GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 48.1
Gain when small business corporation becomes public 48.1 (1) Where (a) at any time in a taxation year an individual owns capital property that is a share of a class of the capital stock of a corporation that, (i) at that time, is a small business corporation, and (ii) immediately after that time, ceases to be a small business corporation because a class of its or another corporation’s shares is listed on a designated stock exchange, and (b) the individual elects in prescribed form to have this section apply, the individual is deemed, except for the purposes of sections 7 and 35, paragraph 110(1)(d.1) and subsections 120.4(4) and (5), (c) to have disposed of the share at that time for proceeds of disposition equal to the greater of (i) the adjusted cost base to the individual of the share at that time, and (ii) the lesser of the fair market value of the share at that time and such amount as is designated in the prescribed form by the individual in respect of the share, and (d) to have reacquired the share immediately after that time at a cost equal to those proceeds of disposition. Time for election (2) An election made under subsection 48.1(1) by an individual for a taxation year shall be made on or before the individual’s filing-due date for the year. Late filed election (3) Where the election referred to in subsection 48.1(2) was not made on or before the day referred to therein, the election shall be deemed for the purposes of subsections 48.1(1) and 48.1(2) to have been made on that day if, on or before the day that is 2 years after that day, (a) the election is made in prescribed form; and (b) an estimate of the penalty in respect of that election is paid by the individual when the election is made. Penalty for late filed election (4) For the purposes of this section, the penalty in respect of an election referred to in paragraph 48.1(3)(a) is an amount equal to the lesser of (a) 1/4 of 1% of the amount, if any, by which (i) the proceeds of disposition determined under subsection 48.1(1) exceed (ii) the amount referred to in subparagraph 48.1(1)(c)(i) for each month or part of a month during the period commencing on the day referred to in subsection 48.1(2) and ending on the day the election is made, and (b) an amount equal to the product obtained by multiplying $100 by the number of months each of which is a month all or part of which is during the period referred to in paragraph 48.1(4)(a). Unpaid balance of penalty (5) The Minister shall, with all due dispatch, examine each election referred to in paragraph 48.1(3)(a), assess the penalty payable and send a notice of assessment to the individual, who shall pay forthwith to the Receiver General the amount, if any, by which the penalty so assessed exceeds the total of all amounts previously paid on account of that penalty. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. II, s. 26; 1996, c. 21, s. 11; 1998, c. 19, s. 91; 2001, c. 17, s. 33; 2007, c. 35, s. 68; 2011, c. 24, s. 7
Income Tax Act — I-3.3 49.1
No disposition where obligation satisfied 49.1 For greater certainty, where a taxpayer acquires a particular property in satisfaction of an absolute or contingent obligation of a person or partnership to provide the particular property pursuant to a contract or other arrangement one of the main objectives of which was to establish a right, whether absolute or contingent, to the particular property and that right was not under the terms of a trust, partnership agreement, share or debt obligation, the satisfaction of the obligation is not a disposition of that right. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2000, c. 19, s. 3
Income Tax Act — I-3.3 51
d cost base to the taxpayer of the convertible property immediately before the exchange, and (ii) the total of the fair market value immediately after the exchange of all the shares acquired by the taxpayer in exchange for the convertible property and the amount that, but for paragraph 51(2)(e), would have been the taxpayer’s capital loss on the disposition of the convertible property, that (iii) the fair market value, immediately after the exchange, of all the shares of the particular class acquired by the taxpayer on the exchange is of (iv) the fair market value, immediately after the exchange, of all the shares acquired by the taxpayer on the exchange. Computation of paid-up capital (3) Where subsection 51(1) applies to the exchange of convertible property described in paragraph 51(1)(a) (referred to in this subsection as the “old shares”), in computing the paid-up capital in respect of a particular class of shares of the capital