GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
nded before February 28, 2000 and in a preceding taxation year was reduced under subsection (4), and (B) the total of all amounts each of which is the amount by which the individual’s share of the partnership’s income from a business (determined without reference to this section), for its fiscal period that ended before February 28, 2000 and in a preceding taxation year, was reduced under subsection (5), (iii) the product obtained when the reciprocal of the fraction in paragraph 38(a) that applies to the partnership for its fiscal period that includes February 28, 2000 or October 17, 2000 is multiplied by the total of (A) the total of all amounts each of which is the amount by which the individual’s share of the partnership’s taxable capital gains (determined without reference to this section), for its fiscal period that includes February 28, 2000 or October 17, 2000 and ended in a preceding taxation year, was reduced under subsection (4), and (B) the total of all amounts each of which is the amount by which the individual’s share of the partnership’s income from a business (determined without reference to this section), for its fiscal period that includes February 28, 2000 or October 17, 2000 and ended in a preceding taxation year was reduced under subsection (5), and (iv) twice the total of (A) the total of all amounts each of which is the amount by which the individual’s share of the partnership’s taxable capital gains (determined without reference to this section), for its fiscal period that began after October 17, 2000 and ended in a preceding taxation year, was reduced under subsection (4), and (B) the total of all amounts each of which is the amount by which the individual’s share of the partnership’s income from a business (determined without reference to this section), for its fiscal period that began after October 17, 2000 and ended in a preceding taxation year, was reduced under subsection (5), and (c) in any other case, the total of all amounts each of which is the amount by which the total of the individual’s capital gains otherwise determined under subsection 130.1(4) or 131(1), subsections 138.1(3) and 138.1(4) or subsection 144(4), as the case may be, for a preceding taxation year in respect of the entity was reduced under subsection 39.1(6); and F is (a) if the entity is a trust described in any of paragraphs (g) to (j) of the definition flow-through entity in this subsection, the total of all amounts each of which is an amount included before the year in the cost to the individual of a property under subsection 107(2.2) or paragraph 144(7.1)(c) because of the individual’s exempt capital gains balance in respect of the entity, and (b) in any other case, nil; ( solde des gains en capital exonérés )
Income Tax Act — I-3.3 (a)
flow-through entity means (a) an investment corporation, (b) a mortgage investment corporation, (c) a mutual fund corporation, (d) a mutual fund trust, (e) a partnership, (f) a related segregated fund trust for the purpose of section 138.1, (g) a trust governed by an employees profit sharing plan, (h) a trust maintained primarily for the benefit of employees of a corporation or two or more corporations that do not deal at arm’s length with each other, where one of the main purposes of the trust is to hold interests in, or for civil law rights in, shares of the capital stock of the corporation or corporations, as the case may be, or any corporation not dealing at arm’s length therewith, (i) a trust established exclusively for the benefit of one or more persons each of whom was, at the time the trust was created, either a person from whom the trust received property or a creditor of that person, where one of the main purposes of the trust is to secure the payments required to be made by or on behalf of that person to such creditor, and (j) a trust all or substantially all of the properties of which consist of shares of the capital stock of a corporation, where the trust was established pursuant to an agreement between 2 or more shareholders of the corporation and one of the main purposes of the trust is to provide for the exercise of voting rights in respect of those shares pursuant to that agreement. ( entité intermédiaire )
Income Tax Act — I-3.3 40
included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 40; 1994, c. 7, Sch. II, s. 23, Sch. VIII, s. 12, c. 21, s. 15; 1995, c. 3, s. 12, c. 21, s. 11; 1998, c. 19, ss. 8, 89; 2000, c. 12, s. 142; 2001, c. 17, ss. 25, 205(E); 2005, c. 19, s. 13; 2007, c. 2, s. 4, c. 35, s. 103; 2008, c. 28, s. 5; 2009, c. 2, s. 10; 2010, c. 25, s. 8; 2011, c. 24, s. 5; 2013, c. 34, ss. 60, 102, 183, c. 40, s. 19; 2014, c. 39, s. 11; 2016, c. 12, s. 15; 2017, c. 33, s. 10 2022, c. 19, s. 4 2024, c. 15, s. 10 2026, c. 3, s. 7
Income Tax Act — I-3.3 41
Taxable net gain from disposition of listed personal property 41 (1) For the purposes of this Part, a taxpayer’s taxable net gain for a taxation year from dispositions of listed personal property is 1/2 of the amount determined under subsection 41(2) to be the taxpayer’s net gain for the year from dispositions of such property. Determination of net gain (2) A taxpayer’s net gain for a taxation year from dispositions of listed personal property is an amount determined as follows: (a) determine the amount, if any, by which the total of the taxpayer’s gains for the year from the disposition of listed personal property, other than property described in subparagraph 39(1)(a)(i.1), exceeds the total of the taxpayer’s losses for the year from dispositions of listed personal property, and (b) deduct from the amount determined under paragraph 41(2)(a) such portion as the taxpayer may claim of the taxpayer’s