GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 12.5
transferred business; and (b) in determining, in respect of the day that includes that time or any subsequent day, any amount that is required under subsection (3) or 20.4(3) to be included or deducted in computing the transferor’s income for each particular taxation year from the transferred business, the description of A in the formulas in those subsections is deemed to be nil. Ceasing to carry on business (8) If at any time an insurer ceases to carry on all or substantially all of an insurance business (referred to in this subsection as the “discontinued business”), and none of subsections (4) to (6) apply, there shall be included in computing the insurer’s income from the discontinued business for the insurer’s taxation year that includes the time that is immediately before that time, the amount determined by the formula A – B where A is the amount deducted under subsection 20.4(2) in computing the insurer’s income from the discontinued business for its transition year; and B is the total of all amounts each of which is an amount included under subsection (3) in computing the insurer’s income from the discontinued business for a taxation year that began before that time. Ceasing to exist (9) If at any time an insurer that carried on an insurance business ceases to exist (otherwise than as a result of a winding-up or amalgamation described in subsection (4) or (5)), for the purposes of subsections (8) and 20.4(4), the insurer is deemed to have ceased to carry on the insurance business at the earlier of (a) the time (determined without reference to this subsection) at which the insurer ceased to carry on the insurance business, and (b) the time that is immediately before the end of the last taxation year of the insurer that ended at or before the time at which the insurer ceased to exist. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2009, c. 2, s. 5
Income Tax Act — I-3.3
base year of an insurer means the insurer’s taxation year that immediately precedes its transition year. ( année de base )
Income Tax Act — I-3.3
insurance business of an insurer, is an insurance business carried on by the insurer, other than a life insurance business. ( entreprise d’assurance )
Income Tax Act — I-3.3 (a)
reserve transition amount of an insurer, in respect of an insurance business carried on by it in Canada in its transition year, is the positive or negative amount determined by the formula A – B where A is the maximum amount that the insurer would be permitted to claim under paragraph 20(7)(c) (and that would be prescribed by section 1400 of the Regulations for the purpose of paragraph 20(7)(c)) as a policy reserve for its base year in respect of its insurance policies if (a) the generally accepted accounting principles that applied to the insurer in valuing its assets and liabilities for its transition year had applied to it for its base year, and (b) section 1400 of the Regulations were read in respect of the insurer’s base year as it reads in respect of its transition year; and B is the maximum amount that the insurer is permitted to claim under paragraph 20(7)(c) as a policy reserve for its base year. ( montant transitoire )
Income Tax Act — I-3.3
transition year of an insurer means the insurer’s first taxation year that begins after September 2006. ( année transitoire )
Income Tax Act — I-3.3 12.6
Definitions 12.6 (1) The definitions in section 18.3 apply in this section. Where subsection (3) applies (2) Subsection (3) applies for a taxation year of an entity in respect of a security of the entity if (a) the security becomes, at a particular time in the year, a stapled security of the entity and, as a consequence, amounts described in paragraphs 18.3(3)(a) and (b) are not deductible because of subsection 18.3(3); (b) the security (or any security for which the security was substituted) ceased, at an earlier time, to be a stapled security of any entity and, as a consequence, subsection 18.3(3) ceased to apply to deny the deductibility of amounts that would be described in paragraphs 18.3(3)(a) and (b) if the security were a stapled security; and (c) throughout the period that began immediately after the most recent time referred to in paragraph (b) and that ends at the particular time, the security (or any security for which the security was substituted) was not a stapled security of any entity. Income inclusion (3) If this subsection applies for a taxation year of an entity in respect of a security of the entity, the entity shall include