GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Income Tax Act — I-3.3 (a)
arm’s length capital , of a specified individual, means property of the individual if the property, or property for which it is a substitute, was not (a) acquired as income from, or a taxable capital gain or profit from the disposition of, another property that was derived directly or indirectly from a related business in respect of the specified individual; (b) borrowed by the specified individual under a loan or other indebtedness; or (c) transferred, directly or indirectly by any means whatever, to the specified individual from a person who was related to the specified individual (other than as a consequence of the death of a person). ( capital indépendant )
Income Tax Act — I-3.3 (a)
excluded amount , in respect of an individual for a taxation year, means an amount that is the individual’s income for the year from, or the individual’s taxable capital gain or profit for the year from the disposition of, a property to the extent that the amount (a) if the individual has not attained the age of 24 years before the year, is from a property that was acquired by, or for the benefit of, the individual as a consequence of the death of a person who is (i) a parent of the individual, or (ii) any person, if the individual is (A) enrolled as a full-time student during the year at a post-secondary educational institution (as defined in subsection 146.1(1)), or (B) an individual in respect of whom an amount may be deducted under section 118.3 in computing a taxpayer’s tax payable under this Part for the year; (b) is from a property acquired by the individual under a transfer described in subsection 160(4); (c) is a taxable capital gain that arises because of subsection 70(5); (d) is a taxable capital gain for the year from the disposition by the individual of property that is, at the time of the disposition, qualified farm or fishing property or qualified small business corporation shares (as those terms are defined in subsection 110.6(1)), unless the amount would be deemed to be a dividend under subsection 120.4(4) or (5) if this definition were read without reference to this paragraph; (e) if the individual has attained the age of 17 years before the year, is (i) not derived directly or indirectly from a related business in respect of the individual for the year, or (ii) derived directly or indirectly from an excluded business of the individual for the year; (f) if the individual has attained the age of 17 years but not the age of 24 years before the year, is (i) a safe harbour capital return of the individual, or (ii) a reasonable return in respect of the individual, having regard only to the contributions of arm’s length capital by the individual; or (g) if the individual has attained the age of 24 years before the year, is (i) income from, or a taxable capital gain from the disposition of, excluded shares of the individual, or (ii) a reasonable return in respect of the individual. ( montant exclu )
Income Tax Act — I-3.3 (a)
excluded business , of a specified individual for a taxation year, means a business if the specified individual is actively engaged on a regular, continuous and substantial basis in the activities of the business in either (a) the taxation year, except in respect of an amount described in paragraph (e) of the definition split income ; or (b) any five prior taxation years of the specified individual. ( entreprise exclue )
Income Tax Act — I-3.3 (a)
excluded shares , of a specified individual at any time, means shares of the capital stock of a corporation owned by the specified individual if (a) the following conditions are met: (i) less than 90% of the business income of the corporation for the last taxation year of the corporation that ends at or before that time (or, if no such taxation year exists, for the taxation year of the corporation that includes that time) was from the provision of services, and (ii) the corporation is not a professional corporation; (b) immediately before that time, the specified individual owns shares of the capital stock of the corporation that (i) give the holders thereof 10% or more of the votes that could be cast at an annual meeting of the shareholders of the corporation, and (ii) have a fair market value of 10% or more of the fair market value of all of the issued and outstanding shares of the capital stock of the corporation; and (c) all or substantially all of the income of the corporation for the relevant taxation year in subparagraph (a)(i) is income that is not derived, directly or indirectly, from one or more related businesses in respect of the specified individual other than a business of the corporation. ( actions exclues )
Income Tax Act — I-3.3 (a)
