GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 32
Insurance agents and brokers 32 (1) In computing a taxpayer’s income for a taxation year from the taxpayer’s business as an insurance agent or broker, no amount may be deducted under paragraph 20(1)(m) for the year in respect of unearned commissions from the business, but in computing the taxpayer’s income for the year from the business there may be deducted, as a reserve in respect of such commissions, an amount equal to the lesser of (a) the total of all amounts each of which is that proportion of an amount that has been included in computing the taxpayer’s income for the year or a preceding taxation year as a commission in respect of an insurance contract (other than a life insurance contract) that (i) the number of days in the period provided for in the insurance contract that are after the end of the taxation year is of (ii) the number of days in that period, and (b) the total of all amounts each of which is the amount that would, but for this subsection, be deductible under paragraph 20(1)(m) for the year in respect of a commission referred to in paragraph 32(1)(a). Reserve to be included (2) There shall be included as income of a taxpayer for a taxation year from a business as an insurance agent or broker, the amount deducted under subsection 32(1) in computing the taxpayer’s income therefrom for the immediately preceding year. Additional reserve (3) In computing a taxpayer’s income for a taxation year ending after 1990 from a business carried on by the taxpayer throughout the year as an insurance agent or broker, there may be deducted as an additional reserve an amount not exceeding (a) where the year ends in 1991, 90%, (b) where the year ends in 1992, 80%, (c) where the year ends in 1993, 70%, (d) where the year ends in 1994, 60%, (e) where the year ends in 1995, 50%, (f) where the year ends in 1996, 40%, (g) where the year ends in 1997, 30%, (h) where the year ends in 1998, 20%, (i) where the year ends in 1999, 10%, and (j) where the year ends after 1999, 0% of the amount, if any, by which (k) the reserve that was deducted by the taxpayer under subsection 32(1) for the taxpayer’s last taxation year ending before 1991 exceeds (l) the amount deductible by the taxpayer under subsection 32(1) for the taxpayer’s first taxation year ending after 1990, and any amount so deducted by the taxpayer for a taxation year shall be deemed for the purposes of subsection 32(2) to have been deducted for that year under subsection 32(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. 32; 1994, c. 7, Sch. II, s. 19
Income Tax Act — I-3.3 33.1
33.1 [Repealed, 2013, c. 33, s. 4] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 33.1; 1994, c. 7, Sch. II, s. 20; 2001, c. 17, s. 19; 2010, c. 25, s. 7; 2013, c. 33, s. 4
Income Tax Act — I-3.3 34
34 [Repealed, 2017, c. 33, s. 7] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 34; 2017, c. 33, s. 7
Income Tax Act — I-3.3 34.1
ividual’s income for the year, or (ii) files a separate return of income under subsection 150(4) in respect of the individual’s business, notwithstanding subsection 34.1(8), there shall be included in computing the individual’s income for the year from the business, the amount determined by the formula (A - B) × C/D where A is the total of the individual’s income from the business for fiscal periods (other than the short period) of the business that end in the year, B is the lesser of (i) the total of all amounts, each of which is an amount included in the value of A in respect of the business that is deemed to be a taxable capital gain for the purpose of section 110.6, and (ii) the total of all amounts deducted under section 110.6 in computing the individual’s taxable income for the year, C is the number of days in the short period, and D is the total number of days in fiscal periods of the business (other than the short period) that end in the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1996, c. 21, s. 8; 1998, c. 19, s. 84; 2013, c. 40, s. 15; 2014, c. 39, s. 8
Income Tax Act — I-3.3 34.2