in computing its income for the year each amount that (a) was deducted by the entity (or by another entity that issued a security for which the security was substituted) in computing its income for a taxation year that includes any part of the period described in paragraph (2)(c); and (b) would not have been deductible if subsection 18.3(3) had applied in respect of the amount. Deemed excess (4) For the purposes of subsection 161(1), if an amount described in paragraph (3)(a) is included in the income of an entity for a taxation year under subsection (3), the entity is deemed to have an excess immediately after the entity’s balance-due day for the year computed as if (a) the entity were resident in Canada throughout the year; (b) the entity’s tax payable for the year were equal to the tax payable by the entity on its taxable income for the year; (c) the amount were the entity’s only taxable income for the year; (d) the entity claimed no deductions under Division E for the year; (e) the entity had not paid any amounts on account of its tax payable for the year; and (f) the tax payable determined under paragraph (b) had been outstanding throughout the period that begins immediately after the end of the taxation year for which the amount was deducted and that ends on the entity’s balance-due day for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2013, c. 40, s. 5
Income Tax Act — I-3.3 12.7
Hybrid mismatch arrangements — definitions 12.7 (1) The definitions in subsection 18.4(1) apply in this section. Secondary rule — conditions for application (2) Subsection (3) applies in respect of a payment of which a taxpayer is a recipient if (a) the payment arises under a hybrid mismatch arrangement; and (b) there is a foreign deduction component of the hybrid mismatch arrangement. Secondary rule — consequences (3) Subject to subsection 18.4(5), if this subsection applies in respect of a payment of which a taxpayer is a recipient, an amount equal to the hybrid mismatch amount in respect of the payment shall be (a) included in computing the taxpayer’s income from the same source as the payment; and (b) included in computing the taxpayer’s income for the last taxation year of the taxpayer that begins at or before the end of the first foreign taxation year of any entity in which an amount in respect of the payment, in the absence of any foreign expense restriction rule, would be — or would reasonably be expected to be — deductible in computing relevant foreign income or profits of the entity. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2024, c. 15, s. 3
Income Tax Act — I-3.3 13
arry on the business until the time that is immediately before the first time one of the events that would be described in any of paragraphs 14(12)(c) to (g) (as they read immediately before 2017, if the reference to “eligible capital property” in paragraph 14(12)(d) were read as “eligible capital property or capital property”) occurs; (c) for the purposes of the descriptions of D.1 and K in the definition undepreciated capital cost in subsection (21), the taxpayer is deemed not to have paid or received any amounts before 2017 as or on account of an existing or proposed countervailing or anti-dumping duty in respect of depreciable property of the class; and (d) subsection (7.1) does not apply to assistance that a taxpayer received or is entitled to receive before 2017 in respect of a property that was an eligible capital property immediately before 2017. Transitional rule (43) An amount is to be included in computing a taxpayer’s income from a business for a taxation year, and is deemed not to be a taxable capital gain (other than for the purposes of the definition capital dividend account in subsection 89(1)), to the extent (a) the amount is part of the proceeds of disposition of eligible capital property (as defined in section 54, as it read on December 31, 2016) that is in respect of the business; (b) the disposition is under an agreement between the taxpayer and a purchaser that deals at arm’s length with the taxpayer; (c) the disposition occurred before March 22, 2016; (d) the amount becomes receivable under the agreement after 2016 and before 2024 because of a condition of the agreement, if (i) at the end of 2016, it was uncertain whether the condition would be met, and (ii) the condition is met after 2016; (e) the amount would, in the absence of this subsection, be a taxable capital gain; (f) the amount would have been included in computing the taxpayer’s income from the business if the amount had become receivable on December 31, 2016; and (g) the taxpayer files an election with the Minister, no later than the filing-due date for the taxpayer’s first taxation year that ends after August 9, 2022 to have this subsection apply in respect of the amount. