GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
pre-1972 spousal trust at a particular time means a trust that was (a) created by the will of a taxpayer who died before 1972, or (b) created before June 18, 1971 by a taxpayer during the taxpayer’s lifetime that throughout the period beginning at the time it was created and ending at the earliest of January 1, 1993, the day on which the taxpayer’s spouse or common-law partner died and the particular time, was a trust under which the taxpayer’s spouse or common-law partner was entitled to receive all of the income of the trust that arose before the spouse’s or common-law partner’s death, unless a person other than the spouse or common-law partner received or otherwise obtained the use of any of the income or capital of the trust before the end of that period; ( fiducie au profit du conjoint antérieure à 1972 )
Income Tax Act — I-3.3 (a)
preferred beneficiary under a trust for a particular taxation year of the trust means a beneficiary under the trust at the end of the particular year who is resident in Canada at that time if (a) the beneficiary is (i) an individual in respect of whom paragraphs 118.3(1)(a) to (b) apply for the individual’s taxation year (in this definition referred to as the “beneficiary’s year”) that ends in the particular year, or (ii) an individual (A) who attained the age of 18 years before the end of the beneficiary’s year, was a dependant (within the meaning assigned by subsection 118(6)) of another individual for the beneficiary’s year and was dependent on the other individual because of mental or physical infirmity, and (B) whose income (computed without reference to subsection 104(14)) for the beneficiary’s year does not exceed the amount determined for F in subsection 118(1.1) for the year, and (b) the beneficiary is (i) the settlor of the trust, (ii) the spouse or common-law partner or former spouse or common-law partner of the settlor of the trust, or (iii) a child, grandchild or great grandchild of the settlor of the trust or the spouse or common-law partner of any such person; ( bénéficiaire privilégié )
Income Tax Act — I-3.3
qualified farm property [Repealed, 2014, c. 39, s. 28]
Income Tax Act — I-3.3
qualified fishing property [Repealed, 2014, c. 39, s. 28]
Income Tax Act — I-3.3
qualified small business corporation share [Repealed, 2014, c. 39, s. 28]
Income Tax Act — I-3.3 (a)
settlor , (a) in relation to a testamentary trust, means the individual referred to in the definition testamentary trust in this subsection, and (b) in relation to an inter vivos trust, (i) if the trust was created by the transfer, assignment or other disposition of property thereto (in this definition referred to as property “contributed”) by not more than one individual and the fair market value of such of the property of the trust as was contributed by the individual at the time of the creation of the trust or at any subsequent time exceeds the fair market value of such of the property of the trust as was contributed by any other person or persons at any subsequent time (such fair market values being determined at the time of the making of any such contribution), means that individual, and (ii) if the trust was created by the contribution of property thereto jointly by an individual and the individual’s spouse or common-law partner and by no other person and the fair market value of such of the property of the trust as was contributed by them at the time of the creation of the trust or at any subsequent time exceeds the fair market value of such of the property of the trust as was contributed by any other person or persons at any subsequent time (such fair market values being determined at the time of the making of any such contribution), means that individual and the spouse or common-law partner; ( auteur ou disposant )
Income Tax Act — I-3.3 (a)
 12 months after the day on which the Technical Tax Amendments Act, 2012 receives royal assent (or if written application has been made to the Minister by the trust within that 12-month period, within any longer period that the Minister considers reasonable in the circumstances); ( fiducie testamentaire )
Income Tax Act — I-3.3 110