stock of the corporation at any particular time that is the time of, or any time after, the exchange (a) there shall be deducted the amount determined by the formula (A - B) × C/A where A is the total of all amounts each of which is the amount of the increase, if any, as a result of the exchange, in the paid-up capital in respect of a class of shares of the capital stock of the corporation, computed without reference to this subsection as it applies to the exchange, B is the paid-up capital immediately before the exchange in respect of the old shares, and C is the increase, if any, as a result of the exchange, in the paid-up capital in respect of the particular class of shares, computed without reference to this subsection as it applies to the exchange; and (b) there shall be added an amount equal to the lesser of (i) the amount, if any, by which (A) the total of all amounts deemed by subsection 84(3), 84(4) or 84(4.1) to be a dividend on shares of that class paid by the corporation before the particular time exceeds (B) the total that would be determined under clause 51(3)(b)(i)(A) if this Act were read without reference to paragraph 51(3)(a), and (ii) the total of all amounts required by paragraph 51(3)(a) to be deducted in respect of that particular class of shares before the particular time. Application (4) Subsections 51(1) and 51(2) do not apply to any exchange to which subsection 85(1) or 85(2) or section 86 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. 51; 1994, c. 21, s. 20; 1995, c. 21, s. 16; 1998, c. 19, s. 92; 2010, c. 12, s. 3; 2013, c. 34, s. 3
Income Tax Act — I-3.3 51.1
Conversion of debt obligation 51.1 Where (a) a taxpayer acquires a bond, debenture or note of a debtor (in this section referred to as the “new obligation”) in exchange for a capital property of the taxpayer that is another bond, debenture or note of the same debtor (in this section referred to as the “convertible obligation”), (b) the terms of the convertible obligation conferred on the holder the right to make the exchange, and (c) the principal amount of the new obligation is equal to the principal amount of the convertible obligation, the cost to the taxpayer of the new obligation and the proceeds of disposition of the convertible obligation shall be deemed to be equal to the adjusted cost base to the taxpayer of the convertible obligation immediately before the exchange. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 50
Income Tax Act — I-3.3 52
or clause (A) in respect of that dividend; (a.1) where the stock dividend is not a dividend, nil, and (b) where an amount is included in the shareholder’s income in respect of the stock dividend under subsection 15(1.1), the amount so included. Cost of property acquired as prize (4) Where any property has been acquired by a taxpayer at any time after 1971 as a prize in connection with a lottery scheme, the taxpayer shall be deemed to have acquired the property at a cost to the taxpayer equal to its fair market value at that time. (6) [Repealed, 2001, c. 17, s. 35(2)] Cost of shares of subsidiary (7) Notwithstanding any other provision of this Act, where a corporation disposes of property to another corporation in a transaction to which paragraph 219(1)(l) applies, the cost to it of any share of a particular class of the capital stock of the other corporation received by it as consideration for the property is deemed to be the lesser of the cost of the share to the corporation otherwise determined immediately after the disposition and the amount by which the paid-up capital in respect of that class increases because of the issuance of the share. Cost of shares of immigrant corporation (8) Notwithstanding any other provision of this Act, where at any time a corporation becomes resident in Canada, the cost to any shareholder who is not at that time resident in Canada of any share of the corporation’s capital stock, other than a share that was taxable Canadian property immediately before that time, is deemed to be equal to the fair market value of the share at that 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. 52; 1994, c. 7, Sch. II, s. 29, Sch. VIII, s. 14, c. 21, s. 21; 1998, c. 19, s. 93; 1999, c. 22, s. 13; 2001, c. 17, s. 35; 2013, c. 34, s. 189; 2016, c. 7, s. 2
Income Tax Act — I-3.3 53
