Income Tax Act — I-3.3 248
, for the purposes of the definitions income bond , income debenture and term preferred share in subsection 248(1), paragraph (h) of the definition taxable preferred share in that subsection, subsections 84(4.2) and 84(4.3) and 112(2.6) and section 258, be deemed to be a beneficiary of the trust or a member of the partnership, as the case may be. Related corporations (14) For the purpose of paragraph (g) of the definition specified financial institution in subsection 248(1), where in the case of 2 or more corporations it can reasonably be considered, having regard to all the circumstances, that one of the main reasons for the separate existence of those corporations in a taxation year is to limit or avoid the application of subsection 112(2.1) or 112(2.2) or 138(6), the 2 or more corporations shall be deemed to be related to each other and to each other corporation to which any such corporation is related. Goods and services tax — change of use (15) For the purposes of this Act, where a liability for the goods and services tax is incurred in respect of a change of use at any time of a property, the liability so incurred shall be deemed to have been incurred immediately after that time in respect of the acquisition of the property. Goods and services tax — input tax credit and rebate (16) For the purposes of this Act, other than this subsection and subsection 6(8), an amount claimed by a taxpayer as an input tax credit or rebate with respect to the goods and services tax in respect of a property or service is deemed to be assistance from a government in respect of the property or service that is received by the taxpayer (a) where the amount was claimed by the taxpayer as an input tax credit in a return under Part IX of the Excise Tax Act for a reporting period under that Act, (i) at the particular time that is the earlier of the time that the goods and services tax in respect of the input tax credit was paid and the time that it became payable, (A) if the particular time is in the reporting period, or (B) if, (I) the taxpayer’s threshold amount, determined in accordance with subsection 249(1) of the Excise Tax Act , is greater than $500,000 for the taxpayer’s fiscal year (within the meaning assigned by that Act) that includes the particular time, and (II) the taxpayer claimed the input tax credit at least 120 days before the end of the normal reassessment period, as determined under subsection 152(3.1), for the taxpayer in respect of the taxation year that includes the particular time, (ii) at the end of the reporting period, if (A) subparagraph (i) does not apply, and (B) the taxpayer’s threshold amount, determined in accordance with subsection 249(1) of the Excise Tax Act , is $500,000 or less for the fiscal year (within the meaning assigned by that Act) of the taxpayer that includes the particular time, and (iii) in any other case, on the last day of the taxpayer’s earliest taxation year (A) that begins after the taxation year that includes the particular time, and (B) for which the normal reassessment period, as determined under subsection 152(3.1), for the taxpayer ends at least 120 days after the time that the input tax credit was claimed; or (b) where the amount was claimed as a rebate with respect to the goods and services tax, at the time the amount was received or credited. Quebec input tax refund and rebate (16.1) For the purpose of this Act, other than this subsection and subsection 6(8), an amount claimed by a taxpayer as an input tax refund or a rebate with respect to the Quebec sales tax in respect of a property or service is deemed to be assistance from a government in respect of the property or service that is received by the taxpayer (a) where the amount was claimed by the taxpayer as an input tax refund in a return under An Act respecting the Québec sales tax , R.S.Q., c. T-0.1, for a reporting period under that Act, (i) at the particular time that is the earlier of the time that the Quebec sales tax in respe