GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
TCP gains balance , of a mutual fund trust for a particular taxation year, means the amount, if any, by which (a) the total of (i) the mutual fund trust’s capital gains from dispositions, after March 22, 2004 and at or before the end of the particular taxation year, of taxable Canadian properties, and (ii) the TCP gains distributions (including those defined in section 131) received by the mutual fund trust at or before the end of the particular taxation year exceeds (b) the total of (i) the mutual fund trust’s capital losses from dispositions, after March 22, 2004 and at or before the end of the particular taxation year, of taxable Canadian properties, and (ii) the total of all amounts deemed, in respect of amounts designated by the mutual fund trust under subsection 104(21) for taxation years that preceded the particular taxation year, to be TCP gains distributions received by beneficiaries under the mutual fund trust; ( solde des gains provenant de BCI )
Income Tax Act — I-3.3 132.1
iffers from the amount that would have been so determined for the year in respect of the taxpayer had the taxpayer not been a person exempt from tax under this Part by reason of subsection 149(1), the amount designated for the year in respect of the unit under subsection 132.1(1) shall have no effect for the purposes of paragraph 132.1(1)(c). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 121
Income Tax Act — I-3.3 132.2
isposed of the property at the transfer time; (b) the transferee is deemed to have acquired the property at the depreciables acquisition time, and not to have acquired the property at the transfer time; (c) the transferor’s proceeds of disposition of the property and the transferee’s cost of the property are deemed to be the lesser of (i) the fair market value of the property at the transfer time, and (ii) the greatest of (A) the lesser of its capital cost and its cost amount to the transferor immediately before the depreciables disposition time, (B) the amount that the transferor and the transferee agree on in respect of the property in their election, and (C) the fair market value at the transfer time of the consideration (other than units of the transferee) received by the transferor for the disposition of the property; (d) where the capital cost of the property to the transferor exceeds the transferor’s proceeds of disposition of the property under paragraph (c), for the purposes of sections 13 and 20 and any regulations made for the purpose of paragraph 20(1)(a), (i) the property’s capital cost to the transferee is deemed to be the amount that was its capital cost to the transferor, and (ii) the excess is deemed to have been allowed to the transferee in respect of the property under regulations made for the purpose of paragraph 20(1)(a) in computing income for taxation years ending before the transfer time; and (e) where two or more depreciable properties of a prescribed class are disposed of by the transferor to the transferee in the same qualifying exchange, paragraph (c) applies as if each property so disposed of had been separately disposed of in the order designated by the transferor at the time of making the election in respect of the qualifying exchange or, if the transferor does not so designate any such order, in the order designated by the Minister. Due date (6) The due date of an election referred to in paragraph (c) of the definition qualifying exchange in subsection (1) is (a) the day that is six months after the day that includes the transfer time; and (b) on joint application by the funds, any later day that the Minister accepts. Amendment or revocation of election (7) The Minister may, on joint application by the funds on or before the due date of an election referred to in paragraph (e) of the definition qualifying exchange in subsection (1), grant permission to amend or revoke the election. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 69; 1998, c. 19, s. 159; 1999, c. 22, s. 56; 2007, c. 35, s. 114; 2008, c. 28, s. 21; 2009, c. 2, s. 44; 2013, c. 34, s. 280; 2017, c. 33, s. 52 2022, c. 19, s. 25
Income Tax Act — I-3.3
first post-exchange year , of a fund in respect of a qualifying exchange, means the taxation year of the fund that begins immediately after the acquisition time. ( première année suivant l’échange )
Income Tax Act — I-3.3 (a)
qualifying exchange means a transfer at any time (in this section referred to as the “transfer time”) if (a) the transfer is a transfer of all or substantially all of the property (including an exchange of a unit of a mutual fund trust for another unit of that trust) of (i) a mutual fund corporation (other than a SIFT wind-up corporation) to one or more mutual fund trusts, or (ii) a mutual fund trust to a mutual fund trust; (b) all or substantially all of the shares issued by the mutual fund corporation referred to in subparagraph (a)(i) or the first mutual fund trust referred to in subparagraph (a)(ii) (in this section referred to as the “transferor”) and outstanding immediately before the transfer time are within 60 days after the transfer time disposed of to the transferor; (c) no person disposing of shares of the transferor to the transferor within that 60-day period (otherwise than pursuant to the exercise of a statutory right of dissent) receives any consideration for the shares other than units of one or more mutual fund trusts referred to in subparagraph (a)(i) or the second mutual fund trust referred to in subparagraph (a)(ii) (in this section referred to as a “transferee” and, together with the transferor, as the “funds”); (d) if property of the transferor has been transferred to more than one transferee, (i) all shares of each class of shares, that is recognized under securities legislation as or as part of an investment fund, of the transferor are disposed of to the transferor within 60 days after the transfer time, and (ii) the units received in consideration for a particular share of a class of shares, that is recognized under securities legislation as or as part of an investment fund, of the transferor are units of the transferee to which all or substantially all of the assets that were allocated to that investment fund immediately before the transfer time were transferred; and (e) the funds jointly so elect, by filing a prescribed form with the Minister on or before the election’s due date. ( échange admissible )
