GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
adjusted selling cost to a person or partnership (referred to in this definition as the “supplier”) of a property is the amount determined by the formula A - B where A is (a) where the property is purchased from another person or partnership with which the supplier does not deal at arm’s length, the lesser of (i) the cost to the supplier of the property, and (ii) the adjusted selling cost to the other person or partnership of the property, and (b) in any other case, the cost to the supplier of the property, and for the purpose of paragraph (b), (c) where part of the cost to a supplier of a particular property is attributable to another property acquired by the supplier from a person or partnership with which the supplier does not deal at arm’s length, that part of the cost is deemed to be the lesser of (i) the amount of that part of the cost otherwise determined, and (ii) the adjusted selling cost to the person or the partnership of the other property, (d) where part of the cost to a supplier of a property is attributable to a service (other than a service rendered by a person as an employee of the supplier) rendered to the supplier by a person or partnership with which the supplier does not deal at arm’s length, that part of the cost is deemed to be the lesser of (i) the amount of that part of the cost otherwise determined, and (ii) the adjusted service cost to the person or partnership of rendering the service, and (e) no part of the cost to a supplier of a property that is attributable to remuneration based on profits or a bonus paid or payable to an employee of the supplier shall be included, and B is the total of all amounts each of which is the amount of government assistance or non-government assistance that can reasonably be considered to be in respect of the property and that the supplier has received, is entitled to receive or can reasonably be expected to receive. ( coût de vente rajusté )
Income Tax Act — I-3.3 (a)
excluded corporation for a taxation year means a corporation that is, at any time in the year, (a) controlled directly or indirectly, in any manner whatever, by (i) one or more persons exempt from tax under this Part by virtue of section 149, (ii) Her Majesty in right of a province, a Canadian municipality or any other public authority, or (iii) any combination of persons each of whom is a person referred to in subparagraph (i) or (ii), or (b) related to any person referred to in paragraph (a); ( société exclue )
Income Tax Act — I-3.3
qualifying corporation , for a particular taxation year that ends in a calendar year, means a particular corporation that is a Canadian-controlled private corporation in the particular taxation year the taxable income of which for its immediately preceding taxation year  —  together with, if the particular corporation is associated in the particular taxation year with one or more other corporations (in this subsection referred to as “associated corporations”), the taxable income of each associated corporation for its last taxation year that ended in the preceding calendar year (determined before taking into consideration the specified future tax consequences for that last year)  —  does not exceed the qualifying income limit, if any, of the particular corporation for the particular taxation year; ( société admissible )
Income Tax Act — I-3.3 (a)
qualifying income limit of a corporation for a particular taxation year is the amount determined by the formula $500,000 × [($60 million − A) ÷ $60 million] where A is (a) nil, if $15 million is greater than or equal to the amount (in paragraph (b) referred to as the “taxable capital amount”) that is the total of the corporation’s taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) for its immediately preceding taxation year and the taxable capital employed in Canada (within the meaning assigned by section 181.2 or 181.3) of each associated corporation for the associated corporation’s last taxation year that ended in the last calendar year that ended before the end of the particular taxation year, and (b) in any other case, the lesser of $60 million and the amount by which the taxable capital amount exceeds $15 million; ( plafond de revenu admissible )
Income Tax Act — I-3.3 (a)
refundable investment tax credit of a taxpayer for a taxation year means, in the case of a taxpayer who is (a) a qualifying corporation for the year, (b) an individual other than a trust, or (c) a trust each beneficiary of which is a person referred to in paragraph (a) or (b), an amount equal to 40% of the amount, if any, by which (d) the total of all amounts included in computing the taxpayer’s investment tax credit at the end of the year (i) in respect of property (other than qualified small-business property) acquired, or a qualified expenditure (other than an expenditure in respect of which an amount is included under paragraph (f) in computing the taxpayer’s refundable investment tax credit for the year) incurred, by the taxpayer in the year, or (ii) because of paragraph (b) of the definition investment tax credit in subsection 127(9) in respect of a property (other than qualified small-business property) acquired or a qualified expenditure (other than an expenditure in respect of which an amount is included under paragraph (f) in computing the taxpayer’s refundable investment tax credit for the year) incurred exceeds (e) the total of (i) the portion of the total of all amounts deducted under subsection 127(5) for the year or a preceding taxation year (other than an amount deemed by subsection 127.1(3) to be so deducted for