Marginal note:Short title

1. This Act may be cited as the Tax Rebate Discounting Act.

Marginal note:Interpretation

• 2. (1) In this Act,

  “client”

  « client »

  “client” means a person from whom a discounter acquires a right to a refund of tax to which that person is entitled;

  “discounter”

  « escompteur »

  “discounter” means a person who acquires, for a consideration, a right to a refund of tax from a person entitled thereto;

  “minimum consideration”

  « contrepartie minimale »

  “minimum consideration”, in relation to a refund of tax, means an amount equal to

  • (a) where the refund of tax is equal to or less than three hundred dollars, eighty-five per cent of the refund of tax, or

  • (b) where the refund of tax is greater than three hundred dollars, two hundred and fifty-five dollars plus ninety-five per cent of the amount by which the refund of tax is greater than three hundred dollars;

  “Minister”

  « ministre »

  “Minister” means the Minister of National Revenue;

  “prescribed”

  Version anglaise seulement

  “prescribed” means

  • (a) in the case of a form, the information to be given on a form or the manner of filing a form, authorized by the Minister, and

  • (b) in any other case, prescribed by regulation;

  “refund of tax”

  « remboursement d’impôt »

  “refund of tax” means the amount of

  • (a) an overpayment of tax paid or deemed to have been paid under the Income Tax Act or collected pursuant to an agreement entered into under section 7 of the Federal-Provincial Fiscal Arrangements Act, or of tax deemed to have been paid under an Act of the legislature of a province that imposes a tax on income that is collected by the Minister of National Revenue pursuant to such an agreement,

  • (b) a payment to an individual by virtue of an agreement referred to in paragraph (a) that is other than a refund of an overpayment of tax paid or collected,

  • (c) an overpayment of premiums paid under the Employment Insurance Act, or

  • (d) an overpayment of contributions paid under the Canada Pension Plan,

  and any interest paid on any of those overpayments or payments;

  “return of income”

  « déclaration du revenu »

  “return of income” means a return of income pursuant to subsection 150(1) of the Income Tax Act.

• Marginal note:Where person acquires right to a refund

  (2) For the purposes of this Act, a person acquires a right to a refund of tax where that person, as between himself and another person, acquires a right to a refund of tax or to an amount equal to the amount of a refund of tax, notwithstanding that, by virtue of section 67 of the Financial Administration Act or any provision of any other Act of Parliament or of the legislature of a province, the refund of tax is not assignable.

• Marginal note:Enforcement of right to refund

  (3) A right to a refund of tax acquired by a discounter from a client is enforceable only between the client and the discounter and nothing in this Act shall be construed as creating any liability between the discounter and Her Majesty.