reasonable return , in respect of a specified individual for a taxation year, means a particular amount derived directly or indirectly from a related business in respect of the specified individual that (a) would, if this subsection were read without reference to subparagraph (f)(ii) or (g)(ii) of the definition excluded amount , be an amount described in the definition split income in respect of the specified individual for the year; and (b) is reasonable having regard to the following factors relating to the relative contributions of the specified individual, and each source individual in respect of the specified individual, in respect of the related business: (i) the work they performed in support of the related business, (ii) the property they contributed, directly or indirectly, in support of the related business, (iii) the risks they assumed in respect of the related business, (iv) the total of all amounts that were paid or that became payable, directly or indirectly, by any person or partnership to, or for the benefit of, them in respect of the related business, and (v) such other factors as may be relevant. ( rendement raisonnable )
Income Tax Act — I-3.3 (a)
related business , in respect of a specified individual for a taxation year, means (a) a business carried on by (i) a source individual in respect of the specified individual at any time in the year, or (ii) a partnership, corporation or trust if a source individual in respect of the specified individual at any time in the year is actively engaged on a regular basis in the activities of the partnership, corporation or trust related to earning income from the business; (b) a business of a particular partnership, if a source individual in respect of the specified individual at any time in the year has an interest — including directly or indirectly — in the particular partnership; and (c) a business of a corporation, if the following conditions are met at any time in the year: (i) a source individual in respect of the specified individual owns (A) shares of the capital stock of the corporation, or (B) property that derives, directly or indirectly, all or part of its fair market value from shares of the capital stock of the corporation, and (ii) it is the case that 0.1A ≤ B + C where A is the total fair market value of all of the issued and outstanding shares of the capital stock of the corporation, B is the total fair market value of property described in clause (i)(A), and C is the portion of the total fair market value of property described in clause (i)(B) that is derived from shares of the capital stock of the corporation. ( entreprise liée )
Income Tax Act — I-3.3
safe harbour capital return , of a specified individual for a taxation year, means an amount that does not exceed the amount determined by the formula A × B where A is the rate equal to the highest rate of interest prescribed under paragraph 4301(c) of the Income Tax Regulations in effect for a quarter in the year; and B is the total of all amounts each of which is determined by the formula C × D/E where C is the fair market value of property contributed by the specified individual in support of a related business at the time it was contributed, D is the number of days in the year that the property (or property substituted for it) is used in support of the related business and has not directly or indirectly, in any manner whatever, been returned to the specified individual, and E is the number of days in the year. ( rendement exonéré )
Income Tax Act — I-3.3 (a)
source individual , in respect of a specified individual for a taxation year, means an individual (other than a trust) who, at any time in the year, is (a) resident in Canada; and (b) related to the specified individual. ( particulier source )
Income Tax Act — I-3.3 (a)
specified individual , for a taxation year, means an individual (other than a trust) who (a) is resident in Canada (i) in the case where the individual dies in the year, immediately before the death, and (ii) in any other case, at the end of the year; and (b) if the individual has not attained the age of 17 years before the year, has a parent resident in Canada at any time in the year. ( particulier déterminé )
Income Tax Act — I-3.3 (a)
or the year and can reasonably be considered to be attributable to a taxable capital gain, or a profit, of any person or partnership for the year from the disposition after 2017 of the property, and (ii) the property is (A) a share of the capital stock of a corporation (other than a share of a class listed on a designated stock exchange or a share of the capital stock of a mutual fund corporation), or (B) a property in respect of which the following conditions are met: (I) the property is 1 an interest in a partnership, 2 an interest as a beneficiary under a trust (other than a mutual fund trust or a trust that is deemed to be in existence by subsection 143(1)), or 3 a debt obligation (other than a debt obligation described in any of clauses (d)(ii)(A) to (C)), and (II) either 1 in respect of the property an amount is included in the individual’s split income for the year or an earlier taxation year, or 2 all or any part of the fair market value of the property, immediately before the disposition referred to in clause (i)(A) or (B), as the case may be, is derived, directly or indirectly, from a share described in clause (A). ( revenu fractionné )