Income Tax Act — I-3.3
share means a share of the capital stock of a mutual fund corporation and a unit of a mutual fund trust. ( action )
Income Tax Act — I-3.3 133
unts each of which is an amount in respect of any taxable dividend paid by the corporation on a share of its capital stock before the particular time and after the commencement of its first taxation year commencing after 1971, equal to the amount in respect of the dividend determined under the definition allowable refund in subsection 133(8); ( montant admissible de l’impôt en main remboursable ) cumulative taxable income of a corporation at any particular time means the amount determined by the formula (A + B) - (C + D + E) where A is the total of the corporation’s taxable incomes for taxation years commencing after 1971 and ending before the particular time, B where the corporation’s 1972 taxation year commenced before 1972, is the amount determined by the formula L - (M + N) where L is the corporation’s taxable income for its 1972 taxation year M is the total of all amounts received by the corporation as described in paragraph 196(4)(b), and N is the lesser of the amount determined under paragraph 196(4)(e) in respect of the corporation and the amount, if any, by which the total of amounts determined under paragraphs 196(4)(d) to 196(4)(f) in respect of the corporation exceeds the total of amounts determined under paragraphs 196(4)(a) to 196(4)(c) in respect of the corporation, C is the total of all amounts each of which is an amount, in respect of the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time, determined by the formula P - (Q + R) where P is the total of the corporation’s taxable capital gains for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the assumption set out in paragraph 133(1)(d), Q is the total of the corporation’s allowable capital losses for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the same assumption, and R is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), D is the total of all amounts each of which is an amount equal to 4/3 of any amount paid or credited by the corporation, after the commencement of its 1972 taxation year and before the particular time, as, on account or in lieu of payment of, or in satisfaction of interest, and E is the total of all amounts each of which is the amount of any taxable dividend paid by the corporation on a share of its capital stock before the particular time and after the commencement of its firs t taxation year commencing after 1971. ( revenu imposable cumulatif ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 133; 1994, c. 7, Sch. VIII, s. 78; 1998, c. 19, s. 160; 2001, c. 17, ss. 131, 215; 2003, c. 15, s. 114; 2010, c. 25, s. 32; 2013, c. 34, s. 134
Income Tax Act — I-3.3
allowable refund of a non-resident-owned investment corporation for a taxation year means the total of amounts each of which is an amount in respect of a taxable dividend paid by the corporation in the year on a share of its capital stock, determined by the formula A/B × C where A is the corporation’s allowable refundable tax on hand immediately before the dividend was paid, B is the greater of the amount of the dividend so paid and the corporation’s cumulative taxable income immediately before the dividend was paid, and C is the amount of the dividend so paid; ( remboursement admissible )
Income Tax Act — I-3.3 (a)
Canadian property means (a) taxable Canadian property, and (b) any other property not being foreign property within the meaning assigned by section 206; ( biens canadiens )
Income Tax Act — I-3.3 (a)
capital gains dividend account of a non-resident-owned investment corporation at any particular time means the amount determined by the formula A - B where A is the total of the following amounts in respect of the period commencing January 1, 1972 and ending immediately after the corporation’s last taxation year ending before the particular time: (a) the corporation’s capital gains for taxation years ending in the period from dispositions in the period of Canadian property or shares of another non-resident-owned investment corporation, and (b) amounts received by the corporation in the period as, on account or in lieu of payment of, or in satisfaction of capital gains dividends from other non-resident-owned investment corporations, and B is the total of the following amounts in respect of the period referred to in the description of A: (a) the corporation’s capital losses for taxation years ending in the period from dispositions in the period of Canadian property or shares of another non-resident-owned investment corporation, (b) all capital gains dividends that became payable by the corporation before the particular time, and (c) the amount determined by the formula 0.25 × (M - N) where M is the total of the corporation’s capital gains for taxation years ending in the period from dispositions in the period of taxable Canadian property, and N is the total of the corporation’s capital losses for the taxation years ending in the period from dispositions in the period of property of the kinds referred to in the description of M; ( compte de dividendes sur les gains en capital )
