GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
excess FHSA amount of an individual at a particular time in a taxation year means (a) the amount determined by the formula A + B + C − D − E − F where A is (i) nil, if the individual had not started their maximum participation period in the preceding taxation year, and (ii) the individual’s excess FHSA amount determined at the end of the immediately preceding taxation year, in any other case; B is the total of all amounts each of which is a contribution made to a FHSA by the individual in the taxation year at or before the particular time; C is the total of all amounts transferred in the taxation year under paragraph 146(16)(a.2), at or before the particular time, to a FHSA under which the individual is the holder; D is the lesser of (i) $8,000 plus an amount that would have been the individual’s FHSA carryforward for the taxation year if each amount that was included in that individual’s income under subsection 146.6(6) and could have been, immediately prior to the time it was received, a designated amount, had been designated by the individual as a designated amount, and (ii) the amount determined by the formula $40,000 − G where G is the total of all amounts that were deducted, could have been deducted or would have been deductible by the individual under subsection 146.6(5) in respect of all preceding taxation years if (A) no amounts were transferred under paragraph 146(16)(a.2) to a FHSA of the individual, and (B) notwithstanding clause (A), an amount had been contributed by the individual to a FHSA in each preceding taxation year that is the amount by which the individual’s net RRSP-to-FHSA transfer amount at the end of that year exceeds the individual’s net RRSP-to-FHSA transfer amount at the start of that year; E is the total of all amounts each of which is a designated amount in respect of a transfer or withdrawal made by the individual in the taxation year before the particular time or an amount required to be included in computing the income of the individual under subsection 146.6(6) in the taxation year before the particular time; and F is the total of all amounts, each of which is the portion of an amount required to be included in computing the income of the individual under subsection 146.6(6) in any preceding taxation year, to the extent that it did not reduce what otherwise would have been the individual’s excess FHSA amount in any preceding taxation year; or (b) where the Minister determines that the formula in paragraph (a) does not yield an appropriate result having regard to the circumstances of the individual, a lower amount that, in the Minister’s opinion, is appropriate in the circumstances. ( excédent de CELIAPP )
Income Tax Act — I-3.3 (a)
excess TFSA amount of an individual at a particular time in a calendar year means the amount, if any, determined by the formula A - B - C - D - E where A is the total of all amounts each of which is a contribution made under a TFSA by the individual in the calendar year and at or before the particular time, other than a contribution that is (a) a qualifying transfer, or (b) an exempt contribution; B is the individual’s unused TFSA contribution room at the end of the preceding calendar year; C is the total of all amounts each of which was a distribution made in the preceding calendar year under a TFSA of which the individual was the holder at the time of the distribution, other than a distribution that is (a) a qualifying transfer, or (b) a specified distribution; D is (a) the TFSA dollar limit for the calendar year if, at any time in the calendar year, the individual is resident in Canada, and (b) nil, in any other case; and E is the total of all amounts each of which is the qualifying portion of a distribution made in the calendar year and at or before the particular time under a TFSA of which the individual was the holder at the time of the distribution and, for this purpose, the qualifying portion of a distribution is (a) nil, if the distribution is a qualifying transfer or a specified distribution, and (b) in any other case, the lesser of (i) the amount of the distribution, and (ii) the amount that would be the individual’s excess TFSA amount at the time of the distribution if the amount of the distribution were nil. ( excédent CÉLI )
Income Tax Act — I-3.3 (a)
ividual deals at arm’s length with the investment entity, and (vii) it is reasonable to conclude that none of the main purposes of the structure of the investment entity, or of the terms and conditions of the equity, is to accommodate transactions or events that could affect the fair market value of the property held by the trust governed by the registered plan in a manner that would not occur in a normal commercial or investment context in which parties deal with each other at arm’s length and act prudently, knowledgeably and willingly. ( bien exclu )
Income Tax Act — I-3.3 (a)
exempt contribution means a contribution made in a calendar year under a TFSA by the survivor of an individual if (a) the contribution is made during the period (in this definition referred to as the “rollover period”) that begins when the individual dies and that ends at the end of the first calendar year that begins after the individual dies (or at any later time that is acceptable to the Minister); (b) a payment (in this definition referred to as the “survivor payment”) was made to the survivor during the rollover period, as a consequence of the individual’s death, directly or indirectly out of or under an arrangement that ceased, because of the individual’s death, to be a TFSA; (c) the survivor designates, in prescribed form filed in prescribed manner within 30 days after the day on which the contribution is made (or at any later time that is acceptable to the Minister), the contribution in relation to the survivor payment; and (d) the amount of the contribution does not exceed the least of (i) the amount by which the amount of the survivor payment exceeds the total of all other contributions designated by the survivor in relation to the survivor payment, and (ii) if the individual had, immediately before the individual’s death, an excess TFSA amount or if payments described in paragraph (b) are made to more than one survivor of the individual, nil or the greater amount, if any, allowed by the Minister in respect of the contribution. ( cotisation exclue ) (iii) [Repealed, 2026, c. 3, s. 83]