Income Tax Act — I-3.3 121
Deduction for taxable dividends 121 There may be deducted from the tax otherwise payable under this Part by an individual for a taxation year the total of (a) the product of the amount, if any, that is required by subparagraph 82(1)(b)(i) to be included in computing the individual’s income for the year multiplied by (i) for the 2018 taxation year, 8/11, and (ii) for taxation years after 2018, 9/13, and (b) the product of the amount, if any, that is required by subparagraph 82(1)(b)(ii) to be included in computing the individual’s income for the year multiplied by (i) for the 2009 taxation year, 11/18, (ii) for the 2010 taxation year, 10/17, (iii) for the 2011 taxation year, 13/23, and (iv) for taxation years after 2011, 6/11. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 121; 2007, c. 2, s. 48; 2008, c. 28, s. 17; 2013, c. 33, s. 11; 2015, c. 36, s. 10; 2016, c. 7, s. 26; 2018, c. 12, s. 14
Income Tax Act — I-3.3 122
mount is deducted under paragraph 104(6)(b) in computing the trust’s income for the particular year, or (iii) the amount is paid or distributed in satisfaction of a right to enforce payment of an amount that was deducted under paragraph 104(6)(b) in computing the trust’s income for a preceding year. Definitions (3) The following definitions apply in this section. beneficiary , under a trust, includes a person beneficially interested in the trust. ( bénéficiaire ) electing beneficiary , for a taxation year of a qualified disability trust, means a beneficiary under the trust that for the year (a) makes an election described in clause (a)(iii)(A) of the definition qualified disability trust in this subsection; and (b) is described in paragraph (b) of that definition. ( bénéficiaire optant ) non-deductible distributions amount for a taxation year has the meaning assigned by subsection 104(16). ( montant de distribution non déductible ) qualified disability trust , for a taxation year (in this definition referred to as the “trust year”), means a trust, if (a) the trust (i) is, at the end of the trust year, a testamentary trust that arose on and as a consequence of a particular individual’s death, (ii) is resident in Canada for the trust year, and (iii) includes in its return of income under this Part for the trust year (A) an election, made jointly with one or more beneficiaries under the trust in prescribed form, to be a qualified disability trust for the trust year, and (B) the Social Insurance Number of each of those beneficiaries; (b) each of those beneficiaries is an individual, named as a beneficiary by the particular individual in the instrument under which the trust was created, (i) in respect of whom paragraphs 118.3(1)(a) to (b) apply for the individual’s taxation year (in this definition referred to as the “beneficiary year”) in which the trust year ends, and (ii) who does not jointly elect with any other trust, for a taxation year of the other trust that ends in the beneficiary year, to be a qualified disability trust; and (c) subsection (2) does not apply to the trust for the trust year. ( fiducie admissible pour personne handicapée ) taxable SIFT trust distributions , of a SIFT trust for a taxation year, means the lesser of (a) its amount taxable for the taxation year, and (b) the amount determined by the formula A/(1 - (B + C)) where A is its non-deductible distributions amount for the taxation year, B is the net corporate income tax rate in respect of the SIFT trust for the taxation year, and C is the provincial SIFT tax rate of the SIFT trust for the taxation year. ( montant de distribution imposable ) [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] R.S., 1985, c. 1 (5th Supp.), s. 122; 2001, c. 17, s. 105; 2007, c. 29, s. 12; 2008, c. 28, s. 18; 2013, c. 34, ss. 13, 257; 2014, c. 39, s. 38; 2016, c. 7, s. 62, c. 11, s. 5; 2017, c. 33, s. 46
Income Tax Act — I-3.3
beneficiary , under a trust, includes a person beneficially interested in the trust. ( bénéficiaire )
Income Tax Act — I-3.3 (a)
electing beneficiary , for a taxation year of a qualified disability trust, means a beneficiary under the trust that for the year (a) makes an election described in clause (a)(iii)(A) of the definition qualified disability trust in this subsection; and (b) is described in paragraph (b) of that definition. ( bénéficiaire optant )