Income Tax Act — I-3.3 (a)
increase in capital in respect of a corporation means a transaction (other than a transaction carried out pursuant to an agreement in writing made before February 28, 2000, referred to in this definition as a “specified transaction”) in the course of which the corporation issues additional shares of its capital stock or incurs indebtedness, if the transaction has the effect of increasing the total of (a) the corporation’s liabilities, and (b) the fair market value of all the shares of its capital stock to an amount that is substantially greater than that total would have been on February 27, 2000 if all specified transactions had been carried out immediately before that day; ( augmentation de capital )
Income Tax Act — I-3.3
taxable dividend does not include a capital gains dividend. ( dividende imposable )
Income Tax Act — I-3.3
allowable refundable tax on hand of a corporation at any particular time means the amount determined by the formula (A + B + C) - (D + E + F) where A is the total of all amounts each of which is an amount in respect of any taxation year commencing after 1971 and ending before the particular time, equal to the tax under this Part payable by the corporation for the year, B is an amount equal to 15% of the amount determined for B in the definition cumulative taxable income in this subsection in respect of the corporation, C where the corporation’s 1972 taxation year commenced before 1972, is an amount equal to 10% of the amount that would be determined for C in the definition cumulative taxable income in this subsection if the reference in the description of C in that definition to “the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time” were read as a reference to “the 1972 taxation year”, D is the total of all amounts each of which is an amount, in respect of the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time, determined by the formula 0.25 × [L - (M + N)] where L is the total of the corporation’s taxable capital gains for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the assumption set out in paragraph 133(1)(d), M is the total of the corporation’s allowable capital losses for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the same assumption, and N is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), E is the total of all amounts each of which is an amount equal to 1/3 of any amount paid or credited by the corporation after the commencement of its 1972 taxation year and before the particular time, as, on account or in lieu of payment of, or in satisfaction of interest, and F is the total of all amounts each of which is an amount in respect of any taxable dividend paid by the corporation on a share of its capital stock before the particular time and after the commencement of its first taxation year commencing after 1971, equal to the amount in respect of the dividend determined under the definition allowable refund in subsection 133(8); ( montant admissible de l’impôt en main remboursable )
Income Tax Act — I-3.3
cumulative taxable income of a corporation at any particular time means the amount determined by the formula (A + B) - (C + D + E) where A is the total of the corporation’s taxable incomes for taxation years commencing after 1971 and ending before the particular time, B where the corporation’s 1972 taxation year commenced before 1972, is the amount determined by the formula L - (M + N) where L is the corporation’s taxable income for its 1972 taxation year M is the total of all amounts received by the corporation as described in paragraph 196(4)(b), and N is the lesser of the amount determined under paragraph 196(4)(e) in respect of the corporation and the amount, if any, by which the total of amounts determined under paragraphs 196(4)(d) to 196(4)(f) in respect of the corporation exceeds the total of amounts determined under paragraphs 196(4)(a) to 196(4)(c) in respect of the corporation, C is the total of all amounts each of which is an amount, in respect of the 1972 taxation year or any taxation year commencing after 1971 and ending before the particular time, determined by the formula P - (Q + R) where P is the total of the corporation’s taxable capital gains for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the assumption set out in paragraph 133(1)(d), Q is the total of the corporation’s allowable capital losses for the year from dispositions after 1971 of property described in paragraph 133(1)(c), computed in accordance with the same assumption, and R is the amount deductible from the corporation’s income for the year by virtue of paragraph 133(2)(c), D is the total of all amounts each of which is an amount equal to 4/3 of any amount paid or credited by the corporation, after the commencement of its 1972 taxation year and before the particular time, as, on account or in lieu of payment of, or in satisfaction of interest, and E is the total of all amounts each of which is the amount of any taxable dividend paid by the corporation on a share of its capital stock before the particular time and after the commencement of its firs t taxation year commencing after 1971. ( revenu imposable cumulatif )
Income Tax Act — I-3.3 134
Non-resident-owned corporation not a Canadian corporation, etc. 134 Notwithstanding any other provision of this Act, a non-resident-owned investment corporation that would, but for this section, be a Canadian corporation, taxable Canadian corporation or private corporation shall be deemed not to be a Canadian corporation, taxable Canadian corporation or private corporation, as the case may be, except for the purposes of section 87, subsection 88(2) and sections 212.1 and 219. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“134”; 1973-74, c. 14, s. 43; 1977-78, c. 1, s. 67; 1980-81-82-83, c. 140, s. 92; 1985, c. 45, s. 78