ticular time, (ii) acquired the new rights at the particular time as consideration for the disposition, and (iii) acquired securities under the agreement immediately after the particular time. Notification — non-qualified security (1.9) If a security to be issued or sold under an agreement between an employee and a qualifying person is a non-qualified security, the employer of the employee shall (a) notify the employee in writing that the security is a non-qualified security no later than 30 days after the day that the agreement is entered into; and (b) notify the Minister in prescribed form that the security is a non-qualified security on or before the filing-due date for the taxation year of the qualifying person that includes the time that the agreement is entered into. Charitable gifts (2) Where an individual is, during a taxation year, a member of a religious order and has, as such, taken a vow of perpetual poverty, the individual may deduct in computing the individual’s taxable income for the year an amount equal to the total of the individual’s superannuation or pension benefits and the individual’s earned income for the year (within the meaning assigned by section 63) if, of the individual’s income, that amount is paid in the year to the order. Charitable donation — proceeds of disposition of employee option securities (2.1) Where a taxpayer, in exercising a right to acquire a security that a particular qualifying person has agreed to sell or issue to the taxpayer under an agreement referred to in subsection 7(1), directs a broker or dealer appointed or approved by the particular qualifying person (or by a qualifying person that does not deal at arm’s length with the particular qualifying person) to immediately dispose of the security and pay all or a portion of the proceeds of disposition of the security to a qualified donee, (a) if the payment is a gift, the taxpayer is deemed, for the purpose of paragraph (1)(d.01), to have disposed of the security by making a gift of the security to the qualified donee at the time the payment is made; and (b) the amount deductible under paragraph (1)(d.01) by the taxpayer in respect of the disposition of the security is the amount determined by the formula A × B/C where A is the amount that would be deductible under paragraph (1)(d.01) in respect of the disposition of the security if this subsection were read without reference to this paragraph, B is the amount of the payment, and C is the amount of the proceeds of disposition of the security. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 110; 1994, c. 7, Sch. II, s. 78, Sch. VIII, s. 45, c. 21, s. 49; 1999, c. 22, s. 26; 2001, c. 17, s. 84; 2002, c. 9, s. 33; 2005, c. 19, s. 18, c. 34, s. 81; 2006, c. 4, s. 56; 2007, c. 35, s. 29; 2010, c. 12, s. 12, c. 25, s. 20; 2013, c. 33, s. 7, c. 34, s. 237, c. 40, s. 236; 2017, c. 20, s. 8, c. 33, s. 38; 2018, c. 12, s. 9, c. 27, s. 9 2021, c. 23, s. 15 2026, c. 3, s. 33
Income Tax Act — I-3.3
consolidated financial statements has the same meaning as in subsection 233.8(1). ( états financiers consolidés )
Income Tax Act — I-3.3 (a)
specified person , at any time, means a qualifying person that meets the following conditions: (a) it is not a Canadian-controlled private corporation; (b) if the qualifying person is a member of a group that annually prepares consolidated financial statements, the total consolidated group revenue reflected in the last consolidated financial statements of the group presented to shareholders or unitholders — of the member of the group that would be the ultimate parent entity , as defined in subsection 233.8(1), of the group if the group were a multinational enterprise group , as defined in subsection 233.8(1) — before that time exceeds $500 million; and (c) if paragraph (b) does not apply, it has gross revenue in excess of $500 million based on (i) the amounts reflected in the financial statements of the qualifying person presented to the shareholders or unitholders of the qualifying person for the last fiscal period of the qualifying person that ended before that time, (ii) if subparagraph (i) does not apply, the amounts reflected in the financial statements of the qualifying person presented to the shareholders or unitholders of the qualifying person for the last fiscal period of the qualifying person that ended before the end of the last fiscal period referred to in subparagraph (i), and (iii) if subparagraph (i) does not apply and financial statements were not presented as described in subparagraph (ii), the amounts that would have been reflected in the annual financial statements of the qualifying person for the last fiscal period of the qualifying person that ended before that time, if such statements had been prepared in accordance with generally accepted accounting principles. ( personne déterminée )
Income Tax Act — I-3.3 (a)
