Income Tax Act
Sections and provisions with full text and the judgments that cite each one.
Section 130.1 — Deduction from tax
In computing the income for a taxation year of a corporation that was, throughout the year, a mortgage investment corporation, there may be deducted the total of all taxable dividends, other than…
Section 131 — Election re capital gains dividend
Where at any particular time a dividend became payable by a corporation, that was throughout the taxation year in which the dividend became payable a mutual fund corporation, to shareholders of any…
Section 132 — Capital gains refund to mutual fund trust
Where a trust was, throughout a taxation year, a mutual fund trust and a return of its income for the year has been made within 3 years from the end of the year, the Minister may, on sending the…
Section 132.1 — Amounts designated by mutual fund trust
Where a trust in its return of income under this Part for a taxation year throughout which it was a mutual fund trust designates an amount in respect of a particular unit of the trust owned by a…
Section 132.11 — Taxation year of mutual fund trust
Notwithstanding any other provision of this Act, where a trust (other than a prescribed trust) that was a mutual fund trust on the 74th day after the end of a particular calendar year so elects in…
Section 132.2 — Definitions re qualifying exchange of mutual funds
The following definitions apply in this section. first post-exchange year , of a fund in respect of a qualifying exchange, means the taxation year of the fund that begins immediately after the…
Section 133 — Computation of income
In computing the income of a non-resident-owned investment corporation for a taxation year, no deduction may be made in respect of interest on its bonds, debentures, securities or other indebtedness,…
Section 134 — Non-resident-owned corporation not a Canadian corporation, etc.
Notwithstanding any other provision of this Act, a non-resident-owned investment corporation that would, but for this section, be a Canadian corporation, taxable Canadian corporation or private…
Section 134.1 — NRO — transition
This section applies to a corporation that was a non-resident-owned investment corporation in a taxation year; is not a non-resident-owned investment corporation in the following taxation year (in…
Section 134.2 — Revocation
This section applies to a corporation that revokes at any time (in this section described as the “revocation time”) its election to be taxed under section 133; elects to have this section apply, by…
Section 135 — Deduction in computing income
Notwithstanding anything in this Part, other than subsections (1.1) to (2.1) and 135.1(3), there may be deducted, in computing the income of a taxpayer for a taxation year, the total of the payments…
Section 135.1 — Definitions
The following definitions apply in this section and section 135. agricultural business means a business, carried on in Canada, that consists of one or any combination of farming (including, if the…
Section 135.2 — Definitions
The following definitions apply in this section. application for continuance means the application for continuance referred to in paragraph (a) of the definition Canadian Wheat Board continuance . (…
Section 136 — Cooperative not private corporation
Notwithstanding any other provision of this Act, a cooperative corporation that would, but for this section, be a private corporation is deemed not to be a private corporation except for the purposes…
Section 137 — Payments pursuant to allocations in proportion to borrowing
Notwithstanding anything in this Part, there may be deducted, in computing the income for a taxation year of a credit union, the total of bonus interest payments and payments pursuant to allocations…
Section 137.1 — Amounts included in income of deposit insurance corporation
For the purpose of computing the income for a taxation year of a taxpayer that is a deposit insurance corporation, the following rules apply: the corporation’s income shall, except as otherwise…
Section 137.2 — Computation of income for 1975 and subsequent years
For the purpose of computing the income of a deposit insurance corporation for the 1975 and subsequent taxation years, property of the corporation that is a bond, debenture, mortgage, hypothecary…
Section 138 — Insurance corporations
It is hereby declared that a corporation, whether or not it is a mutual corporation, that has, in a taxation year, been a party to insurance contracts or other arrangements or relationships of a…
Section 138.1 — Rules relating to segregated funds
In respect of life insurance policies for which all or any part of an insurer’s reserves vary in amount depending on the fair market value of a specified group of properties that is reported to a…
Section 138.2 — Qualifying transfer of funds
For the purposes of this section, a qualifying transfer occurs at a particular time (in this section referred to as the “transfer time”) if all of the property that, immediately before the transfer…
Section 139 — Conversion of insurance corporations into mutual corporations
Where an insurance corporation that is a Canadian corporation applies an amount in payment for shares of the corporation purchased or otherwise acquired by it under a mutualization proposal under…
Section 139.1 — Definitions
The definitions in this subsection apply in this section and sections 139.2 and 147.4. conversion benefit means a benefit received in connection with the demutualization of an insurance corporation…
Section 139.2 — Mutual holding corporations
Where at any time a mutual holding corporation (as defined in subsection 139.1(1)) in respect of an insurance corporation distributes property to a policyholder of the insurance corporation, the…
