Marginal note:Tax payable where advantage extended
207.05 (1) A tax is payable under this Part for a calendar year in connection with a TFSA if, in the year, an advantage in relation to the TFSA is extended to a person who is, or who does not deal at arm’s length with, the holder of the TFSA.
Marginal note:Amount of tax payable
(2) The amount of tax payable in respect of an advantage described in subsection (1) is
(a) in the case of a benefit, the fair market value of the benefit; and
(b) in the case of a loan or an indebtedness, the amount of the loan or indebtedness.
Marginal note:Liability for tax
(3) The holder of a TFSA in connection with which a tax is imposed under subsection (1) is liable to pay the tax except that, if the advantage is extended by the issuer of the TFSA or by a person with whom the issuer is not dealing at arm’s length, the issuer, and not the holder, is liable to pay the tax.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 2008, c. 28, s. 31
- Date modified: