GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
mark-to-market property of a taxpayer for a taxation year means property (other than an excluded property) held at any time in the taxation year by the taxpayer that is (a) a share, (b) if the taxpayer is not an investment dealer, a specified debt obligation that is a fair value property of the taxpayer for the taxation year, (c) if the taxpayer is an investment dealer, a specified debt obligation, or (d) a tracking property of the taxpayer that is a fair value property of the taxpayer for the taxation year; ( bien évalué à la valeur du marché )
Income Tax Act — I-3.3 (a)
specified debt obligation of a taxpayer means the interest held by the taxpayer in (a) a loan, bond, debenture, mortgage, hypothecary claim, note, agreement of sale or any other similar indebtedness, or (b) a debt obligation, where the taxpayer purchased the interest, other than an interest in (c) an income bond, an income debenture or a prescribed property, or (d) an instrument issued by or made with a person to whom the taxpayer is related or with whom the taxpayer does not otherwise deal at arm’s length, or in which the taxpayer has a significant interest. ( titre de créance déterminé )
Income Tax Act — I-3.3 (a)
tracking property of a taxpayer means property of the taxpayer the fair market value of which is determined primarily by reference to one or more criteria in respect of property (referred to in this definition as “tracked property”) that, if owned by the taxpayer, would be mark-to-market property of the taxpayer, which criteria are (a) the fair market value of the tracked property, (b) the profits or gains from the disposition of the tracked property, (c) the revenue, income or cash flow from the tracked property, or (d) any other similar criteria in respect of the tracked property; ( bien à évaluer )
Income Tax Act — I-3.3 142.3
Amounts to be included and deducted 142.3 (1) Subject to subsections 142.3(3) and (4), where a taxpayer that is, in a taxation year, a financial institution holds a specified debt obligation at any time in the year, (a) there shall be included in computing the income of the taxpayer for the year the amount, if any, prescribed in respect of the obligation; (b) there shall be deducted in computing the income of the taxpayer for the year the amount, if any, prescribed in respect of the obligation; and (c) except as provided by this section, paragraphs 12(1)(d) and (i) and 20(1)(l) and (p) and section 142.4, no amount shall be included or deducted in respect of payments under the obligation (other than fees and similar amounts) in computing the income of the taxpayer for the year. Failure to report accrued amounts (2) Subject to subsection 142.3(3), where (a) a taxpayer holds a specified debt obligation at any time in a particular taxation year in which the taxpayer is a financial institution, and (b) all or part of an amount required by paragraph 142.3(1)(a) or subsection 12(3) to be included in respect of the obligation in computing the taxpayer’s income for a preceding taxation year was not so included, that part of the amount shall be included in computing the taxpayer’s income for the particular year, to the extent that it was not included in computing the taxpayer’s income for a preceding taxation year. Exception for certain obligations (3) Subsections 142.3(1) and (2) do not apply for a taxation year in respect of a taxpayer’s specified debt obligation that is (a) a mark-to-market property for the year; or (b) an indexed debt obligation, other than a prescribed obligation. Impaired specified debt obligations (4) Subsection 142.3(1) does not apply to a taxpayer in respect of a specified debt obligation for the part of a taxation year throughout which the obligation is impaired where an amount in respect of the obligation is deductible because of subparagraph 20(1)(l)(ii) in computing the taxpayer’s income for the year. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 58; 1998, c. 19, s. 164
Income Tax Act — I-3.3 (a)
mputing the taxpayer’s income for a taxation year ending at or before that time in respect of changes in the value of the obligation attributable to the fluctuation in the value of a currency of a country other than Canada relative to Canadian currency, other than an amount deducted under paragraph 142.3(1)(b), (p) an amount in respect of the obligation that was deducted under paragraph 20(1)(p) in computing the taxpayer’s income for a taxation year ending at or before that time, or (q) where the obligation was a capital property of the taxpayer on February 22, 1994, an amount required by paragraph 53(2)(b.2) or 53(2)(g) to be deducted in computing the adjusted cost base of the obligation to the taxpayer on that day; ( montant de base )
