GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
functional currency of a taxpayer for a taxation year means the currency of a country other than Canada if that currency is, throughout the taxation year, (a) a qualifying currency; and (b) the primary currency in which the taxpayer maintains its records and books of account for financial reporting purposes. ( monnaie fonctionnelle )
Income Tax Act — I-3.3
functional currency year of a taxpayer means a taxation year in respect of which subsection (5) applies to the taxpayer. ( année de déclaration en monnaie fonctionnelle )
Income Tax Act — I-3.3
pre-reversion debt of a taxpayer means a debt obligation of the taxpayer that was issued by the taxpayer before the beginning of the taxpayer’s first reversionary year. ( créance pré-rétablissement )
Income Tax Act — I-3.3
pre-transition debt of a taxpayer means a debt obligation of the taxpayer that was issued by the taxpayer before the beginning of the taxpayer’s first functional currency year. ( créance pré-transition )
Income Tax Act — I-3.3 (a)
qualifying currency at any time means each of (a) the currency of the United States of America; (b) the currency of the European Monetary Union; (c) the currency of the United Kingdom; (c.1) the currency of Japan; (d) the currency of Australia; and (e) a prescribed currency. ( monnaie admissible )
Income Tax Act — I-3.3 (a)
relevant spot rate , for a particular day, means, in respect of a conversion of an amount from a particular currency to another currency, (a) if the particular currency or the other currency is Canadian currency, the rate quoted by the Bank of Canada on the particular day (or, if the Bank of Canada ordinarily quotes such a rate, but there is no such rate quoted for the particular day, the closest preceding day for which such a rate is quoted) for the exchange of the particular currency for the other currency, or, in applying paragraphs (2)(b) and (5)(c), another rate of exchange that is acceptable to the Minister; and (b) if neither the particular currency nor the other currency is Canadian currency, the rate — calculated by reference to the rates quoted by the Bank of Canada on the particular day (or, if the Bank of Canada ordinarily quotes such rates, but either of such rates is not quoted for the particular day, the closest preceding day for which both such rates are quoted) for the exchange of Canadian currency for each of those currencies — for the exchange of the particular currency for the other currency, or, in applying paragraphs (2)(b) and (5)(c), another rate of exchange that is acceptable to the Minister. ( taux de change au comptant )
Income Tax Act — I-3.3
reversionary year of a taxpayer means a taxation year that begins after the last functional currency year of the taxpayer. ( année de rétablissement )
Income Tax Act — I-3.3
tax reporting currency of a taxpayer for a taxation year, and at any time in the taxation year, means the currency in which the taxpayer’s Canadian tax results for the taxation year are to be determined. ( monnaie de déclaration )
Income Tax Act — I-3.3
exchange rate at any time in respect of a particular currency other than the taxpayer’s elected functional currency means the relevant spot rate, for the day that includes that time, in respect of the conversion of an amount from the particular currency to the taxpayer’s elected functional currency, or a rate of exchange acceptable to the Minister;
Income Tax Act — I-3.3
foreign currency in respect of a taxpayer, at any time in a taxation year, means a currency other than the taxpayer’s elected functional currency;
Income Tax Act — I-3.3 262
Authority to designate stock exchange 262 (1) The Minister of Finance may designate a stock exchange, or a part of a stock exchange, for the purposes of this Act. Revocation of designation (2) The Minister of Finance may revoke the designation of a stock exchange, or a part of a stock exchange, designated under subsection (1). Timing (3) A designation under subsection (1) or a revocation under subsection (2) shall specify the time at and after which it is in effect, which time may, for greater certainty, precede the time at which the designation or revocation is made. Publication (4) The Minister of Finance shall cause to be published, by posting on the Internet website of the Department of Finance or by any other means that the Minister of Finance considers appropriate, the names of those stock exchanges, or parts of stock exchanges, as the case may be, that are or at any time were designated under subsection (1). Transition (5) The Minister of Finance is deemed to have designated under subsection (1) each stock exchange and each part of a stock exchange that was, immediately before the day on which this section came into force, a prescribed stock exchange, with effect on and after that day. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2007, c. 35, s. 67
Income Tax Act — I-3.3 263