vesting year , of a security to be acquired under an agreement, means (a) if the agreement specifies the calendar year in which the taxpayer’s right to acquire the security first becomes exercisable (otherwise than as a consequence of an event that is not reasonably foreseeable at the time the agreement is entered into), that calendar year; and (b) in any other case, the calendar year in which the right to acquire the security would become exercisable if the agreement had specified that all identical rights to acquire securities become exercisable on a pro rata basis over the period that (i) begins on the day that the agreement was entered into, and (ii) ends on the day that is the earlier of (A) the day that is 60 months after the day the agreement is entered into, and (B) the last day that the right to acquire the security could become exercisable under the agreement. ( année de dévolution )
Income Tax Act — I-3.3 110.1
rticular property at that time and the fair market value of the original property at the time that it was transferred by the corporation to the donee, and (ii) if the transfer of the original property by the corporation would be a gift if this section were read without reference to paragraph (a), the corporation is deemed to have, at the time of that transfer, transferred to the donee a property that is the subject of a gift having a fair market value equal to the amount, if any, by which the fair market value of the original property at the time of that transfer exceeds the fair market value of the particular property at the time that it is transferred to the corporation. Information return (16) If subsection (15) applies in respect of a transfer of property to a corporation and that property has a fair market value greater than $50, the transferor must file an information return containing prescribed information with the Minister not later than 90 days after the day on which the property was transferred and provide a copy of the return to the corporation. Reassessment (17) If subsection (15) applies in respect of a transfer of property to a corporation, the Minister may reassess a return of income of any person to the extent that the reassessment can reasonably be regarded as relating to the transfer. 2024 — extension of time (18) For the purposes of applying this section, a gift made by a taxpayer before March 2025 and after the end of a taxation year of the taxpayer that ended after November 14, 2024 and before 2025 (referred to in this subsection as the “donation year”) is deemed to have been made by the taxpayer in the donation year and not in the taxpayer’s 2025 taxation year if (a) the gift would be deductible under this section in computing the taxpayer’s taxable income under this Part for the donation year if it were made immediately before the end of that year; (b) the taxpayer deducts the amount of the gift under this section for the taxpayer’s donation year; and (c) the gift was in the form of cash or was transferred by way of cheque, credit card, money order or electronic payment. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 110.1; 1994, c. 7, Sch. II, s. 79, Sch. VIII, s. 46; 1996, c. 21, s. 20; 1997, c. 25, s. 22; 1998, c. 19, s. 20; 2001, c. 17, s. 85; 2005, c. 19, s. 19; 2007, c. 35, ss. 30, 68; 2008, c. 28, s. 12; 2009, c. 2, s. 29; 2011, c. 24, s. 21; 2013, c. 33, ss. 196, 198, c. 34, s. 238; 2014, c. 20, s. 5, c. 39, s. 29; 2017, c. 20, s. 9, c. 33, s. 39 2019, c. 29, s. 13 2026, c. 3, s. 34
Income Tax Act — I-3.3 110.2
Definitions 110.2 (1) The definitions in this subsection apply in this section and section 120.31. eligible taxation year , in respect of a qualifying amount received by an individual, means a taxation year (a) that ended after 1977 and before the year in which the individual received the qualifying amount; (b) throughout which the individual was resident in Canada; (c) that did not end in a calendar year in which the individual became a bankrupt; and (d) that was not included in an averaging period, within the meaning assigned by section 119 (as it read in its application to the 1987 taxation year), pursuant to an election that was made and not revoked by the individual under that section. ( année d’imposition admissible ) qualifying amount received by an individual in a taxation year means an amount (other than the portion of the amount that can reasonably be considered to be received as, on account of, in lieu of payment of or in satisfaction of, interest) that is included in computing the individual’s income for the year and is (a) an amount (i) that is received pursuant to an order or judgment of a competent tribunal, an arbitration award or a contract by which the payor and the individual terminate a legal proceeding, and (ii) that is (A) included in computing the individual’s income from an office or employment, or (B) received as, on account of, in lieu of payment of or in satisfaction of, damages in respect of the individual’s loss of an office or employment, (b) a