Income Tax Act — I-3.3
transition amount of a taxpayer in respect of the disposition of a specified debt obligation has the meaning assigned by regulation. ( montant de transition )
Income Tax Act — I-3.3
base year of a taxpayer means the taxpayer’s taxation year that immediately precedes its transition year. ( année de base )
Income Tax Act — I-3.3
transition amount of a taxpayer for the taxpayer’s transition year is the positive or negative amount determined by the formula A – B where A is the total of all amounts each of which is the fair market value, at the end of the taxpayer’s base year, of a transition property of the taxpayer; and B is the total of all amounts each of which is the cost amount to the taxpayer, at the end of the taxpayer’s base year, of a transition property of the taxpayer. ( montant transitoire )
Income Tax Act — I-3.3 (a)
transition property of a taxpayer means a property that (a) was a specified debt obligation held by the taxpayer at the end of the taxpayer’s base year; (b) was not a mark-to-market property of the taxpayer for the taxpayer’s base year, but would have been a mark-to-market property of the taxpayer for the taxpayer’s base year if the property had been carried at the property’s fair market value in the taxpayer’s balance sheet as at the end of each taxation year of the taxpayer that ends after the taxpayer last acquired the property (otherwise than by reason of a reacquisition under subsection 142.5(2)) and before the commencement of the taxpayer’s transition year; and (c) was a mark-to-market property of the taxpayer for the transition year of the taxpayer. ( bien transitoire )
Income Tax Act — I-3.3
transition year of a taxpayer means the taxpayer’s first taxation year that begins after 2022. ( année transitoire )
Income Tax Act — I-3.3 142.6
bruary 23, 1994 from the disposition of a property deemed to have been disposed of under paragraph 142.6(8)(b) exceeds the total of all amounts each of which is the taxpayer’s taxable capital gain for the year from the disposition of a property deemed to have been disposed of under paragraph 142.6(8)(a). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1995, c. 21, s. 58; 1998, c. 19, s. 167; 1999, c. 22, s. 58; 2001, c. 17, s. 137; 2009, c. 2, s. 49; 2013, c. 34, s. 289
Income Tax Act — I-3.3 142.7
icular year. Winding-up of Canadian affiliate: stop loss (13) If a Canadian affiliate and its entrant bank have at any time made a joint election under either of subsection (3) or (12), (a) in respect of any transfer of property, directly or indirectly, by the Canadian affiliate to the entrant bank or a person with whom the entrant bank does not deal at arm’s length, (i) subparagraph 13(21.2)(e)(iii) shall be read without reference to clause (E) of that subparagraph, (ii) [Repealed, 2016, c. 12, s. 51] (iii) paragraph 18(15)(b) shall be read without reference to subparagraph (iv) of that paragraph, and (iv) paragraph 40(3.4)(b) shall be read without reference to subparagraph (v) of that paragraph; (b) in respect of any property of the Canadian affiliate appropriated to or for the benefit of the entrant bank or any person with whom the entrant bank does not deal at arm’s length, section 69(5) shall be read without reference to paragraph (d); and (c) for the purposes of applying subsection 13(21.2), 18(15) and 40(3.4) to any property that was disposed of by the affiliate, after the dissolution or winding-up of the affiliate, the entrant bank is deemed to be the same corporation as, and a continuation of, the affiliate. Winding-up of Canadian affiliate: SDOs (14) If a Canadian affiliate of an entrant bank and the entrant bank meet the conditions set out in paragraphs (12)(a) and (b) and jointly elect in accordance with subsection (11) to have this subsection apply, and the Canadian affiliate has not made an election under this subsection with any other entrant bank, the entrant bank is deemed to be the same corporation as, and a continuation of, the Canadian affiliate for the purposes of paragraphs 142.4(4)(c) and (d) in respect of any specified debt obligation disposed of by the Canadian affiliate. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2001, c. 17, s. 138; 2013, c. 34, ss. 136, 290; 2016, c. 12, s. 51 2026, c. 3, s. 65
Income Tax Act — I-3.3 (a)
