Legislative Proposals and Explanatory Notes Relating to Income Tax

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Legislative Proposals and Explanatory Notes Relating to Income Tax - December 2002: 1
- Introduction -

Legislative Proposals.
Explanatory Notes.

Legislative Proposals.

Clause in Legislation	Section of the Income Tax Act	Topic


1	4	Income or Loss from a Source or from Sources in a Place - Deductions Applicable
2	6	Employment Income
3	7	Employment Security Options - Definitions
4	8	Income from Office or Employment - Deductions
5	12	Income Inclusions
6	13	Depreciable Property
7	14	Eligible Capital Property
8	15	Shareholder Benefits
9	17	Amount Owing by Non-resident
10	18	Prohibited Deductions
11	18.1	Non-application of Section 18.1
12	20	Deductions
13	37	Scientific Expense and Experimental Development
14	38.1	Allocation of Gain on Gifts to Qualified Donees
15	40	Gains and Losses - General Rules
16	43	Part Dispositions
17	43.1	Life Estates in Real Property
18	44	Exchanges of Property
19	44.1	Capital Gains Deferral - Eligible Small Business Investments
20	53	Deductions from Adjusted Cost Base terest in a Partnership
21	54	Definition - Capital Gains and Losses
22	54.1	Exception to Principal Residence Rules
23	55	Tax Avoidance - Dividends
24	56	Foreign Retirement Arrangement
25	60	Transfers of Refund of Premiums under RRSP
26	63	Child Care Expenses
27	66	Exploration and Development Expenses
28	66.2	Canadian Development Expenses
29	66.4	Canadian Oil and Gas Property Expense
30	66.7	Exploration and Development Expenses - Successor Rules
31	69	Inadequate Consideration
32	73	Inter Vivos Transfer of Farm Property
33	85	Transfer of Property to Corporation by Shareholder
34	86.1	Eligible Distribution Not Included in Income
35	87	Amalgamations
36	88	Winding-up of a Corporation
37	89	Taxable Canadian Corporation
38	93	Disposition of Shares of Foreign Affiliate
39	95	Foreign Affiliates
40	96	Partnerships and Their Members
41	100	Replacement of Partnership Capital
42	104	Trusts and Their Beneficiaries
43	107	Interests in Trusts
44	107.4	Qualifying Disposition
45	108	Taxation of Trusts and Their Beneficiaries
46	110	Taxable Income - Deductions
47	110.1	Charitable Donations Deduction
48	110.6	Lifetime Capital Gains Exemption
49	111	Loss Carryovers
50	116	Certificates for Dispositions
51	118.1	Charitable Donations Tax Credit
52	118.2	Medical Expense Tax Credit
53	118.3	Tax Credit for Mental or Physical Impairment
54	118.5	Tuition Credit
55	118.6	Education Tax Credit
56	118.61	Unused Tuition and Education Tax Credit
57	120.2	Minimum Tax Carryover
58	120.31	Lump-sum Payments
59	120.4	Tax on Split Income
60	122.3	Overseas Employment Tax Credit