Income Tax Act — I-3.3
non-deductible distributions amount for a taxation year has the meaning assigned by subsection 104(16). ( montant de distribution non déductible )
Income Tax Act — I-3.3 (a)
qualified disability trust , for a taxation year (in this definition referred to as the “trust year”), means a trust, if (a) the trust (i) is, at the end of the trust year, a testamentary trust that arose on and as a consequence of a particular individual’s death, (ii) is resident in Canada for the trust year, and (iii) includes in its return of income under this Part for the trust year (A) an election, made jointly with one or more beneficiaries under the trust in prescribed form, to be a qualified disability trust for the trust year, and (B) the Social Insurance Number of each of those beneficiaries; (b) each of those beneficiaries is an individual, named as a beneficiary by the particular individual in the instrument under which the trust was created, (i) in respect of whom paragraphs 118.3(1)(a) to (b) apply for the individual’s taxation year (in this definition referred to as the “beneficiary year”) in which the trust year ends, and (ii) who does not jointly elect with any other trust, for a taxation year of the other trust that ends in the beneficiary year, to be a qualified disability trust; and (c) subsection (2) does not apply to the trust for the trust year. ( fiducie admissible pour personne handicapée )
Income Tax Act — I-3.3 (a)
taxable SIFT trust distributions , of a SIFT trust for a taxation year, means the lesser of (a) its amount taxable for the taxation year, and (b) the amount determined by the formula A/(1 - (B + C)) where A is its non-deductible distributions amount for the taxation year, B is the net corporate income tax rate in respect of the SIFT trust for the taxation year, and C is the provincial SIFT tax rate of the SIFT trust for the taxation year. ( montant de distribution imposable )
Income Tax Act — I-3.3 122.1
and applied to the trust as of that date, that definition does not apply to the trust for a taxation year of the trust that ends before the earlier of (a) 2011, and (b) the first day after December 15, 2006 on which the trust exceeds normal growth as determined by reference to the normal growth guidelines issued by the Department of Finance on December 15, 2006, as amended from time to time, unless that excess arose as a result of a prescribed transaction. [NOTE: Application provisions are not included in the consolidated text; see relevant amending Acts and regulations.] 2007, c. 29, s. 13, c. 35, s. 41; 2009, c. 2, s. 36; 2013, c. 34, s. 258, c. 40, s. 51
Income Tax Act — I-3.3 (a)
eligible resale property , of an entity, means real or immovable property (other than capital property) of the entity (a) that is contiguous to a particular real or immovable property that is capital property or eligible resale property, held by (i) the entity, or (ii) another entity affiliated with the entity; and (b) the holding of which is ancillary to the holding of the particular property. ( bien de revente admissible )
Income Tax Act — I-3.3
entity means a corporation, trust or partnership. ( entité )
Income Tax Act — I-3.3 (a)
equity , of an entity, means (a) if the entity is a corporation, a share of the capital stock of the corporation; (b) if the entity is a trust, an income or capital interest in the trust; (c) if the entity is a partnership, an interest as a member of the partnership; (d) a liability of the entity (and, for purposes of the definition publicly-traded liability in this section, a security of the entity that is a liability of another entity) if (i) the liability is convertible into, or exchangeable for, equity of the entity or of another entity, or (ii) any amount paid or payable in respect of the liability is contingent or dependent on the use of or production from property, or is computed by reference to revenue, profit, cash flow, commodity price or any other similar criterion or by reference to dividends paid or payable to shareholders of any class of shares of the capital stock of a corporation, or to income or capital paid or payable to any member of a partnership or beneficiary under a trust; and (e) a right to, or to acquire, anything described in this paragraph and any of paragraphs (a) to (d). ( capitaux propres )
Income Tax Act — I-3.3 (a)
equity value , of an entity at any time, means the total fair market value at that time of (a) if the entity is a corporation, all of the issued and outstanding shares of the capital stock of the corporation; (b) if the entity is a trust, all of the income or capital interests in the trust; or (c) if the entity is a partnership, all of the interests in the partnership. ( valeur des capitaux propres )
Income Tax Act — I-3.3 (a)