Canadian affiliate of an entrant bank at any particular time means a Canadian corporation that was, immediately before the particular time, affiliated with the entrant bank and that was, at all times during the period that began on February 11, 1999 and ended immediately before the particular time, (a) affiliated with either (i) the entrant bank, or (ii) a foreign bank (within the meaning assigned by section 2 of the Bank Act ) that is affiliated with the entrant bank at the particular time; and (b) either (i) a bank, (ii) a corporation authorized under the Trust and Loan Companies Act to carry on the business of offering to the public its services as trustee, or (iii) a corporation of which the principal activity in Canada consists of any of the activities referred to in subparagraphs 518(3)(a)(i) to (v) of the Bank Act and in which the entrant bank or a non-resident person affiliated with the entrant bank holds shares under the authority, directly or indirectly, of an order issued by the Minister of Finance or the Governor in Council under subsection 521(1) of that Act. ( filiale canadienne )
Income Tax Act — I-3.3
eligible property of a Canadian affiliate at any time means a property described in any of paragraphs 85(1.1)(a) to (g.1) that is, immediately before that time, used or held by it in carrying on its business in Canada. ( bien admissible )
Income Tax Act — I-3.3
entrant bank means a non-resident corporation that is, or has applied to the Superintendent of Financial Institutions to become, an authorized foreign bank. ( banque entrante )
Income Tax Act — I-3.3
qualifying foreign merger means a merger or combination of two or more corporations that would be a foreign merger within the meaning assigned by subsection 87(8.1) if that subsection were read without reference to the words “and otherwise than as a result of the distribution of property to one corporation on the winding-up of another corporation. ( fusion étrangère déterminée )
Income Tax Act — I-3.3 “85
“85 (1) Where a taxpayer that is a Canadian affiliate of an entrant bank (within the meanings assigned by subsection 142.7(1)) has, in a taxation year, disposed of any of the taxpayer’s property to the entrant bank (referred to in this subsection as the “corporation”), if the taxpayer and the corporation have jointly elected under subsection 142.7(3), the following rules apply:”.
Income Tax Act — I-3.3
adult means an individual who, before the time at which the term is applied, has attained the age of eighteen years or is married or in a common-law partnership; ( adulte )
Income Tax Act — I-3.3
business agency , of a congregation at any time in a particular calendar year, means a corporation, trust or other person, where the congregation owned all the shares of the capital stock of the corporation (except directors’ qualifying shares) or every interest in the trust or other person, as the case may be, throughout the portion of the particular calendar year throughout which both the congregation and the corporation, trust or other person, as the case may be, were in existence; ( agence commerciale )
Income Tax Act — I-3.3 (a)
congregation means a community, society or body of individuals, whether or not incorporated, (a) the members of which live and work together, (b) that adheres to the practices and beliefs of, and operates according to the principles of, the religious organization of which it is a constituent part, (c) that does not permit any of its members to own any property in their own right, and (d) that requires its members to devote their working lives to the activities of the congregation; ( congrégation )
Income Tax Act — I-3.3 (a)
family means, (a) in the case of an adult who is unmarried and who is not in a common-law partnership, that person and the person’s children who are not adults, not married and not in a common-law partnership, and (b) in the case of an adult who is married or in a common-law partnership, that person and the person’s spouse or common-law partner and the children of either or both of them who are not adults, not married and not in a common-law partnership but does not include an individual who is included in any other family or who is not a member of the congregation in which the family is included; ( famille )
Income Tax Act — I-3.3 (a)
member of a congregation means (a) an adult, living with the members of the congregation, who conforms to the practices of the religious organization of which the congregation is a constituent part whether or not that person has been formally accepted into the organization, and (b) a child who is unmarried and not in a common-law partnership, other than an adult, of an adult referred to in paragraph (a), if the child lives with the members of the congregation; ( membre d’une congrégation )
Income Tax Act — I-3.3
participating member , of a congregation in respect of a taxation year, means an individual who, at the end of the year, is an adult who is a member of the congregation; ( membre participant )
Income Tax Act — I-3.3
religious organization means an organization, other than a registered charity, of which a congregation is a constituent part, that adheres to beliefs, evidenced by the religious and philosophical tenets of the organization, that include a belief in the existence of a supreme being. ( organisme religieux )
