GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3
assessable dividend means an amount received by a corporation at a time when it is a private corporation or a subject corporation as, on account of, in lieu of payment of or in satisfaction of, a taxable dividend from a corporation, to the extent of the amount in respect of the dividend that is deductible under section 112, paragraph 113(1)(a), (a.1), (b) or (d) or subsection 113(2) in computing the recipient corporation’s taxable income for the year. ( dividende imposable déterminé )
Income Tax Act — I-3.3
subject corporation means a corporation (other than a private corporation) resident in Canada and controlled, whether because of a beneficial interest in one or more trusts or otherwise, by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts). ( société assujettie )
Income Tax Act — I-3.3 186.1
Exempt corporations 186.1 No tax is payable under this Part for a taxation year by a corporation (a) that was, at any time in the year, a bankrupt; or (b) that was, throughout the year, (i) a bank, (ii) a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as a trustee, (iii) an insurance corporation, (iv) a prescribed labour-sponsored venture capital corporation, (v) a prescribed investment contract corporation, (vi) a non-resident-owned investment corporation, or (vii) a registered securities dealer that was throughout the year a member, or a participating organization, of a designated stock exchange in Canada. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 186.1; 1998, c. 19, s. 200; 2007, c. 35, s. 55; 2017, c. 33, s. 64
Income Tax Act — I-3.3 186.2
Exempt dividends 186.2 For the purposes of subsection 186(1), dividends received in a taxation year by a corporation that was, throughout the year, a prescribed venture capital corporation from a corporation that was a prescribed qualifying corporation with respect to those dividends shall be deemed not to be taxable dividends. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1987, c. 46, s. 59
Income Tax Act — I-3.3 187
Information return 187 (1) Every corporation that is liable to pay tax under this Part for a taxation year in respect of a dividend received by it in the year shall, on or before the day on or before which it is required to file its return of income under Part I for the year, file a return for the year under this Part in prescribed form. Interest (2) Where a corporation is liable to pay tax under this Part and has failed to pay all or any part thereof on or before the day on or before which the tax was required to be paid, it shall pay to the Receiver General interest at the prescribed rate on the amount that it failed to pay computed from the day on or before which the tax was required to be paid to the day of payment. Provisions applicable to Part (3) Sections 151, 152, 158 and 159, subsections 161(7) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1970-71-72, c. 63, s. 1 “187”; 1985, c. 45, ss. 101, 126(F); 1986, c. 6, s. 98
Income Tax Act — I-3.3 187.1
Definition of excepted dividend 187.1 In this Part, excepted dividend means a dividend (a) received by a corporation on a share of the capital stock of a foreign affiliate of the corporation, other than a dividend received by a specified financial institution on a share acquired in the ordinary course of the business carried on by the institution; (b) received by a corporation from another corporation (other than a corporation described in any of paragraphs (a) to (f) of the definition financial intermediary corporation in subsection 191(1)) in which it has or would have, if the other corporation were a taxable Canadian corporation, a substantial interest (as determined under section 191) at the time the dividend was paid; (c) received by a corporation that was, at the time the dividend was received, a private corporation or a financial intermediary corporation (within the meaning assigned by subsection 191(1)); (d) received by a corporation on a short-term preferred share of the capital stock of a taxable Canadian corporation other than a dividend described in paragraph (b) or (c) of the definition excluded dividend in subsection 191(1); or (e) received by a corporation on a share (other than a taxable RFI share or a share that would be a taxable preferred share if the definition taxable preferred share in subsection 248(1) were read without reference to paragraph (a) of that definition) of the capital stock of a mutual fund corporation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 187.1; 1994, c. 7, Sch. II, s. 154
Income Tax Act — I-3.3 187.2
Tax on dividends on taxable preferred shares 187.2 Every corporation shall, on or before its balance-due day for a taxation year, pay a tax under this Part for the year equal to 10% of the total of all amounts each of which is a dividend, other than an excepted dividend, received by the corporation in the year on a taxable preferred share (other than a share of a class in respect of which an election under subsection 191.2(1) has been made) to the extent that an amount in respect of the dividend was deductible under section 112 or 113 or subsection 138(6) in computing its taxable income for the year or under subsection 115(1) in computing its taxable income earned in Canada for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 187.2; 2003, c. 15, s. 121
Income Tax Act — I-3.3 187.3