tion, a Depository Institution, an Investment Entity or a Specified Insurance Company, and that is a listed financial institution within the meaning of Part XVIII of the Income Tax Act . Financial account (3) For the purposes of this Part, the agreement is to be read as if the definition Financial Account in subparagraph 1(s) of Article 1 of the agreement included the following subparagraph after subparagraph (1): (1.1) an account that is a client name account maintained by a person or entity that is authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments, or to provide portfolio management or investment advising services. Identification number (4) For the purposes of this Part, a reference in the agreement to “Canadian TIN” or “taxpayer identification number” is to be read as including a reference to Social Insurance Number. Term defined in agreement (5) In this Part, a term has the meaning that is defined in, or assigned by, the agreement unless the term is defined in this Part. Amending instrument (6) No person shall be liable for a failure to comply with a duty or obligation imposed by this Act that results from an amendment to the agreement unless at the date of the alleged failure, (a) the text of the instrument that effected the amendment had been published in the Canada Gazette ; or (b) reasonable steps had been taken to bring the purport of the amendment to the notice of those persons likely to be affected by it. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 20, s. 101
Income Tax Act — I-3.3
agreement has the same meaning as in section 2 of the Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act . ( accord )
Income Tax Act — I-3.3
electronic filing means using electronic media in a manner specified by the Minister. ( transmission électronique )
Income Tax Act — I-3.3 (a)
listed financial institution means a financial institution that is (a) an authorized foreign bank within the meaning of section 2 of the Bank Act in respect of its business in Canada, or a bank to which that Act applies; (b) a cooperative credit society, a savings and credit union or a caisse populaire regulated by a provincial Act; (c) an association regulated by the Cooperative Credit Associations Act ; (d) a central cooperative credit society, as defined in section 2 of the Cooperative Credit Associations Act , or a credit union central or a federation of credit unions or caisses populaires that is regulated by a provincial Act other than one enacted by the legislature of Quebec; (e) a financial services cooperative regulated by An Act respecting financial services cooperatives , R.S.Q., c. C-67.3, or An Act respecting the Mouvement Desjardins , S.Q. 2000, c. 77; (f) a life company or a foreign life company to which the Insurance Companies Act applies or a life insurance company regulated by a provincial Act; (g) a company to which the Trust and Loan Companies Act applies; (h) a trust company regulated by a provincial Act; (i) a loan company regulated by a provincial Act; (j) an entity authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments, or to provide portfolio management, investment advising, fund administration, or fund management, services; (k) an entity that is represented or promoted to the public as a collective investment vehicle, mutual fund, exchange traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund or similar investment vehicle that is established to invest or trade in financial assets and that is managed by an entity referred to in paragraph (j); (l) an entity that is a clearing house or clearing agency; or (m) a department or an agent of Her Majesty in right of Canada or of a province that is engaged in the business of accepting deposit liabilities. ( institution financière particulière )
Income Tax Act — I-3.3 (a)
non-reporting Canadian financial institution means any Canadian financial institution or other entity resident in Canada that (a) is described in any of paragraphs C, D and G to J of section III of Annex II to the agreement; (b) makes a reasonable determination that it is described in any of paragraphs A, B, E and F of section III of Annex II to the agreement; (c) qualifies as an exempt beneficial owner under relevant U.S. Treasury Regulations in effect on the date of signature of the agreement; or (d) makes a reasonable determination that it qualifies as a deemed-compliant FFI under relevant U.S. Treasury Regulations in effect on the date of signature of the agreement. ( institution financière canadienne non déclarante )
Income Tax Act — I-3.3
U.S. reportable account means a financial account that, under the agreement, is to be treated as a U.S. reportable account. ( compte déclarable américain )
Income Tax Act — I-3.3 g)
g) The term Financial Institution means any Entity that is a Custodial Institution, a Depository Institution, an Investment Entity or a Specified Insurance Company, and that is a listed financial institution within the meaning of Part XVIII of the Income Tax Act .
Income Tax Act — I-3.3 (1.1)
(1.1) an account that is a client name account maintained by a person or entity that is authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments, or to provide portfolio management or investment advising services.
