Income Tax Act
Sections and provisions with full text and the judgments that cite each one.
Section 93.4 — Definitions
The following definitions apply in this section. FABI surplus , of a foreign affiliate (referred to in this definition as the “subject affiliate”) of a corporation at any time, means the amount that…
Section 94 — Definitions
The following definitions apply in this section and section 94.2. arm’s length transfer , at any time by a person or partnership (referred to in this definition as the “transferor”) means a transfer…
Section 94.1 — Offshore investment fund property
If in a taxation year a taxpayer holds or has an interest in property (referred to in this section as an “offshore investment fund property”) that is a share of the capital stock of, an interest in,…
Section 94.2 — Investments in non-resident commercial trusts
Subsection (2) applies to a beneficiary under a trust, and to any particular person of which any such beneficiary is a controlled foreign affiliate, at any time if the trust is at that time an exempt…
Section 95 — Definitions for this Subdivision
In this Subdivision, active business of a foreign affiliate of a taxpayer means any business carried on by the foreign affiliate other than an investment business carried on by the foreign affiliate,…
Section 96 — General Rules
Where a taxpayer is a member of a partnership, the taxpayer’s income, non-capital loss, net capital loss, restricted farm loss and farm loss, if any, for a taxation year, or the taxpayer’s taxable…
Section 97 — Contribution of property to partnership
Where at any time after 1971 a partnership has acquired property from a taxpayer who was, immediately after that time, a member of the partnership, the partnership shall be deemed to have acquired…
Section 98 — Disposition of partnership property
For the purposes of this Act, where, but for this subsection, at any time after 1971 a partnership would be regarded as having ceased to exist, the following rules apply: until such time as all the…
Section 98.1 — Residual interest in partnership
Where, but for this subsection, at any time after 1971 a taxpayer has ceased to be a member of a partnership of which the taxpayer was a member immediately before that time, the following rules…
Section 98.2 — Transfer of interest on death
Where by virtue of the death of an individual a taxpayer has acquired a property that was an interest in a partnership to which, immediately before the individual’s death, section 98.1 applied, the…
Section 99 — Fiscal period of terminated partnership
Subject to subsection (2), if, at any particular time in a fiscal period of a partnership, the partnership would, if this Act were read without reference to subsection 98(1), have ceased to exist,…
Section 100 — Disposition of interest in partnership
If, as part of a transaction or event or series of transactions or events, a taxpayer disposes of an interest in a partnership and an interest in the partnership is acquired by a person or…
Section 101 — Disposition of farmland by partnership
Where a taxpayer was a member of a partnership at the end of a taxation year of the partnership in which the partnership disposed of land used in a farming business of the partnership, there may be…
Section 102 — Definition of Canadian partnership
In this Subdivision, Canadian partnership means a partnership all of the members of which were, at any time in respect of which the expression is relevant, resident in Canada. In this Subdivision, a…
Section 103 — Agreement to share income, etc., so as to reduce or postpone tax otherwise payable
Where the members of a partnership have agreed to share, in a specified proportion, any income or loss of the partnership from any source or from sources in a particular place, as the case may be, or…
Section 104 — Reference to trust or estate
In this Act, a reference to a trust or estate (in this Subdivision referred to as a “trust”) shall, unless the context otherwise requires, be read to include a reference to the trustee, executor,…
Section 105 — Benefits under trust
The value of all benefits to a taxpayer during a taxation year from or under a trust, irrespective of when created, shall, subject to subsection 105(2), be included in computing the taxpayer’s income…
Section 106 — Income interest in trust
Where an amount in respect of a taxpayer’s income interest in a trust has been included in computing the taxpayer’s income for a taxation year by reason of subsection 106(2) or 104(13), except to the…
Section 107 — Disposition by taxpayer of capital interest
Where a taxpayer has disposed of all or any part of the taxpayer’s capital interest in a trust, where the trust is a personal trust or a prescribed trust, for the purpose of computing the taxpayer’s…
Section 107.1 — Distribution by certain employment-related trusts
If at any time any property of an employee life and health trust, an employee trust, a trust governed by an employee benefit plan or a trust described in paragraph (a.1) of the definition trust in…
Section 107.2 — Distribution by a retirement compensation arrangement
Where, at any time, any property of a trust governed by a retirement compensation arrangement has been distributed by the trust to a taxpayer who was a beneficiary under the trust in satisfaction of…
Section 107.3 — Treatment of beneficiaries under qualifying environmental trusts
Where a taxpayer is a beneficiary under a qualifying environmental trust in a taxation year of the trust (in this subsection referred to as the “trust’s year”) that ends in a particular taxation year…
Section 107.4 — Qualifying disposition
In this section, a qualifying disposition of a property means a disposition of the property before December 21, 2002 by a person or partnership, and a disposition of property after December 20, 2002…
Section 108 — Definitions