e descriptions in paragraph (a) and subparagraph (b)(i) of the definition adjusted stub period accrual in subsection (1) read as follows: A is the total of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular period (other than any amount for which a deduction is available under section 112 or 113), B is the total of all amounts each of which is the corporation’s share of a loss or allowable capital loss — to the extent that the total of all allowable losses does not exceed the total of all taxable capital gains included in the description of A — of the partnership for the particular period, C is the number of days that are in both the year and the particular period, D is the number of days in the particular period, E is the amount of the qualified resource expense in respect of the particular period of the partnership that is designated by the corporation for the year under subsection (6) in its return of income for the year filed with the Minister on or before its filing-due date for the year, and F is nil; and (b) the descriptions in subparagraph (b)(ii) of the definition adjusted stub period accrual in subsection (1) read as follows: A is the total of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the particular period (other than any amount for which a deduction is available under section 112 or 113), B the total of all amounts each of which is the corporation’s share of a loss or allowable capital loss — to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the description of A — of the partnership for the particular period, C is nil, D is the number of days that are in both the year and the particular period, E is the number of days in the particular period, F is the amount of the qualified resource expense in respect of the particular period of the partnership that is designated by the corporation for the year under subsection (6) in its return of income for the year filed with the Minister on or before its filing-due date for the year, and G is nil. Anti-avoidance (18) If it is reasonable to conclude that one of the main reasons a corporation is a member of a partnership in a taxation year is to avoid the application of subsection (13), the corporation is deemed not to be a member of the partnership for the purposes of that subsection. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1996, c. 21, s. 8; 1998, c. 19, s. 85; 2011, c. 24, s. 3; 2013, c. 34, s. 58, c. 40, s. 16
Income Tax Act — I-3.3 (a)
– (F + G) where A is the total of all amounts each of which is the corporation’s share of an income or taxable capital gain of the partnership for the eligible fiscal period (other than any amount for which a deduction is available under section 112 or 113), B is the total of all amounts each of which is the corporation’s share of a loss or allowable capital loss — to the extent that the total of all allowable capital losses does not exceed the total of all taxable capital gains included in the description of A — of the partnership for the eligible fiscal period, C is the corporation’s eligible alignment income for the eligible fiscal period, D is the number of days that are in both the year and the particular period, E is the number of days that are in the eligible fiscal period that ends in the year, F is the amount of the qualified resource expense in respect of the particular period of the partnership that is designated by the corporation for the year under subsection (6) in its return of income for the year filed with the Minister on or before its filing-due date for the year, and G is an amount designated by the corporation in its return of income for the year (other than an amount included in the description of F) and filed with the Minister on or before its filing-due date for the year. ( montant comptabilisé ajusté pour la période tampon )
Income Tax Act — I-3.3
multi-tier alignment , in respect of a partnership, means the alignment under subsection 249.1(9) or (11) of the fiscal period of the partnership and the fiscal period of one or more other partnerships.  ( alignement pour paliers multiples )
Income Tax Act — I-3.3 (a)
qualified resource expense , of a corporation for a taxation year in respect of a fiscal period of a partnership that begins in the year and ends after the year, means an expense incurred by the partnership in the portion of the fiscal period that is in the year and that is described in any of the following definitions: (a) Canadian exploration expense in subsection 66.1(6); (b) Canadian development expense in subsection 66.2(5); (c) foreign resource expense in subsection 66.21(1); and (d) Canadian oil and gas property expense in subsection 66.4(5). ( dépense admissible relative à des ressources )
Income Tax Act — I-3.3 (a)