Income Tax Act — I-3.3
non-qualified investment for a trust governed by a registered plan means property that is not a qualified investment for the trust. ( placement non admissible )
Income Tax Act — I-3.3 (a)
prohibited investment , at any time for a trust governed by a registered plan, means property (other than excluded property for the trust) that is at that time (a) a debt of the controlling individual of the registered plan; (b) a share of the capital stock of, an interest in, or a debt of (i) a corporation, partnership or trust in which the controlling individual has a significant interest, or (ii) a person or partnership that does not deal at arm’s length with the controlling individual; (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 interdit )
Income Tax Act — I-3.3 (a)
qualified investment for a trust governed by a FHSA or TFSA means (a) an investment that would be described by any of paragraphs (a) to (d), (f) and (g) of the definition qualified investment in section 204 if the reference in that definition to “a trust governed by a deferred profit sharing plan or revoked plan” were read as a reference to “a trust governed by a FHSA or TFSA” and if that definition were read without reference to the words “with the exception of excluded property in relation to the trust”; (b) a contract for an annuity issued by a licensed annuities provider if (i) the trust is the only person who, disregarding any subsequent transfer of the contract by the trust, is or may become entitled to any annuity payments under the contract, and (ii) the holder of the contract has a right to surrender the contract at any time for an amount that would, if reasonable sales and administration charges were ignored, approximate the value of funds that could otherwise be applied to fund future periodic payments under the contract; and (c) a prescribed investment. ( placement admissible )
Income Tax Act — I-3.3 (a)
qualifying transfer means the transfer of an amount from a TFSA of which a particular individual is the holder if (a) the amount is transferred directly to another TFSA, the holder of which is the particular individual; or (b) the amount is transferred directly to another TFSA, the holder of which is a spouse or common-law partner or former spouse or common-law partner of the particular individual, and the following conditions are satisfied: (i) the individuals are living separate and apart at the time of the transfer, and (ii) the transfer is made under a decree, order or judgment of a competent tribunal, or under a written separation agreement, relating to a division of property between the individuals in settlement of rights arising out of, or on the breakdown of, their marriage or common-law partnership. ( transfert admissible )
Income Tax Act — I-3.3
registered plan means a FHSA, RDSP, RESP, RRIF, RRSP or TFSA. ( régime enregistré )
Income Tax Act — I-3.3 (a)
registered plan strip , in respect of a registered plan that is not a TFSA, means the amount of a reduction in the fair market value of property held in connection with the registered plan, if the value is reduced as part of a transaction or event or a series of transactions or events one of the main purposes of which is to enable the controlling individual of the registered plan, or a person who does not deal at arm’s length with the controlling individual, to obtain a benefit in respect of property held in connection with the registered plan or to obtain a benefit as a result of the reduction, but does not include an amount that is (a) included in the income of a person under section 146, 146.1, 146.3, 146.4 or 146.6; (b) an excluded withdrawal under section 146.01 or 146.02; (b.1) a qualifying withdrawal under section 146.6; (b.2) a designated amount; (c) described in subsection 146(16), 146.3(14.2) or 146.4(8); (d) a distribution to a trust governed by a RESP under circumstances to which subparagraph 204.9(5)(c)(i) or (ii) applies; (e) an accumulated income payment made to a RDSP under circumstances to which subsection 146.1(1.2) applies; (f) a refund of payments under a RESP; or (g) the non-taxable portion of a disability assistance payment made from a RDSP. ( somme découlant d’un dépouillement de régime enregistré )
Income Tax Act — I-3.3
restricted property [Repealed, 2009, c. 2, s. 68]
Income Tax Act — I-3.3
RRSP strip [Repealed, 2017, c. 33, s. 68]
Income Tax Act — I-3.3 (a)
specified distribution means (a) a distribution made under a TFSA to the extent that it is, or is reasonably attributable to, an amount that is (i) an advantage in respect of the TFSA or any other TFSA of the holder, (ii) specified non-qualified investment income, (iii) an amount in respect of which tax was payable under Part I by a trust governed by the TFSA or any other TFSA of the holder, or (iv) an amount described in subparagraph 207.06(1)(b)(ii); or (b) a prescribed distribution. ( distribution déterminée )
Income Tax Act — I-3.3
