance (other than an amount that is included in computing the income for any taxation year of the taxpayer and that is not deductible in computing the income of the taxpayer) in respect of the expense; and (f) a taxpayer’s temporary relocation deduction for a taxation year in respect of an eligible temporary relocation of the taxpayer is the lesser of (i) the total eligible temporary relocation expenses of the taxpayer for the taxation year incurred in respect of the eligible temporary relocation, and (ii) half of the taxpayer’s total income for the taxation year from employment as an eligible tradesperson at all temporary work locations referred to in subparagraph (c)(i) in respect of the eligible temporary relocation (computed without reference to this section). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 8; 1994, c. 7, Sch. II, s. 5, Sch. VIII, s. 2, c. 21, s. 4; 1996, c. 23, s. 171; 1998, c. 19, s. 69; 1999, c. 22, s. 4; 2000, c. 12, s. 142; 2001, c. 17, s. 3; 2002, c. 9, s. 21; 2007, c. 2, s. 2; 2012, c. 31, s. 3; 2013, c. 34, s. 172 2022, c. 10, s. 2 2023, c. 26, s. 3 2024, c. 17, s. 4(F)
Income Tax Act — I-3.3 9
Income 9 (1) Subject to this Part, a taxpayer’s income for a taxation year from a business or property is the taxpayer’s profit from that business or property for the year. Loss (2) Subject to section 31, a taxpayer’s loss for a taxation year from a business or property is the amount of the taxpayer’s loss, if any, for the taxation year from that source computed by applying the provisions of this Act respecting computation of income from that source with such modifications as the circumstances require. Gains and losses not included (3) In this Act, “income from a property” does not include any capital gain from the disposition of that property and “loss from a property” does not include any capital loss from the disposition of that property. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“9”; 1984, c. 1, s. 4; 1986, c. 6, s. 4
Income Tax Act — I-3.3 10
me for proceeds of disposition equal to its fair market value at that time; and (b) to have received those proceeds immediately before that time in the course of carrying on the business or the part of the business, as the case may be. Adding property to inventory (13) If at any time a property becomes included in the inventory of a business or part of a business that a non-resident taxpayer carries on in Canada after that time (other than a property that was, otherwise than because of this subsection, acquired by the taxpayer at that time), the taxpayer is deemed to have acquired the property at that time at a cost equal to its fair market value at that time. (14) [Repealed, 2017, c. 33, s. 2] (14.1) [Repealed, 2017, c. 33, s. 2] Derivatives (15) For the purposes of this section, property of a taxpayer that is a swap agreement, a forward purchase or sale agreement, a forward rate agreement, a futures agreement, an option agreement, or any similar agreement is deemed not to be inventory of 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. 10; 1994, c. 7, Sch. II, s. 6; 1998, c. 19, s. 70; 2001, c. 17, s. 4; 2013, c. 40, s. 2; 2016, c. 12, s. 2; 2017, c. 33, s. 2
Income Tax Act — I-3.3 10.1
ly preceding the election year, the taxpayer did not compute its profit or loss in respect of that eligible derivative in accordance with a method of profit computation that produces a substantially similar effect to subsection (6), then (a) the taxpayer is deemed (i) to have disposed of the eligible derivative immediately before the beginning of the election year and received proceeds or paid an amount, as the case may be, equal to its fair market value at that time, and (ii) to have reacquired, or reissued or renewed, the eligible derivative at the beginning of the election year at an amount equal to the proceeds or the amount, as the case may be, determined under subparagraph (i); (b) the profit or loss that would arise (determined without reference to this paragraph) on the deemed disposition in subparagraph (a)(i) (i) is deemed not to arise in the taxation year immediately preceding the election year, and (ii) is deemed to arise in the taxation year in which the taxpayer disposes of the eligible derivative (otherwise than because of paragraphs (6)(a) or 142.5(2)(a)); and (c) for the purpose of applying subsection 18(15) in respect of the disposition of the eligible derivative referred to in subparagraph (b)(ii), the profit or loss deemed to arise because of that subparagraph is included in determining the amount of the transferor’s loss, if any, from the disposition. Default realization method (8) If subsection (4) does not apply to a taxpayer referred to in paragraph (4)(b) in respect of a taxation year, a method of profit computation that produces a substantially similar effect to subsection (6) shall not be used for the purpose of computing the taxpayer’s income from a business or property in respect of a swap agreement, a forward purchase or sale agreement, a forward rate agreement, a futures agreement, an option agreement or a similar agreement for the taxation year. Interpretation (9) For the purposes of subsections (4) to (7), if an agreement that is an eligible derivative of a taxpayer is not a property of the taxpayer, the taxpayer is deemed (a) to hold the eligible derivative at any time while the taxpayer is a party to the agreement; and (b) to have disposed of the eligible derivative when it is settled or extinguished in respect of the taxpayer. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2017, c. 33, s. 3
Income Tax Act — I-3.3 11