the year) that can reasonably be considered to be in respect of the total determined under paragraph (d), and (ii) the portion of the total of all amounts required by subsection 127(6) or 127(7) to be deducted in computing the taxpayer’s investment tax credit at the end of the year that can reasonably be considered to be in respect of the total determined under paragraph (d), plus where the taxpayer is a qualifying corporation (other than an excluded corporation) for the year, the amount, if any, by which (f) the total of (i) the portion of the amount required by subsection 127(10.1) to be added in computing the taxpayer’s investment tax credit at the end of the year that is in respect of qualified expenditures (other than expenditures of a capital nature) incurred by the taxpayer in the year, and (ii) all amounts determined under paragraph (a.1) of the definition investment tax credit in subsection 127(9) in respect of expenditures for which an amount is included in subparagraph (i) exceeds (g) the total of (i) the portion of the total of all amounts deducted by the taxpayer under subsection 127(5) for the year or a preceding taxation year (other than an amount deemed by subsection 127.1(3) to be so deducted for the year) that can reasonably be considered to be in respect of the total determined under paragraph (f), and (ii) the portion of the total of all amounts required by subsection 127(6) to be deducted in computing the taxpayer’s investment tax credit at the end of the year that can reasonably be considered to be in respect of the total determined under paragraph (f). ( crédit d’impôt à l’investissement remboursable )
Income Tax Act — I-3.3 127.2
poses of this section, the first person, other than a broker or dealer in securities, to have acquired the share (and no other person) shall be considered to be the first person to be a registered holder of the share. Calculation of consideration (11) For greater certainty, (a) for the purposes of this section and Part VII, the amount of consideration for which a share is acquired and issued includes the amount of any consideration for the designation under subsection 192(4) in respect of the share; and (b) the amount received by a corporation as consideration for a designation under subsection 192(4) in respect of a share issued by it shall not be included in computing its income. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1984, c. 1, s. 73, c. 45, s. 45; 1988, c. 55, s. 108
Income Tax Act — I-3.3
share-purchase tax credit of a taxpayer for a taxation year means the amount determined by the formula (A + B) - C where A is the total of all amounts each of which is an amount designated by a corporation under subsection 192(4) in respect of a share acquired by the taxpayer in the year where the taxpayer is the first person, other than a broker or dealer in securities, to be a registered holder, B is the total of all amounts each of which is an amount required by subsection 127.2(3) or (4) to be added in computing the taxpayer’s share-purchase tax credit for the year, and C is the total of all amounts each of which is an amount required by subsection 127.2(3), (4) or (5) to be deducted in computing the taxpayer’s share-purchase tax credit for the year; ( crédit d’impôt à l’achat d’actions )
Income Tax Act — I-3.3
unused share-purchase tax credit of a taxpayer for a taxation year means the amount determined by the formula A - (B + C) where A is the taxpayer’s share-purchase tax credit for the year, B is the taxpayer’s tax otherwise payable under this Part for the year, the amount deemed by subsection 127.2(2) to have been paid on account of the taxpayer’s tax payable under this Part for the year or, where Division E.1 is applicable to the taxpayer for the year, the amount, if any, by which the taxpayer’s tax otherwise payable under this Part for the year exceeds the taxpayer’s minimum amount for the year determined under section 127.51, as the case may be, and C is the taxpayer’s refundable Part VII tax on hand at the end of the year. ( partie inutilisée du crédit d’impôt à l’achat d’actions )
Income Tax Act — I-3.3 127.3
l property to the taxpayer, be deemed to be a capital gain of the taxpayer for the year from the disposition of that property, and (ii) in any other case, be included in computing the income of the taxpayer for the year, and the cost to the taxpayer of the share, debt obligation or right, as the case may be, shall be deemed to be nil. Partnership (7) For the purposes of this section and Part VIII, a partnership shall be deemed to be a person and its taxation year shall be deemed to be its fiscal period. Definition of tax otherwise payable (8) In this section, tax otherwise payable under this Part by a taxpayer means the amount that would, but for this section and section 120.1, be the tax payable under this Part by the taxpayer. Election re first holder (9) Where a share or debt obligation of a public corporation has been lawfully distributed to the public in accordance with a prospectus, registration statement or similar document filed with a public authority in Canada pursuant to and in accordance with the law of Canada or of any province, and, where required by law, accepted for filing by that public authority, the corporation, if it has designated an amount under subsection 194(4) in respect of the share or debt obligation, may, in the prescribed form required to be filed under that subsection, elect that, for the purposes of this section, the first person, other than a broker or dealer in securities, to have acquired the share or debt obligation, as the case may be, (and no other person) shall be considered to be the first person to be a registered holder thereof. Calculation of consideration (10) For greater certainty, (a) for the purposes of this section and Part VIII, the amount of consideration for which a share, debt obligation or right was acquired and issued or granted includes the amount of any consideration for the designation under subsection 194(4) in respect of the share, debt obligation or right; and (b) the amount received by a corporation as consideration for a designation under subsection 194(4) in respect of a share, debt obligation or right issued or granted by it shall not be included in computing its income. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 127.3; 2013, c. 34, s. 128(E)