excluded subsidiary entity , for a taxation year, means an entity none of the equity of which is at any time in the taxation year (a) listed or traded on a stock exchange or other public market; nor (b) held by any person or partnership other than (i) a real estate investment trust, (ii) a taxable Canadian corporation, (iii) a SIFT trust (determined without reference to subsection (2)), (iv) a SIFT partnership (determined without reference to subsection 197(8)), (v) a person or partnership that does not have, in connection with the holding of a security of the entity, property the value of which is determined, all or in part, by reference to a security that is listed or traded on a stock exchange or other public market, or (vi) an excluded subsidiary entity for the taxation year. ( filiale exclue )
Income Tax Act — I-3.3
gross REIT revenue , of an entity for a taxation year, means the amount, if any, by which the total of all amounts received or receivable in the year (depending on the method regularly followed by the entity in computing the entity’s income) by the entity exceeds the total of all amounts each of which is the cost to the entity of a property disposed of in the year. ( revenu brut de FPI )
Income Tax Act — I-3.3 (a)
investment , in a trust or partnership, (a) means (i) a property that is a security of the trust or partnership, or (ii) a right which may reasonably be considered to replicate a return on, or the value of, a security of the trust or partnership; but (b) does not include (i) an unaffiliated publicly-traded liability of the trust or partnership, nor (ii) regulated innovative capital. ( placement )
Income Tax Act — I-3.3 (a)
non-portfolio earnings , of a SIFT trust for a taxation year, means the total of (a) the amount, if any, by which (i) the total of all amounts each of which is the SIFT trust’s income for the taxation year from a business carried on by it in Canada or from a non-portfolio property, other than income that is a taxable dividend received by the SIFT trust, exceeds (ii) the total of all amounts each of which is the SIFT trust’s loss for the taxation year from a business carried on by it in Canada or from a non-portfolio property, and (b) the amount, if any, by which (i) the total of (A) all taxable capital gains of the SIFT trust from dispositions of non-portfolio properties during the taxation year, and (B) one-half of the total of all amounts each of which is deemed under subsection 131(1) to be a capital gain of the SIFT trust for the taxation year in respect of a non-portfolio property of the SIFT trust for the taxation year exceeds (ii) the total of the allowable capital losses of the SIFT trust for the taxation year from dispositions of non-portfolio properties during the taxation year. ( gains hors portefeuille )
Income Tax Act — I-3.3 (a)
non-portfolio property , of a particular entity for a taxation year, means a property, held by the particular entity at any time in the taxation year, that is (a) a security of a subject entity (other than a portfolio investment entity), if at that time the particular entity holds (i) securities of the subject entity that have a total fair market value that is greater than 10% of the equity value of the subject entity, or (ii) securities of the subject entity that, together with all the securities that the particular entity holds of entities affiliated with the subject entity, have a total fair market value that is greater than 50% of the equity value of the particular entity; (b) a Canadian real, immovable or resource property, if at any time in the taxation year the total fair market value of all properties held by the particular entity that are Canadian real, immovable or resource properties is greater than 50% of the equity value of the particular entity; or (c) a property that the particular entity, or a person or partnership with whom the particular entity does not deal at arm’s length, uses at that time in the course of carrying on a business in Canada. ( bien hors portefeuille )
Income Tax Act — I-3.3
portfolio investment entity at any time means an entity that does not at that time hold any non-portfolio property. ( entité de placement de portefeuille )
Income Tax Act — I-3.3
publicly-traded liability , of an entity, means a liability that is a security of the entity, that is not equity of the entity and that is listed or traded on a stock exchange or other public market. ( dette transigée publiquement )
Income Tax Act — I-3.3
public market includes any trading system or other organized facility on which securities that are qualified for public distribution are listed or traded, but does not include a facility that is operated solely to carry out the issuance of a security or its redemption, acquisition or cancellation by its issuer. ( marché public )