GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3
distress preferred share issued by a corporation means, at any time, a share issued after February 21, 1994 (other than a share issued pursuant to an agreement in writing entered into on or before that date) by the corporation that is a share described in paragraph (e) of the definition term preferred share in subsection 248(1) that would be a term preferred share at that time if that definition were read without reference to paragraphs (e) and (f); ( action privilégiée de renflouement )
Income Tax Act — I-3.3 (a)
eligible Canadian partnership at any time means a Canadian partnership none of the members of which is, at that time, (a) a non-resident owned investment corporation, (b) a person exempt, because of subsection 149(1), from tax under this Part on all or part of the person’s taxable income, (c) a partnership, other than an eligible Canadian partnership, or (d) a trust, other than a trust in which no non-resident person and no person described in paragraph (a), (b) or (c) is beneficially interested; ( société de personnes canadienne admissible )
Income Tax Act — I-3.3 (a)
excluded obligation means an obligation issued by a debtor where (a) the proceeds from the issue of the obligation (i) were included in computing the debtor’s income or, but for the expression “other than a prescribed amount” in paragraph 12(1)(x), would have been so included, (ii) were deducted in computing, for the purposes of this Act, any balance of undeducted outlays, expenses or other amounts, or (iii) were deducted in computing the capital cost or cost amount to the debtor of any property of the debtor, (b) an amount paid by the debtor in satisfaction of the entire principal amount of the obligation would be included in the amount determined under paragraph 28(1)(e) or section 30 in respect of the debtor, (c) section 78 applies to the obligation, or (d) the principal amount of the obligation would, if this Act were read without reference to sections 79 and 80 and the obligation were settled without any amount being paid in satisfaction of its principal amount, be included in computing the debtor’s income because of the settlement of the obligation; ( dette exclue )
Income Tax Act — I-3.3
excluded property means property of a non-resident debtor that is treaty-protected property or that is not taxable Canadian property; ( bien exclu )
Income Tax Act — I-3.3 (a)
excluded security issued by a corporation to a person as consideration for the settlement of a debt means (a) a distress preferred share issued by the corporation to the person, or (b) a share issued by the corporation to the person under the terms of the debt, where the debt was a bond, debenture or note listed on a designated stock exchange in Canada and the terms for the conversion to the share were not established or substantially modified after the later of February 22, 1994 and the time that the bond, debenture or note was issued; ( valeur mobilière exclue )
Income Tax Act — I-3.3 (a)
forgiven amount at any time in respect of a commercial obligation issued by a debtor is the amount determined by the formula A - B where A is the lesser of the amount for which the obligation was issued and the principal amount of the obligation, and B is the total of (a) the amount, if any, paid at that time in satisfaction of the principal amount of the obligation, (b) the amount, if any, included under paragraph 6(1)(a) or subsection 15(1) in computing the income of any person because of the settlement of the obligation at that time, (c) the amount, if any, deducted at that time under paragraph 18(9.3)(f) in computing the forgiven amount in respect of the obligation, (d) the capital gain, if any, of the debtor resulting from the application of subsection 39(3) to the purchase at that time of the obligation by the debtor, (e) such portion of the principal amount of the obligation as relates to an amount renounced under subsection 66(10), 66(10.1), 66(10.2) or 66(10.3) by the debtor, (f) any portion of the principal amount of the obligation that is included in the amount determined for A, B, C or in subsection 79(3) in respect of the debtor for the taxation year of the debtor that includes that time or for a preceding taxation year, (g) the total of all amounts each of which is a forgiven amount at a previous time that the obligation was deemed by subsection 80.01(8) or 80.01(9) to have been settled, (h) such portion of the principal amount of the obligation as can reasonably be considered to have been included under section 80.4 in computing the debtor’s income for a taxation year that includes that time or for a preceding taxation year, (i) where the debtor is a bankrupt at that time, the principal amount of the obligation, (j) such portion of the principal amount of the obligation as represents the principal amount of an excluded obligation, (k) where the debtor is a partnership and the obligation was, since the later of the creation of the partnership or the issue of the obligation, always payable to a member of the partnership actively engaged, on a regular, continuous and substantial basis, in those activities of the partnership that are other than the financing of the partnership business, the principal amount of the obligation, and (l) the amount, if any, given at or before that time by the debtor to another person as consideration for the assumption by the other person of the obligation; ( montant remis )
Income Tax Act — I-3.3 (a)
