GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
qualifying indebtedness , owing to an eligible bank affiliate of an eligible Canadian bank, means an upstream deposit owing to, or an eligible Canadian indebtedness of, the affiliate, to the extent that it can reasonably be considered that (a) the upstream deposit or the acquisition of eligible Canadian indebtedness, as the case may be, is funded by (i) property transferred or lent by a person other than the bank or a person resident in Canada that was not, at the time of the transfer or loan, dealing at arm’s length with the bank, (ii) a repayment of all or part of an upstream deposit owing to the affiliate, or (iii) the purchase of eligible Canadian indebtedness by the bank or a person resident in Canada that was not, at the time of the transfer or loan, dealing at arm’s length with the bank; and (b) the proceeds of the upstream deposit or the proceeds received by the vendor of the eligible Canadian indebtedness, as the case may be, are used for a purpose other than to fund a transfer or loan of property by the bank — or another person resident in Canada that was not, at the time of the transfer or loan, dealing at arm’s length with the bank — to the affiliate or another foreign affiliate of the bank or of the other person. ( dettes déterminées )
Income Tax Act — I-3.3 (a)
relationship deposits , of an eligible bank affiliate of an eligible Canadian bank for a month, means the total of all amounts included in the amounts reported as demand and notice deposits, and fixed-term deposits in the liabilities section of the consolidated monthly balance sheet accepted by the Superintendent of Financial Institutions that is filed for the month by the bank, or another corporation resident in Canada that is related to the bank at the end of the month, that are deposits (other than of a temporary nature) of the affiliate made by a person who at the end of the month (a) deals at arm’s length with the affiliate; and (b) is not resident in Canada. ( dépôts apparentés )
Income Tax Act — I-3.3 (a)
total specified indebtedness , owing to an eligible bank affiliate of an eligible Canadian bank for a taxation year of the affiliate, means the average of all amounts each of which is, in respect of a month that ends in the year, the greatest total amount at any time in the month that is the total of all amounts each of which is (a) the amount of an upstream deposit owing to the affiliate; (b) the amount of an eligible Canadian indebtedness owing to the affiliate; or (c) the positive or negative fair market value of an eligible currency hedge of the affiliate. ( dettes désignées totales )
Income Tax Act — I-3.3
upstream deposit , owing to an eligible bank affiliate of an eligible Canadian bank, means indebtedness owing by the bank to the affiliate. ( dépôt en amont )
Income Tax Act — I-3.3 (a)
excluded income and excluded revenue for a taxation year in respect of a foreign affiliate of a taxpayer mean, respectively, income or revenue, that is (a) derived directly or indirectly from a specified deposit with a prescribed financial institution, (b) derived directly or indirectly from a lease obligation of a person (other than the taxpayer or a person that does not deal at arm’s length with the taxpayer) resident in Canada relating to property used by the person in the course of carrying on a business through a permanent establishment outside Canada, (c) included in computing the affiliate’s income for the year from carrying on a business through a permanent establishment in Canada, or (d) included in computing the affiliate’s income or loss from an active business for the year because of subparagraph (2)(a)(ii); ( revenu exclu )
Income Tax Act — I-3.3 (a)
indebtedness does not include obligations of a particular person under agreements with non-resident corporations providing for the purchase, sale or exchange of currency where (a) the agreements are swap agreements, forward purchase or sale agreements, forward rate agreements, futures agreements, options or rights agreements, or similar agreements, (b) the particular person is a bank, a trust company, a credit union, an insurance corporation or a trader or dealer in securities or commodities resident in Canada, the business activities of which are subject by law to the supervision of a regulating authority in Canada such as the Superintendent of Financial Institutions or a similar authority of a province, (c) the agreements are entered into by the non-resident corporation in the course of a business conducted principally with persons with whom the non-resident corporation deals at arm’s length, if (i) the business is principally carried on in the country (other than Canada) under whose laws the non-resident corporation is governed and any of exists, was (unless the non-resident corporation was continued in any jurisdiction) formed or organized, or was last continued, or (ii) the non-resident corporation is a foreign affiliate of the particular person, or of a person related to the particular person, and (A) the non-resident corporation is a foreign bank, a trust company, a credit union, an insurance corporation or a trader or dealer in securities or commodities, and (B) the activities of the business are regulated (I) under the laws of the country under whose laws the non-resident corporation is governed and any of exists, was (unless the non-resident corporation was continued in any jurisdiction) formed or organized, or was last continued and under the laws of each country in which the business