GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 207.61
Tax payable on prohibited investment 207.61 (1) A custodian of a retirement compensation arrangement shall pay a tax under this Part for a calendar year if, at any time in the year, (a) the arrangement acquires property that is a prohibited investment for the arrangement; or (b) subject property of the arrangement becomes a prohibited investment for the arrangement after March 29, 2012. Amount of tax payable (2) The amount of tax payable in respect of each property described in subsection (1) is 50% of the fair market value of the property at the time referred to in that subsection. Refund (3) If in a calendar year an RCA trust disposes of a property in respect of which a tax is imposed under subsection (1) on the custodian of the retirement compensation arrangement, the custodian is entitled to a refund for the year of an amount equal to (a) the amount of the tax so imposed, unless paragraph (b) applies; or (b) nil, (i) if it is reasonable to consider that the custodian, or a specified beneficiary of the arrangement, knew, or ought to have known, at the time the property was acquired by the arrangement, that it was, or would become, a property described in subsection (1), or (ii) if the property is not disposed of by the arrangement before the end of the calendar year following the calendar year in which the tax arose, or any later time that the Minister considers reasonable in the circumstances. Deemed disposition and reacquisition (4) If, at any time, a property held by an RCA trust ceases to be, or becomes, a prohibited investment for the RCA trust, the RCA trust is deemed to have disposed of the property immediately before that time for proceeds of disposition equal to the fair market value of the property at that time and to have reacquired the property at that time at a cost equal to that fair market value. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2012, c. 31, s. 45
Income Tax Act — I-3.3 207.62
Tax payable in respect of advantage 207.62 (1) A custodian of a retirement compensation arrangement shall pay a tax under this Part for a calendar year if, in the year, an advantage in relation to the arrangement is extended to, or is received or receivable by, an RCA trust under the arrangement, a specified beneficiary of the arrangement or any person who does not deal at arm’s length with the specified beneficiary. Amount of tax payable (2) The amount of tax payable in respect of an advantage described in subsection (1) is (a) in the case of a benefit, the fair market value of the benefit; (b) in the case of a loan or an indebtedness, the amount of the loan or indebtedness; and (c) in the case of an RCA strip, the amount of the RCA strip. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2012, c. 31, s. 45
Income Tax Act — I-3.3 207.63
Joint liability 207.63 If a custodian of a retirement compensation arrangement is liable to pay a tax under section 207.61 or 207.62, a specified beneficiary of the arrangement is jointly and severally, or solidarily, liable for that tax to the extent that the specified beneficiary participated in, assented to or acquiesced in the making of, the transaction or event or series of transactions or events that resulted in the liability. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2012, c. 31, s. 45
Income Tax Act — I-3.3 207.64
Waiver of tax payable 207.64 If a person would otherwise be liable to pay a tax under this Part because of any of sections 207.61 to 207.63, the Minister may waive or cancel all or part of the liability if the Minister considers it just and equitable to do so having regard to all the circumstances, including (a) whether the tax arose as a consequence of reasonable error; and (b) the extent to which the transaction or event or series of transactions or events that gave rise to the tax also gave rise to another tax under this Act. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2012, c. 31, s. 45 2024, c. 17, s. 67(F)
Income Tax Act — I-3.3 207.65
Deemed distribution 207.65 For the purposes of the definition refundable tax in subsection 207.5(1), tax paid under section 207.61 or 207.62 by a custodian of a retirement compensation arrangement out of property held in connection with the arrangement is deemed to be a distribution under the arrangement for the taxation year in which the tax is paid to the extent that the tax has not been refunded, waived or cancelled. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2012, c. 31, s. 45
Income Tax Act — I-3.3 207.7
Tax payable 207.7 (1) Every custodian of a retirement compensation arrangement shall pay a tax under this Part for each taxation year of an RCA trust under the arrangement equal to the amount, if any, by which the refundable tax of the arrangement at the end of the year exceeds the refundable tax of the arrangement at the end of the immediately preceding taxation year, if any. Refund (2) Where the custodian of a retirement compensation arrangement has filed a return under this Part for a taxation year within three years after the end of the year, the Minister (a) may, on sending the notice of assessment for the year or a notification that no tax is payable for the year, refund without application an amount equal to the amount, if any, by which the refundable tax of the arrangement at the end of the immediately preceding year exceeds the refundable tax of the arrangement at the end of the year; and (b) shall, with