|
|
|
|
|
|
|||||
      
|
 |
| - Main Draft Legislation Page - |
Explanatory Notes Relating to the Excise Tax Act, the Income Tax Act, the First Nations Goods and Services Tax Act, the Yukon First Nations Self-Government Act, and Related Acts
Published by
The Honourable James M. Flaherty, P.C., M.P.
Minister of Finance
June 2006
Notice to the reader:
The text in this document is an exact copy of the text found in the PDF version. However, the software used to produce this version cannot fully reproduce the underlining and sidebar features found in the other formats. These formats of the document can be found by clicking on the following link:
Related documents:
- Explanatory Notes to the Budget Implementation Act, 2006 Now Available (News Release 2006-024)
- Notice of Ways and Means Motion to Implement Certain Provisions of the Budget Tabled in Parliament on May 2, 2006
Table of Contents
|
|
||||
| Clause in Legislation | Section of the Act Amended | Topic | ||
|---|---|---|---|---|
|
|
||||
| Part 1 Amendments related to the GST / HST Rate Reduction Excise Tax Act |
||||
| 2 | 123(1) | Definition "basic tax content" | ||
| 3 | 165 | Imposition of goods and services tax | ||
| 4 | 173(1) | Employee and shareholder benefits | ||
| 5 | 174 | Travel and other allowances | ||
| 6 | 176(1) | Acquisition of used returnable containers | ||
| 7 | 181(1) | Coupons | ||
| 8 | 181.1 | Rebates | ||
| 9 | 182(1) | Forfeitures and extinguished debt | ||
| 10 | 183(4), (5), and (6) | Seizure and repossession | ||
| 11 | 184(3), (4), and (5) | Property transferred to insurer on settlement of claim | ||
| 12 | 184.1(2) | Performance bonds | ||
| 13 | 187(c) | Bets and games of chance | ||
| 14 | 188 | Prizes | ||
| 15 | 193 | Real property credits | ||
| 16 | 194 | Incorrect statement | ||
| 17 | 202(4) | Non-exclusive use of passenger vehicle or aircraft | ||
| 18 | 211 | Election for real property of a public service body | ||
| 19 | 212 | Imposition of goods and services tax on imported goods | ||
| 20 | 218 | Imposition of goods and services tax on imported supplies | ||
| 21 | 225.2(2) | Selected listed financial institution special attribution method | ||
| 22 | 233(2) | Patronage dividends | ||
| 23 | 253 | Employee and partner rebates | ||
| 24 | 254 | New housing rebate | ||
| 25 | 254.1 | New housing rebate for building only and rebate in Nova Scotia | ||
| 26 | 255 | Cooperative housing rebate and rebate in Nova Scotia | ||
| 27 | 256 | Rebate for owner-built homes | ||
| 28 | 256.2 | Rebate in respect of newly constructed or substantially renovated residential rental accommodation | ||
| 29 | 256.3 to 256.6 | Transitional rebate | ||
| 30 | 257 | Non-registrant sale of real property | ||
| 31 | 259 | Rebates | ||
| 32 | 274.1 and 274.2 | Anti-avoidance transactions respecting rate change | ||
|
|
||||
| Air Travellers Security Charge Act | ||||
| 33 | 12(1) and (2) | Amount of charge | ||
|
|
||||
| Excise Act, 2001 | ||||
| 34 | 58.1 to 58.6 | Tobacco products inventory tax | ||
| 35 | 216(2) | Punishment – minimum and maximum amount | ||
| 36 | 240 | Contravention of subsection 50(5) | ||
| 37 | Sched. 1, para. 1(b) | Duty on cigarettes | ||
| 38 | Sched. 1, para. 2(b) | Duty on tobacco sticks | ||
| 39 | Sched. 1, para. 3(b) | Duty on other manufactured tobacco | ||
| 40 | Sched. 1, s. 4 | Duty on cigars | ||
| 41 | Sched. 2 | Application of interest | ||
| 42 | Application of interest | |||
|
|
||||
| Excise Act | ||||
| 43 | Sched., Part II | Duty on beer | ||
|
|
||||
| Excise Act, 2001 | ||||
| 44 | 217(2) and (3) | Punishment for certain alcohol offences | ||
| 45 | 218(2) and (3) | Punishment for more serious alcohol offences | ||
