Marginal note:1993, c. 27, s. 128(3)

• 68. (1) Subparagraph 295(5)(d)(i) of the Excise Tax Act is replaced by the following:

  • (i) to an official of the Department of Finance solely for the purposes of the formulation or evaluation of fiscal policy or for the purposes of an administration agreement, as defined in subsection 2(1) of the Federal-Provincial Fiscal Arrangements Act, entered into with an aboriginal government, as defined in that subsection, or for the purposes of an administration agreement, as defined in subsection 2(1) of the First Nations Goods and Services Tax Act,

• (2) Paragraph 295(5)(d) of the Act is amended by adding the following after subparagraph (iv.1):

  • (iv.2) to a person authorized by the governing body of a first nation listed in the schedule to the First Nations Goods and Services Tax Act solely for the purposes of the formulation, evaluation or initial implementation of fiscal policy relating to a tax referred to in that Act,

• 69. (1) The descriptions of A and B in subsection 6(2) of the Income Tax Act are replaced by the following:

  A 

  is

  • (a) the lesser of the total kilometres that the automobile is driven (otherwise than in connection with or in the course of the taxpayer’s office or employment) during the total available days and the value determined for the description of B for the year in respect of the standby charge for the automobile during the total available days, if

    • (i) the taxpayer is required by the employer to use the automobile in connection with or in the course of the office or employment, and

    • (ii) the distance travelled by the automobile in the total available days is primarily in connection with or in the course of the office or employment, and

  • (b) the value determined for the description of B for the year in respect of the standby charge for the automobile during the total available days, in any other case;

  B 

  is the product obtained when 1,667 is multiplied by the quotient obtained by dividing the total available days by 30 and, if the quotient so obtained is not a whole number and exceeds one, by rounding it to the nearest whole number or, where that quotient is equidistant from two consecutive whole numbers, by rounding it to the lower of those two numbers;

• (2) Subsection (1) applies to the 2003 and subsequent taxation years.

• 70. (1) The definitions “qualifying cost”, “qualifying portion of a capital gain” and “qualifying portion of the proceeds of disposition” in subsection 44.1(1) of the Act are repealed.

• (2) The descriptions of E and F in the definition “ACB reduction” in subsection 44.1(1) of the Act are replaced by the following:

  E 

  is the cost to the individual of the replacement share; and

  F 

  is the cost to the individual of all the replacement shares of the individual in respect of the qualifying disposition.

• (3) The descriptions of G, H and I in the definition “permitted deferral” in subsection 44.1(1) of the Act are replaced by the following:

  G 

  is the lesser of the individual’s proceeds of disposition from the qualifying disposition and the total of all amounts each of which is the cost to the individual of a replacement share in respect of the qualifying disposition;

  H 

  is the individual’s proceeds of disposition from the qualifying disposition; and

  I 

  is the individual’s capital gain from the qualifying disposition.

• (4) Paragraph (a) of the definition “replacement share” in subsection 44.1(1) of the Act is replaced by the following:

  • (a) acquired by the individual in the year or within 120 days after the end of the year; and

• (5) Subsections (1) to (4) apply in respect of dispositions that occur after February 18, 2003.