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

Act current to 2016-05-12 and last amended on 2015-12-31. Previous Versions

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.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 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.

PART XI.1Tax in Respect of Deferred Income Plans and Other Tax Exempt Persons

  •  (1) [Repealed, 2011, c. 24, s. 68]

  • Marginal note:Tax payable by trust under deferred profit sharing plan

    (2) Where, at the end of any month, a trust governed by a deferred profit sharing plan holds property that is neither a qualified investment (within the meaning assigned by section 204) nor a life insurance policy (referred to in paragraphs 198(6)(c) to 198(6)(e) or subsection 198(6.1)), the trust shall, in respect of that month, pay a tax under this Part equal to 1% of the fair market value of the property at the time it was acquired by the trust of all such property held by it at the end of the month, other than

    • (a) property in respect of the acquisition of which the trust has paid or is liable to pay a tax under subsection 198(1); and

    • (b) property acquired by the trust before August 25, 1972.

  • Marginal note:Tax payable by trust under registered education savings plan

    (3) Every trust governed by a registered education savings plan shall, in respect of any month, pay a tax under this Part equal to 1% of the total of all amounts each of which is the fair market value of a property, at the time it was acquired by the trust, that

    • (a) is not a qualified investment (as defined in subsection 146.1(1)) for the trust; and

    • (b) is held by the trust at the end of the month.

  • (4) [Repealed, 2011, c. 24, s. 68]

  • Marginal note:Tax payable in respect of agreement to acquire shares

    (5) Where at any time a taxpayer whose taxable income is exempt from tax under Part I makes an agreement (otherwise than as a consequence of the acquisition or writing by it of an option listed on a designated stock exchange) to acquire a share of the capital stock of a corporation (otherwise than from the corporation) at a price that may differ from the fair market value of the share at the time the share may be acquired, the taxpayer shall, in respect of each month during which the taxpayer is a party to the agreement, pay a tax under this Part equal to the total of all amounts each of which is the amount, if any, by which the amount of a dividend paid on the share at a time in the month at which the taxpayer is a party to the agreement exceeds the amount, if any, of the dividend that is received by the taxpayer.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. R.S., 1985, c. 1 (5th Supp.), s. 207.1;
  • 1994, c. 8, s. 31;
  • 1999, c. 22, s. 73;
  • 2005, c. 30, s. 16;
  • 2007, c. 35, s. 58;
  • 2011, c. 24, s. 68.
Marginal note:Return and payment of tax
  •  (1) Within 90 days after the end of each year, a taxpayer to whom this Part applies shall

    • (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, if any, payable by it under this Part in respect of each month in the year; and

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

  • Marginal note:Liability of trustee

    (2) Where the trustee of a trust that is liable to pay tax under this Part does not remit to the Receiver General the amount of the tax within the time specified in subsection 207.2(1), the trustee is personally liable to pay on behalf of the trust the full amount of the tax and is entitled to recover from the trust any amount paid by the trustee as tax under this section.

  • Marginal note:Provisions applicable to Part

    (3) 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. 1973-74, c. 30, s. 23;
  • 1974-75-76, c. 26, s. 116;
  • 1979, c. 5, s. 60;
  • 1980-81-82-83, c. 48, s. 115;
  • 1985, c. 45, s. 126(F);
  • 1986, c. 6, s. 113.

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.
 
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