all due dispatch, make such a refund after sending the notice of assessment if application for it has been made in writing by the custodian within three years after the day of sending of a notice of an original assessment for the year or of a notification that no tax is payable for the year. Payment of tax (3) Every custodian of a retirement compensation arrangement shall, within 90 days after the end of each taxation year of an RCA trust under the arrangement, (a) file with the Minister a return for the year under this Part in prescribed form and containing prescribed information, without notice or demand therefor; (b) estimate in the return the amount of tax, if any, payable by the custodian under this Part for the year; and (c) pay to the Receiver General the amount of tax, if any, payable by the custodian under this Part for the year. Provisions applicable to Part (4) Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1987, c. 46, s. 62; 2010, c. 25, s. 63
Income Tax Act — I-3.3 207.71
Definitions 207.71 (1) The following definitions apply in this section. eligible employer means an employer that paid an amount, or that has a predecessor employer (as defined in subsection 8500(1) of the Income Tax Regulations ) that paid an amount, before March 28, 2023, under a specified arrangement that is an excluded contribution. ( employeur admissible ) specified refundable tax of a specified arrangement at the end of a taxation year means the amount, if any, determined by the formula A − B where A is the amount elected under paragraph (2)(c); and B is the total of all amounts, if any, each of which is a refund as determined under subsection (3), in respect of a preceding taxation year. ( impôt remboursable déterminé ) Election (2) Subsection (3) applies to a specified arrangement if (a) an eligible employer, or the custodian of the arrangement, paid a refundable tax under this Part with respect to an excluded contribution made under the arrangement before March 28, 2023; (b) the eligible employer files an election with the Minister in prescribed form and manner; and (c) the election includes an elected amount that does not exceed the total amount of refundable tax paid with respect to excluded contributions made under the arrangement before March 28, 2023. Amount of refund (3) If this subsection applies to a specified arrangement, the Minister may refund to the eligible employer, or to the custodian of the arrangement, an amount claimed on the return for a taxation year described in subsection 207.7(3), not exceeding the lesser of (a) 50% of all retirement benefits paid in the taxation year directly by the eligible employer for the benefit of beneficiaries whose retirement benefits were secured under the specified arrangement with a letter of credit or surety bond issued by a financial institution, and (b) the specified refundable tax of the specified arrangement at the end of the taxation year. Refundable tax definition (4) If an eligible employer claims a refund under subsection (3) for a taxation year, paragraph (c) of the definition refundable tax in subsection 207.5(1) is to be read as follows: (c) the total of (i) 50% of all amounts paid as distributions to one or more persons (including amounts that are required by paragraph 12(1)(n.3) to be included in computing the recipient’s income) under the arrangement while it was a retirement compensation arrangement and before the end of the year, other than a distribution paid where it is established, by subsequent events or otherwise, that the distribution was paid as part of a series of payments and refunds of contributions under the arrangement, and (ii) all amounts determined under subsection 207.71(3) in respect of the specified arrangement for the year and a preceding year; [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2024, c. 15. s. 57
Income Tax Act — I-3.3
eligible employer means an employer that paid an amount, or that has a predecessor employer (as defined in subsection 8500(1) of the Income Tax Regulations ) that paid an amount, before March 28, 2023, under a specified arrangement that is an excluded contribution. ( employeur admissible )
Income Tax Act — I-3.3
specified refundable tax of a specified arrangement at the end of a taxation year means the amount, if any, determined by the formula A − B where A is the amount elected under paragraph (2)(c); and B is the total of all amounts, if any, each of which is a refund as determined under subsection (3), in respect of a preceding taxation year. ( impôt remboursable déterminé )
Income Tax Act — I-3.3 207.8
Excess EPSP amount 207.8 (1) In this Part, excess EPSP amount , of a specified employee for a taxation year in respect of an employer, means the amount determined by the formula A – (20% × B) where A is the portion of the total of all amounts paid by the employer of the specified employee (or by a corporation with which the employer does not deal at arm’s length) to a trust governed by an employees profit sharing plan that is allocated for the year to the specified employee; and B is the specified employee’s total income for the year from an office or employment with the employer computed without reference to paragraph 6(1)(d) and sections 7 and 8. Tax payable (2) If a specified employee has an excess EPSP amount for a taxation year, the specified employee shall pay a tax for the year equal to the amount determined by the formula (A + B) × C where A is the highest individual