Income Tax Act — I-3.3 80
Definitions 80 (1) In this section, commercial debt obligation issued by a debtor means a debt obligation issued by the debtor (a) where interest was paid or payable by the debtor in respect of it pursuant to a legal obligation, or (b) if interest had been paid or payable by the debtor in respect of it pursuant to a legal obligation, an amount in respect of the interest was or would have been deductible in computing the debtor’s income, taxable income or taxable income earned in Canada, as the case may be, if this Act were read without reference to paragraph 18(1)(g), subsections 18(2), (3.1) and (4) and 18.2(2) and section 21; ( créance commerciale ) commercial obligation issued by a debtor means (a) a commercial debt obligation issued by the debtor, or (b) a distress preferred share issued by the debtor; ( dette commerciale ) debtor includes any corporation that has issued a distress preferred share and any partnership; ( débiteur ) directed person at any time in respect of a debtor means (a) a taxable Canadian corporation or an eligible Canadian partnership by which the debtor is controlled at that time, or (b) a taxable Canadian corporation or an eligible Canadian partnership that is controlled at that time by (i) the debtor, (ii) the debtor and one or more persons related to the debtor, or (iii) a person or group of persons by which the debtor is controlled at that time; ( personne désignée ) 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 ) 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 ) 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 ) excluded property means property of a non-resident debtor that is treaty-protected property or that is not taxable Canadian property; ( bien exclu ) 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