o the other restricted financial institution; and (f) where, at any particular time, there has been an amalgamation within the meaning assigned by section 87, and (i) each of the predecessor corporations was a restricted financial institution throughout the period from 8:00 p.m. Eastern Daylight Saving Time, June 18, 1987 to the particular time and the predecessor corporations were related to each other throughout that period, or (ii) each of the predecessor corporations and the new corporation is a corporation described in any of paragraphs (a) to (d) of the definition restricted financial institution in subsection 248(1), a taxable RFI share acquired by the new corporation from a predecessor corporation on the amalgamation shall be deemed to have been acquired by the new corporation at the time it was acquired by the predecessor corporation. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 187.3; 2003, c. 15, s. 122; 2007, c. 35, s. 68
Income Tax Act — I-3.3 187.4
Partnerships 187.4 For the purposes of this Part, (a) all amounts received in a fiscal period by a partnership as, on account or in lieu of payment of, or in satisfaction of, dividends shall be deemed to have been received by each member of the partnership in the member’s fiscal period or taxation year in which the partnership’s fiscal period ends, to the extent of that member’s share thereof; (b) each member of a partnership shall be deemed to own at any time that proportion of the number of the shares of each class of the capital stock of a corporation that are property of the partnership at that time that the member’s share of all dividends received on those shares by the partnership in its fiscal period that includes that time is of the total of all those dividends; and (c) a reference to a person includes a partnership. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 152
Income Tax Act — I-3.3 187.5
Information return 187.5 Every corporation liable to pay tax under this Part for a taxation year shall file with the Minister, not later than the day on or before which it is required by section 150 to file its return of income for the year under Part I, a return for the year under this Part in prescribed form containing an estimate of the taxes payable by it under sections 187.2 and 187.3 for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 152
Income Tax Act — I-3.3 187.6
Provisions applicable to Part 187.6 Sections 152, 158 and 159, subsections 161(1), 161(2) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1988, c. 55, s. 152
Income Tax Act — I-3.3 187.61
Provisions applicable — Crown corporations 187.61 Section 27 applies to this Part with any modifications that the circumstances require. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1998, c. 19, s. 201
Income Tax Act — I-3.3 187.7
Application of s. 149.1(1) 187.7 The definitions in subsection 149.1(1) apply to this Part. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1984, c. 45, s. 57
Income Tax Act — I-3.3 188
s Part for the year equal to the amount by which 25% of the net value of that property determined as of the day of its transfer exceeds the total of all amounts each of which is its tax payable under this subsection for a preceding taxation year in respect of the transaction or series of transactions. Non-application of subsection (3) (3.1) Subsection (3) does not apply to a transfer that is a gift to which subsection 188.1(11) or (12) applies. Joint and several, or solidary, liability — tax transfer (4) If property has been transferred to a charitable organization in circumstances described in subsection (3) and it may reasonably be considered that the organization acted in concert with a charitable foundation for the purpose of reducing the disbursement quota of the foundation, the organization is jointly and severally, or solidarily, liable with the foundation for the tax imposed on the foundation by that subsection in an amount not exceeding the net value of the property. Definitions (5) In this section, net asset amount of a charitable foundation at any time means the amount determined by the formula A - B where A is the fair market value at that time of all the property owned by the foundation at that time, and B is the total of all amounts each of which is the amount of a debt owing by or any other obligation of the foundation at that time; ( montant de l’actif net ) net value of property owned by a charitable foundation, as of the day of its transfer, means the amount determined by the formula A - B where A is the fair market value of the property on that day, and B is the amount of any consideration given to the foundation for the transfer. ( valeur nette ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 188; 1994, c. 7, Sch. II, s. 155, c. 21, s. 84; 2001, c. 41, s. 116; 2005, c. 19, s. 43; 2010, c. 25, s. 50; 2011, c. 24, s. 58; 2013, c. 34, s. 151(E); 2018, c. 12, s. 30 2021, c. 23, s. 47 2022, c. 10, s. 22
Income Tax Act — I-3.3
net asset amount of a charitable foundation at any time means the amount determined by the formula A - B where A is the fair market value at that time of all the property owned by the foundation at that time, and B is the total of all amounts each of which is the amount of a debt owing by or any other obligation of the foundation at that time; ( montant de l’actif net )
Income Tax Act — I-3.3
