Income Tax Act
Sections and provisions with full text and the judgments that cite each one.
Section 204.83 — Refunds for federally registered LSVCCs
If a corporation is required, under subsections 204.82(3) and (4), to pay a tax and a penalty under this Part for a taxation year, it has no monthly deficiency throughout any period of 12 consecutive…
Section 204.84 — Penalty
Every corporation that for a taxation year issues an information return described in paragraph 204.81(6)(c) in respect of the issuance of a share when the corporation was a revoked corporation, or a…
Section 204.841 — Penalty tax where venture capital business discontinued
Where, at a particular time in a taxation year, a particular corporation that is a registered labour-sponsored venture capital corporation or a revoked corporation first discontinues its venture…
Section 204.85 — Dissolution of federally registered LSVCCs
A registered labour-sponsored venture capital corporation or a revoked corporation that has issued any Class A shares shall send written notification of any proposed amalgamation, merger, liquidation…
Section 204.86 — Return and payment of tax for federally-registered LSVCCs
Every registered labour-sponsored venture capital corporation and every revoked corporation shall on or before its filing-due date for a taxation year, file with the Minister a return for the year…
Section 204.87 — Provisions applicable to Part
Subsection 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 164 and 165 to 167, Division J of Part I and section 227.1 apply to this Part, with such modifications as the…
Section 204.9 — Definitions
The definitions in this subsection apply in this Part. excess amount for a year at any time in respect of an individual means for years before 2007, the amount, if any, by which the total of all…
Section 204.91 — Tax payable by subscribers
Every subscriber under a registered education savings plan shall pay a tax under this Part in respect of each month equal to 1% of the amount, if any, by which the total of all amounts each of which…
Section 204.92 — Return and payment of tax
Every person who is liable to pay tax under this Part in respect of a month in a year shall, within 90 days after the end of the year, file with the Minister a return for the year under this Part in…
Section 204.93 — Provisions applicable to Part
Subsections 150(2) and 150(3), sections 152, 158 and 159, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part, with such modifications as the…
Section 204.94 — Definitions
The definitions in subsection 146.1(1) apply for the purposes of this Part, except that the definition subscriber in that subsection shall be read without reference to paragraph (c). Every person…
Section 205 — Definitions
The following definitions apply in this section. ALDA dollar limit , for a calendar year, means for 2020, $150,000; and for each year after 2020, the amount (rounded to the nearest multiple of…
Section 206 — Return and payment of tax
Every person who is liable to pay tax under this Part for all or part of a calendar year shall, on or before the person’s filing-due date for the year, file with the Minister a return for the year…
Section 206.1
[Repealed, 2017, c. 33, s. 66]
Section 206.2
[Repealed, 2017, c. 33, s. 66]
Section 206.3
[Repealed, 2017, c. 33, s. 66]
Section 206.4
[Repealed, 2017, c. 33, s. 66]
Section 207
[Repealed, 2017, c. 33, s. 66]
Section 207.01 — Definitions
The following definitions and the definitions in subsections 146(1) (other than the definition benefit ), 146.1(1), 146.2(1), 146.3(1), 146.4(1) and 146.6(1) apply in this Part and Part XLIX of the…
Section 207.02 — Tax payable on excess TFSA amount
If, at any time in a calendar month, an individual has an excess TFSA amount, the individual shall, in respect of that month, pay a tax under this Part equal to 1% of the highest such amount in that…
Section 207.021 — Tax payable on excess FHSA amount
If, at any time in a calendar month, an individual has an excess FHSA amount, the individual shall, in respect of that month, pay a tax under this Part equal to 1% of the highest such amount in that…
Section 207.022 — Survivor as successor holder
If an individual’s survivor becomes the holder of a FHSA as a consequence of the individual’s death and, immediately before the individual’s death, the individual had an excess FHSA amount, the…
Section 207.03 — Tax payable on non-resident contributions
If, at a particular time, a non-resident individual makes a contribution under a TFSA (other than a contribution that is a qualifying transfer or an exempt contribution), the individual shall pay a…
Section 207.04 — Tax payable on prohibited or non-qualified investment
The controlling individual of a registered plan that governs a trust shall pay a tax under this Part for a calendar year if, at any time in the year, the trust acquires property that is a prohibited…
Section 207.05 — Tax payable in respect of advantage
A tax is payable under this Part for a calendar year if, in the year, an advantage in relation to a registered plan is extended to, or is received or receivable by, the controlling individual of the…
Section 207.06 — Waiver of tax payable
If an individual would otherwise be liable to pay a tax under this Part because of section 207.02 or 207.03, the Minister may waive or cancel all or part of the liability if the individual…