qualifying transitional income , of a corporation that is a member of a partnership on March 22, 2011, means the amount that is the total of the following amounts, computed in accordance with subsection (15), (a) the corporation’s eligible alignment income in respect of the partnership, and (b) the corporation’s adjusted stub period accrual in respect of the partnership for (i) if there is a multi-tier alignment in respect of the partnership, the corporation’s taxation year during which ends the fiscal period of the partnership that is aligned with the fiscal period of one or more other partnerships under the multi-tier alignment, or (ii) in any other case, the corporation’s first taxation year that ends after March 22, 2011. ( revenu admissible à l’allègement )
Income Tax Act — I-3.3 (a)
significant interest , of a corporation in a partnership at any time, means a membership interest of the corporation in the partnership if the corporation, or the corporation together with one or more persons or partnerships related to or affiliated with the corporation, is entitled at that time to more than 10% of (a) the income or loss of the partnership; or (b) the assets (net of liabilities) of the partnership if it were to cease to exist. ( participation importante )
Income Tax Act — I-3.3
single-tier alignment , in respect of a partnership, means the ending of a fiscal period of the partnership under subsection 249.1(8). ( alignement pour palier unique )
Income Tax Act — I-3.3 (a)
specified percentage , of a corporation for a particular taxation year in respect of a partnership, means (a) if the first taxation year for which the corporation has qualifying transitional income ends in 2011 and the particular year ends in (i) 2011, 100%, (ii) 2012, 85%, (iii) 2013, 65%, (iv) 2014, 45%, (v) 2015, 25%, and (vi) 2016, 0%; (b) if the first taxation year for which the corporation has qualifying transitional income ends in 2012 and the particular year ends in (i) 2012, 100%, (ii) 2013, 85%, (iii) 2014, 65%, (iv) 2015, 45%, (v) 2016, 25%, and (vi) 2017, 0%; and (c) if the first taxation year for which the corporation has qualifying transitional income ends in 2013 and the particular year ends in (i) 2013, 85%, (ii) 2014, 65%, (iii) 2015, 45%, (iv) 2016, 25%, and (v) 2017, 0%. ( pourcentage déterminé )
Income Tax Act — I-3.3 34.3
ar is after the first taxation year of the corporation to which subsection 34.2(17) applies. Income shortfall adjustment — inclusion (3) If this subsection applies to a corporation for a taxation year, the corporation shall include in computing its income for the taxation year the amount determined by the formula A + 0.50 × (A – B) where A is the amount that is the total of all amounts each of which is the corporation’s income shortfall adjustment in respect of a qualifying partnership for the year; and B is the amount that is the lesser of A and the total of all amounts each of which is 25% of the positive amount, if any, that would be the income shortfall adjustment in respect of a qualifying partnership for the year if the value of the description of B in the definition income shortfall adjustment in subsection (1) were nil. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2011, c. 24, s. 3
Income Tax Act — I-3.3
actual stub period accrual , of a corporation in respect of a qualifying partnership for a taxation year, means the positive or negative amount determined by the formula (A – B) × C/D – E where A is the total of all amounts each of which is the corporation’s share of an income or taxable capital gain of the qualifying partnership for the last fiscal period of the partnership that began in the base year (other than any amount for which a deduction was available under section 112 or 113); B is the total of all amounts each of which is the corporation’s share of a loss or allowable capital loss of the qualifying partnership for the last fiscal period of the partnership that began in the base year (to the extent that the total of all allowable capital losses included under this description in respect of all qualifying partnerships for the taxation year does not exceed the corporation’s share of all taxable capital gains of all qualifying partnerships for the taxation year); C is the number of days that are in both the base year and the fiscal period; D is the number of days in the fiscal period; and E is the amount of the qualified resource expense in respect of the qualifying partnership that was designated by the corporation for the base year under subsection 34.2(6) in its return of income for the base year filed with the Minister on or before its filing-due date for the base year. ( montant comptabilisé réel pour la période tampon )
Income Tax Act — I-3.3
