Budget Implementation Act, 2004, No. 2 (S.C. 2005, c. 19)

Assented to 2005-05-13

  •  (1) The portion of subsection 256(7) of the Act before paragraph (a) is replaced by the following:

    • Marginal note:Acquiring control

      (7) For the purposes of subsections 10(10), 13(21.2) and (24), 14(12) and 18(15), sections 18.1 and 37, subsection 40(3.4), the definition “superficial loss” in section 54, section 55, subsections 66(11), (11.4) and (11.5), 66.5(3) and 66.7(10) and (11), section 80, paragraph 80.04(4)(h), subsections 85(1.2), 88(1.1) and (1.2) and 110.1(1.2), sections 111 and 127, subsection 249(4) and this subsection,

  • (2) Subsection (1) applies in respect of gifts made after March 22, 2004.

2003, c. 15Budget Implementation Act, 2003

  •  (1) The portion of subsection 79(3) of the Budget Implementation Act, 2003 before paragraph (a) is replaced by the following:

    • (3) Subsection (1) applies to the 2003 and subsequent taxation years except that for taxation years that begin before 2005

  • (2) Paragraph 79(3)(a) of the Act is amended by adding the word “and” at the end of subparagraph (iii) and by replacing subparagraphs (iv) and (v) with the following:

    • (iv) that proportion of $300,000 that the number of days in the taxation year that are after 2004 is of the number of days in the taxation year; and

  • (3) The portion of subsection 79(4) of the Act before paragraph (a) is replaced by the following:

    • (4) Subsection (2) applies to the 2003 and subsequent taxation years except that, for taxation years that begin before 2005, the references in the description of M in the definition “specified partnership income” in subsection 125(7) of the Act, as enacted by subsection (2), to “$300,000” and “$822”, are to be read

  • (4) Subsection 79(4) of the Act is amended by adding the word “and” at the end of paragraph (a), by striking out the word “and” at the end of paragraph (b) and by repealing paragraph (c).

  • (5) Subsections (1) to (4) are deemed to have come into force on June 19, 2003.

1991, c. 46Bank Act

 Section 462 of the Bank Act is amended by adding the following after subsection (2):

  • Marginal note:Notices: Minister of National Revenue

    (2.1) Despite subsections (1) and (2), a notice, demand, order or other document issued with respect to a customer of a bank constitutes notice to the bank and fixes the bank with knowledge of its contents and, where applicable, is binding on property belonging to the customer and in the possession of the bank or on money owing to the customer by reason of an account in the bank, if it is sent to the branch of the bank referred to in subsection (1) or (2), an office of the bank referred to in paragraph (3)(a) or any other office agreed to by the bank and the Minister of National Revenue and it relates to

    • (a) the administration of an Act of Parliament by the Minister of National Revenue; or

    • (b) the administration of an Act of the legislature of a province or legislation made by an aboriginal government, where the Minister or the Minister of National Revenue has entered into a tax collection agreement under an Act of Parliament with the government of the province or the aboriginal government.