Proprietor of business 11 (1) Subject to section 34.1, if an individual is a proprietor of a business, the individual’s income from the business for a taxation year is deemed to be the individual’s income from the business for the fiscal periods of the business that end in the year. Reference to “taxation year” (2) Where an individual’s income for a taxation year includes income from a business the fiscal period of which does not coincide with the calendar year, unless the context otherwise requires, a reference in this Subdivision or section 80.3 to a “taxation year” or “year” shall, in respect of the business, be read as a reference to a fiscal period of the business ending in the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 11; 1994, c. 21, s. 5; 1996, c. 21, s. 3; 2013, c. 40, s. 3
Income Tax Act — I-3.3 (a)
anniversary day of an investment contract means (a) the day that is one year after the day immediately preceding the date of issue of the contract, (b) the day that occurs at every successive one year interval from the day determined under paragraph (a), and (c) the day on which the contract was disposed of; ( jour anniversaire )
Income Tax Act — I-3.3 (a)
excluded loan means a loan, other than a forgivable loan, evidenced in writing (a) that is from a payer that is (i) a government, municipality or other public authority in Canada, or (ii) a person resident in Canada or Canadian partnership, if it is reasonable to conclude that the payer would not have made the loan but for the direct or indirect receipt by the payer of amounts from a government, municipality or other public authority in Canada; (b) for which, at the time the loan was made, bona fide arrangements were made for repayment of the loan within a reasonable time; and (c) the funds from which were used for the purpose of earning income from a business or property. ( prêt exclu )
Income Tax Act — I-3.3 (a)
investment contract , in relation to a taxpayer, means any debt obligation other than (a) a salary deferral arrangement or a plan or arrangement that, but for any of paragraphs (a), (b) and (d) to (l) of the definition salary deferral arrangement in subsection 248(1), would be a salary deferral arrangement, (b) a retirement compensation arrangement or a plan or arrangement that, but for any of paragraphs (a), (b), (d) and (f) to (n) of the definition retirement compensation arrangement in subsection 248(1), would be a retirement compensation arrangement, (c) an employee benefit plan or a plan or arrangement that, but for any of paragraphs (a) to (e) of the definition employee benefit plan in subsection 248(1), would be an employee benefit plan, (d) a foreign retirement arrangement, (d.1) a TFSA, (d.2) a FHSA, (e) an income bond, (f) an income debenture, (g) [Repealed, 2023, c. 26, s. 4] (h) [Repealed, 2023, c. 26, s. 4] (i) an obligation in respect of which the taxpayer has (otherwise than because of subsection (4)) at periodic intervals of not more than one year, included, in computing the taxpayer’s income throughout the period in which the taxpayer held an interest in, or for civil law a right in, the obligation, the income accrued on it for those intervals, (j) an obligation in respect of a net income stabilization account, (k) an indexed debt obligation, and (l) a prescribed contract. ( contrat de placement )
Income Tax Act — I-3.3 12.1
Cash bonus on Canada Savings Bonds 12.1 Notwithstanding any other provision of this Act, where in a taxation year a taxpayer receives an amount from the Government of Canada in respect of a Canada Savings Bond as a cash bonus that the Government of Canada has undertaken to pay (other than any amount of interest, bonus or principal agreed to be paid at the time of the issue of the bond under the terms of the bond), the taxpayer shall, in computing the taxpayer’s income for the year, include as interest in respect of the Canada Savings Bond 1/2 of the cash bonus so received. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1974-75-76, c. 26, s. 5; 1986, c. 6, s. 7
Income Tax Act — I-3.3 12.2
 by regulation. ( police exonérée ) Application of ss. 138(12) and 148(9) (12) The definitions in subsections 138(12) and 148(9) apply to this section. Application of s. 148(10) (13) Subsection 148(10) applies to this section. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 12.2; 1994, c. 7, Sch. II, s. 8; 1998, c. 19, s. 72
Income Tax Act — I-3.3 (a)
anniversary day of a life insurance policy means (a) the day that is one year after the day immediately preceding the day on which the policy was issued, and (b) each day that occurs at each successive one-year interval after the day determined under paragraph (a). ( jour anniversaire )
Income Tax Act — I-3.3
exempt policy has the meaning prescribed by regulation. ( police exonérée )
Income Tax Act — I-3.3 12.3
12.3 [Repealed, 2013, c. 34, s. 174] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 12.3; 1995, c. 3, s. 3; 2013, c. 34, s. 174
Income Tax Act — I-3.3 12.4
Bad debt inclusion 12.4 Where, in a taxation year, a taxpayer disposes of a property that was a property described in an inventory of the taxpayer and in the year or a preceding taxation year an amount has been deducted under paragraph 20(1)(p) in computing the taxpayer’s income in respect of the property, there shall be included in computing the taxpayer’s income for the year from the business in which the property was used or held, the amount, if any, by which (a) the total of all amounts deducted under paragraph 20(1)(p) by the taxpayer in respect of the property in computing the taxpayer’s income for the year or a preceding taxation year exceeds (b the total of all amounts included under paragraph 12(1)(i) by the taxpayer in respect of the property in computing the taxpayer’s income for the year or a preceding taxation year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 5