base year , of a corporation in respect of a qualifying partnership for a taxation year, means the preceding taxation year of the corporation in which began a fiscal period of the partnership that ends in the corporation’s taxation year. ( année de base )
Income Tax Act — I-3.3 (a)
income shortfall adjustment , of a corporation in respect of a qualifying partnership for a taxation year, means the positive or negative amount determined by the formula (A – B) × C × D where A is the amount that is the lesser of (a) the actual stub period accrual in respect of the qualifying partnership, and (b) the amount that would be the corporation’s adjusted stub period accrual for the base year in respect of the qualifying partnership if the value of F in paragraph (a) of the definition adjusted stub period accrual in subsection 34.2(1) were nil; B is the amount included under subsection 34.2(2) in computing the corporation’s income for the base year in respect of the qualifying partnership; C is the number of days in the period that (a) begins on the day after the day on which the base year ends, and (b) ends on the day on which the taxation year ends; and D is the average daily rate of interest determined by reference to the rate of interest prescribed under paragraph 4301(a) of the Income Tax Regulations for the period referred to in the description of C. ( rajustement pour revenu insuffisant )
Income Tax Act — I-3.3 (a)
qualifying partnership , in respect of a corporation for a particular taxation year, means a partnership (a) a fiscal period of which began in a preceding taxation year and ends in the particular taxation year; and (b) in respect of which the corporation was required to calculate an adjusted stub period accrual for the preceding taxation year. ( société de personnes admissible )
Income Tax Act — I-3.3 (a)
mining property means (a) a right, licence or privilege to prospect, explore, drill or mine for minerals in a mineral resource in Canada, or (b) real property or an immovable in Canada (other than depreciable property) the principal value of which depends on its mineral resource content; ( bien minier )
Income Tax Act — I-3.3
prospector means an individual who prospects or explores for minerals or develops a property for minerals on behalf of the individual, on behalf of the individual and others or as an employee. ( prospecteur )
Income Tax Act — I-3.3 36
36 [Repealed, 2013, c. 40, s. 17] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 36; 2013, c. 40, s. 17
Income Tax Act — I-3.3 37
3, s. 5] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 37; 1994, c. 7, Sch. II, s. 21, c. 8, s. 4; 1995, c. 1, s. 63, c. 3, s. 9, c. 21, s. 9; 1996, c. 21, s. 9; 1997, c. 25, ss. 6, 74; 1998, c. 19, ss. 5, 86; 1999, c. 22, s. 11; 2001, c. 17, s. 21; 2005, c. 30, s. 2; 2008, c. 28, s. 3; 2012, c. 31, s. 9; 2013, c. 34, s. 181, c. 40, s. 18; 2017, c. 33, s. 8 2026, c. 3, s. 5
Income Tax Act — I-3.3
approved means approved by the Minister after the Minister has, if the Minister considers it necessary, obtained the advice of the Department of Industry or the National Research Council of Canada. ( agréé )
Income Tax Act — I-3.3
scientific research and experimental development [Repealed, 1996, c. 21, s. 9(8)]
Income Tax Act — I-3.3 37.1
37.1 [Repealed, 1998, c. 19, s. 87(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. 37.1; 1998, c. 19, s. 87
Income Tax Act — I-3.3 37.2
37.2 [Repealed, 1998, c. 19, s. 87(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. 37.2; 1998, c. 19, s. 87
Income Tax Act — I-3.3 37.3
37.3 [Repealed, 1998, c. 19, s. 87(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. 37.3; 1998, c. 19, s. 87
Income Tax Act — I-3.3 38.1
Tax-deferred transaction — flow-through shares 38.1 If a taxpayer acquires a property (in this section referred to as the “acquired property”) that is included in a flow-through share class of property in the course of a transaction or series of transactions to which any of section 51, subsections 73(1), 85(1) and (2) and 85.1(1), sections 86 and 87 and subsections 88(1) and 98(3) apply (a) if the transfer of the acquired property is part of a gifting arrangement (within the meaning assigned by section 237.1) or of a transaction or series of transactions to which subsection 98(3) applies, or the transferor is a person with whom the taxpayer was, at the time of the acquisition, not dealing at arm’s length, there shall be added, at the time of the transfer, to the taxpayer’s exemption threshold in respect of the flow-through share class of property, and deducted from the transferor’s exemption threshold in respect of the flow-through share