relevant loss balance , at a particular time for a commercial obligation and in respect of a debtor’s non-capital loss, farm loss, restricted farm loss or net capital loss, as the case may be, for a particular taxation year, is (a) subject to paragraph (b), the amount of such loss that would be deductible in computing the debtor’s taxable income or taxable income earned in Canada, as the case may be, for the taxation year that includes that time if (i) the debtor had sufficient incomes from all sources and sufficient taxable capital gains, (ii) subsections (3) and (4) did not apply to reduce such loss at or after that time, and (iii) paragraph 111(4)(a) and subsection 111(5) did not apply to the debtor, and (b) nil if the debtor is a taxpayer that was at a previous time subject to a loss restriction event and the particular year ended before the previous time, unless (i) the obligation was issued by the debtor before, and not in contemplation of, the loss restriction event, or (ii) all or substantially all of the proceeds from the issue of the obligation were used to satisfy the principal amount of another obligation to which subparagraph (i) or this subparagraph would apply if the other obligation were still outstanding; ( solde de pertes applicable )
Income Tax Act — I-3.3 (a)
successor pool at any time for a commercial obligation and in respect of an amount determined in relation to a debtor means the portion of that amount that would be deductible under subsection 66.7(2), (2.3), (3), (4) or (5), as the case may be, in computing the debtor’s income for the taxation year that includes that time, if (a) the debtor had sufficient incomes from all sources, (b) subsection (8) did not apply to reduce the amount so determined at that time, (c) the year ended immediately after that time, and (d) paragraphs 66.7(2.3)(a), (4)(a) and (5)(a) were read without reference to the expressions “30% of”, “30% of” and “10% of”, respectively, except that the successor pool at that time for the obligation is deemed to be nil unless (e) the obligation was issued by the debtor before, and not in contemplation of, the event described in paragraph (8)(a) that gives rise to the deductibility under subsection 66.7(2), (2.3), (3), (4) or (5), as the case may be, of all or part of that amount in computing the debtor’s income, or (f) all or substantially all of the proceeds from the issue of the obligation were used to satisfy the principal amount of another obligation to which paragraph (e) or this paragraph would apply if the other obligation were still outstanding; ( compte de société remplaçante )
Income Tax Act — I-3.3 (a)
unrecognized loss , at a particular time, in respect of an obligation issued by a debtor, from the disposition of a property, is the amount that would, but for subparagraph 40(2)(g)(ii), be a capital loss from the disposition by the debtor at or before the particular time of a debt or other right to receive an amount, except that if the debtor is a taxpayer that is subject to a loss restriction event before the particular time and after the time of the disposition, the unrecognized loss at the particular time in respect of the obligation is nil unless (a) the obligation was issued by the debtor before, and not in contemplation of, the loss restriction event, or (b) all or substantially all of the proceeds from the issue of the obligation were used to satisfy the principal amount of another obligation to which paragraph 80(1)(a) or this paragraph would apply if the other obligation were still outstanding. ( perte non constatée )
Income Tax Act — I-3.3
commercial debt obligation has the meaning assigned by subsection 80(1); ( créance commerciale )
Income Tax Act — I-3.3
commercial obligation has the meaning assigned by subsection 80(1); ( dette commerciale )
Income Tax Act — I-3.3
debtor has the meaning assigned by subsection 80(1); ( débiteur )
Income Tax Act — I-3.3
distress preferred share has the meaning assigned by subsection 80(1); ( action privilégiée de renflouement )
Income Tax Act — I-3.3
forgiven amount has the meaning assigned by subsection 80(1) except that, where an amount would be included in computing a person’s income under paragraph 6(1)(a) or subsection 15(1) as a consequence of the settlement of an obligation if the obligation were settled without any payment being made in satisfaction of its principal amount, forgiven amount in respect of that obligation has the meaning assigned by subsection 6(15.1) or 15(1.21), as the case may be; ( montant remis )
Income Tax Act — I-3.3
person has the meaning assigned by subsection 80(1); ( personne )
Income Tax Act — I-3.3 (a)
specified cost at any time to a person of an obligation means, (a) where the obligation is capital property of the person at that time, the adjusted cost base at that time to the person of the obligation, and (b) in any other case, the cost amount to the person of the obligation. ( coût déterminé )
Income Tax Act — I-3.3 80.02
t of the particular share because of the issue of the other share shall be deemed to be equal to the amount by which the paid-up capital in respect of the class of shares that includes the other share increases because of the issue of the other share; and (b) for the purpose of subparagraph (2)(b)(i), the amount for which the other share was issued shall be deemed to be equal to the amount deemed by paragraph (a) to have been paid at that time. Substitution of non-commercial obligation for distress preferred share (6) Where any part of the consideration given by a corporation to another person for the settlement at any time of a distress preferred share that was issued by the corporation and owned immediately before that time by the other person consists of another share (other than a distress preferred share) or an obligation (other than a commercial obligation) issued by the corporation to the other person, for the purposes of section 80, the amount paid at that time in satisfaction of the principal amount of the distress preferred share because of the issue of the other share or obligation shall be deemed to be equal to the fair market value of the other share or obligation, as the case may be, at that time. Deemed settlement on expiry of term (7) Where at any time a distress preferred share becomes a share that is not a distress preferred share, for the purposes of section 80 (a) the share shall be deemed to have been settled immediately before that time; and (b) a payment equal to the fair market value of the share at that time shall be deemed to have been made immediately before that time in satisfaction of the principal amount of the share. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 27
