Income Tax Act — I-3.3 248
ed by a well from a deposit of bituminous sands or oil shales; ( sables asphaltiques ) taxable Canadian corporation has the meaning assigned by subsection 89(1); ( société canadienne imposable ) taxable Canadian property of a taxpayer at any time in a taxation year means a property of the taxpayer that is (a) real or immovable property situated in Canada, (b) property used or held by the taxpayer in, property included in Class 14.1 of Schedule II to the Income Tax Regulations in respect of, or property described in an inventory of, a business carried on in Canada, other than (i) property used in carrying on an insurance business, and (ii) where the taxpayer is non-resident, ships and aircraft used principally in international traffic and personal or movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property, (c) if the taxpayer is an insurer, its designated insurance property for the year, (d) a share of the capital stock of a corporation (other than a mutual fund corporation) that is not listed on a designated stock exchange, an interest in a partnership or an interest in a trust (other than a unit of a mutual fund trust or an income interest in a trust resident in Canada), if, at any particular time during the 60-month period that ends at that time, more than 50% of the fair market value of the share or interest, as the case may be, was derived directly or indirectly (otherwise than through a corporation, partnership or trust the shares or interests in which were not themselves taxable Canadian property at the particular time) from one or any combination of (i) real or immovable property situated in Canada, (ii) Canadian resource properties, (iii) timber resource properties, and (iv) options in respect of, or interests in, or for civil law rights in, property described in any of subparagraphs (i) to (iii), whether or not the property exists, (e) a share of the capital stock of a corporation that is listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation or a unit of a mutual fund trust, if, at any particular time during the 60-month period that ends at that time, (i) 25% or more of the issued shares of any class of the capital stock of the corporation, or 25% or more of the issued units of the trust, as the case may be, were owned by or belonged to one or any combination of (A) the taxpayer, (B) persons with whom the taxpayer did not deal at arm’s length, and (C) partnerships in which the taxpayer or a person referred to in clause (B) holds a membership interest directly or indirectly through one or more partnerships, and (ii) more than 50% of the fair market value of the share or unit, as the case may be, was derived directly or indirectly from one or any combination of properties described under subparagraphs (d)(i) to (iv), or (f) an option in respect of, or an interest in, or for civil law a right in, a property described in any of paragraphs (a) to (e), whether or not the property exists, and, for the purposes of section 2, subsection 107(2.001) and sections 128.1 and 150, and for the purpose of applying paragraphs 85(1)(i) and 97(2)(c) to a disposition by a non-resident person, includes (g) a Canadian resource property, (h) a timber resource property, (i) an income interest in a trust resident in Canada, (j) a right to a share of the income or loss under an agreement referred to in paragraph 96(1.1)(a), and (k) a life insurance policy in Canada; ( bien canadien imposable ) taxable capital gain has the meaning assigned by section 38; ( gain en capital imposable ) taxable dividend has the meaning assigned by subsection 89(1); ( dividende imposable ) taxable income has the meaning assigned by subsection 2(2), except that in no case may a taxpayer’s taxable income be less than nil; ( revenu imposable ) taxable income earned in Canada means a taxpayer’s t