Income Tax Act — I-3.3 264
Designation of account 264 (1) Subject to subsection (2), a reporting Canadian financial institution may designate a financial account to not be a U.S. reportable account for a calendar year if the account is (a) a preexisting individual account described in paragraph A of section II of Annex I to the agreement; (b) a new individual account described in paragraph A of section III of Annex I to the agreement; (c) a preexisting entity account described in paragraph A of section IV of Annex I to the agreement; or (d) a new entity account described in paragraph A of section V of Annex I to the agreement. U.S. reportable account (2) A reporting Canadian financial institution may not designate a financial account for a calendar year unless the account is part of a clearly identifiable group of accounts all of which are designated for the year. Applicable rules (3) The rules in paragraph C of section VI of Annex I to the agreement apply in determining whether a financial account is described in any of paragraphs (1)(a) to (d). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 20, s. 101
Income Tax Act — I-3.3 265
stitution must seek to obtain or review the information described in the portion of subparagraph B(4) of this section that is relevant in the circumstances and must treat the account as a U.S. Reportable Account unless one of the exceptions in subparagraph B(4) applies with respect to that account. Financial institution (6) For the purpose of applying the procedures referred to in paragraphs (2)(d) and (e) and (3)(c) and (d) to a financial account of an account holder that is resident in Canada, the definition Financial Institution in subparagraph 1(g) of Article 1 of the agreement is to be read as follows: g) The term Financial Institution means any Entity that is a Custodial Institution, a Depository Institution, an Investment Entity or a Specified Insurance Company, and that is a listed financial institution within the meaning of Part XVIII of the Income Tax Act . Dealer accounts (7) Subsection (8) applies to a reporting Canadian financial institution in respect of a client name account maintained by the institution if (a) property recorded in the account is also recorded in a financial account (in this subsection and subsection (8) referred to as the “related account”) maintained by a financial institution (in this subsection and subsection (8) referred to as the “dealer”) that is authorized under provincial legislation to engage in the business of dealing in securities or any other financial instrument, or to provide portfolio management or investment advising services; and (b) the dealer has advised the institution whether the related account is a U.S. reportable account. However, subsection (8) does not apply if it can reasonably be concluded by the institution that the dealer has failed to comply with its obligations under this section. Dealer accounts (8) If this subsection applies to a reporting Canadian financial institution in respect of a client name account, (a) subsections (1) to (4) do not apply to the institution in respect of the account; and (b) the institution shall rely on the determination of the dealer in respect of the related account in determining whether the account is a U.S. reportable account. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 20, s. 101; 2016, c. 12, s. 70
Income Tax Act — I-3.3 a)
An NFFE means any Non-U.S. Entity that is not an FFI as defined in relevant U.S. Treasury Regulations or is an Entity described in subparagraph B(4)(j) of this section, and also includes any Non-U.S. Entity a) that is resident in Canada and is not a listed financial institution within the meaning of Part XVIII of the Income Tax Act ; or b) that is resident in a Partner Jurisdiction other than Canada and is not a Financial Institution.
Income Tax Act — I-3.3 a)
a) that is resident in Canada and is not a listed financial institution within the meaning of Part XVIII of the Income Tax Act ; or
Income Tax Act — I-3.3 b)
b) that is resident in a Partner Jurisdiction other than Canada and is not a Financial Institution.
Income Tax Act — I-3.3 3
3 If any of the U.S indicia listed in subparagraph B(1) of this section are discovered in the electronic search, or if there is a change in circumstances that results in one or more U.S. indicia being associated with the account, then the Reporting Canadian Financial Institution must seek to obtain or review the information described in the portion of subparagraph B(4) of this section that is relevant in the circumstances and must treat the account as a U.S. Reportable Account unless one of the exceptions in subparagraph B(4) applies with respect to that account.