on referred to as the “vendor”) disposes of a specified property to another person or partnership (in this subsection referred to as the “transferee”), (b) immediately before that time, the vendor and the transferee do not deal with each other at arm’s length or would not deal with each other at arm’s length if paragraph 80(2)(j) applied for the purpose of this subsection, (c) paragraph 53(5)(b) would apply in respect of the disposition if each right referred to in paragraph 251(5)(b) that is a right of the transferee to acquire the specified property from the vendor or a right of the transferee to acquire other property as part of a transaction or event or series of transactions or events that includes the disposition were not taken into account, and (d) the proceeds of the disposition are not determined under any of the provisions referred to in subsection 53(4), the following rules apply: (e) there shall be deducted after that time in computing the adjusted cost base to the transferee of the property the amount, if any, by which (i) the total of all amounts deducted under paragraph 53(2)(g.1) in computing the adjusted cost base to the vendor of the property immediately before that time exceeds (ii) the amount that would be the vendor’s capital gain for the year from that disposition if this Act were read without reference to subparagraph 40(1)(a)(iii) and subsection 100(2), and (f) the amount determined under paragraph 53(5)(e) in respect of that disposition shall be added after that time in computing the adjusted cost base to the transferee of the property. Recomputation of adjusted cost base on amalgamation (6) Where a capital property that is a specified property is acquired by a new corporate entity at any time as a result of the amalgamation or merger of 2 or more predecessor corporations, (a) there shall be deducted after that time in computing the adjusted cost base to the new entity of the property the total of all amounts deducted under paragraph 53(2)(g.1) in computing, immediately before that time, the adjusted cost base to a predecessor corporation of the property, unless those amounts are otherwise deducted under that paragraph in computing the adjusted cost base to the new entity of the property; and (b) the amount deducted under paragraph 53(6)(a) in respect of the acquisition shall be added after that time in computing the adjusted cost base to the new entity of the 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. 53; 1994, c. 7, Sch II, s. 30, Sch VIII, s. 15, c. 21, s. 22; 1995, c. 3, s. 14, c. 21, s. 17; 1996, c. 21, s. 12; 1997, c. 25, s. 7; 1998, c. 19, s. 94; 1999, c. 22, s. 14; 2000, c. 19, s. 4; 2001, c. 17, ss. 36, 206; 2002, c. 9, s. 23; 2005, c. 19, s. 14; 2006, c. 4, s. 52; 2007, c. 29, s. 2, c. 35, s. 16; 2009, c. 2, s. 11; 2011, c. 24, s. 8; 2012, c. 31, s. 10; 2013, c. 34, ss. 4, 29, 61, 106, 190, c. 40, s. 22; 2016, c. 7, s. 3, c. 12, s. 16; 2017, c. 33, s. 12 2024, c. 15, s. 11 2024, c. 17, s. 10 2024, c. 17, s. 80 2026, c. 3, s. 9
Income Tax Act — I-3.3 54
oss from the disposition of a particular property where (a) during the period that begins 30 days before and ends 30 days after the disposition, the taxpayer or a person affiliated with the taxpayer acquires a property (in this definition referred to as the “substituted property”) that is, or is identical to, the particular property, and (b) at the end of that period, the taxpayer or a person affiliated with the taxpayer owns or had a right to acquire the substituted property, except where the disposition was (c) a disposition deemed to have been made by subsection 45(1), section 48 as it read in its application before 1993, section 50 or 70, subsection 104(4), section 128.1, paragraph 132.2(3)(a) or (c), subsection 138(11.3) or 138.2(4) or 142.5(2), section 142.6 or any of subsections 144(4.1) and (4.2) and 149(10), (d) the expiry of an option, (e) a disposition to which paragraph 40(2)(e.1) applies, (f) a disposition by a taxpayer that was subject to a loss restriction event within 30 days after the disposition, (g) a disposition by a person that, within 30 days after the disposition, became or ceased to be exempt from tax under this Part on its taxable income, or (h) a disposition to which subsection 40(3.4) or 69(5) applies, and, for the purpose of this definition, (i) a right to acquire a property (other than a right, as security only, derived from a mortgage, hypothec, agreement for sale or similar obligation) is deemed to be a property that is identical to the property, and (j) a share of the capital stock of a SIFT wind-up corporation in respect of a SIFT wind-up entity is, if the share was acquired before 2013, deemed to be a property that is identical to equity in the SIFT wind-up entity. ( perte apparente ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 54; 1994, c. 7, Sch. II, s. 31, Sch. VIII, s. 16, c. 21, s. 23; 1995, c. 3, s. 15, c. 21, ss. 18, 77; 1998, c. 19, s. 95; 2000, c. 12, ss. 130(F), 142, c. 19, s. 5; 2001, c. 17, ss. 37, 207(E); 2009, c. 2, s. 12; 2011, c. 24, s. 9; 2013, c. 34, ss. 107, 191, c. 40, s. 23; 2016, c. 7, s. 4, c. 12, s. 17; 2017, c. 33, s. 13; 2018, c. 27, s. 4 2023, c. 26, s. 10 2024, c. 17, s. 11(E)