Income Tax Act — I-3.3
total charitable gifts has the meaning assigned by subsection 118.1(1); ( total des dons de bienfaisance )
Income Tax Act — I-3.3
total Crown gifts [Repealed, 2014, c. 39, s. 48]
Income Tax Act — I-3.3
total cultural gifts has the meaning assigned by subsection 118.1(1); ( total des dons de biens culturels )
Income Tax Act — I-3.3
total ecological gifts has the same meaning as in subsection 118.1(1). ( total des dons de biens écosensibles )
Income Tax Act — I-3.3 143.1
for the benefit of the individual, the amount is deemed to be an amount distributed at that time to the individual by the amateur athlete trust; (e) the individual is deemed to be the beneficiary under the amateur athlete trust; (f) the sport organization or the third party, as the case may be, in respect of the arrangement is deemed to be the trustee of the amateur athlete trust; and (g) no tax is payable under this Part by the amateur athlete trust on its taxable income for any taxation year. Amounts included in beneficiary’s income (2) In computing the income for a taxation year of the beneficiary under an amateur athlete trust, there shall be included the total of all amounts distributed in the year to the beneficiary by the trust. Termination of amateur athlete trust (3) Where an amateur athlete trust holds property on behalf of a beneficiary who has not competed in an international sporting event as a Canadian national team member for a period of 8 years that ends in a particular taxation year and that begins in the year that is the later of (a) where the beneficiary has competed in such an event, the year in which the beneficiary last so competed, and (b) the year in which the trust was created, the trust shall be deemed to have distributed, at the end of the particular taxation year to the beneficiary, an amount equal to (c) if the trust is liable to pay tax under Part XII.2 in respect of the particular year, 60% of the fair market value of all property held by it at that time, and (d) in any other case, the fair market value of all property held by it at that time. Death of beneficiary (4) Where an amateur athlete trust holds property on behalf of a beneficiary who dies in a year, the trust shall be deemed to have distributed, immediately before the death, to the beneficiary, an amount equal to (a) if the trust is liable to pay tax under Part XII.2 in respect of the year, 60% of the fair market value of all property held by it at that time; and (b) in any other case, the fair market value of all property held by it at that time. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1994, c. 7, Sch. VIII, s. 81; 2009, c. 2, s. 50; 2014, c. 39, s. 49; 2016, c. 7, s. 62
Income Tax Act — I-3.3 (a)
amateur athlete at any time means an individual (other than a trust) who is, at that time, (a) a member of a registered Canadian amateur athletic association; (b) eligible to compete, in an international sporting event sanctioned by an international sports federation, as a Canadian national team member; and (c) not a professional athlete. ( athlète amateur )
Income Tax Act — I-3.3
professional athlete means an individual who receives income that is compensation for, or is otherwise attributable to, the individual’s activities as a player or athlete in a professional sport. ( athlète professionnel )
Income Tax Act — I-3.3 (a)
qualifying performance income of an individual means income that (a) is received by the individual in a taxation year in which (i) the individual was, at any time, an amateur athlete, and (ii) the individual was not, at any time, a professional athlete; (b) may reasonably be considered to be in connection with the individual’s participation as an amateur athlete in one or more international sporting events referred to in the definition amateur athlete ; and (c) is endorsement income, prize money, or income from public appearances or speeches. ( revenu de performance admissible )
Income Tax Act — I-3.3
third party in respect of an arrangement described in paragraph (1.1)(b) means a person who deals at arm’s length with the amateur athlete in respect of the arrangement. ( tiers )
Income Tax Act — I-3.3 143.2