net value of property owned by a charitable foundation, as of the day of its transfer, means the amount determined by the formula A - B where A is the fair market value of the property on that day, and B is the amount of any consideration given to the foundation for the transfer. ( valeur nette )
Income Tax Act — I-3.3 188.1
has expended, before the end of the next taxation year — in addition to its disbursement quota for each of those taxation years — an amount that is less than the fair market value of the property on charitable activities carried on by it or by way of gifts made by it that are qualifying disbursements to qualified donees or grantee organizations, with which it deals at arm’s length, the registered charity is liable to a penalty under this Act for that subsequent taxation year equal to 110% of the difference between the fair market value of the property and the additional amount expended. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2005, c. 19, s. 44; 2007, c. 35, s. 56; 2009, c. 2, s. 62; 2010, c. 25, s. 51; 2011, c. 24, s. 59 2019, c. 29, s. 39 2022, c. 10, s. 23
Income Tax Act — I-3.3 188.2
purposes of subsections 110.1(1) and 118.1(1) and Part XXXV of the Income Tax Regulations ; and (b) if the qualified donee is, during that period, offered a gift from any person, the qualified donee shall, before accepting the gift, inform that person that (i) it has received the notice, (ii) no deduction under subsection 110.1(1) or credit under subsection 118.1(3) may be claimed in respect of a gift made to it in the period, and (iii) a gift made to it in the period is not a gift to a qualified donee. Application for postponement (4) If a notice of objection to a suspension under any of subsections (1) to (2.1) has been filed by a qualified donee, the qualified donee may file an application to the Tax Court of Canada for a postponement of that portion of the period of suspension that has not elapsed until the time determined by the Court. Grounds for postponement (5) The Tax Court of Canada may grant an application for postponement only if it would be just and equitable to do so. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2005, c. 19, s. 44; 2011, c. 24, s. 60; 2012, c. 19, s. 13; 2018, c. 27, s. 20 2019, c. 29, s. 40 2021, c. 23, s. 48
Income Tax Act — I-3.3 189
erty transferred by the particular person after the day on which the Minister first assessed that liability and before the particular time to another person that was at the time of the transfer an eligible donee described in paragraph 188(1.3)(a) in respect of the particular person, equal to the amount, if any, by which the fair market value of the property, when transferred, exceeds the total of (a) the consideration given by the other person for the transfer, and (b) the part of the amount in respect of the transfer that has resulted in a reduction of an amount otherwise payable under subsection 188(1.1). Minister may assess (7) Without limiting the authority of the Minister to revoke the registration of a registered charity or registered Canadian amateur athletic association, the Minister may also at any time assess a taxpayer in respect of any amount that a taxpayer is liable to pay under this Part. Provisions applicable to Part (8) Subsections 150(2) and (3), sections 152 and 158, subsection 161(11), sections 162 to 167 and Division J of Part I apply in respect of an amount assessed under this Part and of a notice of suspension under subsection 188.2(1), (2) or (2.1) as if the notice were a notice of assessment made under section 152, with any modifications that the circumstances require including, for greater certainty, that a notice of suspension that is reconsidered or reassessed may be confirmed or vacated, but not varied, except that (a) section 162 does not apply in respect of a return required to be filed under paragraph (6.1)(a); and (b) the reference in each of subsections 165(2) and 166.1(3) to the expression “Chief of Appeals in a District Office or a Taxation Centre” is to be read as a reference to the expression “Assistant Commissioner, Appeals Branch”. Clarification re objections under subsection 168(4) (8.1) For greater certainty, in applying the provisions referred to in subsection (8), with any modifications that the circumstances require, (a) a notice of objection referred to in subsection 168(4) does not constitute a notice of objection to a tax assessed under subsection 188(1.1); and (b) an issue that could have been the subject of a notice of objection referred to in subsection 168(4) may not be appealed to the Tax Court of Canada under subsection 169(1). Interest (9) Subsection 161(11) does not apply to a liability of a taxpayer for a taxation year (a) under subsection 188(1.1) to the extent that the liability is reduced by subsection (6.2), or paid, before the end of the one-year period that begins immediately after the end of the taxation year deemed to have ended by paragraph 188(1)(a); or (b) under section 188.1 to the extent that the liability is reduced by subsection (6.3), or paid, before the end of the one-year period that begins immediately after the liability was first assessed. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 189; 1994, c. 21, s. 85; 2005, c. 19, s. 45; 2010, c. 25, s. 52; 2011, c. 24, s. 61; 2018, c. 12, s. 31 2023, c. 26, s. 57
Income Tax Act — I-3.3