percentage for the year; B is (a) if the specified employee is resident in Quebec at the end of the year, 0%, (b) if the specified employee is resident in a province other than Quebec at the end of the year, the highest percentage rate of tax, including surtaxes but not taxes that are limited to a maximum amount, imposed by the province for the year on the income of an individual who is a resident of the province, or (c) in any other case, the percentage (rounded to the nearest half percentage, or where it is equidistant from two such consecutive half percentages, to the higher of the two) determined by the formula E × F where E is the highest individual percentage for the year, and F is the percentage referred to in subsection 120(1); and C is the total of all excess EPSP amounts of the specified employee for the year. Waiver or cancellation (3) If a specified employee would otherwise be liable to pay a tax under subsection (2), the Minister may waive or cancel all or part of the liability if the Minister considers it just and equitable to do so having regard to all the circumstances. Return and payment of tax (4) Every person who is liable to pay tax under this Part for a taxation year shall (a) on or before the person’s filing-due date for the year, file with the Minister a return for the year under this Part in prescribed form and containing prescribed information; and (b) on or before the person’s balance-due day for the year, pay to the Receiver General the amount of tax payable under this Part by the person for the year. Provisions applicable to this Part (5) Subsections 150(2) and (3), sections 152, 155 to 156.1, 158 to 160.1, 161 and 161.2 to 167 and Division J of Part I apply to this Part with any modifications that the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2012, c. 31, s. 46; 2016, c. 7, s. 62 2023, c. 26, s. 61
Income Tax Act — I-3.3 207.9
Definitions 207.9 (1) The following definitions apply in this Part. participating employer of an employee life and health trust means an employer that provides designated employee benefits for its employees through a trust that meets the conditions described in subsection 144.1(2). ( employeur participant ) prohibited investment , at any time for an employee life and health trust, means property that is at that time (a) a share of the capital stock of, an interest in or a debt of (i) a participating employer of the employee life and health trust, or (ii) a person or partnership that does not deal at arm’s length with a participating employer of the employee life and health trust; or (b) an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a). ( placement interdit ) Tax payable on prohibited investment (2) A trust shall pay a tax under this Part for a calendar year if, at any time in the year while the trust is an employee life and health trust, (a) the trust acquires property that is a prohibited investment for the trust; or (b) income is received or becomes receivable by the trust from, or the trust has a taxable capital gain from the disposition of, a prohibited investment for the trust. Amount of tax payable (3) The amount of tax payable under subsection (2) is (a) if paragraph (2)(a) applies, 50% of the fair market value of the property at the time it is acquired; and (b) if paragraph (2)(b) applies, 50% of the income or the taxable capital gain. Refund (4) If in a calendar year a trust disposes of a property in respect of which a tax is imposed on the trust under subsection (2), the trust is entitled to a refund for the year of an amount equal to (a) the amount of the tax so imposed, unless paragraph (b) applies; or (b) nil, if (i) it is reasonable to consider that the trustees knew, or ought to have known, at the time the property was acquired that it was, or would become, a property described in subsection (2), or (ii) the property is not disposed of by the trust before the end of the calendar year following the calendar year in which the tax arose, or any later time that the Minister considers reasonable in the circumstances. Deemed disposition and reacquisition (5) If, at any time, a property held by an employee life and health trust ceases to be, or becomes, a prohibited investment for the employee life and health trust, the employee life and health trust is deemed to have disposed of the property immediately before that time for proceeds of disposition equal to the fair market value of the property at that time and to have reacquired the property at that time at a cost equal to that fair market value. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2021, c. 23, s. 50
Income Tax Act — I-3.3
participating employer of an employee life and health trust means an employer that provides designated employee benefits for its employees through a trust that meets the conditions described in subsection 144.1(2). ( employeur participant )
Income Tax Act — I-3.3 (a)
prohibited investment , at any time for an employee life and health trust, means property that is at that time (a) a share of the capital stock of, an interest in or a debt of (i) a participating employer of the employee life and health trust, or (ii) a person or partnership that does not deal at arm’s length with a participating employer of the employee life and health trust; or (b) an interest (or, for civil law, a right) in, or a right to acquire, a share, interest or debt described in paragraph (a). ( placement interdit )
Income Tax Act — I-3.3 208