In this Subdivision, accumulating income of a trust for a taxation year means the amount that would be the income of the trust for the year if that amount were computed without reference to…
Section 110 — Definitions
The following definitions apply in this section. consolidated financial statements has the same meaning as in subsection 233.8(1). ( états financiers consolidés ) specified person , at any time,…
Section 110.1 — Deduction for gifts
For the purpose of computing the taxable income of a corporation for a taxation year, there may be deducted such of the following amounts as the corporation claims the total of all amounts each of…
Section 110.2 — Definitions
The definitions in this subsection apply in this section and section 120.31. eligible taxation year , in respect of a qualifying amount received by an individual, means a taxation year that ended…
Section 110.4
[Repealed, 2000, c. 19, s. 18]
Section 110.5 — Additions for foreign tax deductions
There shall be added to a corporation’s taxable income otherwise determined for a taxation year such amount as the corporation may claim to the extent that the addition thereof increases any amount…
Section 110.6 — Definitions
For the purposes of this section, annual gains limit of an individual for a taxation year means the amount determined by the formula A - B where A is the lesser of the amount determined in respect of…
Section 110.61 — Capital gains deduction for qualifying business transfer – conditions
Subsection (2) applies to an individual (other than a trust) if, at the time of a disposition (referred to in this section as the “disposition time”) of shares of the capital stock (referred to in…
Section 110.62 — Deduction for qualifying cooperative conversion — conditions
Subsection (2) applies to an individual (other than a trust) if, at the time of a disposition (referred to in this section as the “disposition time”) of shares of the capital stock (referred to in…
Section 110.7 — Residing in prescribed zone
Where, throughout a period (in this section referred to as the “qualifying period”) of not less than 6 consecutive months beginning or ending in a taxation year, a taxpayer who is an individual has…
Section 111 — Losses deductible
For the purpose of computing the taxable income of a taxpayer for a taxation year, there may be deducted such portion as the taxpayer may claim of the taxpayer’s non-capital losses for the 20…
Section 111.1 — Order of applying provisions
In computing an individual’s taxable income for a taxation year, the provisions of this Division shall be applied in the following order: sections 110, 110.2, 111, 110.61, 110.62, 110.6 and 110.7. No…
Section 112 — Deduction of taxable dividends received by corporation resident in Canada
Where a corporation in a taxation year has received a taxable dividend from a taxable Canadian corporation, or a corporation resident in Canada (other than a non-resident-owned investment corporation…
Section 113 — Deduction in respect of dividend received from foreign affiliate
Where in a taxation year a corporation resident in Canada has received a dividend on a share owned by it of the capital stock of a foreign affiliate of the corporation, there may be deducted from the…
Section 114 — Individual resident in Canada for only part of year
Notwithstanding subsection 2(2), the taxable income for a taxation year of an individual who is resident in Canada throughout part of the year and non-resident throughout another part of the year is…
Section 114.1
[Repealed, 2001, c. 17, s. 89]
Section 114.2 — Deductions in separate returns
Where a separate return of income with respect to a taxpayer is filed under subsection 70(2), 104(23) or 150(4) for a particular period and another return of income under this Part with respect to…
Section 115 — Non-resident’s taxable income in Canada
For the purposes of this Act, the taxable income earned in Canada for a taxation year of a person who at no time in the year is resident in Canada is the amount, if any, by which the amount that…
Section 115.1 — Competent authority agreements
Notwithstanding any other provision of this Act, where the Minister and another person have, under a provision contained in a tax convention or agreement with another country that has the force of…
Section 115.2 — Definitions
The definitions in this subsection apply in this section. Canadian investor , at any time in respect of a non-resident person, means a person that the non-resident person knows, or ought to know…
Section 116 — Disposition by non-resident person of certain property
If a non-resident person proposes to dispose of any taxable Canadian property (other than property described in subsection (5.2) and excluded property) the non-resident person may, at any time before…
Section 117 — Tax payable under this Part
For the purposes of this Division, except section 120 (other than subparagraph (a)(ii) of the definition tax otherwise payable under this Part in subsection 120(4)), tax payable under this Part, tax…
Section 117.1 — Annual adjustment
Each specified amount in relation to tax payable under this Part or Part I.2 for a taxation year shall be adjusted so that the amount to be used for the year under the provision for which the amount…
Section 118 — Personal credits
For the purpose of computing the tax payable under this Part by an individual for a taxation year, there may be deducted an amount determined by the formula A × B where A is the appropriate…
Section 118.01 — Definitions
The following definitions apply in this section. adoption period , in respect of an eligible child of an individual, means the period that begins at the earlier of the time that an application is…
Section 118.02 — Definitions
The following definitions apply in this section. digital news subscription , of an individual with a qualified Canadian journalism organization, means an agreement entered into between the individual…
Section 118.03
[Repealed, 2014, c. 39, s. 32]