| 46 | 242 | Contravention of section 72 | ||
| 47 | 243 | Contravention of section 73, etc. | ||
| 48 | Sched. 4 | Duty on spirits | ||
| 49 | Sched. 6 | Duty on wine | ||
| 50 | Application of interest | |||
|
|
||||
| Part 2 Amendments to the Income Tax Act |
||||
| 51 | 38 | Gifts of publicly traded securities and environmentally sensitive land | ||
| 52 | 53 | Adjustments to cost base – interest in a partnership | ||
| 53 | 64 | Disability supports deduction | ||
| 54 | 67.1 | Expenses for food, etc. | ||
| 55 | 87 | Tax deferred cooperative shares | ||
| 56 | 110 | Charitable donation deduction | ||
| 57 | 111 | Carry-forward period for business, restricted farm, and farm losses | ||
| 58 | 117 | Tax rates applicable to individuals | ||
| 59 | 117.1 | Annual adjustment (indexing) | ||
| 60 | 118 | Personal credits | ||
| 61 | 118.01 | Adoption expense tax credit | ||
| 62 | 118.2 | Medical expense credit | ||
| 63 | 118.3 | Credit for impairment in physical or mental functions | ||
| 64 | 118.4 | Nature of impairment | ||
| 65 | 118.61 | Unused tuition and education tax credits | ||
| 66 | 118.81 | Tuition and education tax credits transferred | ||
| 67 | 118.91 | Part-year residents | ||
| 68 | 118.92 | Ordering of credits | ||
| 118.93 | Credits in separate returns | |||
| 118.94 | Tax payable by non-resident | |||
| 69 | 118.95 | Credits in year of bankruptcy | ||
| 70 | 122.51 | Refundable medical expense supplement | ||
| 71 | 122.61 | Canada Child Tax Benefit and the Child Disability Benefit | ||
| 72 | 123.2 | Corporate surtax | ||
| 73 | 123.4 | Corporate tax reductions | ||
| 74 | 125.1 | Manufacturing and processing profits deduction | ||
| 75 | 127 | Flow-through mining expenditure | ||
| 75.1 | 127.52 | Alternative minimum tax | ||
| 76 | 127.531 | Basic minimum tax credit determined | ||
| 77 | 127.54 | Minimum tax credit – foreign tax credit | ||
| 78 | 128 | Where individual bankrupt | ||
| 79 | 135 | Deduction in computing income | ||
| 80 | 135.1 | Agricultural cooperatives – tax-deferred patronage dividends | ||
| 81 | 136 | Definition of "cooperative corporation" | ||
| 82 | 181.1 | Federal capital tax | ||
| 83 | 186 | Carry-forward period for business losses and farm losses under Part IV | ||
| 84 | 211.1 | Carry-forward period for Canadian life investment losses | ||
| 85 | 225.1 | Federal capital tax – consequential amendment to subsection 225.1(8) | ||
| 86 | 227 | Payments by trustees, etc. | ||
| 87 | 227.1 | Liability of directors for failure to deduct | ||
| 88 | 235 | Federal capital tax – consequential amendment to section 235 | ||
|
|
||||
| Part 3 Amendments Relating to the Excise Tax on Jewellery, Etc. Excise Tax Act |
||||
| 89 | Sched. I, ss. 5 to 5.2 | Excise tax on jewellery | ||
|
|
||||
| Budget Implementation Act, 2005 | ||||
| 90 | 26 | Excise tax on jewellery | ||
|
|
||||
| Part 4 Amendments Relating to Aboriginal Tax Powers and Aboriginal Tax Treatment First Nations Goods and Services Tax Act |
||||
| 91 | Part 2 | Title of Part 2 | ||
| 92 | 17 | Interpretation | ||
| 93 | 21 and 22 | Application of other Acts | ||
| 94 | 23 | Delegation – authority to enact a law | ||
| 95 | 24 | Delegation – force of law | ||
| 96 | 29 | Amendment of Schedule 2 | ||
| 97 | Sched. 2 | Amendment of Schedule 2 | ||
|
|
||||
| Yukon First Nations Self-Government Act | ||||
| 98 | 22.1 | Transitional tax exemption | ||
|
|
||||
| Part 5 Other Tax-Related Amendments Air Travellers Security Charge Act |
||||
| 99 | 21(2) | Small amounts payable | ||
| 100 | 25(1) and (2) | Effect of extension | ||
| 101 | 27 | Interest and penalties | ||
| 102 | 30(1) | Waiving or reducing interest | ||
| 103 | 30.1 | Dishonoured instruments | ||