listed-personal-property losses for the 7 taxation years immediately preceding and the 3 taxation years immediately following the taxation year, except that for the purposes of this paragraph (i) an amount in respect of a listed-personal-property loss is deductible for a taxation year only to the extent that it exceeds the total of amounts deducted under this paragraph in respect of that loss for preceding taxation years, (ii) no amount is deductible in respect of the listed-personal-property loss of any year until the deductible listed-personal-property losses for previous years have been deducted, and (iii) no amount is deductible in respect of listed-personal-property losses from the amount determined under paragraph 41(2)(a) for a taxation year except to the extent of the amount so determined for the year, and the remainder determined under paragraph 41(2)(b) is the taxpayer’s net gain for the year from dispositions of listed personal property. Definition of listed-personal-property loss (3) In this section, listed-personal-property loss of a taxpayer for a taxation year means the amount, if any, by which the total of the taxpayer’s losses for the year from dispositions of listed personal property exceeds the total of the taxpayer’s gains for the year from dispositions of listed personal property, other than property described in subparagraph 39(1)(a)(i.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. 41; 2001, c. 17, s. 26
Income Tax Act — I-3.3 42
Dispositions subject to warranty 42 (1) For the purposes of this Subdivision, (a) an amount received or receivable by a person or partnership (referred to in this subsection as the “vendor”), as the case may be, as consideration for a warranty, covenant or other conditional or contingent obligation given or incurred by the vendor in respect of a property (referred to in this section as the “subject property”) disposed of by the vendor, (i) if it is received or receivable on or before the specified date, is deemed to be received as consideration for the disposition by the vendor of the subject property (and not to be an amount received or receivable by the vendor as consideration for the obligation) and is to be included in computing the vendor’s proceeds of disposition of the subject property for the taxation year or fiscal period in which the disposition occurred, and (ii) in any other case, is deemed to be a capital gain of the vendor from the disposition of a property by the vendor that occurs at the earlier of the time when the amount is received or becomes receivable; and (b) an outlay or expense paid or payable by the vendor under a warranty, covenant or other conditional or contingent obligation given or incurred by the vendor in respect of the subject property disposed of by the vendor, (i) if it is paid or payable on or before the specified date, is deemed to reduce the consideration for the disposition by the vendor of the subject property (and not to be an outlay or expense paid or payable by the vendor under the obligation) and is to be deducted in computing the vendor’s proceeds of disposition of the subject property for the taxation year or fiscal period in which the disposition occurred, and (ii) in any other case, is deemed to be a capital loss of the vendor from the disposition of a property by the vendor that occurs at the earlier of the time when the outlay or expense is paid or becomes payable. Meaning of specified date (2) In subsection (1), specified date means, (a) if the vendor is a partnership, the last day of the vendor’s fiscal period in which the vendor disposed of the subject property; and (b) in any other case, the vendor’s filing-due date for the vendor’s taxation year in which the vendor disposed of the subject property. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 42; 2013, c. 34, s. 184
Income Tax Act — I-3.3 43
General rule for part dispositions 43 (1) For the purpose of computing a taxpayer’s gain or loss for a taxation year from the disposition of part of a property, the adjusted cost base to the taxpayer, immediately before the disposition, of that part is the portion of the adjusted cost base to the taxpayer at that time of the whole property that can reasonably be regarded as attributable to that part. Ecological gifts (2) For the purposes of subsection (1) and section 53, if at any time a taxpayer disposes of a covenant or an easement to which land is subject or, in the case of land in the Province of Quebec, a real or personal servitude, in circumstances where subsection 110.1(5) or 118.1(12) applies, (a) the portion of the adjusted cost base to the taxpayer of the land immediately before the disposition that can reasonably be regarded as attributable to the covenant, easement or servitude, as the case may be, is deemed to be equal to the amount determined by the formula A × B/C where A is the adjusted cost base to the taxpayer of the land immediately before the disposition, B is the amount determined under subsection 110.1(5) or 118.1(12) in respect of the disposition, and C is the fair market value of the land immediately before the disposition; and (b) for greater certainty, the cost to the taxpayer of the land shall be reduced at the time of the disposition by the amount determined under paragraph (a). Payments out of trust income, etc. (3) Notwithstanding subsection (1), where part of a capital interest of a taxpayer in a trust would, but for paragraph (h) or (i) of the definition disposition in subsection 248(1), be disposed of solely because of the satisfaction of a right to enforce payment of an amount by the trust, no part of the adjusted cost base to the taxpayer of the taxpayer’s capital interest in the trust shall be allocated to that part of the capital interest. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 43; 2001, c. 17, s. 27; 2013, c. 34, s. 185; 2017, c. 33, s. 11
