Income Tax Act — I-3.3 214
egistered retirement income fund; (j) [Repealed, 1998, c. 19, s. 63(1)] (k) where, because of subsection 143.1(2), an amount distributed at any time by an amateur athlete trust would, if Part I were applicable, be required to be included in computing an individual’s income, that amount shall be deemed to have been paid at that time to the individual as a payment in respect of an amateur athlete trust; and (l) where, because of subsection 12(10.2), an amount would at any particular time, if Part I were applicable, be required to be included in computing a taxpayer’s income, that amount shall be deemed to have been paid by Her Majesty in right of Canada at that time to the taxpayer out of the taxpayer’s NISA Fund No. 2. Time of deemed payment (3.1) Except as otherwise expressly provided, each amount deemed by subsection 214(3) to have been paid shall be deemed to have been paid at the time of the event or transaction as a consequence of which the amount would, if Part I were applicable, be required to be included in computing a taxpayer’s income. Securities (4) Where, if section 76 were applicable in computing a non-resident person’s income, that section would require an amount to be included in computing the income, that amount shall, for the purpose of this Part, be deemed to have been, at the time the non-resident person received the security, right, certificate or other evidence of indebtedness, paid to the non-resident person on account of the debt in respect of which the non-resident person received it. Interpretation (5) Subsection 214(4) is enacted for greater certainty and shall not be construed as limiting the generality of the other provisions of this Part defining on which tax is payable. Deemed interest (6) Where, in respect of interest stipulated to be payable, on a bond, debenture, bill, note, mortgage, hypothecary claim or similar obligation that has been assigned or otherwise transferred by a non-resident person to a person resident in Canada, subsection 20(14) would, if Part I were applicable, require an amount to be included in computing the transferor’s income, that amount is, for the purposes of this Part, deemed to be a payment of interest on that obligation made by the transferee to the transferor at the time of the assignment or other transfer of the obligation, if (a) the obligation was issued by a person resident in Canada; (b) the obligation was not an obligation described in paragraph 214(8)(a) or 214(8)(b); and (c) the assignment or other transfer is not an assignment or other transfer referred to in paragraph 214(7.1)(b). Sale of obligation (7) Where (a) a non-resident person has at any time assigned or otherwise transferred to a person resident in Canada a bond, debenture, bill, note, mortgage, hypothecary claim or similar obligation issued by a person resident in Canada, (b) the obligation was not an excluded obligation, and (c) the assignment or other transfer is not an assignment or other transfer referred to in paragraph 214(7.1)(b), the amount, if any, by which (d) the price for which the obligation was assigned or otherwise transferred at that time, exceeds (e) the price for which the obligation was issued, shall, for the purposes of this Part, be deemed to be a payment of interest on that obligation made by the person resident in Canada to the non-resident person at that time. Idem (7.1) Where (a) a person resident in Canada has at a particular time assigned or otherwise transferred an obligation to a non-resident person, (b) the non-resident person has at a subsequent time assigned or otherwise transferred the obligation back to the person resident in Canada, and (c) subsection 214(6) or 214(7) would apply with respect to the assignment or other transfer referred to in paragraph 214(7.1)(b), if those subsections were read without reference to paragraphs 214(6)(c) and 214(7)(c), the amount, if any, by which (d) the price for which the obligation was assigned or otherwise transferred at the s