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 13; 1994, c. 7, Sch. II, s. 9, Sch. VIII, s. 4, c. 21, s. 7; 1995, c. 1, s. 44, c. 3, s. 4, c. 21, s. 2; 1997, c. 25, s. 3; 1998, c. 19, s. 73; 1999, c. 22, s. 6; 2001, c. 17, ss. 6, 196; 2007, c. 35, s. 68; 2013, c. 34, ss. 54, 92, 175, c. 40, s. 6; 2016, c. 12, s. 3 2019, c. 29, s. 2 2021, c. 23, s. 4 2022, c. 10, s. 3 2023, c. 26, s. 5 2024, c. 15, s. 4 2024, c. 17, s. 6 2024, c. 17, s. 80 2026, c. 3, s. 3
Income Tax Act — I-3.3
appropriate minister means the Canadian Maritime Commission, the Minister of Industry, Trade and Commerce, the Minister of Regional Industrial Expansion, the Minister of Industry, Science and Technology or the Minister of Industry or any other minister or body that was or is legally authorized to perform the act referred to in the provision in which this expression occurs at the time the act was or is performed; ( ministre compétent )
Income Tax Act — I-3.3
conversion , in respect of a vessel, means a conversion or major alteration in Canada by a taxpayer; ( conversion )
Income Tax Act — I-3.3
conversion cost , in respect of a vessel, means the cost of a conversion; ( frais de conversion )
Income Tax Act — I-3.3
depreciable property of a taxpayer as of any time in a taxation year means property acquired by the taxpayer in respect of which the taxpayer has been allowed, or would, if the taxpayer owned the property at the end of the year and this Act were read without reference to subsection 13(26), be entitled to, a deduction under paragraph 20(1)(a) in computing income for that year or a preceding taxation year; ( bien amortissable )
Income Tax Act — I-3.3
disposition of property [Repealed, 2001, c. 17, s. 6]
Income Tax Act — I-3.3 (a)
proceeds of disposition of property includes (a) the sale price of property that has been sold, (b) compensation for property unlawfully taken, (c) compensation for property destroyed and any amount payable under a policy of insurance in respect of loss or destruction of property, (d) compensation for property taken under statutory authority or the sale price of property sold to a person by whom notice of an intention to take it under statutory authority was given, (e) compensation for property injuriously affected, whether lawfully or unlawfully or under statutory authority or otherwise, (f) compensation for property damaged and any amount payable under a policy of insurance in respect of damage to property, except to the extent that the compensation or amount, as the case may be, has within a reasonable time after the damage been expended on repairing the damage, (g) an amount by which the liability of a taxpayer to a mortgagee or hypothecary creditor is reduced as a result of the sale of mortgaged or hypothecated property under a provision of the mortgage or hypothec, plus any amount received by the taxpayer out of the proceeds of the sale, and (h) any amount included because of section 79 in computing a taxpayer’s proceeds of disposition of the property; ( produit de disposition )
Income Tax Act — I-3.3 (a)
timber resource property of a taxpayer means (a) a right or licence to cut or remove timber from a limit or area in Canada (in this definition referred to as an “original right”) if (i) that original right was acquired by the taxpayer (other than in the manner referred to in paragraph 13(21) timber resource property (b)) after May 6, 1974, and (ii) at the time of the acquisition of the original right (A) the taxpayer may reasonably be regarded as having acquired, directly or indirectly, the right to extend or renew that original right or to acquire another such right or licence in substitution therefor, or (B) in the ordinary course of events, the taxpayer may reasonably expect to be able to extend or renew that original right or to acquire another such right or licence in substitution therefor, or (b) any right or licence owned by the taxpayer to cut or remove timber from a limit or area in Canada if that right or licence may reasonably be regarded (i) as an extension or renewal of or as one of a series of extensions or renewals of an original right of the taxpayer, or (ii) as having been acquired in substitution for or as one of a series of substitutions for an original right of the taxpayer or any renewal or extension thereof; ( avoir forestier )