Income Tax Act — I-3.3 (a)
scientific research and experimental development tax credit of a taxpayer for a taxation year means the amount determined by the formula A - B where A is the total of all amounts each of which is an amount equal to (a) where the taxpayer is a corporation, 50%, or (b) where the taxpayer is an individual other than a trust, 34% of an amount designated by a corporation under subsection 194(4) in respect of (c) a share acquired by the taxpayer in the year where the taxpayer is the first person, other than a broker or dealer in securities, to be a registered holder thereof, (d) a bond, debenture, bill, note, mortgage, hypothecary claim or similar obligation (in this section referred to as a “debt obligation”) acquired by the taxpayer in the year where the taxpayer is the first person, other than a broker or dealer in securities, to be a registered holder of that debt obligation, or (e) a right acquired by the taxpayer in the year where the taxpayer is the first person, other than a broker or dealer in securities, to have acquired that right, and B is the total of all amounts required by subsection 127.3(5) to be deducted in computing the taxpayer’s scientific research and experimental development tax credit for the year; ( crédit d’impôt pour des activités de recherche scientifique et de développement expérimental )
Income Tax Act — I-3.3
unused scientific research and experimental development tax credit of a taxpayer for a taxation year means the amount determined by the formula A - (B + C) where A is the taxpayer’s scientific research and experimental development tax credit for the year, B is the taxpayer’s tax otherwise payable under this Part for the year or, where Division E.1 is applicable to the taxpayer for the year, the amount, if any, by which the taxpayer’s tax otherwise payable under this Part for the year exceeds the taxpayer’s minimum amount for the year determined under section 127.51, as the case may be, and C is the taxpayer’s refundable Part VIII tax on hand at the end of the year. ( partie inutilisée du crédit d’impôt pour des activités de recherche scientifique et de développement expérimental )
Income Tax Act — I-3.3 (a)
approved share means a share of the capital stock of a prescribed labour-sponsored venture capital corporation, but does not include (a) a share issued by a registered labour-sponsored venture capital corporation the venture capital business of which was discontinued before the time of the issue, and (b) a share issued by a prescribed labour-sponsored venture capital corporation that is not a registered labour-sponsored venture capital corporation if, at the time of the issue, no province under the laws (described in section 6701 of the Income Tax Regulations ) of which the corporation is registered or established provides assistance in respect of the acquisition of the share; ( action approuvée )
Income Tax Act — I-3.3
labour-sponsored funds tax credit [Repealed, 1997, c. 25, s. 37]
Income Tax Act — I-3.3 (a)
net cost to an individual of an approved share means the amount, if any, by which (a) the amount of consideration paid by the individual to acquire or subscribe for the share exceeds (b) the amount of any assistance (other than an amount included in computing a tax credit of the individual in respect of that share) provided or to be provided by a government, municipality or any public authority in respect of, or for the acquisition of, the share; ( coût net )
Income Tax Act — I-3.3 (a)
original acquisition of a share means the first acquisition of the share, except that (a) where the share is irrevocably subscribed and paid for before its first acquisition, subject to paragraphs (b) and (c), the original acquisition of the share is the first transaction whereby the share is irrevocably subscribed and paid for, (b) a share is deemed never to have been acquired and never to have been irrevocably subscribed and paid for unless the first registered holder of the share is, subject to paragraph (c), the first person to either acquire or irrevocably subscribe and pay for the share, and (c) for the purpose of this definition, a broker or dealer in securities acting in that capacity is deemed never to acquire or subscribe and pay for the share and never to be the registered holder of the share; ( acquisition initiale )
Income Tax Act — I-3.3 (a)
qualifying trust for an individual in respect of a share means (a) a trust governed by a registered retirement savings plan, under which the individual is the annuitant, that is not a spousal or common-law partner plan (in this definition having the meaning assigned by subsection 146(1)) in relation to another individual, (b) a trust governed by a registered retirement savings plan, under which the individual or the individual’s spouse or common-law partner is the annuitant, that is a spousal or common-law partner plan in relation to the individual or the individual’s spouse or common-law partner, if the individual and no other person claims a deduction under subsection (2) in respect of the share, or (c) a trust governed by a TFSA of which the individual is the holder; ( fiducie admissible )