Income Tax Act — I-3.3 43.1
Life estates in real property 43.1 (1) Notwithstanding any other provision of this Act, if at any time a taxpayer disposes of a remainder interest in real property (except as a result of a transaction to which subsection 73(3) would otherwise apply or by way of a gift to a qualified donee) to a person or partnership and retains a life estate or an estate pur autre vie (in this section referred to as the “life estate”) in the property, the taxpayer is deemed (a) to have disposed at that time of the life estate in the property for proceeds of disposition equal to its fair market value at that time; and (b) to have reacquired the life estate immediately after that time at a cost equal to the proceeds of disposition referred to in paragraph 43.1(1)(a). Idem (2) Where, as a result of an individual’s death, a life estate to which subsection 43.1(1) applied is terminated, (a) the holder of the life estate immediately before the death shall be deemed to have disposed of the life estate immediately before the death for proceeds of disposition equal to the adjusted cost base to that person of the life estate immediately before the death; and (b) where a person who is the holder of the remainder interest in the real property immediately before the death was not dealing at arm’s length with the holder of the life estate, there shall, after the death, be added in computing the adjusted cost base to that person of the real property an amount equal to the lesser of (i) the adjusted cost base of the life estate in the property immediately before the death, and (ii) the amount, if any, by which the fair market value of the real property immediately after the death exceeds the adjusted cost base to that person of the remainder interest immediately before the death. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. VIII, s. 13, c. 21, s. 16; 2011, c. 24, s. 6; 2013, c. 34, s. 103(F)
Income Tax Act — I-3.3 44.1
easons for the series of transactions or events or a transaction in the series was to permit the individual, persons related to the individual, or the individual and persons related to the individual to become eligible to deduct under subsection (2) permitted deferrals in respect of qualifying dispositions of new shares (or shares substituted for the new shares) the total of which would exceed the total that those persons would have been eligible to deduct under subsection (2) in respect of permitted deferrals in respect of qualifying dispositions of old shares. Order of disposition of shares (13) For the purpose of this section, an individual is deemed to dispose of shares that are identical properties in the order in which the individual acquired them. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2001, c. 17, s. 29; 2003, c. 15, s. 70; 2010, c. 12, s. 2; 2013, c. 34, ss. 105, 187 2026, c. 3, s. 8
Income Tax Act — I-3.3
ACB reduction of an individual in respect of a replacement share of the individual in respect of a qualifying disposition of the individual means the amount determined by the formula D × (E/F) where D is the permitted deferral of the individual in respect of the qualifying disposition; E is the cost to the individual of the replacement share; and F is the cost to the individual of all the replacement shares of the individual in respect of the qualifying disposition. ( réduction du prix de base rajusté )
Income Tax Act — I-3.3 (a)
active business corporation at any time means, subject to subsection (10), a corporation that is, at that time, a taxable Canadian corporation all or substantially all of the fair market value of the assets of which at that time is attributable to assets of the corporation that are (a) assets used principally in an active business carried on by the corporation or by an active business corporation that is related to the corporation; (b) shares issued by or debt owing by other active business corporations that are related to the corporation; or (c) a combination of assets described in paragraphs (a) and (b). ( société exploitant activement une entreprise )
Income Tax Act — I-3.3
carrying value of the assets of a corporation at any time means the amount at which the assets of the corporation would be valued for the purpose of the corporation’s balance sheet as of that time if that balance sheet were prepared in accordance with generally accepted accounting principles used in Canada at that time, except that an asset of a corporation that is a share or debt issued by a related corporation is deemed to have a carrying value of nil. ( valeur comptable )
Income Tax Act — I-3.3
common share [Repealed, 2026, c. 3, s. 8]
Income Tax Act — I-3.3 (a)
eligible pooling arrangement in respect of an individual means an agreement in writing made between the individual and another person or partnership (which other person or partnership is referred to in this definition and subsection (3) as the “investment manager”) where the agreement provides for (a) the transfer of funds or other property by the individual to the investment manager for the purpose of making investments on behalf of the individual; (b) the purchase of eligible small business corporation shares with those funds, or the proceeds of a disposition of the other property, within 60 days after receipt of those funds or the other property by the investment manager; and (c) the provision of a statement of account to the individual by the investment manager at the end of each month that ends after the transfer disclosing the details of the investment portfolio held by the investment manager on behalf of the individual at the end of that month and the details of the transactions made by the investment manager on behalf of the individual during the month. ( arrangement admissible de mis en commun )