Income Tax Act — I-3.3
total depreciation allowed to a taxpayer before any time for property of a prescribed class means the total of all amounts each of which is an amount deducted by the taxpayer under paragraph 20(1)(a) in respect of property of that class or an amount deducted under subsection 20(16), or that would have been so deducted but for subsection 20(16.1), in computing the taxpayer’s income for taxation years ending before that time; ( amortissement total )
Income Tax Act — I-3.3 (a)
ss of the taxpayer, in computing the taxpayer’s tax payable for a taxation year ending before that time and subsequent to the disposition of that property by the taxpayer, J is the total of all amounts of assistance that the taxpayer received or was entitled to receive before that time, in respect of or for the acquisition of a depreciable property of the class of the taxpayer subsequent to the disposition of that property by the taxpayer, that would have been included in an amount determined under paragraph 13(7.1)(f) had the assistance been received before the disposition, and K is the total of all amounts each of which is an amount received by the taxpayer before that time in respect of a refund of an amount added to the undepreciated capital cost of depreciable property of the class because of the description of D.1; ( fraction non amortie du coût en capital )
Income Tax Act — I-3.3
vessel means a vessel as defined in the Canada Shipping Act . ( navire )
Income Tax Act — I-3.3 14
14 [Repealed, 2016, c. 12, s. 4] [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 14; 1994, c. 7, Sch. II, s. 10, c. 21, s. 8; 1995, c. 3, s. 5, c. 21, s. 3; 1998, c. 19, s. 74; 2001, c. 17, ss. 7, 197; 2007, c. 2, s. 3; 2013, c. 34, ss. 55, 93, 176, c. 40, s. 7; 2014, c. 39, s. 3; 2016, c. 12, s. 4
Income Tax Act — I-3.3 15
k of the corporation, unless the corporation is entitled to deduct the amount so paid in computing its income. Idem, where corporation not resident (4) An amount paid as interest or a dividend by a corporation not resident in Canada to a taxpayer in respect of an income bond or income debenture shall be deemed to have been received by the taxpayer as a dividend on a share of the capital stock of the corporation unless the amount so paid was, under the laws of the country in which the corporation was resident, deductible in computing the amount for the year on which the corporation was liable to pay income or profits tax imposed by the government of that country. Automobile benefit (5) For the purposes of subsection (1), the value of the benefit to be included in computing a shareholder’s income for a taxation year with respect to an automobile made available to the shareholder, or a person related to the shareholder, by a corporation shall (except where an amount is determined under subparagraph 6(1)(e)(i) in respect of the automobile in computing the shareholder’s income for the year) be computed on the assumption that subsections 6(1), (1.1), (2) and (7) apply, with such modifications as the circumstances require, and as though references therein to “the employer” were read as “the corporation”. Application of ss. (1), (2) and (5) (7) For greater certainty, subsections 15(1), (2) and (5) are applicable in computing, for the purposes of this Part, the income of a shareholder or of a person or partnership whether or not the corporation, or the lender or creditor, as the case may be, was resident or carried on business in Canada. (8) [Repealed, 1998, c. 19, s. 75(3)] Deemed benefit to shareholder by corporation (9) Where an amount in respect of a loan or debt is deemed by section 80.4 to be a benefit received by a person or partnership in a taxation year, the amount is deemed for the purpose of subsection 15(1) to be a benefit conferred in the year on a shareholder, unless subsection 6(9) or paragraph 12(1)(w) applies to the amount. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 15; 1994, c. 7, Sch. II, s. 11, Sch, VIII, s. 5, c. 21, s. 9; 1995, c. 21, s. 4; 1997, c. 10, s. 269; 1998, c. 19, s. 75; 2000, c. 12, s. 142; 2007, c. 2, s. 43; 2012, c. 31, s. 5; 2013, c. 34, s. 177; 2014, c. 39, s. 4; 2016, c. 12, s. 5; 2018, c. 27, s. 2 2023, c. 26, s. 6 2024, c. 15, s. 5
Income Tax Act — I-3.3 (a)
funder , in respect of a funding arrangement, means (a) if the funding arrangement is described in paragraph (a) of the definition funding arrangement , the immediate funder; (b) if the funding arrangement is described in paragraph (b) of the definition funding arrangement , the creditor in respect of the debt or other obligation or the grantor of the specified right, as the case may be; and (c) a person or partnership that does not deal at arm’s length with a person or partnership referred to in paragraph (a) or (b). ( bailleur de fonds )