Income Tax Act — I-3.3 (a)
adjusted cost base to a taxpayer of any property at any time means, except as otherwise provided, (a) where the property is depreciable property of the taxpayer, the capital cost to the taxpayer of the property as of that time, and (b) in any other case, the cost to the taxpayer of the property adjusted, as of that time, in accordance with section 53, except that (c) for greater certainty, where any property (other than an interest in or a share of the capital stock of a flow-through entity within the meaning assigned by subsection 39.1(1) that was last reacquired by the taxpayer as a result of an election under subsection 110.6(19)) of the taxpayer is property that was reacquired by the taxpayer after having been previously disposed of by the taxpayer, no adjustment to the cost to the taxpayer of the property that was required to be made under section 53 before its reacquisition by the taxpayer shall be made under that section to the cost to the taxpayer of the property as reacquired property of the taxpayer, and (d) in no case shall the adjusted cost base to a taxpayer of any property at any time be less than nil; ( prix de base rajusté )
Income Tax Act — I-3.3 (a)
capital property of a taxpayer means (a) any depreciable property of the taxpayer, and (b) any property (other than depreciable property), any gain or loss from the disposition of which would, if the property were disposed of, be a capital gain or a capital loss, as the case may be, of the taxpayer; ( immobilisations )
Income Tax Act — I-3.3
disposition [Repealed, 2001, c. 17, s. 37]
Income Tax Act — I-3.3
eligible capital property [Repealed, 2016, c. 12, s. 17]
Income Tax Act — I-3.3 (a)
exemption threshold , of a taxpayer at a particular time in respect of a flow-through share class of property, means the amount determined by the formula A – B where A is the total of (a) the total of all amounts, each of which is an amount that would be the cost to the taxpayer, computed without reference to subsection 66.3(3), of a flow-through share that was included at any time before the particular time in the flow-through share class of property and that was issued by a corporation to the taxpayer on or after the taxpayer’s fresh-start date in respect of the flow-through share class of property at that time, other than a flow-through share that the taxpayer was obligated, before March 22, 2011, to acquire pursuant to the terms of a flow-through share agreement entered into between the corporation and the taxpayer, and (b) the total of all amounts, each of which is an amount that would be the adjusted cost base to the taxpayer of an interest in a partnership — computed as if subparagraph 53(1)(e)(vii.1) and clauses 53(2)(c)(ii)(C) and (D) did not apply to any amount incurred by the partnership in respect of a flow-through share held by the partnership, either directly or indirectly through another partnership — that was included at any time before the particular time in the flow-through share class of property, if (i) the taxpayer (A) acquired the interest on or after the taxpayer’s fresh-start date in respect of the flow-through share class of property at the particular time (other than an interest that the taxpayer was obligated, before August 16, 2011, to acquire pursuant to the terms of an agreement in writing entered into by the taxpayer), or (B) made a contribution of capital to the partnership on or after August 16, 2011, (ii) at any time after the taxpayer acquired the interest or made the contribution of capital, the taxpayer is deemed by subsection 66(18) to have made or incurred an outlay or expense in respect of a flow-through share held by the partnership, either directly or indirectly through another partnership, and (iii) at any time between the time that the taxpayer acquired the interest or made the contribution of capital and the particular time, more than 50% of the fair market value of the assets of the partnership is attributable to property included in a flow-through share class of property, and B is the total, if any, of all amounts, each of which is the lesser of (a) the total of all amounts, each of which is a capital gain from a disposition of a property included in the flow-through share class of property, other than a capital gain referred to in paragraph 38.1(a), at an earlier time that is (i) before the particular time, and (ii) after the first time that the taxpayer acquired a flow-through share referred to in paragraph (a) of the description of A or acquired a partnership interest referred to in paragraph (b) of the description of A, and (b) the exemption threshold of the taxpayer in respect of the flow-through share class of property immediately before that earlier time; ( seuil d’exonération )