specified non-qualified investment income , in respect of a registered plan and its controlling individual, means income (determined without reference to paragraph 82(1)(b)), or a capital gain, that is reasonably attributable, directly or indirectly, to an amount in respect of which tax was payable under Part I by a trust governed by the registered plan or by any other registered plan of the controlling individual. ( revenu de placement non admissible déterminé )
Income Tax Act — I-3.3 (a)
swap transaction , in respect of a registered plan, means a transfer of property between the registered plan and its controlling individual or a person with whom the controlling individual does not deal at arm’s length, but does not include (a) a payment out of or under the registered plan in satisfaction of all or part of the controlling individual’s interest in the registered plan; (b) a payment into the registered plan that is (i) a contribution, a premium or an amount transferred in accordance with paragraph 146.3(2)(f), (ii) described in paragraph (a) or (b) of the definition contribution in subsection 146.1(1), (iii) described in any of paragraphs (a) to (d) of the definition contribution in subsection 146.4(1), or (iv) an amount transferred in accordance with paragraph 146(16)(a.2) or to which subsection 146.6(7) applies; (c) a transfer of a prohibited investment or a non-qualified investment from the registered plan for consideration, in circumstances where the controlling individual is entitled to a refund under subsection 207.04(4) on the transfer; (d) a transfer of property from one registered plan of a controlling individual to another registered plan of the controlling individual if (i) both registered plans are RRIFs or RRSPs, (ii) both registered plans are TFSAs, (iii) both registered plans are RDSPs, (iv) both registered plans are RESPs, or (v) both registered plans are FHSAs; (e) a transfer of a prohibited investment from the registered plan for consideration, if subsection (13) applies in respect of all or part of the consideration received by the registered plan; (f) a transfer of property from the registered plan in consideration for the issuance of a debt obligation that is an excluded property for the trust governed by the registered plan; or (g) a payment into the registered plan that is a payment of, or in satisfaction of, the principal amount of, or interest on, a debt obligation that is an excluded property for the trust governed by the registered plan. ( opération de swap )
Income Tax Act — I-3.3 (a)
TFSA dollar limit for a calendar year means, (a) for 2009 to 2012, $5,000; (b) for 2013 and 2014, $5,500; (c) for 2015, $10,000; and (d) for each year after 2015, the amount (rounded to the nearest multiple of $500, or if that amount is equidistant from two such consecutive multiples, to the higher multiple) that is equal to $5,000 adjusted for each year after 2009 in the manner set out in section 117.1. ( plafond CÉLI )
Income Tax Act — I-3.3 (a)
transitional prohibited investment benefit , of a controlling individual 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 income (determined without reference to paragraph 82(1)(b)) earned, or a capital gain realized, in the taxation year by a trust governed by a RRIF or RRSP of the controlling individual that (a) is reasonably attributable, directly or indirectly, to a property that is a prohibited investment, and a transitional prohibited property, for the trust, and (b) in the case of income, is earned after March 22, 2011 and, in the case of a capital gain, accrues after March 22, 2011; and B is the total of all amounts each of which is a capital loss (determined without reference to subparagraph 40(2)(g)(i) and subsection 40(3.4)) realized in the taxation year by a trust governed by a RRIF or RRSP of the controlling individual that (a) is reasonably attributable, directly or indirectly, to a property that is a prohibited investment, and a transitional prohibited property, for the trust, and (b) accrues after March 22, 2011. ( bénéfice transitoire provenant d’un placement interdit )
Income Tax Act — I-3.3 (a)
transitional prohibited property , at any time for a particular trust governed by a registered plan (other than a TFSA) of a controlling individual, means a property that is held by the particular trust at that time, that was held (a) on March 22, 2011 by a trust governed by a RRIF or RRSP of the controlling individual and that was a prohibited investment for that trust on March 23, 2011; or (b) on March 22, 2017 by a trust governed by a RDSP or RESP of the controlling individual and that was a prohibited investment for that trust on March 23, 2017. ( bien interdit transitoire )
Income Tax Act — I-3.3 (a)
unused TFSA contribution room of an individual at the end of a calendar year means, (a) if the year is before 2009, nil; (a.1) in circumstances where the Minister has, in accordance with section 207.06, waived or cancelled all or part of the liability imposed on the individual, the amount determined by the Minister; and (b) in any other case, the positive or negative amount determined by the formula A + B + C - D where A is the individual’s unused TFSA contribution room at the end of the preceding calendar year, B is the total of all amounts each of which was a distribution made in the preceding calendar year under a TFSA of which the individual was the holder at the time of the distribution, other than a distribution that is (i) a qualifying transfer, or (ii) a specified distribution, C is (i) the TFSA dollar limit for the calendar year, if at any time in the calendar year the individual is 18 years of age or older and resident in Canada, and (ii) nil, in any other case, and D is the total of all amounts each of which is a contribution made under a TFSA by the individual in the calendar year, other than a contribution that is (i) a qualifying transfer, or (ii) an exempt contribution. ( droits inutilisés de cotisation à un CÉLI )
