GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Canada–United States Tax Convention Act, 1984 — C-10.7 (a)
(a) The term recognized stock exchange means: (i) The NASDAQ System owned by the National Association of Securities Dealers, Inc. and any stock exchange registered with the Securities and Exchange Commission as a national securities exchange for purposes of the Securities Exchange Act of 1934; (ii) Canadian stock exchanges that are “prescribed stock exchanges” under the Income Tax Act ; and (iii) Any other stock exchange agreed upon by the Contracting States in an exchange of notes or by the competent authorities of the Contracting States;
Canada–United States Tax Convention Act, 1984 — C-10.7 (i)
(i) The NASDAQ System owned by the National Association of Securities Dealers, Inc. and any stock exchange registered with the Securities and Exchange Commission as a national securities exchange for purposes of the Securities Exchange Act of 1934;
Canada–United States Tax Convention Act, 1984 — C-10.7 (ii)
(ii) Canadian stock exchanges that are “prescribed stock exchanges” under the Income Tax Act ; and
Canada–United States Tax Convention Act, 1984 — C-10.7 (iii)
(iii) Any other stock exchange agreed upon by the Contracting States in an exchange of notes or by the competent authorities of the Contracting States;
Canada–United States Tax Convention Act, 1984 — C-10.7 (b)
(b) The term not-for-profit organization of a Contracting State means an entity created or established in that State and that is, by reason of its not-for-profit status, generally exempt from income taxation in that State, and includes a private foundation, charity, trade union, trade association or similar organization; and
Canada–United States Tax Convention Act, 1984 — C-10.7 (c)
(c) The term debt substitute share means: (i) A share described in paragraph (e) of the definition term preferred share in the Income Tax Act , as it may be amended from time to time without changing the general principle thereof; and (ii) Such other type of share as may be agreed upon by the competent authorities of the Contracting States.
Canada–United States Tax Convention Act, 1984 — C-10.7 (i)
(i) A share described in paragraph (e) of the definition term preferred share in the Income Tax Act , as it may be amended from time to time without changing the general principle thereof; and
Canada–United States Tax Convention Act, 1984 — C-10.7 (ii)
(ii) Such other type of share as may be agreed upon by the competent authorities of the Contracting States.
Canada–United States Tax Convention Act, 1984 — C-10.7 6
6 Where a person that is a resident of Canada is not entitled under the preceding provisions of this Article to the benefits provided under the Convention by the United States, the competent authority of the United States shall, upon that person’s request, determine on the basis of all factors including the history, structure, ownership and operations of that person whether (a) Its creation and existence did not have as a principal purpose the obtaining of benefits under the Convention that would not otherwise be available; or (b) It would not be appropriate, having regard to the purpose of this Article, to deny the benefits of the Convention to that person. The person shall be granted the benefits of the Convention by the United States where the competent authority determines that subparagraph (a) or (b) applies.
Canada–United States Tax Convention Act, 1984 — C-10.7 (a)
(a) Its creation and existence did not have as a principal purpose the obtaining of benefits under the Convention that would not otherwise be available; or
Canada–United States Tax Convention Act, 1984 — C-10.7 (b)
(b) It would not be appropriate, having regard to the purpose of this Article, to deny the benefits of the Convention to that person.
Canada–United States Tax Convention Act, 1984 — C-10.7
The person shall be granted the benefits of the Convention by the United States where the competent authority determines that subparagraph (a) or (b) applies.
Canada–United States Tax Convention Act, 1984 — C-10.7 7
7 It is understood that the fact that the preceding provisions of this Article apply only for the purposes of the application of the Convention by the United States shall not be construed as restricting in any manner the right of a Contracting State to deny benefits under the Convention where it can reasonably be concluded that to do otherwise would result in an abuse of the provisions of the Convention.”