contractual service margin for a group of insurance contracts of an insurer, or a group of reinsurance contracts held by the insurer, at the end of a taxation year, has the same meaning as in subsection 138(12); ( marge sur services contractuels )
Income Tax Act — I-3.3 (a)
financial institution means a corporation that (a) is a bank, (b) is authorized under the laws of Canada or a province to carry on the business of offering its services as a trustee to the public, (c) is authorized under the laws of Canada or a province to accept deposits from the public and carries on the business of lending money on the security of real property or immovables or investing in indebtedness on the security of mortgages on real property or of hypothecs on immovables, (d) is a life insurance corporation that carries on business in Canada, or (e) is a corporation all or substantially all of the assets of which are shares or indebtedness of corporations described in any of paragraphs (a) to (d) or this paragraph to which the corporation is related; ( institution financière )
Income Tax Act — I-3.3
group of insurance contracts of an insurer has the same meaning as in subsection 138(12); ( groupe de contrats d’assurance )
Income Tax Act — I-3.3
group of reinsurance contracts held by an insurer has the same meaning as in subsection 138(12); ( groupe de contrats de réassurance )
Income Tax Act — I-3.3
group of segregated fund policies of an insurer has the same meaning as in subsection 138(12); ( groupe de polices à fonds réservé )
Income Tax Act — I-3.3 (a)
long-term debt means (a) in the case of a bank, its subordinated indebtedness (within the meaning assigned by section 2 of the Bank Act ) evidenced by obligations issued for a term of not less than 5 years, (b) in the case of an insurance corporation, its subordinated indebtedness (within the meaning assigned by section 2 of the Insurance Companies Act ) evidenced by obligations issued for a term of not less than 5 years, and (c) in the case of any other corporation, its subordinated indebtedness (within the meaning that would be assigned by section 2 of the Bank Act if the definition of that expression in that section were applied with such modifications as the circumstances require) evidenced by obligations issued for a term of not less than 5 years; ( passif à long terme )
Income Tax Act — I-3.3
policyholders’ liabilities of an insurer at the end of a taxation year has the same meaning as in subsection 138(12); ( obligation envers les titulaires de polices )
Income Tax Act — I-3.3
reserves , in respect of a financial institution for a taxation year, means the amount at the end of the year of all of the institution’s reserves, provisions and allowances (other than allowances in respect of depreciation or depletion) and, for greater certainty, includes any provision in respect of deferred taxes. ( réserves )
Income Tax Act — I-3.3 190.1
nsolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.1; 1994, c. 7, Sch. VIII, s. 111, c. 21, s. 87; 1996, c. 21, s. 49; 1997, c. 25, s. 53; 1998, c. 19, ss. 48, 202; 1999, c. 22, s. 68; 2000, c. 19, s. 53; 2001, c. 17, s. 165; 2007, c. 2, s. 40; 2013, c. 34, s. 329 2022, c. 19, s. 46
Income Tax Act — I-3.3 (a)
unused Part I tax credit , of a corporation for a taxation year, means the amount, if any, by which (a) the corporation’s tax payable under Part I for the year exceeds (b) the amount that would, but for subsection (3), be its tax payable under this Part for the year; ( crédit d’impôt de la partie I inutilisé )
Income Tax Act — I-3.3
unused surtax credit of a corporation for a taxation year has the meaning assigned by subsection 181.1(6). ( crédit de surtaxe inutilisé )
Income Tax Act — I-3.3 190.11
Taxable capital employed in Canada 190.11 For the purposes of this Part, the taxable capital employed in Canada of a financial institution for a taxation year is, (a) in the case of a financial institution other than a life insurance corporation, that proportion of its taxable capital for the year that its Canadian assets at the end of the year is of its total assets at the end of the year; (b) in the case of a life insurance corporation that was resident in Canada at any time in the year, the total of (i) that proportion of the amount, if any, by which the total of (A) its taxable capital for the year, and (B) the amount prescribed for the year in respect of the corporation exceeds (C) the amount prescribed for the year in respect of the corporation that its Canadian reserve liabilities as at the end of the year is of the total of (D) its total reserve liabilities as at the end of the year, and (E) the amount prescribed for the year in respect of the corporation; and (ii) [Repealed, 2009, c. 2, s. 63] (c) in the case of a life insurance corporation that was non-resident throughout the year, its taxable capital for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 190.11; 1994, c. 7, Sch. II, s. 158, c. 21, s. 88; 2009, c. 2, s. 63
Income Tax Act — I-3.3 190.12
Taxable capital 190.12 For the purposes of this Part, the taxable capital of a corporation for a taxation year is the amount, if any, by which its capital for the year exceeds the total determined under section 190.14 in respect of its investments for the year in financial institutions related to it. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1986, c. 6, s. 100; 1990, c. 39, s. 50