Income Tax Act — I-3.3 (a)
eligible small business corporation share of an individual means a share issued by a corporation to the individual if (a) assets used principally in an active business carried on primarily in Canada by the corporation or by an eligible small business corporation that is related to the corporation; (b) shares issued by or debt owing by other eligible small business corporations that are related to the corporation; or (c) a combination of assets described in paragraphs (a) and (b). ( société admissible exploitant une petite entreprise )
Income Tax Act — I-3.3 (a)
eligible small business corporation share of an individual means a common share issued by a corporation to the individual if (a) at the time the share was issued, the corporation was an eligible small business corporation; and (b) immediately before and after the share was issued, the total carrying value of the assets of the corporation and corporations related to it did not exceed $100,000,000. ( action déterminée de petite entreprise )
Income Tax Act — I-3.3
permitted deferral of an individual in respect of a qualifying disposition of the individual means the amount determined by the formula (G/H) × I where G is the lesser of the individual’s proceeds of disposition from the qualifying disposition and the total of all amounts each of which is the cost to the individual of a replacement share in respect of the qualifying disposition; H is the individual’s proceeds of disposition from the qualifying disposition; and I is the individual’s capital gain from the qualifying disposition. ( montant de report autorisé )
Income Tax Act — I-3.3
qualifying cost [Repealed, 2003, c. 15, s. 70(1)]
Income Tax Act — I-3.3 (a)
qualifying disposition of an individual (other than a trust) means, subject to subsection (9), a disposition of shares of the capital stock of a corporation where each such share disposed of was (a) an eligible small business corporation share of the individual; (b) throughout the period during which the individual owned the share, a share of an active business corporation; and (c) throughout the 185-day period that ended immediately before the disposition of the share, owned by the individual. ( disposition admissible )
Income Tax Act — I-3.3
qualifying portion of a capital gain [Repealed, 2003, c. 15, s. 70(1)]
Income Tax Act — I-3.3
qualifying portion of the proceeds of disposition [Repealed, 2003, c. 15, s. 70(1)]
Income Tax Act — I-3.3 (a)
replacement share of an individual in respect of a qualifying disposition of the individual in a taxation year means an eligible small business corporation share of the individual that is (a) acquired by the individual in the year or in the following calendar year; and (b) designated by the individual in the individual’s return of income for the year to be a replacement share in respect of the qualifying disposition. ( action de remplacement )
Income Tax Act — I-3.3 45
ion in respect of the property in the taxpayer’s return of income under this Part for a subsequent taxation year, (i) if paragraph (a) applied to the taxpayer in the taxation year, the taxpayer is deemed to have begun to use the property for the purpose of gaining or producing income on the first day of the subsequent taxation year, and (ii) if paragraph (b) applied to the taxpayer in the taxation year, the taxpayer is deemed to have increased the use regularly made of the property for the purpose of gaining or producing income on the first day of the subsequent taxation year by the amount that would have been the increase in the taxation year if the election had not been made. Election concerning principal residence (3) If at any time a property that was acquired by a taxpayer for the purpose of gaining or producing income, or that was acquired in part for that purpose, ceases in whole or in part to be used for that purpose and becomes, or becomes part of, the principal residence of the taxpayer, paragraphs (1)(a) and (c) shall not apply to deem the taxpayer to have disposed of the property at that time and to have reacquired it immediately thereafter if the taxpayer so elects by notifying the Minister in writing on or before the earlier of (a) the day that is 90 days after a demand by the Minister for an election under this subsection is sent to the taxpayer, and (b) the taxpayer’s filing-due date for the taxation year in which the property is actually disposed of by the taxpayer. Where election cannot be made (4) Notwithstanding subsection 45(3), an election described in that subsection shall be deemed not to have been made in respect of a change in use of property if any deduction in respect of the property has been allowed for any taxation year ending after 1984 and on or before the change in use under regulations made under paragraph 20(1)(a) to the taxpayer, the taxpayer’s spouse or common-law partner or a trust under which the taxpayer or the taxpayer’s spouse or common-law partner is a beneficiary. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 45; 1994, c. 7, Sch. II, s. 25, c. 21, s. 18; 1996, c. 21, s. 10; 2000, c. 12, s. 142; 2001, c. 17, s. 30 2021, c. 23, s. 6
Income Tax Act — I-3.3 46
ude that the property will be the subject of a gift to which subsection 110.1(1), or the definition total charitable gifts , total cultural gifts or total ecological gifts in subsection 118.1(1), applies. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 46; 2001, c. 17, s. 31
Income Tax Act — I-3.3 48
48 [Repealed, 1994, c. 21, s. 19(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. 48; 1994, c. 21, s. 19