Canada–United States Tax Convention Act, 1984 — C-10.7 “ARTICLE XXIX B
V (Elimination of Double Taxation). 7 In determining the amount of estate tax imposed by the United States on the estate of an individual who was a resident or citizen of the United States at the time of death, or upon the death of a surviving spouse with respect to a qualified domestic trust created by such an individual or the individual’s executor or surviving spouse, a credit shall be allowed against such tax imposed in respect of property situated outside the United States, for the federal and provincial income taxes payable in Canada in respect of such property by reason of the death of the individual or, in the case of a qualified domestic trust, the individual’s surviving spouse. Such credit shall be computed in accordance with the following rules: (a) A credit otherwise allowable under this paragraph shall be allowed regardless of whether the identity of the taxpayer under the law of Canada corresponds to that under the law of the United States. (b) The amount of a credit allowed under this paragraph shall be computed in accordance with the provisions and subject to the limitations of the law of the United States regarding credit for foreign death taxes (as it may be amended from time to time without changing the general principle hereof), as though the income tax imposed by Canada were a creditable tax under that law. (c) A credit may be claimed under this paragraph for an amount of federal or provincial income tax payable in Canada only to the extent that no credit or deduction is claimed for such amount in determining any other tax imposed by the United States, other than the estate tax imposed on property in a qualified domestic trust upon the death of the surviving spouse. 8 Provided that the value, at the time of death, of the entire gross estate wherever situated of an individual who was a resident of Canada (other than a citizen of the United States) at the time of death does not exceed 1.2 million U.S. dollars or its equivalent in Canadian dollars, the United States may impose its estate tax upon property forming part of the estate of the individual only if any gain derived by the individual from the alienation of such property would have been subject to income taxation by the United States in accordance with Article XIII (Gains).”
Canada–United States Tax Convention Act, 1984 — C-10.7 1
1 Where the property of an individual who is a resident of a Contracting State passes by reason of the individual’s death to an organization referred to in paragraph 1 of Article XXI (Exempt Organizations), the tax consequences in a Contracting State arising out of the passing of the property shall apply as if the organization were a resident of that State.
Canada–United States Tax Convention Act, 1984 — C-10.7 2
2 In determining the estate tax imposed by the United States, the estate of an individual (other than a citizen of the United States) who was a resident of Canada at the time of the individual’s death shall be allowed a unified credit equal to the greater of (a) The amount that bears the same ratio to the credit allowed under the law of the United States to the estate of a citizen of the United States as the value of the part of the individual’s gross estate that at the time of the individual’s death is situated in the United States bears to the value of the individual’s entire gross estate wherever situated; and (b) The unified credit allowed to the estate of a nonresident not a citizen of the United States under the law of the United States. The amount of any unified credit otherwise allowable under this paragraph shall be reduced by the amount of any credit previously allowed with respect to any gift made by the individual. A credit otherwise allowable under subparagraph (a) shall be allowed only if all information necessary for the verification and computation of the credit is provided.
Canada–United States Tax Convention Act, 1984 — C-10.7 (a)
(a) The amount that bears the same ratio to the credit allowed under the law of the United States to the estate of a citizen of the United States as the value of the part of the individual’s gross estate that at the time of the individual’s death is situated in the United States bears to the value of the individual’s entire gross estate wherever situated; and
Canada–United States Tax Convention Act, 1984 — C-10.7 (b)
(b) The unified credit allowed to the estate of a nonresident not a citizen of the United States under the law of the United States.
Canada–United States Tax Convention Act, 1984 — C-10.7
The amount of any unified credit otherwise allowable under this paragraph shall be reduced by the amount of any credit previously allowed with respect to any gift made by the individual. A credit otherwise allowable under subparagraph (a) shall be allowed only if all information necessary for the verification and computation of the credit is provided.