Income Tax Act — I-3.3
tax otherwise payable by an individual means the amount that, but for this section, would be the individual’s tax payable under this Part. ( impôt payable par ailleurs )
Income Tax Act — I-3.3 127.41
Part XII.4 tax credit 127.41 (1) In this section, the Part XII.4 tax credit of a taxpayer for a particular taxation year means the total of (a) all amounts each of which is an amount determined by the formula A × B/C where A is the tax payable under Part XII.4 by a qualifying environmental trust for a taxation year (in this paragraph referred to as the “trust’s year”) that ends in the particular year, B is the amount, if any, by which the total of all amounts in respect of the trust that were included (otherwise than because of being a member of a partnership) because of the application of subsection 107.3(1) in computing the taxpayer’s income for the particular year exceeds the total of all amounts in respect of the trust that were deducted (otherwise than because of being a member of a partnership) because of the application of subsection 107.3(1) in computing that income, and C is the trust’s income for the trust’s year, computed without reference to subsections 104(4) to 104(31) and sections 105 to 107, and (b) in respect of each partnership of which the taxpayer was a member, the total of all amounts each of which is the amount that can reasonably be considered to be the taxpayer’s share of the relevant credit in respect of the partnership and, for this purpose, the relevant credit in respect of a partnership is the amount that would, if a partnership were a person and its fiscal period were its taxation year, be the Part XII.4 tax credit of the partnership for its taxation year that ends in the particular year. Reduction of Part I tax (2) There may be deducted from a taxpayer’s tax otherwise payable under this Part for a taxation year such amount as the taxpayer claims not exceeding the taxpayer’s Part XII.4 tax credit for the year. Deemed payment of Part I tax (3) There is deemed to have been paid on account of the tax payable under this Part by a taxpayer (other than a taxpayer exempt from such tax) for a taxation year on the taxpayer’s balance-due day for the year, such amount as the taxpayer claims not exceeding the amount, if any, by which (a) the taxpayer’s Part XII.4 tax credit for the year exceeds (b) the amount deducted under subsection 127.41(2) in computing the taxpayer’s tax payable under this Part for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 3, s. 39; 1997, c. 25, s. 38; 1998, c. 19, ss. 34, 148
Income Tax Act — I-3.3
designated province means a province specified by the Minister of Finance for a calendar year. ( province déterminée )
Income Tax Act — I-3.3 (a)
eligible farming expenses , of a taxpayer for a designated province for a taxation year, means the amount determined by the formula A × B where A is (a) nil, if the total of all amounts deducted in the year by the taxpayer in computing income under this Part from farming activities, excluding any deductions arising from inventory adjustments under section 28 and from transactions with persons that do not deal at arm’s length with the taxpayer, is less than $25,000, and (b) in any other case, the total of all amounts deducted in the year by the taxpayer in computing income under this Part from farming activities, excluding any deductions arising from inventory adjustments under section 28 and from transactions with persons that do not deal at arm’s length with the taxpayer; and B is the taxpayer’s relevant proportion for the designated province for the taxation year. ( dépenses agricoles admissibles )
Income Tax Act — I-3.3
farming activities means a farming business, including or excluding activities prescribed by regulation. ( activités agricoles )
Income Tax Act — I-3.3
payment rate , for a calendar year for a designated province, means the rate specified by the Minister of Finance for the calendar year for the designated province. ( taux de paiement )
Income Tax Act — I-3.3 (a)
relevant proportion , of eligible farming expenses of a taxpayer for a designated province for a taxation year, means (a) if the taxpayer is an individual, the proportion determined by the formula A ÷ B where A is the individual’s income for the year from farming activities that is deemed to have been earned in the year in the designated province in accordance with Part XXVI of the Income Tax Regulations , and B is the whole of the individual’s income from farming activities for the year; (b) if the taxpayer is a corporation, the proportion determined by the formula C ÷ D where C is the corporation’s taxable income that is deemed to have been earned in the year in the designated province in accordance with Part IV of the Income Tax Regulations , and D is the whole of the corporation’s taxable income for the year; and (c) if the taxpayer is a partnership, the proportion determined by the formula E ÷ F where E is the partnership’s income for the fiscal period of the partnership from farming activities that would be deemed to have been earned in the year in the designated province, computed in accordance with Part XXVI of the Income Tax Regulations as if the partnership were an individual, and F is the whole of the partnership’s income from farming activities for the fiscal period of the partnership. ( proportion pertinente )