Income Tax Act — I-3.3 266
Reporting  — U.S. reportable accounts 266 (1) Every reporting Canadian financial institution shall file with the Minister, before May 2 of each calendar year, an information return in prescribed form relating to each U.S. reportable account maintained by the institution at any time during the immediately preceding calendar year and after June 29, 2014. Reporting  — nonparticipating financial institutions (2) Every reporting Canadian financial institution shall file with the Minister, before May 2 of each calendar year, an information return in prescribed form relating to payments, to a nonparticipating financial institution that is the holder of a financial account maintained by the reporting Canadian financial institution, during the immediately preceding calendar year if the immediately preceding year is 2015 or 2016. Filing of return (3) An information return required under subsection (1) or (2) shall be filed by way of electronic filing. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 20, s. 101
Income Tax Act — I-3.3 267
Record keeping 267 (1) Every reporting Canadian financial institution shall keep, at the institution’s place of business or at such other place as may be designated by the Minister, records that the institution obtains or creates for the purpose of complying with this Part, including self-certifications and records of documentary evidence. Form of records (2) Every reporting Canadian financial institution required by this Part to keep records that does so electronically shall retain them in an electronically readable format for the retention period referred to in subsection (3). Retention of records (3) Every reporting Canadian financial institution that is required to keep, obtain, or create records under this Part shall retain those records for a period of at least six years following (a) in the case of a self-certification, the last day on which a related financial account is open; and (b) in any other case, the end of the last calendar year in respect of which the record is relevant. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 20, s. 101
Income Tax Act — I-3.3 268
Anti-avoidance 268 If a person enters into an arrangement or engages in a practice, the primary purpose of which can reasonably be considered to be to avoid an obligation under this Part, the person is subject to the obligation as if the person had not entered into the arrangement or engaged in the practice. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 20, s. 101
Income Tax Act — I-3.3 269
Deemed-compliant FFI 269 If a Canadian financial institution makes a reasonable determination that it is to be treated as a deemed-compliant FFI under Annex II to the agreement, this Part applies to the institution, with such modifications as the circumstances require, to the extent that the agreement imposes due diligence and reporting obligations on the institution. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2014, c. 20, s. 101
Income Tax Act — I-3.3 (a)
account holder means (a) the person listed or identified as the holder of a financial account by the financial institution that maintains the account, other than a person (other than a financial institution) holding a financial account for the benefit of, or on behalf of, another person as agent, custodian, nominee, signatory, investment advisor or intermediary; and (b) in the case of a cash value insurance contract or an annuity contract, (i) any person entitled to access the cash value or change the beneficiary, (ii) if no person can access the cash value or change the beneficiary, (A) any person named as the owner in the contract, and (B) any person with a vested entitlement to payment under the terms of the contract, and (iii) upon maturity of the cash value insurance contract or annuity contract, each person entitled to receive a payment under the contract. ( titulaire de compte )
Income Tax Act — I-3.3 (a)
annuity contract means a contract under which the issuer agrees to make payments for a period of time determined in whole or in part by reference to the life expectancy of one or more individuals and includes a contract (a) that is considered to be an annuity contract in accordance with the law, regulation or practice of the jurisdiction in which the contract was issued; and (b) under which the issuer agrees to make payments for a term of years. ( contrat de rente )
Income Tax Act — I-3.3
anti-money laundering and know your customer procedures or AML/KYC procedures means the record keeping, verification of identity, reporting of suspicious transactions and registration requirements required of a reporting financial institution under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act . ( procédures de connaissance de la clientèle et de lutte contre le blanchiment d’argent ou procédures AML/KYC )
Income Tax Act — I-3.3 (a)
broad participation retirement fund means a fund that is established to provide retirement, disability or death benefits to beneficiaries that are current or former employees (or persons designated by those employees) of one or more employers in consideration for services rendered, if the fund (a) does not have a single beneficiary with a right to more than 5% of the fund’s assets; (b) is subject to government regulation and provides information reporting to the Minister; and (c) satisfies at least one of the following requirements: (i) the fund is generally exempt from tax on investment income, or taxation of investment income is deferred or taxed at a reduced rate, due to its status as a retirement or pension plan, (ii) the fund receives at least 50% of its total contributions (other than transfers of assets from broad participation retirement funds, narrow participation retirement funds or from retirement and pension accounts described in paragraph (a) of the definition excluded account ) from the sponsoring employers, (iii) distributions or withdrawals from the fund are (A) allowed only upon the occurrence of specified events related to retirement, disability or death (except rollover distributions to broad participation retirement funds, narrow participation retirement funds and pension funds of a governmental entity, international organization or central bank or retirement and pension accounts described in paragraph (a) of the definition excluded account ), or (B) subject to penalties if they are made before such specified events, and (iv) contributions (other than permitted make-up contributions) by an employee to the fund (A) are limited by reference to the employee’s remuneration, or (B) must not exceed 50,000 USD annually, applying the rules set forth in subsection 277(3). ( fonds de retraite à large participation )
Income Tax Act — I-3.3 (a)
Canadian financial institution means a financial institution that is (a) either (i) resident in Canada, but excluding any branch of the financial institution that is located outside Canada, or (ii) a branch of a financial institution that is not resident in Canada, if the branch is located in Canada; and (b) a listed financial institution as defined in subsection 263(1). ( institution financière canadienne )