Canada–United States Tax Convention Act, 1984 — C-10.7 3
3 In determining the estate tax imposed by the United States on an individual’s estate with respect to property that passes to the surviving spouse of the individual (within the meaning of the law of the United States) and that would qualify for the estate tax marital deduction under the law of the United States if the surviving spouse were a citizen of the United States and all applicable elections were properly made (in this paragraph and in paragraph 4 referred to as “qualifying property”), a non-refundable credit computed in accordance with the provisions of paragraph 4 shall be allowed in addition to the unified credit allowed to the estate under paragraph 2 or under the law of the United States, provided that (a) The individual was at the time of death a citizen of the United States or a resident of either Contracting State; (b) The surviving spouse was at the time of the individual’s death a resident of either Contracting State; (c) If both the individual and the surviving spouse were residents of the United States at the time of the individual’s death, one or both was a citizen of Canada; and (d) The executor of the decedent’s estate elects the benefits of this paragraph and waives irrevocably the benefits of any estate tax marital deduction that would be allowed under the law of the United States on a United States Federal estate tax return filed for the individual’s estate by the date on which a qualified domestic trust election could be made under the law of the United States.
Canada–United States Tax Convention Act, 1984 — C-10.7 (a)
(a) The individual was at the time of death a citizen of the United States or a resident of either Contracting State;
Canada–United States Tax Convention Act, 1984 — C-10.7 (b)
(b) The surviving spouse was at the time of the individual’s death a resident of either Contracting State;
Canada–United States Tax Convention Act, 1984 — C-10.7 (c)
(c) If both the individual and the surviving spouse were residents of the United States at the time of the individual’s death, one or both was a citizen of Canada; and
Canada–United States Tax Convention Act, 1984 — C-10.7 (d)
(d) The executor of the decedent’s estate elects the benefits of this paragraph and waives irrevocably the benefits of any estate tax marital deduction that would be allowed under the law of the United States on a United States Federal estate tax return filed for the individual’s estate by the date on which a qualified domestic trust election could be made under the law of the United States.
Canada–United States Tax Convention Act, 1984 — C-10.7 4
4 The amount of the credit allowed under paragraph 3 shall equal the lesser of (a) The unified credit allowed under paragraph 2 or under the law of the United States (determined without regard to any credit allowed previously with respect to any gift made by the individual), and (b) The amount of estate tax that would otherwise be imposed by the United States on the transfer of qualifying property. The amount of estate tax that would otherwise be imposed by the United States on the transfer of qualifying property shall equal the amount by which the estate tax (before allowable credits) that would be imposed by the United States if the qualifying property were included in computing the taxable estate exceeds the estate tax (before allowable credits) that would be so imposed if the qualifying property were not so included. Solely for purposes of determining other credits allowed under the law of the United States, the credit provided under paragraph 3 shall be allowed after such other credits.
Canada–United States Tax Convention Act, 1984 — C-10.7 (a)
(a) The unified credit allowed under paragraph 2 or under the law of the United States (determined without regard to any credit allowed previously with respect to any gift made by the individual), and
Canada–United States Tax Convention Act, 1984 — C-10.7 (b)
(b) The amount of estate tax that would otherwise be imposed by the United States on the transfer of qualifying property.
Canada–United States Tax Convention Act, 1984 — C-10.7
The amount of estate tax that would otherwise be imposed by the United States on the transfer of qualifying property shall equal the amount by which the estate tax (before allowable credits) that would be imposed by the United States if the qualifying property were included in computing the taxable estate exceeds the estate tax (before allowable credits) that would be so imposed if the qualifying property were not so included. Solely for purposes of determining other credits allowed under the law of the United States, the credit provided under paragraph 3 shall be allowed after such other credits.
Canada–United States Tax Convention Act, 1984 — C-10.7 5
5 Where an individual was a resident of the United States immediately before the individual’s death, for the purposes of subsection 70(6) of the Income Tax Act , both the individual and the individual’s spouse shall be deemed to have been resident in Canada immediately before the individual’s death. Where a trust that would be a trust described in subsection 70(6) of that Act, if its trustees that were residents or citizens of the United States or domestic corporations under the law of the United States were residents of Canada, requests the competent authority of Canada to do so, the competent authority may agree, subject to terms and conditions satisfactory to such competent authority, to treat the trust for the purposes of that Act as being resident in Canada for such time as may be stipulated in the agreement.