ilable outside Canada and the Minister is not satisfied that the unpaid principal of the indebtedness is not a limited-recourse amount, the unpaid principal of the indebtedness relating to the taxpayer’s expenditure, gift or monetary contribution is deemed to be a limited-recourse amount relating to the expenditure, gift or monetary contribution unless (a) the information is provided to the Minister; or (b) the information is located in a country with which the Government of Canada has entered into a tax convention or agreement that has the force of law in Canada and includes a provision under which the Minister can obtain the information. Information located outside Canada (14) For the purpose of this section, where it can reasonably be considered that information relating to whether a taxpayer is not dealing at arm’s length with another taxpayer is available outside Canada and the Minister is not satisfied that the taxpayer is dealing at arm’s length with the other taxpayer, the taxpayer and the other taxpayer are deemed not to be dealing with each other at arm’s length unless (a) the information is provided to the Minister; or (b) the information is located in a country with which the Government of Canada has entered into a tax convention or agreement that has the force of law in Canada and includes a provision under which the Minister can obtain the information. Assessments (15) Notwithstanding subsections 152(4) to (5), such assessments, determinations and redeterminations may be made as are necessary to give effect to this section. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 1998, c. 19, s. 168; 2013, c. 34, s. 293
Income Tax Act — I-3.3
expenditure means an outlay or expense or the cost or capital cost of a property. ( dépense )
Income Tax Act — I-3.3
limited partner has the meaning that would be assigned by subsection 96(2.4) if that subsection were read without reference to “if the member’s partnership interest is not an exempt interest (within the meaning assigned by subsection 96(2.5)) at that time and”. ( commanditaire )
Income Tax Act — I-3.3
limited-recourse amount means the unpaid principal amount of any indebtedness for which recourse is limited, either immediately or in the future and either absolutely or contingently. ( montant à recours limité )
Income Tax Act — I-3.3 (a)
tax shelter investment means (a) a property that is a tax shelter for the purpose of subsection 237.1(1); or (b) a taxpayer’s interest in a partnership where (i) an interest in the taxpayer (A) is a tax shelter investment, and (B) the taxpayer’s partnership interest would be a tax shelter investment if (I) this Act were read without reference to this paragraph and to the words “having regard to statements or representations made or proposed to be made in connection with the property” in the definition tax shelter in subsection 237.1(1), (II) the references in that definition to represented were read as references to “that can reasonably be expected”, and (III) the reference in that definition to is represented were read as a reference to “can reasonably be expected”, (ii) another interest in the partnership is a tax shelter investment, or (iii) the taxpayer’s interest in the partnership entitles the taxpayer, directly or indirectly, to a share of the income or loss of a particular partnership where (A) another taxpayer holding a partnership interest is entitled, directly or indirectly, to a share of the income or loss of the particular partnership, and (B) that other taxpayer’s partnership interest is a tax shelter investment. ( abri fiscal déterminé )
Income Tax Act — I-3.3 143.3
f the interest is a consequence of the exercise of an option, the amount, if any, by which the fair market value of the interest at the particular time exceeds the amount paid, pursuant to the terms of the option, by the holder to the taxpayer for the interest. Clarification (5) For greater certainty, (a) subsection (2) does not apply to reduce an expenditure that is a commission, fee or other amount for services rendered by a person as a salesperson, agent or dealer in securities in the course of the issuance of an option; (b) subsections (3) and (4) do not apply to reduce an expenditure of a taxpayer to the extent that the expenditure does not include an amount determined to be an excess under those subsections; (c) this section does not apply to determine the cost or capital cost of property determined under subsection 70(6), section 73, 85 or 85.1, subsection 97(2) or section 107.4, 132.2 or 138; (d) this section does not apply to determine the amount of a taxpayer’s expenditure if the amount of the expenditure as determined under section 69 is less than the amount that would, if this subsection were read without reference to this paragraph, be the amount of the expenditure as determined under this section; and (e) this section does not apply to prohibit the deduction of an amount under paragraph 110(1)(e). [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2013, c. 34, s. 294 2021, c. 23, s. 29
Income Tax Act — I-3.3
expenditure of a taxpayer means an expense, expenditure or outlay made or incurred by the taxpayer, or a cost or capital cost of property acquired by the taxpayer. ( dépense )