superannuation or pension benefit (other than a benefit referred to in clause 56(1)(a)(i)(B)) received on account of, in lieu of payment of or in satisfaction of, a series of periodic payments (other than payments that would have otherwise been made in the year or in a subsequent taxation year), (c) an amount described in paragraph 6(1)(f) or (f.1), subparagraph 56(1)(a)(iv) or paragraph 56(1)(b), or (d) a prescribed amount or benefit, except to the extent that the individual may deduct for the year an amount under paragraph 8(1)(b), (n) or (n.1), 60(n) or (o.1) or 110(1)(f) in respect of the amount so included. ( montant admissible ) specified portion , in relation to an eligible taxation year, of a qualifying amount received by an individual means the portion of the qualifying amount that relates to the year, to the extent that the individual’s eligibility to receive the portion existed in the year. ( partie déterminée ) Deduction for lump-sum payments (2) There may be deducted in computing the taxable income of an individual (other than a trust) for a particular taxation year the total of all amounts each of which is a specified portion of a qualifying amount received by the individual in the particular year, if that total is $3,000 or more. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2000, c. 19, s. 17; 2013, c. 34, s. 239
Income Tax Act — I-3.3 (a)
eligible taxation year , in respect of a qualifying amount received by an individual, means a taxation year (a) that ended after 1977 and before the year in which the individual received the qualifying amount; (b) throughout which the individual was resident in Canada; (c) that did not end in a calendar year in which the individual became a bankrupt; and (d) that was not included in an averaging period, within the meaning assigned by section 119 (as it read in its application to the 1987 taxation year), pursuant to an election that was made and not revoked by the individual under that section. ( année d’imposition admissible )
Income Tax Act — I-3.3 (a)
qualifying amount received by an individual in a taxation year means an amount (other than the portion of the amount that can reasonably be considered to be received as, on account of, in lieu of payment of or in satisfaction of, interest) that is included in computing the individual’s income for the year and is (a) an amount (i) that is received pursuant to an order or judgment of a competent tribunal, an arbitration award or a contract by which the payor and the individual terminate a legal proceeding, and (ii) that is (A) included in computing the individual’s income from an office or employment, or (B) received as, on account of, in lieu of payment of or in satisfaction of, damages in respect of the individual’s loss of an office or employment, (b) a superannuation or pension benefit (other than a benefit referred to in clause 56(1)(a)(i)(B)) received on account of, in lieu of payment of or in satisfaction of, a series of periodic payments (other than payments that would have otherwise been made in the year or in a subsequent taxation year), (c) an amount described in paragraph 6(1)(f) or (f.1), subparagraph 56(1)(a)(iv) or paragraph 56(1)(b), or (d) a prescribed amount or benefit, except to the extent that the individual may deduct for the year an amount under paragraph 8(1)(b), (n) or (n.1), 60(n) or (o.1) or 110(1)(f) in respect of the amount so included. ( montant admissible )
Income Tax Act — I-3.3
specified portion , in relation to an eligible taxation year, of a qualifying amount received by an individual means the portion of the qualifying amount that relates to the year, to the extent that the individual’s eligibility to receive the portion existed in the year. ( partie déterminée )
Income Tax Act — I-3.3 110.4
110.4 [Repealed, 2000, c. 19, s. 18] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 110.4; 1994, c. 7, Sch. II, s. 80; 2000, c. 19, s. 18
Income Tax Act — I-3.3 110.5
Additions for foreign tax deductions 110.5 There shall be added to a corporation’s taxable income otherwise determined for a taxation year such amount as the corporation may claim to the extent that the addition thereof (a) increases any amount deductible by the corporation under subsection 126(1) or (2) for the year; and (b) does not increase an amount deductible by the corporation under any of sections 125, 125.1, 127, 127.2 and 127.3 for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1985, c. 45, s. 56
Income Tax Act — I-3.3 110.6