Canada–United States Tax Convention Act, 1984 — C-10.7 6
6 In determining the amount of Canadian tax payable by an individual who immediately before death was a resident of Canada, or by a trust described in subsection 70(6) of the Income Tax Act (or a trust which is treated as being resident in Canada under the provisions of paragraph 5), the amount of any Federal or state estate or inheritance taxes payable in the United States (not exceeding, where the individual was a citizen of the United States or a former citizen referred to in paragraph 2 of Article XXIX (Miscellaneous Rules), the amount of estate and inheritance taxes that would have been payable if the individual were not a citizen or former citizen of the United States) in respect of property situated within the United States shall, (a) To the extent that such estate or inheritance taxes are imposed upon the individual’s death, be allowed as a deduction from the amount of any Canadian tax otherwise payable by the individual for the taxation year in which the individual died on the total of (i) Any income, profits or gains of the individual arising (within the meaning of paragraph 3 of Article XXIV (Elimination of Double Taxation)) in the United States in that year, and (ii) Where the value at the time of the individual’s death of the individual’s entire gross estate wherever situated (determined under the law of the United States) exceeded 1.2 million U.S. dollars or its equivalent in Canadian dollars, any income, profits or gains of the individual for that year from property situated in the United States at that time, and (b) To the extent that such estate or inheritance taxes are imposed upon the death of the individual’s surviving spouse, be allowed as a deduction from the amount of any Canadian tax otherwise payable by the trust for its taxation year in which the spouse dies on any income, profits or gains of the trust for that year arising (within the meaning of paragraph 3 of Article XXIV (Elimination of Double Taxation)) in the United States or from property situated in the United States at the time of death of the spouse. For purposes of this paragraph, property shall be treated as situated within the United States if it is so treated for estate tax purposes under the law of the United States as in effect on March 17, 1995, subject to any subsequent changes thereof that the competent authorities of the Contracting States have agreed to apply for the purposes of this paragraph. The deduction allowed under this paragraph shall take into account the deduction for any income tax paid or accrued to the United States that is provided under paragraph 2(a), 4(a) or 5(b) of Article XXIV (Elimination of Double Taxation).
Canada–United States Tax Convention Act, 1984 — C-10.7 (a)
(a) To the extent that such estate or inheritance taxes are imposed upon the individual’s death, be allowed as a deduction from the amount of any Canadian tax otherwise payable by the individual for the taxation year in which the individual died on the total of (i) Any income, profits or gains of the individual arising (within the meaning of paragraph 3 of Article XXIV (Elimination of Double Taxation)) in the United States in that year, and (ii) Where the value at the time of the individual’s death of the individual’s entire gross estate wherever situated (determined under the law of the United States) exceeded 1.2 million U.S. dollars or its equivalent in Canadian dollars, any income, profits or gains of the individual for that year from property situated in the United States at that time, and
Canada–United States Tax Convention Act, 1984 — C-10.7 (i)
(i) Any income, profits or gains of the individual arising (within the meaning of paragraph 3 of Article XXIV (Elimination of Double Taxation)) in the United States in that year, and
Canada–United States Tax Convention Act, 1984 — C-10.7 (ii)
(ii) Where the value at the time of the individual’s death of the individual’s entire gross estate wherever situated (determined under the law of the United States) exceeded 1.2 million U.S. dollars or its equivalent in Canadian dollars, any income, profits or gains of the individual for that year from property situated in the United States at that time, and
Canada–United States Tax Convention Act, 1984 — C-10.7 (b)
(b) To the extent that such estate or inheritance taxes are imposed upon the death of the individual’s surviving spouse, be allowed as a deduction from the amount of any Canadian tax otherwise payable by the trust for its taxation year in which the spouse dies on any income, profits or gains of the trust for that year arising (within the meaning of paragraph 3 of Article XXIV (Elimination of Double Taxation)) in the United States or from property situated in the United States at the time of death of the spouse.
