Income Tax Act — I-3.3 212.3
s part of a series of loans or other transactions and repayments, within 180 days after the day on which the amount becomes owing, (ii) that is a pertinent loan or indebtedness immediately after the time of the transaction, or (iii) because a dividend has been declared, but not yet paid, by the subject corporation; (d) an acquisition of a debt obligation of the subject corporation by the CRIC from a person, other than (i) if the acquisition is made in the ordinary course of the business of the CRIC, a debt obligation acquired from a person with which the CRIC deals at arm’s length at the time of the acquisition, or (ii) a debt obligation that is a pertinent loan or indebtedness immediately after the time of the acquisition; (e) an extension of (i) the maturity date of a debt obligation (other than a debt obligation that is a pertinent loan or indebtedness immediately after the time of the extension) owing by the subject corporation to the CRIC, or (ii) the redemption, acquisition or cancellation date of shares of the capital stock of the subject corporation owned by the CRIC; (f) an indirect acquisition by the CRIC of shares of the capital stock of the subject corporation that results from a direct acquisition by the CRIC of shares of the capital stock of another corporation resident in Canada, of which the subject corporation is a foreign affiliate, if the total fair market value of all the shares that are held directly or indirectly by the other corporation and are shares of foreign affiliates of the other corporation exceeds 75% of the total fair market value (determined without reference to debt obligations of any corporation resident in Canada in which the other corporation has a direct or indirect interest) of all of the properties owned by the other corporation; and (g) an acquisition by the CRIC of an option in respect of, or an interest in, or for civil law a right in, shares of the capital stock of, an amount owing by (other than an amount owing described in subparagraph (c)(i) or (ii)), or a debt obligation of (other than a debt obligation described in subparagraph (d)(i) or (ii)), the subject corporation. Pertinent loan or indebtedness (11) For the purposes of subsection (10) and subject to subsection 17.1(3), pertinent loan or indebtedness , at any time, means an amount owing at that time by the subject corporation to the CRIC in respect of which all of the following apply: (a) either (i) the amount became owing after March 28, 2012, or (ii) the amount became owing before March 29, 2012 and is a debt obligation for which the maturity date was extended after March 28, 2012 and at or before that time; (b) the amount owing is not an amount owing described in subparagraph (10)(c)(i) or a debt obligation described in subparagraph (10)(d)(i); and (c) the CRIC and each parent jointly elect in writing under this paragraph in respect of the amount owing and file the election with the Minister on or before the filing-due date of the CRIC (i) in the case of an amount owing described in subparagraph (a)(i), for the year in which the amount became owing, or (ii) in the case of an amount owing described in subparagraph (a)(ii), for the year in which the extension was made. Late-filed elections (12) Where an election referred to in subsection (3) or paragraph (11)(c) was not made on or before the day on or before which the election was required by that paragraph to be made, the election is deemed to have been made on that day if the election is made on or before the day that is three years after that day and the penalty in respect of the election is paid by the CRIC when the election is made. Penalty for late-filed election (13) For the purposes of subsection (12), the penalty in respect of an election referred to in that subsection is the amount equal to the product obtained by multiplying $100 by the number of months each of which is a month all or part of which is during the period commencing with the day on or before which t