Income Tax Act — I-3.3 (a)
flow-through share class of property means a group of properties, (a) in respect of a class of shares of the capital stock of a corporation, each of which is (i) a share of the class, if any share of the class or any right described in subparagraph (ii) is, at any time, a flow-through share to any person, (ii) a right to acquire a share of the class, if any share of that class or any right described in this subparagraph is, at any time, a flow-through share to any person, or (iii) a property that is an identical property of a property described in subparagraph (i) or (ii), or (b) each of which is an interest in a partnership, if at any time more than 50% of the fair market value of the partnership’s assets is attributable to property included in a flow-through share class of property; ( catégorie de biens constituée d’actions accréditives )
Income Tax Act — I-3.3 (a)
fresh-start date , of a taxpayer at a particular time in respect of a flow-through share class of property, means (a) in the case of a partnership interest that is included in the flow-through share class of property, the day that is the later of (i) August 16, 2011, and (ii) the last day, if any, before the particular time, on which the taxpayer held an interest in the partnership, and (b) in the case of any other property that is included in the flow-through share class of property, the day that is the later of (i) March 22, 2011, and (ii) the last day, if any, before the particular time, on which the taxpayer disposed of all property included in the flow-through share class of property; ( date de nouveau départ )
Income Tax Act — I-3.3 (a)
listed personal property of a taxpayer means the taxpayer’s personal-use property that is all or any portion of, or any interest in or right to — or, for civil law, any right in or to — any (a) print, etching, drawing, painting, sculpture, or other similar work of art, (b) jewellery, (c) rare folio, rare manuscript, or rare book, (d) stamp, or (e) coin; ( biens meubles déterminés )
Income Tax Act — I-3.3 (a)
personal-use property of a taxpayer includes (a) property owned by the taxpayer that is used primarily for the personal use or enjoyment of the taxpayer or for the personal use or enjoyment of one or more individuals each of whom is (i) the taxpayer, (ii) a person related to the taxpayer, or (iii) where the taxpayer is a trust, a beneficiary under the trust or any person related to the beneficiary, (b) any debt owing to the taxpayer in respect of the disposition of property that was the taxpayer’s personal-use property, and (c) any property of the taxpayer that is an option to acquire property that would, if the taxpayer acquired it, be personal-use property of the taxpayer, and personal-use property of a partnership includes any partnership property that is used primarily for the personal use or enjoyment of any member of the partnership or for the personal use or enjoyment of one or more individuals each of whom is a member of the partnership or a person related to such a member; ( biens à usage personnel )
Income Tax Act — I-3.3 (a)
ll be deemed not to have contributed to the use and enjoyment of the housing unit as a residence unless the taxpayer establishes that it was necessary to such use and enjoyment, (f) a particular property designated under paragraph (c.1) by a trust for a year shall be deemed to be property designated for the purposes of this definition by each specified beneficiary of the trust for the calendar year ending in the year, and (g) a qualifying individual, for a taxation year in respect of a trust, means an individual who meets the following conditions: (i) the individual is, in the year, any of (A) the settlor of the trust, (B) the child, grandchild, great grandchild, parent, grandparent, great grandparent, brother, sister, uncle, aunt, niece or nephew of the settlor or of the spouse or common-law partner or former spouse or common-law partner of the settlor, and (C) the spouse or common-law partner or former spouse or common-law partner of any person described in clause (A) or (B), (ii) the individual is resident in Canada during the year, and (iii) an amount is deductible, or would be deductible if this Act were read without reference to paragraph 118.3(1)(c), under subsection 118.3(1) in computing the individual’s tax payable under this Part for the year; ( résidence principale )