Income Tax Act
Sections and provisions with full text and the judgments that cite each one.
Section 69 — Inadequate considerations
Except as expressly otherwise provided in this Act, where a taxpayer has acquired anything from a person with whom the taxpayer was not dealing at arm’s length at an amount in excess of the fair…
Section 70 — Death of a taxpayer
In computing the income of a taxpayer for the taxation year in which the taxpayer died, an amount of interest, rent, royalty, annuity (other than an amount with respect to an interest in an annuity…
Section 72 — Reserves, etc., for year of death
Where in a taxation year a taxpayer has died, paragraph 20(1)(n) does not apply to allow, in computing the income of the taxpayer for the year from a business, the deduction of any amount as a…
Section 73 — Inter vivos transfers by individuals
For the purposes of this Part, where at any time any particular capital property of an individual (other than a trust) has been transferred in circumstances to which subsection (1.01) applies and…
Section 74.1 — Transfers and loans to spouse or common-law partner
If an individual has transferred or lent property (otherwise than by an assignment of any portion of a retirement pension under section 65.1 of the Canada Pension Plan or a comparable provision of a…
Section 74.2 — Gain or loss deemed that of lender or transferor
Where an individual has lent or transferred property (in this section referred to as “lent or transferred property”), either directly or indirectly, by means of a trust or by any other means…
Section 74.3 — Transfers or loans to a trust
Where an individual has lent or transferred property (in this section referred to as “lent or transferred property”), either directly or indirectly, by means of a trust or by any other means…
Section 74.4 — Definitions
In this section, designated person , in respect of an individual, has the meaning assigned by subsection 74.5(5); ( personne désignée ) excluded consideration , at any time, means consideration…
Section 74.5 — Transfers for fair market consideration
Notwithstanding any other provision of this Act, subsections 74.1(1) and (2) and section 74.2 do not apply to any income, gain or loss derived in a particular taxation year from transferred property…
Section 75 — Trusts
If a trust, that is resident in Canada and that was created in any manner whatever since 1934, holds property on condition that it or property substituted therefor may revert to the person from whom…
Section 75.1 — Gain or loss deemed that of transferor
Where subsection 73(3) or (4) applied to the transfer of property (in this subsection referred to as “transferred property”) by a taxpayer to a child of the taxpayer, the transfer was made at less…
Section 75.2 — Rules applicable with respect to “qualifying trust annuity”
If an amount paid to acquire a qualifying trust annuity with respect to a taxpayer was deductible under paragraph 60(l) in computing the taxpayer’s income, any amount that is paid out of or under the…
Section 76 — Security in satisfaction of income debt
Where a person receives a security or other right or a certificate of indebtedness or other evidence of indebtedness wholly or partially as payment of, in lieu of payment of or in satisfaction of, a…
Section 76.1 — Non-resident moving debt from Canadian business
If at any time a debt obligation of a non-resident taxpayer that is denominated in a foreign currency ceases to be an obligation of the taxpayer in respect of a business or part of a business carried…
Section 77
[Repealed, 1995, c. 21, s. 52]
Section 78 — Unpaid amounts
Where an amount in respect of a deductible outlay or expense that was owing by a taxpayer to a person with whom the taxpayer was not dealing at arm’s length at the time the outlay or expense was…
Section 79 — Definitions
In this section, creditor of a particular person includes a person to whom the particular person is obligated to pay an amount under a mortgage, hypothecary claim or similar obligation and, where…
Section 79.1 — Definitions
In this section, creditor has the meaning assigned by subsection 79(1); ( créancier ) debt has the meaning assigned by subsection 79(1); ( dette ) person has the meaning assigned by subsection 79(1);…
Section 80 — Definitions
In this section, commercial debt obligation issued by a debtor means a debt obligation issued by the debtor where interest was paid or payable by the debtor in respect of it pursuant to a legal…
Section 80.01 — Definitions
In this section, commercial debt obligation has the meaning assigned by subsection 80(1); ( créance commerciale ) commercial obligation has the meaning assigned by subsection 80(1); ( dette…
Section 80.02 — Definitions
In this section, commercial debt obligation , commercial obligation , distress preferred share and person have the meanings assigned by subsection 80(1). For the purpose of applying the provisions of…
Section 80.03 — Definitions
In this section, commercial debt obligation , commercial obligation , distress preferred share , forgiven amount and person have the meanings assigned by subsection 80(1). Where at any time in a…
Section 80.04 — Definitions
In this section, commercial debt obligation , commercial obligation , debtor , directed person , eligible Canadian partnership , forgiven amount and person have the meanings assigned by subsection…
Section 80.1 — Expropriation assets acquired as compensation for, or as consideration for sale of, foreign property taken by or sold to foreign issuer
Where in a taxation year ending coincidentally with or after December 31, 1971 a taxpayer resident in Canada has acquired any bonds, debentures, mortgages, hypothecary claims, notes or similar…
Section 80.2 — Application
Subsections (2) to (13) apply if in a taxation year, a taxpayer, under the terms of a contract, pays to a person (referred to in this section as the “recipient”) an amount (referred to in this…
Section 80.3 — Definitions