Section 207.061 — Income inclusion
A holder of a TFSA shall include in computing the holder’s income for a taxation year under Part I any portion of a distribution made in the year that is described in subparagraph (a)(ii) of the…
Section 207.062 — Special limit on tax payable
If an individual is liable to pay an amount of tax under section 207.05 and under sections 207.02 or 207.03 in respect of the same contribution for the same calendar year, the tax payable under…
Section 207.07 — Return and payment of tax
A person who is liable to pay tax under this Part for all or any part of a calendar year shall before July of the following calendar year file with the Minister a return for the year under this…
Section 207.1
[Repealed, 2011, c. 24, s. 68] Where, at the end of any month, a trust governed by a deferred profit sharing plan holds property that is neither a qualified investment (within the meaning assigned by…
Section 207.2 — Return and payment of tax
Within 90 days after the end of each year, a taxpayer to whom this Part applies shall file with the Minister a return for the year under this Part in prescribed form and containing prescribed…
Section 207.3 — Tax Payable by institution or public authority
Every institution or public authority that, at any time in a year, disposes of an object within 10 years after the object became an object described in subparagraph 39(1)(a)(i.1) shall pay a tax…
Section 207.31 — Ecological gift — tax payable
A charity, municipality in Canada or municipal or public body performing a function of government in Canada (each of which is referred to in this section as the “recipient”) shall, in respect of a…
Section 207.4 — Return and payment of tax
Any institution, public authority, charity or municipality that is liable to pay a tax under subsection 207.3 or 207.31 in respect of a year shall, within 90 days after the end of the year, file with…
Section 207.5 — Definitions
In this Part, advantage , in relation to a retirement compensation arrangement, means any benefit, loan or indebtedness that is conditional in any way on the existence of the arrangement, other than…
Section 207.6 — Creation of trust
In respect of the subject property of a retirement compensation arrangement, other than subject property of the arrangement held by a trust governed by a retirement compensation arrangement, for the…
Section 207.61 — Tax payable on prohibited investment
A custodian of a retirement compensation arrangement shall pay a tax under this Part for a calendar year if, at any time in the year, the arrangement acquires property that is a prohibited investment…
Section 207.62 — Tax payable in respect of advantage
A custodian of a retirement compensation arrangement shall pay a tax under this Part for a calendar year if, in the year, an advantage in relation to the arrangement is extended to, or is received or…
Section 207.63 — Joint liability
If a custodian of a retirement compensation arrangement is liable to pay a tax under section 207.61 or 207.62, a specified beneficiary of the arrangement is jointly and severally, or solidarily,…
Section 207.64 — Waiver of tax payable
If a person would otherwise be liable to pay a tax under this Part because of any of sections 207.61 to 207.63, the Minister may waive or cancel all or part of the liability if the Minister considers…
Section 207.65 — Deemed distribution
For the purposes of the definition refundable tax in subsection 207.5(1), tax paid under section 207.61 or 207.62 by a custodian of a retirement compensation arrangement out of property held in…
Section 207.7 — Tax payable
Every custodian of a retirement compensation arrangement shall pay a tax under this Part for each taxation year of an RCA trust under the arrangement equal to the amount, if any, by which the…
Section 207.71 — Definitions
The following definitions apply in this section. eligible employer means an employer that paid an amount, or that has a predecessor employer (as defined in subsection 8500(1) of the Income Tax…
Section 207.8 — Excess EPSP amount
In this Part, excess EPSP amount , of a specified employee for a taxation year in respect of an employer, means the amount determined by the formula A – (20% × B) where A is the portion of the total…
Section 207.9 — Definitions
The following definitions apply in this Part. participating employer of an employee life and health trust means an employer that provides designated employee benefits for its employees through a…
Section 208
[Repealed, 2003, c. 28, s. 15(1)]
Section 209 — Definitions
For the purposes of this Part, carved-out income of a person for a taxation year from a carved-out property means the amount, if any, by which the person’s income for the year attributable to the…
Section 210 — Definitions
The following definitions apply in this Part. designated beneficiary , under a particular trust at any time, means a beneficiary, under the particular trust, who is at that time a non-resident…
Section 210.1
[Repealed, 2013, c. 34, s. 341]
Section 210.2 — Tax on income of trust
Subject to section 210.3, if a trust deducts an amount under paragraph 104(6)(b) in computing its income under Part I for a taxation year, the trust shall pay a tax under this Part in respect of the…