Income Tax Act — I-3.3 (a)
funding arrangement means (a) the shareholder debt; and (b) each debt or other obligation or specified right, owing by or granted to a funder, in respect of a particular funding arrangement, if the debt or other obligation or specified right meets the conditions in subparagraph (2.16)(c)(i) or (ii) in respect of a funding arrangement. ( mécanisme de financement )
Income Tax Act — I-3.3
specified right has the same meaning as in subsection 18(5). ( droit déterminé )
Income Tax Act — I-3.3
ultimate funder means a funder, if subsection (2) would apply to the shareholder debt if the creditor under the shareholder debt were the funder instead of the immediate funder. ( bailleur de fonds ultime )
Income Tax Act — I-3.3 17
bsection 95(1) if the word “or” were added at the end of paragraph (a) of that definition and (a) subparagraph (b)(ii) of that definition were read as “all of the shares of the capital stock of the foreign affiliate that are owned at that time by persons resident in Canada who do not deal at arm’s length with the taxpayer,”; and (b) subparagraph (b)(iv) of that definition were read as “all of the shares of the capital stock of the foreign affiliate that are owned at that time by persons resident in Canada who do not deal at arm’s length with any relevant Canadian shareholder;”. ( société étrangère affiliée contrôlée ) exempt loan or transfer means (a) a loan made by a corporation resident in Canada where the interest rate charged on the loan is not less than the interest rate that a lender and a borrower would have been willing to agree to if they were dealing at arm’s length with each other at the time the loan was made; (b) a transfer of property (other than a transfer of property made for the purpose of acquiring shares of the capital stock of a foreign affiliate of a corporation or a foreign affiliate of a person resident in Canada with whom the corporation was not dealing at arm’s length) or payment of an amount owing by a corporation resident in Canada pursuant to an agreement made on terms and conditions that persons who were dealing at arm’s length at the time the agreement was entered into would have been willing to agree to; (c) a dividend paid by a corporation resident in Canada on shares of a class of its capital stock; and (d) a payment made by a corporation resident in Canada on a reduction of the paid-up capital in respect of shares of a class of its capital stock (not exceeding the total amount of the reduction). ( prêt ou transfert de biens exclu ) non-discretionary trust , at any time, means a trust in which all interests were vested indefeasibly at the beginning of the trust’s taxation year that includes that time. ( fiducie non discrétionnaire ) settlor in respect of a trust at any time means any person or partnership that has made a loan or transfer of property, either directly or indirectly, in any manner whatever, to or for the benefit of the trust at or before that time, other than, where the person or partnership deals at arm’s length with the trust at that time, (a) a loan made by the person or partnership to the trust at a reasonable rate of interest; or (b) a transfer made by the person or partnership to the trust for fair market value consideration. ( auteur ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 17; 1999, c. 22, s. 8; 2001, c. 17, s. 8; 2007, c. 35, s. 10; 2014, c. 39, s. 5
Income Tax Act — I-3.3 (a)
controlled foreign affiliate , at any time, of a taxpayer resident in Canada, means a corporation that would, at that time, be a controlled foreign affiliate of the taxpayer within the meaning assigned by the definition controlled foreign affiliate in subsection 95(1) if the word “or” were added at the end of paragraph (a) of that definition and (a) subparagraph (b)(ii) of that definition were read as “all of the shares of the capital stock of the foreign affiliate that are owned at that time by persons resident in Canada who do not deal at arm’s length with the taxpayer,”; and (b) subparagraph (b)(iv) of that definition were read as “all of the shares of the capital stock of the foreign affiliate that are owned at that time by persons resident in Canada who do not deal at arm’s length with any relevant Canadian shareholder;”. ( société étrangère affiliée contrôlée )