Income Tax Act — I-3.3 80.03
. Lifetime capital gains exemption (8) If, as a consequence of the disposition at any time by an individual of a property that is a qualified farm or fishing property of the individual or a qualified small business corporation share of the individual (as defined in subsection 110.6(1)), the individual is deemed by subsection (2) to have a capital gain at that time from the disposition of another property, for the purposes of sections 3, 74.3 and 111, as they apply for the purposes of section 110.6, the other property is deemed to be a qualified farm or fishing property of the individual or a qualified small business corporation share of the individual, as the case may be. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 27; 1998, c. 19, s. 112; 2014, c. 39, s. 15; 2017, c. 33, s. 22(E)
Income Tax Act — I-3.3 80.1
e expropriation assets acquired by taxpayer (9) For the purposes of Subdivision C and subsection (2), and in applying subsections (7) and (8) for those purposes, where two or more expropriation assets that were (a) issued by the government of a country other than Canada, or (b) issued by a person resident in a country other than Canada and guaranteed by the government of that country at the same time, or as compensation for, or consideration for the sale of, the same foreign property, have been acquired by a taxpayer and the taxpayer has so elected, in prescribed form and within prescribed time, in respect of all of the expropriation assets that were so issued or guaranteed by the government of that country and acquired by the taxpayer before the making of the election, all of those expropriation assets shall be considered to be a single expropriation asset that was issued or guaranteed by the government of that country and acquired by the taxpayer. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 80.1; 2001, c. 17, s. 210
Income Tax Act — I-3.3 80.2
 or 18(1)(m) in respect of the property that the taxpayer’s share of production from the property payable to the taxpayer as a royalty, which royalty is computed without reference to the costs of exploration or production, is of the total production from the property, and (b) that proportion of the total of all amounts described in paragraph 12(1)(o) or 18(1)(m) in respect of the property (other than those amounts which the recipient has received or is entitled to receive as a reimbursement, contribution or allowance in respect of a royalty described in paragraph (a)) that the taxpayer’s share of the income from the property is of the total income from the property. Reduction in original amount for Part XII of the regulations (13) For the purpose of applying Part XII of the Income Tax Regulations , an original amount in respect of which a specified amount is received is deemed, for the taxation year in which the original amount was paid or became payable or receivable, not to include an amount equal to the eligible portion of the specified amount. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 80.2; 2003, c. 28, s. 9; 2013, c. 34, s. 215
Income Tax Act — I-3.3
breeding animals means deer, elk and other similar grazing ungulates, bovine cattle, bison, goats, sheep and horses that are over 12 months of age and are kept for breeding; ( animaux reproducteurs )
Income Tax Act — I-3.3
breeding bees means bees that are not used principally to pollinate plants in greenhouses and larvae of those bees; ( abeilles reproductrices )
Income Tax Act — I-3.3
breeding bee stock , of a taxpayer at any time, means a reasonable estimate of the quantity of a taxpayer’s breeding bees held at that time in the course of carrying on a farming business using a unit of measurement that is accepted as an industry standard; ( stock d’abeilles reproductrices )
Income Tax Act — I-3.3
breeding herd of a taxpayer at any time means the number determined by the formula A - (B - C) where A is the total number of the taxpayer’s breeding animals held in the course of carrying on a farming business at that time, B is the total number of the taxpayer’s breeding animals held in the business at that time that are female bovine cattle that have not given birth to calves, and C is the lesser of the number determined as the value of B and one-half the total number of the taxpayer’s breeding animals held in the business at that time that are female bovine cattle that have given birth to calves. ( troupeau reproducteur )
Income Tax Act — I-3.3 80.4