Income Tax Act — I-3.3 207.02
Tax payable on excess TFSA amount 207.02 If, at any time in a calendar month, an individual has an excess TFSA amount, the individual shall, in respect of that month, pay a tax under this Part equal to 1% of the highest such amount in that month. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2008, c. 28, s. 31
Income Tax Act — I-3.3 207.021
Tax payable on excess FHSA amount 207.021 If, at any time in a calendar month, an individual has an excess FHSA amount, the individual shall, in respect of that month, pay a tax under this Part equal to 1% of the highest such amount in that month. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2022, c. 19, s. 51
Income Tax Act — I-3.3 207.022
Survivor as successor holder 207.022 If an individual’s survivor becomes the holder of a FHSA as a consequence of the individual’s death and, immediately before the individual’s death, the individual had an excess FHSA amount, the survivor is deemed to have made, at the beginning of the month following the individual’s death, a contribution under a FHSA equal to the amount, if any, by which (a) that excess FHSA amount exceeds (b) the total fair market value immediately before the individual’s death of all property held under the FHSAs of the individual (other than a FHSA in respect of which the survivor became the successor holder as a consequence of the individual’s death). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2022, c. 19, s. 51
Income Tax Act — I-3.3 207.03
Tax payable on non-resident contributions 207.03 If, at a particular time, a non-resident individual makes a contribution under a TFSA (other than a contribution that is a qualifying transfer or an exempt contribution), the individual shall pay a tax under this Part equal to 1% of the amount of the contribution in respect of each month that ends after the particular time and before the earlier of (a) the first time after the particular time at which the amount of the contribution is equalled or exceeded by the total of all amounts each of which is a distribution (i) that is made after the particular time under a TFSA of which the individual is the holder, and (ii) that the individual designates in prescribed manner to be a distribution in connection with the contribution and not in connection with any other contribution, and (b) the time at which the individual becomes resident in Canada. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2008, c. 28, s. 31; 2009, c. 2, s. 69
Income Tax Act — I-3.3 207.04
 definition securities lending arrangement in subsection 260(1)) at any time throughout the period described in paragraph (c) of that definition; (f) property that is described in paragraph (a) or (b) of the definition qualified investment in section 204 that is of equivalent value to the security lent under the arrangement is held in trust for the benefit of the lender and is to be distributed to the lender in the event that an identical security (within the meaning assigned by paragraph (b) of the definition securities lending arrangement in subsection 260(1)) is not transferred or returned to the lender under the arrangement; and (g) the controlling individual of the registered plan that governs the trust is provided written disclosure of the arrangement and consents to the arrangement prior to the time it is entered into. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2008, c. 28, s. 31; 2009, c. 2, s. 70; 2010, c. 25, s. 58; 2011, c. 24, s. 65; 2013, c. 40, s. 75; 2017, c. 33, s. 69 2026, c. 3, s. 84
Income Tax Act — I-3.3 207.05
Tax payable in respect of advantage 207.05 (1) A tax is payable under this Part for a calendar year if, in the year, an advantage in relation to a registered plan is extended to, or is received or receivable by, the controlling individual of the registered plan, a trust governed by the registered plan, or any other person who does not deal at arm’s length with the controlling individual. Amount of tax payable (2) The amount of tax payable in respect of an advantage described in subsection (1) is (a) in the case of a benefit, the fair market value of the benefit; (b) in the case of a loan or an indebtedness, the amount of the loan or indebtedness; and (c) in the case of a registered plan strip, the amount of the registered plan strip. Liability for tax (3) Each controlling individual of a registered plan in connection with which a tax is imposed under subsection (1) is jointly and severally, or solidarily, liable to pay the tax except that, if the advantage is extended by the issuer, carrier or promoter of the registered plan or by a person with whom the issuer, carrier or promoter is not dealing at arm’s length, the issuer, carrier or promoter, and not the controlling individual, is liable to pay the tax. Transitional rule (4) If an individual so elects before March 2, 2013 in prescribed form, subsection (1) does not apply in respect of any advantage that is an amount included in the calculation of the transitional prohibited investment benefit of the individual for a taxation year provided that the transitional prohibited investment benefit (a) is paid to the individual, from a RRIF or RRSP of the individual, on or before the later of April 2, 2013 and the day that is 90 days after the end of the taxation year; and (b) is not paid by way of transfer to another RRIF or RRSP of the individual. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2008, c. 28, s. 31; 2010, c. 25, s. 59; 2011, c. 24, s. 66; 2013, c. 40, s. 76; 2017, c. 33, s. 70