In this section, breeding animals means deer, elk and other similar grazing ungulates, bovine cattle, bison, goats, sheep and horses that are over 12 months of age and are kept for breeding; (…
Section 80.4 — Loans
Where a person or partnership receives a loan or otherwise incurs a debt because of or as a consequence of a previous, the current or an intended office or employment of an individual, or because of…
Section 80.5 — Deemed interest
Where a benefit is deemed by section 80.4 to have been received in a taxation year by an individual or corporation under subsection 80.4(1), or a person or partnership under subsection 80.4(2), the…
Section 80.6 — Synthetic disposition
If a synthetic disposition arrangement is entered into in respect of a property owned by a taxpayer and the synthetic disposition period of the arrangement is one year or more, the taxpayer is deemed…
Section 81 — Amounts not included in income
There shall not be included in computing the income of a taxpayer for a taxation year, an amount that is declared to be exempt from income tax by any other enactment of Parliament, other than an…
Section 82 — Taxable dividends received
In computing the income of a taxpayer for a taxation year, there shall be included the total of the following amounts: the amount, if any, by which the total of all amounts, other than eligible…
Section 83 — Qualifying dividends
Where a qualifying dividend has been paid by a public corporation to shareholders of a series of tax-deferred preferred shares of a class of the capital stock of the corporation that were outstanding…
Section 84 — Deemed dividend
Where a corporation resident in Canada has at any time after 1971 increased the paid-up capital in respect of the shares of any particular class of its capital stock, otherwise than by payment of a…
Section 84.1 — Non-arm’s length sale of shares
Where after May 22, 1985 a taxpayer resident in Canada (other than a corporation) disposes of shares that are capital property of the taxpayer (in this section referred to as the “subject shares”) of…
Section 84.2 — Computation of paid-up capital in respect of particular class of shares
In computing the paid-up capital in respect of any particular class of shares of the capital stock of a corporation at any particular time after March 31, 1977, there shall be deducted that…
Section 85 — Transfer of property to corporation by shareholders
Where a taxpayer has, in a taxation year, disposed of any of the taxpayer’s property that was eligible property to a taxable Canadian corporation for consideration that includes shares of the capital…
Section 85.1 — Share for share exchange
Where shares of any particular class of the capital stock of a Canadian corporation (in this section referred to as the “purchaser”) are issued to a taxpayer (in this section referred to as the…
Section 86 — Exchange of shares by a shareholder in course of reorganization of capital
Where, at a particular time after May 6, 1974, in the course of a reorganization of the capital of a corporation, a taxpayer has disposed of capital property that was all the shares of any particular…
Section 86.1 — Eligible distribution not included in income
Notwithstanding any other provision of this Part, the amount of an eligible distribution received by a taxpayer shall not be included in computing the income of the taxpayer; and subsection 52(2)…
Section 87 — Amalgamations
In this section, an amalgamation means a merger of two or more corporations each of which was, immediately before the merger, a taxable Canadian corporation (each of which corporations is referred to…
Section 88 — Winding-up
Where a taxable Canadian corporation (in this subsection referred to as the “subsidiary”) has been wound up after May 6, 1974 and not less than 90% of the issued shares of each class of the capital…
Section 88.1 — Application
Subsection (2) applies to a trust’s distribution of property to a taxpayer if the distribution is a SIFT trust wind-up event; the trust is a SIFT wind-up entity whose only beneficiary, at all times…
Section 89 — Definitions
In this Subdivision, adjusted taxable income of a corporation for a taxation year is the amount determined by the formula A – B – C where A is unless paragraph (b) applies, the corporation’s taxable…
Section 90 — Dividend from non-resident corporation
In computing the income for a taxation year of a taxpayer resident in Canada, there is to be included any amount received by the taxpayer at any time in the year as, on account or in lieu of payment…
Section 91 — Amounts to be included in respect of share of foreign affiliate
In computing the income for a taxation year of a taxpayer resident in Canada, there shall be included, in respect of each share owned by the taxpayer of the capital stock of a controlled foreign…
Section 92 — Adjusted cost base of share of foreign affiliate
In computing, at any time in a taxation year, the adjusted cost base to a taxpayer resident in Canada of any share owned by the taxpayer of the capital stock of a foreign affiliate of the taxpayer,…
Section 93 — Election re disposition of share of foreign affiliate
For the purposes of this Act, if a corporation resident in Canada elects, in accordance with prescribed rules, in respect of any share of the capital stock of a particular foreign affiliate of the…
Section 93.1 — Shares held by partnership
For the purpose of determining whether a non-resident corporation is a foreign affiliate of a corporation resident in Canada for the purposes of a specified provision, if, based on the assumptions…
Section 93.2 — Definitions
The definitions in this subsection apply in this section. equity interest , in a non-resident corporation without share capital, means any right, whether absolute or contingent, conferred by the…
Section 93.3 — Definition of specified trust
In this section, specified trust , at any time, means a trust in respect of which the following apply at that time: in the absence of subsection (3), the trust would be described in paragraph (h) of…