| 104 | 40(4) | Restriction | ||
| 105 | 53 | Failure to file a return when required | ||
| 106 | 54 | Effect of extension for returns | ||
| 107 | 55 | Waiving or cancelling penalties | ||
| 108 | 56 | Waiving or cancelling penalties | ||
| 109 | 61(2) | Saving | ||
| 110 | 62(3) | Penalty on conviction | ||
| 111 | 72(3) | Assessment before collection | ||
| 112 | 74(12) | Details in certificates and memorials | ||
|
|
||||
| Excise Act, 2001 | ||||
| 113 | 165(2) | Amounts payable of $2 or less in total | ||
| 114 | 168(2)(c) and (d) | Effect of extension | ||
| 115 | 170(4) | Minimum interest and penalty | ||
| 116 | 173 | Waiving or reducing interest | ||
| 117 | 188 | Assessments | ||
| 118 | 189(4) | Restriction on refunds | ||
| 119 | 251 to 251.2 | Failure to answer demand | ||
| 120 | 254(1) | Notice of imposed penalty | ||
| 121 | 255.1 | Waiving or reducing failure to file penalty | ||
| 122 | 286(1)(e) | Collection restrictions – deduction or set-off | ||
| 123 | 288(12) | Details in certificates and memorials – penalty under section 251.1 | ||
|
|
||||
| Excise Tax Act | ||||
| 124 | 7(1) and (1.1) | Failure to file a return when required | ||
| 125 | 68.5(9.1) | Failure to file a return when required | ||
| 126 | 77 | Restriction on refunds and credits | ||
| 127 | 79(4) and (5) | Failure to answer a demand | ||
| 128 | 79.01 | Transitional rule | ||
| 129 | 79.02(2) | Amounts payable of $2 or less in total | ||
| 130 | 79.03(4) | Interest and penalty amounts of $25 or less | ||
| 131 | 79.1 | Instalment for large taxpayers | ||
| 132 | 81.4 | Dishonoured instruments | ||
| 133 | 86(4) | Collection restrictions | ||
| 133.1 | 87 | Collection in jeopardy | ||
| 134 | 88(1) | Waiver or cancellation of interest or penalty | ||
| 135 | 95.1 | Failure to file a return when required | ||
| 136 | 123(1) | Definition "financial service" | ||
| 137 | 225(3)(b) | Restriction | ||
| 138 | 225.1(4)(b) | Restriction | ||
| 139 | 229 | Payment of net tax refund | ||
| 140 | 230 | Overpayment of refund | ||
| 141 | 236.1 | Adjustment if property not exported or supplied | ||
| 142 | 236.2 | Adjustment in respect of export certificate | ||
| 143 | 236.3 | Adjustment in respect of export distribution centre certificate | ||
| 144 | 256.2(10) | Repayment of rebate | ||
| 145 | 263.02 | Restriction on rebate | ||
| 146 | 280 | Interest | ||
| 147 | 280.1 to 280.3 | Penalties | ||
| 148 | 281(2)(c) and (d) | Extension for returns | ||
| 149 | 281.1 | Waiving or cancelling interest | ||
| 150 | 283 | Failure to answer a demand | ||
| 151 | 296 | Assessments | ||
| 152 | 297 | Assessment of rebate | ||
| 153 | 297.1 | Minimum amounts owing | ||
| 154 | 298(1)(e) | Period for assessment | ||
| 155 | 313(3) | Interest on judgments | ||
| 156 | 315(1) | Assessment before collection | ||
| 157 | 316(11)(b) | Details in certificates and memorials | ||
| 158 | 322.1(3)(f) | Effect of authorization | ||
| 159 | 326(3) | Saving | ||
| 160 | 327(3) | Penalty on conviction | ||
|
|
||||
| Income Tax Act | ||||
| 161 | 18(1)(t) | Payments under different acts | ||
| 162 | 161.4 | Small amounts | ||
| 163 | 164 | Withholding of refunds | ||
| 164 | 220 | Administration and enforcement | ||
| 165 | 221.2 | Re-appropriation of amounts | ||
| 166 | 225.1 | Collection restrictions | ||
|
|
||||
| Part 6 Consequential and Related Amendments Income Tax Act |
||||
| 173 | 56 | Income inclusion | ||
| 174 | 60 | Other deductions | ||
| 175 | 122.5 | Definitions | ||
| 176 | 122.6 | Definitions | ||
| 177 | 122.61 | Canada Child Tax Benefit | ||
| 178 | 180.2 | Definitions | ||
| 179 | 241 | Communication of information | ||
|
|
||||
| Last Updated: 2006-06-15 |
|
||||