scribed rate of interest means (a) 6% per annum before 1978, (b) 8% per annum for 1978, and (c) for any year, or part thereof, after 1978, such rate of interest as is prescribed therefor except that, for the purpose of computing the benefit under subsection 80.4(1) in a taxation year on a home purchase loan received after November 12, 1981 and before 1982, the prescribed rate of interest at the time the loan was received shall be deemed to be 16% per annum; ( taux prescrit ) specified interest amount , for a year, in respect of a loan (referred to in this definition as the deemed loan ) deemed to have been made under subsection 15(2.17) by an ultimate funder (as defined in subsection 15(2.192)), means the amount determined by the formula A × (B/C) where A is the amount of interest for the year paid not later than 30 days after the end of the year on all debts — owing by one or more funders (as defined in subsection 15(2.192), but excluding any funders that are ultimate funders as defined in subsection 15(2.192)) under one or more funding arrangements (as defined in subsection 15(2.192)) to the ultimate funder — that gave rise to the deemed loan; B is the average amount outstanding for the year in respect of the deemed loan; and C is the total of all amounts each of which is the average amount outstanding in the year as or on account of an amount owing under a debt described in A. ( montant d’intérêts déterminé ) Meaning of connected (8) For the purposes of subsection (2), a person or partnership is connected with a shareholder of a corporation if that person or partnership does not deal at arm’s length with, or is affiliated with, the shareholder, unless, in the case of a person, that person is (a) a foreign affiliate of the corporation; or (b) a foreign affiliate of a person resident in Canada with which the corporation does not deal at arm’s length. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 80.4; 1994, c. 7, Sch. II, s. 60, Sch. VIII, s. 32; 1999, c. 22, s. 22; 2000, c. 12, s. 142; 2013, c. 34, s. 216; 2016, c. 12, s. 24; 2017, c. 20, s. 5 2024, c. 15, s. 16
Income Tax Act — I-3.3 (a)
home purchase loan means that portion of any loan received or debt otherwise incurred by an individual in the circumstances described in subsection 80.4(1) that is used to acquire, or to repay a loan or debt that was received or incurred to acquire, a dwelling, or a share of the capital stock of a cooperative housing corporation acquired for the sole purpose of acquiring the right to inhabit a dwelling owned by the corporation, where the dwelling is for the habitation of (a) the individual by virtue of whose office or employment the loan is received or the debt is incurred, (b) a specified shareholder of the corporation by virtue of whose services the loan is received or the debt is incurred, or (c) a person related to a person described in paragraph (a) or (b), or that is used to repay a home purchase loan; ( prêt consenti pour l’achat d’une maison )
Income Tax Act — I-3.3 (a)
prescribed rate of interest means (a) 6% per annum before 1978, (b) 8% per annum for 1978, and (c) for any year, or part thereof, after 1978, such rate of interest as is prescribed therefor except that, for the purpose of computing the benefit under subsection 80.4(1) in a taxation year on a home purchase loan received after November 12, 1981 and before 1982, the prescribed rate of interest at the time the loan was received shall be deemed to be 16% per annum; ( taux prescrit )
Income Tax Act — I-3.3
specified interest amount , for a year, in respect of a loan (referred to in this definition as the deemed loan ) deemed to have been made under subsection 15(2.17) by an ultimate funder (as defined in subsection 15(2.192)), means the amount determined by the formula A × (B/C) where A is the amount of interest for the year paid not later than 30 days after the end of the year on all debts — owing by one or more funders (as defined in subsection 15(2.192), but excluding any funders that are ultimate funders as defined in subsection 15(2.192)) under one or more funding arrangements (as defined in subsection 15(2.192)) to the ultimate funder — that gave rise to the deemed loan; B is the average amount outstanding for the year in respect of the deemed loan; and C is the total of all amounts each of which is the average amount outstanding in the year as or on account of an amount owing under a debt described in A. ( montant d’intérêts déterminé )
Income Tax Act — I-3.3 80.5
Deemed interest 80.5 Where a benefit is deemed by section 80.4 to have been received in a taxation year by (a) an individual or corporation under subsection 80.4(1), or (b) a person or partnership under subsection 80.4(2), the amount of the benefit shall, for the purposes of subparagraph 8(1)(j)(i) and paragraph 20(1)(c), be deemed to be interest paid in, and payable in respect of, the year by the debtor pursuant to a legal obligation to pay interest on borrowed money. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1980-81-82-83, c. 140, s. 45; 1984, c. 1, s. 36
Income Tax Act — I-3.3 80.6
Synthetic disposition 80.6 (1) If a synthetic disposition arrangement is entered into in respect of a property owned by a taxpayer and the synthetic disposition period of the arrangement is one year or more, the taxpayer is deemed (a) to have disposed of the property immediately before the beginning of the synthetic disposition period for proceeds equal to its fair market value at the beginning of the synthetic disposition period; and (b) to have reacquired the property at the beginning of the synthetic disposition period at a cost equal to that fair market value. Exception (2) Subsection (1) does not apply in respect of a property owned by a taxpayer if (a) the disposition referred to in subsection (1) would not result in the realization of a capital gain or income; (b) the property is a mark-to-market property (as defined in subsection 142.2(1)) of the taxpayer; (c) the synthetic disposition arrangement referred to in subsection (1) is a lease of tangible property or, for civil law, corporeal property; (d) the arrangement is an exchange of property to which subsection 51(1) applies; or (e) the property is disposed of as part of the arrangement, within one year after the day on which the synthetic disposition period of the arrangement begins. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2013, c. 40, s. 38