Section 140 — Deductions in computing income
In computing the income for a taxation year of an insurance corporation, whether a mutual corporation or a joint stock company, from carrying on an insurance business other than a life insurance…
Section 141 — Definitions
In this section, demutualization and holding corporation have the same meaning as in subsection 139.1(1). Notwithstanding any other provision of this Act, a life insurance corporation that is…
Section 141.1 — Deemed not to be a private corporation
Notwithstanding any other provision of this Act, an insurance corporation (other than a life insurance corporation) that would, but for this section, be a private corporation is deemed not to be a…
Section 142
[Repealed, 1997, c. 25, s. 40(1)]
Section 142.1
[Repealed, 1997, c. 25, s. 40(1)]
Section 142.2 — Definitions
In this section and sections 142.3 to 142.7, excluded property of a taxpayer for a taxation year means property, held at any time in the taxation year by the taxpayer, that is a share of the capital…
Section 142.3 — Amounts to be included and deducted
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, there shall be included in…
Section 142.4 — Definitions
In this section, tax basis of a specified debt obligation at any time to a taxpayer means the amount, if any, by which the total of all amounts each of which is the cost of the obligation to the…
Section 142.5 — Income treatment for profits and losses
Where, in a taxation year that begins after October 1994, a taxpayer that is a financial institution in the year disposes of a property that is a mark-to-market property for the year, there shall be…
Section 142.51 — Definitions
The following definitions apply for the purposes of this section and subsections 142.5(8.1) and (8.2). base year of a taxpayer means the taxpayer’s taxation year that immediately precedes its…
Section 142.6 — Becoming or ceasing to be a financial institution
Where, at a particular time after February 22, 1994, a taxpayer becomes or ceases to be a financial institution, where a taxation year of the taxpayer would not, but for this paragraph, end…
Section 142.7 — Definitions
The definitions in this subsection apply in this section. Canadian affiliate of an entrant bank at any particular time means a Canadian corporation that was, immediately before the particular time,…
Section 143 — Communal organizations
Where a congregation, or one or more business agencies of the congregation, carries on one or more businesses for purposes that include supporting or sustaining the congregation’s members or the…
Section 143.1 — Definitions
The definitions in this subsection apply in this section. amateur athlete at any time means an individual (other than a trust) who is, at that time, a member of a registered Canadian amateur athletic…
Section 143.2 — Definitions
The definitions in this subsection apply in this section. expenditure means an outlay or expense or the cost or capital cost of a property. ( dépense ) limited partner has the meaning that would be…
Section 143.3 — Definitions
The following definitions apply in this section. 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…
Section 143.4 — Definitions
The following definitions apply in this section. contingent amount , of a taxpayer at any time (other than a time at which the taxpayer is a bankrupt), includes an amount to the extent that the…
Section 144 — Definitions
The definitions in this subsection apply in this section. employees profit sharing plan at a particular time means an arrangement under which payments computed by reference to an employer’s profits…
Section 144.1 — Definitions
The following definitions apply in this section. actuary means a Fellow of the Canadian Institute of Actuaries. ( actuaire ) class of beneficiaries of a trust means a group of beneficiaries who have…
Section 145 — Definitions
In this section, registered supplementary unemployment benefit plan means a supplementary unemployment benefit plan accepted by the Minister for registration for the purposes of this Act in respect…
Section 146 — Definitions
In this section, annuitant means until such time after maturity of the plan as an individual’s spouse or common-law partner becomes entitled, as a consequence of the individual’s death, to receive…
Section 146.01 — Definitions
In this section, annuitant has the meaning assigned by subsection 146(1); ( rentier ) benefit has the meaning assigned by subsection 146(1); ( prestation ) completion date , in respect of an amount…
Section 146.02 — Definitions
The definitions in this subsection apply in this section. annuitant has the meaning assigned by subsection 146(1). ( rentier ) benefit has the meaning assigned by subsection 146(1). ( prestation )…
Section 146.1 — Definitions
In this section, accumulated income payment under an education savings plan means any amount paid out of the plan, other than a payment described in any of paragraphs (a) and (c) to (e) of the…
Section 146.2 — Definitions
The following definitions apply in this section and in Part XI.01. distribution under an arrangement of which an individual is the holder means a payment out of or under the arrangement in…
Section 146.3 — Definitions
In this section, annuitant under a retirement income fund at any time means the first individual to whom the carrier has undertaken to make payments described in the definition retirement income fund…
Section 146.4 — Definitions
The following definitions apply in this section. assistance holdback amount , in relation to a disability savings plan, has the meaning assigned under the Canada Disability Savings Act . ( montant de…