is carried on through a permanent establishment in that country, (II) under the laws of the country (other than Canada) in which the business is principally carried, or (III) if the affiliate is related to a corporation, under the laws of the country under the laws of which a corporation related to the non-resident corporation is governed and any of exists, was (unless that related corporation was continued in any jurisdiction) formed or organized, or was last continued, if those regulating laws are recognized under the laws of the country in which the business is principally carried on and all of those countries are members of the European Union, and (d) the terms and conditions of such agreements are substantially the same as the terms and conditions of similar agreements made by persons dealings at arm’s length; ( dette )
Income Tax Act — I-3.3
specified deposit , of a foreign affiliate of a taxpayer, means a deposit of the affiliate made with a permanent establishment in a country other than Canada of a prescribed financial institution resident in Canada if the income from the deposit is income of the affiliate for the year that would, in the absence of paragraph (2)(a.3), be income from an active business carried on by the affiliate in a country other than Canada, other than a business the principal purpose of which is to derive income from property (including any interest, dividends, rents, royalties or similar returns, or any substitutes for any of those) or profits from the disposition of investment property. ( dépôt déterminé )
Income Tax Act — I-3.3 (a)
direct equity percentage at any time of any person in a corporation is the percentage determined by the following rules: (a) for each class of the issued shares of the capital stock of the corporation, determine the proportion of 100 that the number of shares of that class owned by that person at that time is of the total number of issued shares of that class at that time, and (b) select the proportion determined under paragraph (a) for that person in respect of the corporation that is not less than any other proportion so determined for that person in respect of the corporation at that time, and the proportion selected under paragraph (b), when expressed as a percentage, is that person’s direct equity percentage in the corporation at that time; ( pourcentage d’intérêt direct )
Income Tax Act — I-3.3 (a)
eligible controlled foreign affiliate , of a taxpayer, at any time, means a foreign affiliate of the taxpayer at that time, if (a) the affiliate is a controlled foreign affiliate of the taxpayer at that time and at the end of the affiliate’s taxation year that includes that time, and (b) the following condition is met: A ≥ 90% where A is the total of all amounts each of which would be the participating percentage (determined at the end of the taxation year) of a share owned by the taxpayer of the capital stock of a corporation, in respect of the affiliate, if (i) the definition relevant cost base were read without reference to the words “if the affiliate is an eligible controlled foreign affiliate of the taxpayer at that time,” in its subparagraph (b)(i), and (ii) the definition participating percentage in subsection (1) were read without reference to its paragraph (a) and the portion of its paragraph (b) before subparagraph (i); ( société étrangère affiliée contrôlée admissible )
Income Tax Act — I-3.3 (a)
equity percentage at any time of a person, in any particular corporation, is the total of (a) the person’s direct equity percentage at that time in the particular corporation, and (b) all percentages each of which is the product obtained when the person’s equity percentage at that time in any corporation is multiplied by that corporation’s direct equity percentage at that time in the particular corporation except that for the purposes of the definition participating percentage in subsection 95(1), paragraph (b) shall be read as if the reference to “any corporation” were a reference to “any corporation other than a corporation resident in Canada”; ( pourcentage d’intérêt )
Income Tax Act — I-3.3 (a)
relevant cost base , of a property at any time to a foreign affiliate of a taxpayer, in respect of the taxpayer, means the greater of (a) the amount determined — or, if the taxpayer is not a corporation, the amount that would be determined if the taxpayer were a corporation resident in Canada — by the formula A + B – C where A is the amount for which the property could be disposed of at that time that would not, in the absence of paragraph (2)(f.1), result in any amount being added to, or deducted from, any of the affiliate’s (i) exempt earnings, exempt loss, taxable earnings and taxable loss (all within the meaning of subsection 5907(1) of the Income Tax Regulations ), in respect of the taxpayer, for the taxation year of the affiliate that includes that time, and (ii) hybrid surplus and hybrid deficit, in respect of the taxpayer, at that time, B is the amount, if any, by which any income or gain from a disposition of the property would, if the property were disposed of at that time for proceeds of disposition equal to its fair market value at that time be reduced under paragraph (2)(f.1), and C is the amount, if any, by which any loss from a disposition of the property would, if the property were disposed of at that time for proceeds of disposition equal to its fair market value at that time be reduced under paragraph (2)(f.1), and (b) either (i) if the affiliate is an eligible controlled foreign affiliate of the taxpayer at that time, the amount that the taxpayer elects, in accordance with prescribed rules, in respect of the property not exceeding the fair market value at that time of the property, or (ii) in any other case, nil. ( prix de base approprié )