class of property, the amount determined by the formula A × B where A is the amount by which the transferor’s exemption threshold in respect of the flow-through share class of property immediately before that time exceeds the capital gain, if any, of the transferor as a result of the transfer, and B is the proportion that the fair market value of the acquired property immediately before the transfer is of the fair market value of all property of the transferor immediately before the transfer that is included in the flow-through share class of property; and (b) if the transferor receives particular shares of the capital stock of the taxpayer as consideration for the acquired property and those particular shares are listed on a designated stock exchange or are shares of a mutual fund corporation, then for the purposes of this section and subsection 40(12) (i) the particular shares are deemed to be flow-through shares of the transferor, and (ii) there shall be added to the transferor’s exemption threshold in respect of the flow-through share class of property that includes the particular shares the amount that is determined under paragraph (a) or that would be so determined if paragraph (a) applied to the taxpayer. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2011, c. 24, s. 4
Income Tax Act — I-3.3 38.2
Allocation of gain re certain gifts 38.2 If a taxpayer is entitled to an amount of an advantage in respect of a gift of property described in paragraph 38(a.1) or (a.2), (a) those paragraphs apply only to that proportion of the taxpayer’s capital gain in respect of the gift that the eligible amount of the gift is of the taxpayer’s proceeds of disposition in respect of the gift; and (b) paragraph 38(a) applies to the extent that the taxpayer’s capital gain in respect of the gift exceeds the amount of the capital gain to which paragraph 38(a.1) or (a.2) applies. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2013, c. 34, s. 182
Income Tax Act — I-3.3 39
overed amount”) in respect of which a deduction for bad debts had been made under subsection 20(4.2) in computing a taxpayer’s income for a preceding taxation year, the amount, if any, by which 1/2 of the recovered amount exceeds the amount determined under paragraph 12(1)(i.1) in respect of the recovered amount is deemed to be a taxable capital gain of the taxpayer from a disposition of capital property in the year. Guarantees (12) For the purpose of paragraph 39(1)(c), where (a) an amount was paid by a taxpayer in respect of a debt of a corporation under an arrangement under which the taxpayer guaranteed the debt, (b) the amount was paid to a person with whom the taxpayer was dealing at arm’s length, and (c) the corporation was a small business corporation (i) at the time the debt was incurred, and (ii) at any time in the 12 months before the time an amount first became payable by the taxpayer under the arrangement in respect of a debt of the corporation, that part of the amount that is owing to the taxpayer by the corporation shall be deemed to be a debt owing to the taxpayer by a small business corporation. Repayment of assistance (13) The total of all amounts paid by a taxpayer in a taxation year each of which is (a) such part of any assistance described in subparagraph 53(2)(k)(i) in respect of, or for the acquisition of, a capital property (other than depreciable property) by the taxpayer that was repaid by the taxpayer in the year where the repayment is made after the disposition of the property by the taxpayer and under an obligation to repay all or any part of that assistance, or (b) an amount repaid by the taxpayer in the year in respect of a capital property (other than depreciable property) acquired by the taxpayer that is repaid after the disposition thereof by the taxpayer and that would have been an amount described in subparagraph 53(2)(s)(ii) had the repayment been made before the disposition of the property, shall be deemed to be a capital loss of the taxpayer for the year from the disposition of property by the taxpayer in the year and, for the purpose of section 110.6, that property shall be deemed to have been disposed of by the taxpayer in the 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. 39; 1994, c. 7, Sch. II, s. 22, Sch. VIII, s. 11, c. 21, s. 14; 1995, c. 3, s. 10, c. 21, ss. 10, 49; 1998, c. 19, s. 7; 2000, c. 12, s. 142; 2001, c. 17, ss. 23, 204; 2009, c. 2, s. 9; 2013, c. 34, s. 59; 2014, c. 39, s. 10; 2016, c. 12, s. 13; 2017, c. 33, s. 9 2019, c. 29, s. 4 2024, c. 17, s. 7 2026, c. 3, s. 6