208 [Repealed, 2003, c. 28, s. 15(1)] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 208; 1994, c. 7, Sch. II, s. 169; 1997, c. 25, s. 58; 2003, c. 15, s. 125, c. 28, s. 15
Income Tax Act — I-3.3 209
 the person under this Part for the year, on or before the person’s balance-due day for the year. Provisions applicable to Part (5) Subsections 150(2) and 150(3) and sections 152, 158 and 159, subsections 161(1), 161(2) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require. Partnerships (6) For the purposes of subsection 209(1), a partnership shall be deemed to be a person and its taxation year shall be deemed to be its fiscal period. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 209; 1994, c. 7, Sch. II, s. 170, c. 21, s. 95; 1997, c. 25, s. 59; 2003, c. 15, s. 126, c. 28, s. 16; 2013, c. 34, s. 156
Income Tax Act — I-3.3 (a)
carved-out income of a person for a taxation year from a carved-out property means the amount, if any, by which (a) the person’s income for the year attributable to the property computed under Part I on the assumption that in computing income no deduction was allowed under section 20, Subdivision E of Division B of Part I or section 104, exceeds the total of (b) the amount deducted under subsection 66.4(2) in computing the person’s income for the year to the extent that it may reasonably be considered to be attributable to the property, and (c) to the extent that the property is an interest in a bituminous sands deposit or oil shale deposit, the amount deducted under subsection 66.2(2) in computing the person’s income for the year to the extent that it can reasonably be considered to be attributable to the cost of that interest; ( revenus miniers et pétroliers )
Income Tax Act — I-3.3 (a)
ons for the retention or reservation, or any series of transactions or events in which the property or interest was retained or reserved, was to reduce or postpone tax that would, but for this paragraph, be payable under this Act, (f) a property acquired by the person from a taxpayer with whom the person did not deal at arm’s length at the time of the acquisition and the property was acquired by the taxpayer or a person with whom the taxpayer did not deal at arm’s length (i) pursuant to an agreement in writing to do so entered into before July 20, 1985, or (ii) under the circumstances described in this paragraph or paragraph (d) or (e), except where it is reasonable to consider that one of the main reasons for the acquisition of the property, or any series of transactions or events in which the property was acquired, was to reduce or postpone tax that would, but for this paragraph, be payable under this Act, (f.1) where the taxable income of the person is exempt from tax under Part I, a property of the person that (i) does not relate to property of a person whose taxable income is not exempt from tax under Part I, and (ii) is not, and does not relate to, property that was at any time a carved-out property of any other person, or (g) a prescribed property; ( bien restreint )
Income Tax Act — I-3.3 (a)
head lease means a contract under which (a) Her Majesty in right of Canada or a province grants, or (b) an owner in fee simple, other than Her Majesty in right of Canada or a province, grants for a period of not less than 10 years any right, licence or privilege to explore for, drill for or take petroleum, natural gas or related hydrocarbons in Canada or to prospect, explore, drill or mine for minerals in a mineral resource in Canada; ( bail initial )
Income Tax Act — I-3.3
term of a head lease includes all renewal periods in respect of the head lease. ( durée )
Income Tax Act — I-3.3 210
; (c) exempt from tax under Part I because of subsection 149(1); (d) a trust to which paragraph (a), (a.1) or (c) of the definition trust in subsection 108(1) applies; or (e) non-resident. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 210; 1994, c. 21, s. 96; 2000, c. 12, s. 142; 2013, c. 34, s. 341; 2014, c. 39, s. 63
Income Tax Act — I-3.3 (a)
ticular trust was held, at all times after the day on which the interest was created, by the particular partnership or by persons who were exempt because of subsection 149(1) from tax under Part I on all of their taxable income, (ii) a non-resident person, (iii) [Repealed, 2014, c. 39, s. 63] (iv) another trust that is, under paragraph (d), a designated beneficiary of the particular trust or that would, under paragraph (d), be a designated beneficiary of the particular trust if the other trust were at that time a beneficiary under the particular trust whose interest as a beneficiary under the particular trust were (A) acquired from each person or partnership from whom the particular partnership acquired its interest as a beneficiary under the particular trust, and (B) held, at all times after the later of October 1, 1987 and the day on which the particular partnership’s interest as a beneficiary under the particular trust was created, by the same persons or partnerships that held that interest of the particular partnership at those times, or (v) a person exempt because of subsection 149(1) from tax under Part I on all or part of its taxable income except if the interest of the particular partnership in the particular trust was held, at all times after the day on which the interest was created, by the particular partnership or by persons who were exempt because of subsection 149(1) from tax under Part I on all of their taxable income. ( bénéficiaire étranger ou assimilé )