Income Tax Act — I-3.3 97
ion of control of the subsidiary; (c) the property (i) is referred to in clauses (A) to (C) of the description of B in subparagraph 88(1)(d)(ii.1), or (ii) is an interest in a partnership that holds, directly or indirectly through one or more partnerships, property referred to in clauses (A) to (C) of the description of B in subparagraph 88(1)(d)(ii.1); and (d) the subsidiary is the taxpayer or has, before the disposition of the property, directly or indirectly in any manner whatever, an interest in the taxpayer. (3.1) [Repealed, 1998, c. 19, s. 124] Where capital cost to partner exceeds proceeds of disposition (4) Where subsection 97(2) has been applicable in respect of the acquisition of any depreciable property by a partnership from a taxpayer who was, immediately after the taxpayer disposed of the property, a member of the partnership and the capital cost to the taxpayer of the property exceeds the taxpayer’s proceeds of the disposition, for the purposes of sections 13 and 20 and any regulations made under paragraph 20(1)(a) (a) the capital cost to the partnership of the property shall be deemed to be the amount that was the capital cost thereof to the taxpayer; and (b) the excess shall be deemed to have been allowed to the partnership in respect of the property under regulations made under paragraph 20(1)(a) in computing income for taxation years before the acquisition by the partnership of the property. Acquisition of certain tools — capital cost and deemed depreciation (5) If subsection (2) has applied in respect of the acquisition at any particular time of any depreciable property by a partnership from an individual, the cost of the property to the individual was included in computing an amount under paragraph 8(1)(r) or (s) in respect of the individual, and the amount that would be the cost of the property to the individual immediately before the transfer if this Act were read without reference to subsection 8(7) (which amount is in this subsection referred to as the “individual’s original cost”) exceeds the individ­ual’s proceeds of disposition of the property, (a) the capital cost to the partnership of the property is deemed to be equal to the individual’s original cost; and (b) the amount by which the individual’s original cost exceeds the individual’s proceeds of disposition in respect of the property is deemed to have been deducted by the partnership under paragraph 20(1)(a) in respect of the property in computing income for taxation years that ended before that particular time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 97; 1995, c. 21, s. 34; 1998, c. 19, s. 124; 2002, c. 9, s. 32; 2007, c. 2, s. 14; 2010, c. 12, s. 9; 2012, c. 31, s. 21; 2016, c. 12, s. 33; 2017, c. 33, s. 32
Income Tax Act — I-3.3 98.2
Transfer of interest on death 98.2 Where by virtue of the death of an individual a taxpayer has acquired a property that was an interest in a partnership to which, immediately before the individual’s death, section 98.1 applied, (a) the taxpayer shall be deemed to have acquired a right to receive partnership property and not to have acquired an interest in a partnership; (b) the taxpayer shall be deemed to have acquired the right referred to in paragraph 98.2(a) at a cost equal to the amount determined to be the proceeds of disposition of the interest in the partnership to the deceased individual by virtue of paragraph 70(5)(a) or (6)(d), as the case may be; and (c) section 43 is not applicable to the right. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1974-75-76, c. 26, s. 63
Income Tax Act — I-3.3 99
Fiscal period of terminated partnership 99 (1) Subject to subsection (2), if, at any particular time in a fiscal period of a partnership, the partnership would, if this Act were read without reference to subsection 98(1), have ceased to exist, the fiscal period is deemed to have ended immediately before the time that is immediately before that particular time. Fiscal period of terminated partnership for individual member (2) Where an individual was a member of a partnership that, at any time in a fiscal period of a partnership, has or would have, but for subsection 98(1), ceased to exist, for the purposes of computing the individual’s income for a taxation year the partnership’s fiscal period may, if the individual so elects and subsection 249.1(4) does not apply in respect of the partnership, be deemed to have ended immediately before the time when the fiscal period of the partnership would have ended if the partnership had not so ceased to exist. Validity of election (3) An election under subsection 99(2) is not valid unless the individual was resident in Canada at the time when the fiscal period of the partnership would, if the election were valid, be deemed to have ended. Idem (4) An election under subsection 99(2) is not valid if, for the individual’s taxation year in which a fiscal period of the partnership would not, if the election were valid, be deemed to have ended but in which it would otherwise have ended, the individual elects to have applicable the rules set out in the Income Tax Application Rules that apply when two or more fiscal periods of a partnership end in the same taxation year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 99; 1996, c. 21, s. 17.1; 2013, c. 34, s. 229