61	125	Small Business Deduction
62	125.1	Manufacturing and Processing Profits Deduction
63	125.4	Canadian Film or Video Production Tax Credit
64	126	Foreign Tax Credit - Dispositions Ignored
65	126.1	UI Premium Tax Credit
66	127	Deductions in Computing Tax
67	127.4	Labour-Sponsored Venture Capital Corporations
68	127.52	Minimum Tax
69	127.531	Basic Minimum Tax Credit Determined
70	129	Private Corporations - Refundable Dividend Tax on Hnd
71	132.11	Taxation Year of Mutual Fund Trust
72	132.2	Mutual Fund Qualifying Exchanges
73	134.1	Non-resident-owned Investment Corporation
74	136	Cooperative Corporation
75	137	Credit Unions
76	137.1	Deposit Insurance Corporations
77	138	Insurance Corporations
78	142.6	Mark-to-Market Rules
79	142.7	Authorized Foreign Banks - Conversion
80	143	Communal Organizations
81	146	Registered Retirement Savings Plans
82	146.01	Home Buyers’ Plan
83	146.1	Registered Education Savings Plans - Conditions for Registration
84	146.3	Registered Retirement Income Funds
85	147	Deferred Profit Sharing Plans
86	148.1	Eligible Funeral Arrangements
87	149	Exemptions
88	149.1	Charities
89	152	Assessment
90	157	Instalments
91	159	Person Acting for Another - Personal Liability
92	160	Tax Liability - Non-arm’s Length Transfers of Property
93	160.1	Where Excess Refunded
94	160.2	Joint Liability - Amounts Received out of or under RRSP
95	160.3	Liability - Amounts Received out of or under RCA Trust
96	160.4	Liability - Transfers by Insolvent Corporation
97	162	Penalties
98	163	False Statements or Omissions - GSTC Payments
99	164	Refunds
100	Part I.3	Large Corporations Tax
101	181.2	Taxable Capital Employed in Canada
102	181.3	Taxable Capital Employed in Canada of Financial Institutions
103	Part III	Additional Tax on Excessive Elections
104	188	Revocation Tax
105	190.13	Financial Institutions Capital Tax
106	191	Excluded Dividends - Partner
107	191.1	Tax on Taxable Dividends
108	204.81	Labour-Sponsored Venture Capital Corporations
109	Part XI	Tax in Respect of Certain Property Acquired by Trusts, etc.
110-112	Part XII.2	Tax on Designated Income of Certain Trusts
113	211.8	Recovery of Labour-Sponsored Funds Tax Credit
114	212	Taxation of Non-Residents
115	216	Alternative re Rents and Timber Royalties
116	230	Records and Books
117	241	Provision of Information
118	248	Interpretation
119	251	Arm’s Length
120	253.1	Investments in Limited Partnerships
121	256	Acquisition of Control of a Corporation
122	259	Proportional Holdings in Trust Property
123	260	Securities Lending Arrangements
124	Schedule	Listed Corporations
125	FPFAA
	12.2	Deduction for Federal Tax
126	S.C. 2000
	c. 17	Debt Forgiveness Rules
127	S.C. 2000
	c. 17	Disposition of Shares in a Foreign Affiliate

