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

Act current to 2014-06-12 and last amended on 2014-01-01. Previous Versions

PART XI.2TAX IN RESPECT OF DISPOSITIONS OF CERTAIN PROPERTIES

Marginal note:Tax Payable by institution or public authority

 Every institution or public authority that, at any time in a year, disposes of an object within 10 years after the object became an object described in subparagraph 39(1)(a)(i.1) shall pay a tax under this Part, in respect of the year, equal to 30% of the object’s fair market value at that time, unless the disposition was made to another institution or public authority that was, at that time, designated under subsection 32(2) of the Cultural Property Export and Import Act either generally or for a specified purpose related to that object.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 207.3;
  • 1994, c. 7, Sch. II, s. 168;
  • 1999, c. 22, s. 74.
Marginal note:Tax payable by recipient of an ecological gift

 Any charity, municipality in Canada or municipal or public body performing a function of government in Canada (referred to in this section as the “recipient”) that at any time in a taxation year, without the authorization of the Minister of the Environment or a person designated by that Minister, disposes of or changes the use of a property described in paragraph 110.1(1)(d) or in the definition “total ecological gifts” in subsection 118.1(1) and given to the recipient shall, in respect of the year, pay a tax under this Part equal to 50% of the amount that would be determined for the purposes of section 110.1 or 118.1, if this Act were read without reference to subsections 110.1(3) and 118.1(6), to be the fair market value of the property if the property were given to the recipient immediately before the disposition or change.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 1996, c. 21, s. 53;
  • 2001, c. 17, s. 170;
  • 2013, c. 34, s. 340.
Marginal note:Return and payment of tax
  •  (1) Any institution, public authority, charity or municipality that is liable to pay a tax under subsection 207.3 or 207.31 in respect of a year shall, within 90 days after the end of the year,

    • (a) file with the Minister a return for the year under this Part in prescribed form and containing prescribed information without notice or demand therefor;

    • (b) estimate in the return the amount of tax payable by it under this Part in respect of the year; and

    • (c) pay to the Receiver General the amount of tax payable by it under this Part in respect of the year.

  • Marginal note:Provisions applicable to Part

    (2) Subsections 150(2) and 150(3), sections 152 and 158, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I are applicable to this Part with such modifications as the circumstances require.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 207.4;
  • 1996, c. 21, s. 54.