Income Tax Act — I-3.3 100
on. Transfer of interest on death (3) Where by virtue of the death of an individual a taxpayer has acquired a property that was an interest in a partnership immediately before the individual’s death (other than an interest to which, immediately before the individual’s death, section 98.1 applied) and the taxpayer is not a member of the partnership and does not become a member of the partnership by reason of that acquisition, (a) the taxpayer shall be deemed to have acquired a right to receive partnership property and not to have acquired an interest in a partnership; (b) the taxpayer shall be deemed to have acquired the right referred to in paragraph 100(3)(a) at a cost equal to the amount determined to be the proceeds of disposition of the interest in the partnership to the deceased individual by virtue of paragraph 70(5)(a) or 70(6)(d), as the case may be; and (c) section 43 is not applicable to the right. Loss re interest in partnership (4) Notwithstanding paragraph 39(1)(b), the capital loss of a taxpayer from the disposition at any time of an interest in a partnership is deemed to be the amount of the loss otherwise determined minus the total of all amounts each of which is the amount by which the taxpayer’s share of the partnership’s loss, in respect of a share of the capital stock of a corporation that was property of a particular partnership at that time, would have been reduced under subsection 112(3.1) if the fiscal period of every partnership that includes that time had ended immediately before that time and the particular partnership had disposed of the share immediately before the end of that fiscal period for proceeds equal to its fair market value at that time. Replacement of partnership capital (5) A taxpayer who pays an amount at any time in a taxation year is deemed to have a capital loss from a disposition of property for the year if (a) the taxpayer disposed of an interest in a partnership before that time or, because of subsection (3), acquired before that time a right to receive property of a partnership; (b) that time is after the disposition or acquisition, as the case may be; (c) the amount would have been described in subparagraph 53(1)(e)(iv) had the taxpayer been a member of the partnership at that time; and (d) the amount is paid pursuant to a legal obligation of the taxpayer to pay the 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. 100; 1998, c. 19, s. 126; 2001, c. 17, s. 76; 2012, c. 31, s. 22; 2013, c. 34, s. 230; 2017, c. 33, s. 34
Income Tax Act — I-3.3 101
Disposition of farmland by partnership 101 Where a taxpayer was a member of a partnership at the end of a taxation year of the partnership in which the partnership disposed of land used in a farming business of the partnership, there may be deducted in computing the taxpayer’s income for the taxpayer’s taxation year in which the taxation year of the partnership ended, 1/2 of the total of all amounts each of which is an amount in respect of that taxation year of the taxpayer or any preceding taxation year of the taxpayer ending after 1971, equal to the taxpayer’s loss, if any, for the year from the farming business, to the extent that the loss (a) was, by virtue of section 31, not deductible in computing the taxpayer’s income for the year; (b) was not deducted for the purpose of computing the taxpayer’s taxable income for the taxpayer’s taxation year in which the partnership’s taxation year in which the land was disposed of ended, or for any preceding taxation year of the taxpayer; (c) did not exceed that proportion of the total of (i) taxes (other than income or profits taxes or taxes imposed by reference to the transfer of the property) paid by the partnership in its taxation year ending in the year or payable by it in respect of that taxation year to a province or a Canadian municipality in respect of the property, and (ii) interest paid by the partnership in its taxation year ending in the year or payable by it in respect of that taxation year, pursuant to a legal obligation to pay interest on borrowed money used to acquire the property or on any amount as consideration payable for the property, (to the extent that the taxes and interest were included in computing the loss of the partnership for that taxation year from the farming business), that (iii) the taxpayer’s loss from the farming business for the year is of (iv) the partnership’s loss from the farming business for its taxation year ending in the year; and (d) did not exceed the remainder obtained when (i) the total of each of the taxpayer’s losses from the farming business for taxation years preceding the year (to the extent that those losses are included in computing the amount determined under this section in respect of the taxpayer) is deducted from (ii) twice the amount of the taxpayer’s taxable capital gain from the disposition of the land. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 101; 2001, c. 17, s. 77
Income Tax Act — I-3.3 102
Definition of Canadian partnership 102 (1) In this Subdivision, Canadian partnership means a partnership all of the members of which were, at any time in respect of which the expression is relevant, resident in Canada. Member of a partnership (2) In this Subdivision, a reference to a person or a taxpayer who is a member of a particular partnership shall include a reference to another partnership that is a member of the particular partnership. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1“102”; 1986, c. 55, s. 27