Explanatory Notes.

Clause in Legis- lation	Section of the Income Tax Act	Topic


1	4	Income or Loss from a Source or from Sources in a Place – Deductions Applicable
2	6	Employment Income
3	7	Employment Security Options – Definitions
4	8	Income from Office or Employment – Deductions
5	12	Income Inclusions
6	13	Depreciable Property
7	14	Eligible Capital Property
8	15	Shareholder Benefits
9	17	Amount Owing by Non-resident
10	18	Prohibited Deductions
11	18.1	Non-application of Section 18.1
12	20	Deductions
13	37	Scientific Expense and Experimental Development
14	38.1	Allocation of Gain on Gifts to Qualified Donees
15	40	Gains and Losses – General Rules
16	43	Part Dispositions
17	43.1	Life Estates in Real Property
18	44	Exchanges of Property
19	44.1	Capital Gains Deferral – Eligible Small Business Investments
20	53	Deductions from Adjusted Cost Base – Interest in a Partnership
21	54	Definition – Capital Gains and Losses
22	54.1	Exception to Principal Residence Rules
23	55	Tax Avoidance – Dividends
24	56	Foreign Retirement Arrangement
25	60	Transfers of Refund of Premiums under RRSP
26	63	Child Care Expenses
27	66	Exploration and Development Expenses
28	66.2	Canadian Development Expenses
29	66.4	Canadian Oil and Gas Property Expense
30	66.7	Exploration and Development Expenses – Successor Rules
31	69	Inadequate Consideration
32	73	Inter Vivos Transfer of Farm Property
33	85	Transfer of Property to Corporation by Shareholder
34	86.1	Eligible Distribution Not Included in Income
35	87	Amalgamations
36	88	Winding-up of a Corporation
37	89	Taxable Canadian Corporation
38	93	Disposition of Shares of Foreign Affiliate
39	95	Foreign Affiliates
40	96	Partnerships and Their Members
41	100	Replacement of Partnership Capital
42	104	Trusts and Their Beneficiaries
43	107	Interests in Trusts
44	107.4	Qualifying Disposition
45	108	Taxation of Trusts and Their Beneficiaries
46	110	Taxable Income – Deductions
47	110.1	Charitable Donations Deduction
48	110.6	Lifetime Capital Gains Exemption
49	111	Loss Carryovers
50	116	Certificates for Dispositions
51	118.1	Charitable Donations Tax Credit
52	118.2	Medical Expense Tax Credit
53	118.3	Tax Credit for Mental or Physical Impairment
54	118.5	Tuition Credit
55	118.6	Education Tax Credit
56	118.61	Unused Tuition and Education Tax Credit
57	120.2	Minimum Tax Carryover
58	120.31	Lump-sum Payments
59	120.4	Tax on Split Income
60	122.3	Overseas Employment Tax Credit
61	125	Small Business Deduction
62	125.1	Manufacturing and Processing Profits Deduction
63	125.4	Canadian Film or Video Production Tax Credit
64	126	Foreign Tax Credit – Dispositions Ignored
65	126.1	UI Premium Tax Credit
66	127	Deductions in Computing Tax
67	127.4	Labour-Sponsored Venture Capital Corporations
68	127.52	Minimum Tax
69	127.531	Basic Minimum Tax Credit Determined
70	129	Private Corporations – Refundable Dividend Tax on Hand
71	132.11	Taxation Year of Mutual Fund Trust
72	132.2	Mutual Fund Qualifying Exchanges
73	134.1	Non-resident-owned Investment Corporation
74	136	Cooperative Corporation
75	137	Credit Unions
76	137.1	Deposit Insurance Corporations
77	138	Insurance Corporations
78	142.6	Mark-to-Market Rules
79	142.7	Authorized Foreign Banks – Conversion
80	143	Communal Organizations
81	146	Registered Retirement Savings Plans
82	146.01	Home Buyers’ Plan
83	146.1	Registered Education Savings Plans – Conditions for Registration
84	146.3	Registered Retirement Income Funds
85	147	Deferred Profit Sharing Plans
86	148.1	Eligible Funeral Arrangements
87	149	Exemptions
88	149.1	Charities
89	152	Assessment
90	157	Instalments
91	159	Person Acting for Another – Personal Liability
92	160	Tax Liability – Non-arm’s Length Transfers of Property
93	160.1	Where Excess Refunded
94	160.2	Joint Liability – Amounts Received out of or under RRSP
95	160.3	Liability – Amounts Received out of or under RCA Trust
96	160.4	Liability – Transfers by Insolvent Corporation
97	162	Penalties
98	163	False Statements or Omissions – GSTC Payments
99	164	Refunds
100	Part I.3	Large Corporations Tax
101	181.2	Taxable Capital Employed in Canada
102	181.3	Taxable Capital Employed in Canada of Financial Institutions
103	Part III	Additional Tax on Excessive Elections
104	188	Revocation Tax
105	190.13	Financial Institutions Capital Tax
106	191	Excluded Dividends – Partner
107	191.1	Tax on Taxable Dividends
108	204.81	Labour-Sponsored Venture Capital Corporations
109	Part XI	Tax in Respect of Certain Property Acquired by Trusts, etc.
110-112	Part XII.2	Tax on Designated Income of Certain Trusts
113	211.8	Recovery of Labour-Sponsored Funds Tax Credit
114	212	Taxation of Non-Residents
115	216	Alternative re Rents and Timber Royalties
116	230	Records and Books
117	241	Provision of Information
118	248	Interpretation
119	251	Arm’s Length
120	253.1	Investments in Limited Partnerships
121	256	Acquisition of Control of a Corporation
122	259	Proportional Holdings in Trust Property
123	260	Securities Lending Arrangements
124	Schedule	Listed Corporations
125	FPFAA 12.2	Deduction for Federal Tax
126	S.C. 2000 c. 17	Debt Forgiveness Rules
127	S.C. 2000 c. 17	Disposition of Shares in a Foreign Affiliate

- Introduction -



		Last Updated: 2005-11-04			Important Notices

Table of Contents

Legislative Proposals.

Explanatory Notes.