Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

Act current to 2014-10-15 and last amended on 2014-06-27. Previous Versions

Marginal note:Income inclusion

 A holder of a TFSA shall include in computing the holder’s income for a taxation year under Part I any portion of a distribution made in the year that is described in subparagraph (a)(ii) of the definition “specified distribution” in subsection 207.01(1) or subparagraph 207.06(1)(b)(ii) or that is specified by the Minister as part of an agreement to waive or cancel a liability for tax under this Part.

  • 2010, c. 25, s. 61;
  • 2013, c. 40, s. 78.
Marginal note:Special limit on tax payable

 If an individual is liable to pay an amount of tax under section 207.05 and under sections 207.02 or 207.03 in respect of the same contribution for the same calendar year, the tax payable under section 207.05 for the year shall be reduced by the amount of the tax payable under section 207.02 or 207.03, as the case may be, for the year.

  • 2010, c. 25, s. 61.
Marginal note:Return and payment of tax
  •  (1) A person who is liable to pay tax under this Part for all or any part of a calendar year shall before July of the following calendar year

    • (a) file with the Minister a return for the year under this subsection in prescribed form and containing prescribed information including

      • (i) an estimate of the amount of tax payable under this Part by the person in respect of the year, and

      • (ii) an estimate of the amount of the person’s allowable refund, if any, for the year; and

    • (b) pay to the Receiver General the amount, if any, by which the amount of the person’s tax payable under this Part in respect of the year exceeds the person’s allowable refund, if any, for the year.

  • Marginal note:Refund

    (2) If a person has filed a return under this Part for a calendar year within three years after the end of the year, the Minister

    • (a) may, on sending the notice of assessment for the year, refund without application any allowable refund of the person for the year, to the extent that it was not applied against the person’s tax payable under paragraph (1)(b); and

    • (b) shall, with all due dispatch, make the refund referred to in paragraph (a) after sending the notice of assessment if an application for it has been made in writing by the person within three years after the sending of an original notice of assessment for the year.

  • Marginal note:Provisions applicable to Part

    (3) Subsections 150(2) and (3), sections 152 and 158 to 167 and Division J of Part I apply to this Part with any modifications that the circumstances require.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 2008, c. 28, s. 31;
  • 2010, c. 25, s. 62;
  • 2013, c. 40, s. 79.