Income Tax Act — I-3.3 134.1
NRO — transition 134.1 (1) This section applies to a corporation that (a) was a non-resident-owned investment corporation in a taxation year; (b) is not a non-resident-owned investment corporation in the following taxation year (in this section referred to as the corporation’s “first non-NRO year”); and (c) elects in writing filed with the Minister on or before the corporation’s filing-due date for its first non-NRO year to have this section apply. Application (2) For the purposes of applying subsections 104(10) and (11) and 133(6) to (9) (other than the definition non-resident-owned investment corporation in subsection 133(8)), section 212 and any tax treaty, a corporation described in subsection (1) is deemed to be a non-resident-owned investment corporation in its first non-NRO year in respect of dividends paid in that year on shares of its capital stock to a non-resident person, to a trust for the benefit of non-resident persons or their unborn issue or to a non-resident-owned investment corporation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2001, c. 17, s. 132; 2013, c. 34, s. 281
Income Tax Act — I-3.3 134.2
Revocation 134.2 (1) This section applies to a corporation that (a) revokes at any time (in this section described as the “revocation time”) its election to be taxed under section 133; (b) elects to have this section apply, by filing an election in writing with the Minister on or before the corporation’s filing-due date for the taxation year of the corporation (in this section referred to as the “revocation year”) that would have included the revocation time if the corporation had not so elected; and (c) specifies in the election a time (in this section referred to as the “elected time”) that is in the revocation year and is not after the revocation time. Consequences (2) Where this section applies to a corporation, (a) the corporation’s taxation year that would have included the elected time, if the corporation had not elected to have this section apply, is deemed to end immediately before the elected time; (b) a new taxation year of the corporation is deemed to begin at the elected time; and (c) notwithstanding paragraph (f) of the definition non-resident-owned investment corporation in subsection 133(8), the corporation is deemed to be a non-resident-owned investment corporation for the period that begins at the beginning of the revocation year and ends immediately before the elected time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2001, c. 17, s. 132
Income Tax Act — I-3.3 135
 the statute under which the taxpayer was incorporated or registered, its charter, articles of association or by-laws or its contract with the customer held out the prospect that amounts would be so credited to customers who are members or non-member customers, as the case may be; or (b) prior to the commencement of the year or prior to such other day as may be prescribed for the class of business in which the taxpayer is engaged, the taxpayer has published an advertisement in prescribed form in a newspaper or newspapers of general circulation throughout the greater part of the area in which the taxpayer carried on business holding out that prospect to customers who are members or non-member customers, as the case may be, and has filed copies of the newspapers with the Minister before the end of the 30th day of the taxation year or within 30 days from the prescribed day, as the case may be. Amount of payment to customer (6) For greater certainty, the amount of any payment pursuant to an allocation in proportion to patronage is the amount thereof determined before deducting any amount required by subsection 135(3) to be deducted or withheld from that payment. Payment to customer to be included in income (7) Where a payment pursuant to an allocation in proportion to patronage (other than an allocation in respect of consumer goods or services) has been received by a taxpayer, the amount of the payment shall, subject to subsection 135.1(2), be included in computing the recipient’s income for the taxation year in which the payment was received and, without restricting the generality of the foregoing, where a certificate of indebtedness or a share was issued to a person pursuant to an allocation in proportion to patronage, the amount of the payment by virtue of that issuance shall be included in computing the recipient’s income for the taxation year in which the certificate or share was received and not in computing the recipient’s income for the year in which the indebtedness was subsequently discharged or the share was redeemed. Patronage dividends (8) For the purposes of this section, where (a) a person has sold or delivered a quantity of goods or products to a marketing board established by or pursuant to a law of Canada or a province, (b) the marketing board has sold or delivered the same quantity of goods or products of the same class, grade or quality to a taxpayer of which the person is a member, and (c) the taxpayer has credited that person with an amount based on the quantity of goods or products of that class, grade or quality sold or delivered to it by the marketing board, the quantity of goods or products referred to in paragraph 135(8)(c) shall be deemed to have been sold or delivered by that person to the taxpayer and to have been acquired by the taxpayer from that person. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 135; 2005, c. 19, s. 32; 2006, c. 4, s. 79