d had claimed, for each taxation year ending before the particular year, the amount that would have been deductible under this section. Application of subsection (33) — 2025 (32) Subsection (33) applies to an individual for the 2025 taxation year, if (a) in the taxation year the individual has a taxable capital gain from the disposition, before June 25, 2024, by a partnership with a fiscal period that begins before June 25, 2024 and ends after 2024 or a trust with a taxation year that begins before June 25, 2024 and ends after 2024, of a qualified small business corporation share of the individual or a qualified farm or fishing property of the individual; and (b) the total of all amounts each of which is an amount of a taxable capital gain of the individual described in paragraph (a) exceeds the amount that would be determined under paragraph (2)(a) in respect of the individual for the taxation year if the reference to “$625,000” in that paragraph read as “$522,145” (the amount of which excess is referred to in subsection (33) as the “denied excess”). Deduction denied — 2025 (33) Despite subsections (2) to (2.2), if this subsection applies to an individual for a taxation year, no amount may be deducted under this section for the taxation year by the individual in respect of the individual’s taxable capital gains for the year described in paragraph (32)(a) to the extent of the denied excess. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 110.6; 1994, c. 7, Sch. II, s. 81, Sch. VIII, s. 47, c. 8, s. 13, c. 21, s. 50; 1995, c. 3, s. 32; 1996, c. 21, s. 21; 1998, c. 19, s. 130; 2000, c. 12, s. 142; 2001, c. 17, ss. 86, 242(E); 2007, c. 2, s. 17, c. 35, s. 31; 2012, c. 31, s. 24; 2013, c. 34, s. 240, c. 40, s. 46; 2014, c. 39, s. 30; 2015, c. 36, s. 7; 2016, c. 12, s. 39 2023, c. 26, s. 24(F) 2026, c. 3, s. 35
Income Tax Act — I-3.3 (a)
annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of (a) the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)), and (b) the amount that would be determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and losses if the only properties referred to in that paragraph were properties that, at the time they were disposed of, were qualified farm properties, qualified fishing properties, qualified farm or fishing properties and qualified small business corporation shares, and B is the total of (a) the amount, if any, by which (i) the individual’s net capital losses for other taxation years deducted under paragraph 111(1)(b) in computing the individual’s taxable income for the year exceeds (ii) the amount, if any, by which the amount determined in respect of the individual for the year under paragraph 3(b) in respect of capital gains and capital losses (except any portion related to a deduction claimed by the individual in the year under subsection 110.61(2) or 110.62(2)) exceeds the amount determined for A in respect of the individual for the year, and (b) all of the individual’s allowable business investment losses for the year (except any portion that reduced the amount otherwise deductible by the individual in the year under subsection 110.61(2) or 110.62(2)); ( plafond annuel des gains )
Income Tax Act — I-3.3
child has the meaning assigned by subsection 70(10); ( enfant )
Income Tax Act — I-3.3 (a)
cumulative gains limit of an individual at the end of a taxation year means the amount, if any, by which (a) the total of all amounts determined in respect of the individual for the year or preceding taxation years that end after 1984 for A in the definition annual gains limit exceeds the total of (b) all amounts determined in respect of the individual for the year or preceding taxation years that end after 1984 for B in the definition annual gains limit , (c) the amount, if any, deducted under paragraph 3(e) in computing the individual’s income for the 1985 taxation year, (d) all amounts deducted under this section in computing the individual’s taxable incomes for preceding taxation years, and (e) the individual’s cumulative net investment loss at the end of the year; ( plafond des gains cumulatifs )
Income Tax Act — I-3.3 (a)
cumulative net investment loss of an individual at the end of a taxation year means the amount, if any, by which (a) the total of all amounts each of which is the investment expense of the individual for the year or a preceding taxation year ending after 1987 (except any portions included in subparagraph (ii) of the description of H in paragraph 110.61(2)(b) and subparagraph (ii) of the description of H in paragraph 110.62(2)(b) to the extent they reduced the amount otherwise deductible by the individual under each of subsections 110.61(2) and 110.62(2)) exceeds (b) the total of all amounts each of which is the investment income of the individual for the year or a preceding taxation year ending after 1987; ( perte nette cumulative sur placements )