Canada–United States Tax Convention Act, 1984 — C-10.7
For purposes of this paragraph, property shall be treated as situated within the United States if it is so treated for estate tax purposes under the law of the United States as in effect on March 17, 1995, subject to any subsequent changes thereof that the competent authorities of the Contracting States have agreed to apply for the purposes of this paragraph. The deduction allowed under this paragraph shall take into account the deduction for any income tax paid or accrued to the United States that is provided under paragraph 2(a), 4(a) or 5(b) of Article XXIV (Elimination of Double Taxation).
Canada–United States Tax Convention Act, 1984 — C-10.7 7
7 In determining the amount of estate tax imposed by the United States on the estate of an individual who was a resident or citizen of the United States at the time of death, or upon the death of a surviving spouse with respect to a qualified domestic trust created by such an individual or the individual’s executor or surviving spouse, a credit shall be allowed against such tax imposed in respect of property situated outside the United States, for the federal and provincial income taxes payable in Canada in respect of such property by reason of the death of the individual or, in the case of a qualified domestic trust, the individual’s surviving spouse. Such credit shall be computed in accordance with the following rules: (a) A credit otherwise allowable under this paragraph shall be allowed regardless of whether the identity of the taxpayer under the law of Canada corresponds to that under the law of the United States. (b) The amount of a credit allowed under this paragraph shall be computed in accordance with the provisions and subject to the limitations of the law of the United States regarding credit for foreign death taxes (as it may be amended from time to time without changing the general principle hereof), as though the income tax imposed by Canada were a creditable tax under that law. (c) A credit may be claimed under this paragraph for an amount of federal or provincial income tax payable in Canada only to the extent that no credit or deduction is claimed for such amount in determining any other tax imposed by the United States, other than the estate tax imposed on property in a qualified domestic trust upon the death of the surviving spouse.
Canada–United States Tax Convention Act, 1984 — C-10.7 (a)
(a) A credit otherwise allowable under this paragraph shall be allowed regardless of whether the identity of the taxpayer under the law of Canada corresponds to that under the law of the United States.
Canada–United States Tax Convention Act, 1984 — C-10.7 (b)
(b) The amount of a credit allowed under this paragraph shall be computed in accordance with the provisions and subject to the limitations of the law of the United States regarding credit for foreign death taxes (as it may be amended from time to time without changing the general principle hereof), as though the income tax imposed by Canada were a creditable tax under that law.
Canada–United States Tax Convention Act, 1984 — C-10.7 (c)
(c) A credit may be claimed under this paragraph for an amount of federal or provincial income tax payable in Canada only to the extent that no credit or deduction is claimed for such amount in determining any other tax imposed by the United States, other than the estate tax imposed on property in a qualified domestic trust upon the death of the surviving spouse.
Canada–United States Tax Convention Act, 1984 — C-10.7 8
8 Provided that the value, at the time of death, of the entire gross estate wherever situated of an individual who was a resident of Canada (other than a citizen of the United States) at the time of death does not exceed 1.2 million U.S. dollars or its equivalent in Canadian dollars, the United States may impose its estate tax upon property forming part of the estate of the individual only if any gain derived by the individual from the alienation of such property would have been subject to income taxation by the United States in accordance with Article XIII (Gains).”
Canada–United States Tax Convention Act, 1984 — C-10.7 1
1 The appropriate authorities of the Contracting States shall consult within a three-year period from the date on which this Protocol enters into force with respect to further reductions in withholding taxes provided in the Convention, and with respect to the rules in Article XXIX A (Limitation on Benefits) of the Convention.