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

Act current to 2017-04-12 and last amended on 2017-04-01. Previous Versions

Marginal note:Authority to designate stock exchange
  •  (1) The Minister of Finance may designate a stock exchange, or a part of a stock exchange, for the purposes of this Act.

  • Marginal note:Revocation of designation

    (2) The Minister of Finance may revoke the designation of a stock exchange, or a part of a stock exchange, designated under subsection (1).

  • Marginal note:Timing

    (3) A designation under subsection (1) or a revocation under subsection (2) shall specify the time at and after which it is in effect, which time may, for greater certainty, precede the time at which the designation or revocation is made.

  • Marginal note:Publication

    (4) The Minister of Finance shall cause to be published, by posting on the Internet website of the Department of Finance or by any other means that the Minister of Finance considers appropriate, the names of those stock exchanges, or parts of stock exchanges, as the case may be, that are or at any time were designated under subsection (1).

  • Marginal note:Transition

    (5) The Minister of Finance is deemed to have designated under subsection (1) each stock exchange and each part of a stock exchange that was, immediately before the day on which this section came into force, a prescribed stock exchange, with effect on and after that day.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 2007, c. 35, s. 67.

PART XVIIIEnhanced International Information Reporting

Marginal note:Definitions
  •  (1) The following definitions apply in this Part.

    agreement

    accord

    agreement has the same meaning as in section 2 of the Canada–United States Enhanced Tax Information Exchange Agreement Implementation Act. (accord)

    electronic filing

    transmission électronique

    electronic filing means using electronic media in a manner specified by the Minister. (transmission électronique)

    listed financial institution

    institution financière particulière

    listed financial institution means a financial institution that is

    • (a) an authorized foreign bank within the meaning of section 2 of the Bank Act in respect of its business in Canada, or a bank to which that Act applies;

    • (b) a cooperative credit society, a savings and credit union or a caisse populaire regulated by a provincial Act;

    • (c) an association regulated by the Cooperative Credit Associations Act;

    • (d) a central cooperative credit society, as defined in section 2 of the Cooperative Credit Associations Act, or a credit union central or a federation of credit unions or caisses populaires that is regulated by a provincial Act other than one enacted by the legislature of Quebec;

    • (e) a financial services cooperative regulated by An Act respecting financial services cooperatives, R.S.Q., c. C-67.3, or An Act respecting the Mouvement Desjardins, S.Q. 2000, c. 77;

    • (f) a life company or a foreign life company to which the Insurance Companies Act applies or a life insurance company regulated by a provincial Act;

    • (g) a company to which the Trust and Loan Companies Act applies;

    • (h) a trust company regulated by a provincial Act;

    • (i) a loan company regulated by a provincial Act;

    • (j) an entity authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments, or to provide portfolio management, investment advising, fund administration, or fund management, services;

    • (k) an entity that is represented or promoted to the public as a collective investment vehicle, mutual fund, exchange traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund or similar investment vehicle that is established to invest or trade in financial assets and that is managed by an entity referred to in paragraph (j);

    • (l) an entity that is a clearing house or clearing agency; or

    • (m) a department or an agent of Her Majesty in right of Canada or of a province that is engaged in the business of accepting deposit liabilities. (institution financière particulière)

    non-reporting Canadian financial institution

    institution financière canadienne non déclarante

    non-reporting Canadian financial institution means any Canadian financial institution or other entity resident in Canada that

    • (a) is described in any of paragraphs C, D and G to J of section III of Annex II to the agreement;

    • (b) makes a reasonable determination that it is described in any of paragraphs A, B, E and F of section III of Annex II to the agreement;

    • (c) qualifies as an exempt beneficial owner under relevant U.S. Treasury Regulations in effect on the date of signature of the agreement; or

    • (d) makes a reasonable determination that it qualifies as a deemed-compliant FFI under relevant U.S. Treasury Regulations in effect on the date of signature of the agreement. (institution financière canadienne non déclarante)

    U.S. reportable account

    compte déclarable américain

    U.S. reportable account means a financial account that, under the agreement, is to be treated as a U.S. reportable account. (compte déclarable américain)

  • Marginal note:Financial institution

    (2) For the purposes of this Part, Canadian financial institution and reporting Canadian financial institution each have the meaning that would be assigned by the agreement, and the definition non-reporting Canadian financial institution in subsection (1) has the meaning that would be assigned by that subsection, if the definition Financial Institution in subparagraph 1(g) of Article 1 of the agreement were read as follows:

    • g) The term Financial Institution means any Entity that is a Custodial Institution, a Depository Institution, an Investment Entity or a Specified Insurance Company, and that is a listed financial institution within the meaning of Part XVIII of the Income Tax Act.

  • Marginal note:Financial account

    (3) For the purposes of this Part, the agreement is to be read as if the definition Financial Account in subparagraph 1(s) of Article 1 of the agreement included the following subparagraph after subparagraph (1):

    • (1.1) an account that is a client name account maintained by a person or entity that is authorized under provincial legislation to engage in the business of dealing in securities or any other financial instruments, or to provide portfolio management or investment advising services.

  • Marginal note:Identification number

    (4) For the purposes of this Part, a reference in the agreement to “Canadian TIN” or “taxpayer identification number” is to be read as including a reference to Social Insurance Number.

  • Marginal note:Term defined in agreement

    (5) In this Part, a term has the meaning that is defined in, or assigned by, the agreement unless the term is defined in this Part.

  • Marginal note:Amending instrument

    (6) No person shall be liable for a failure to comply with a duty or obligation imposed by this Act that results from an amendment to the agreement unless at the date of the alleged failure,

    • (a) the text of the instrument that effected the amendment had been published in the Canada Gazette; or

    • (b) reasonable steps had been taken to bring the purport of the amendment to the notice of those persons likely to be affected by it.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 2014, c. 20, s. 101.
Marginal note:Designation of account
  •  (1) Subject to subsection (2), a reporting Canadian financial institution may designate a financial account to not be a U.S. reportable account for a calendar year if the account is

    • (a) a preexisting individual account described in paragraph A of section II of Annex I to the agreement;

    • (b) a new individual account described in paragraph A of section III of Annex I to the agreement;

    • (c) a preexisting entity account described in paragraph A of section IV of Annex I to the agreement; or

    • (d) a new entity account described in paragraph A of section V of Annex I to the agreement.

  • Marginal note:U.S. reportable account

    (2) A reporting Canadian financial institution may not designate a financial account for a calendar year unless the account is part of a clearly identifiable group of accounts all of which are designated for the year.

  • Marginal note:Applicable rules

    (3) The rules in paragraph C of section VI of Annex I to the agreement apply in determining whether a financial account is described in any of paragraphs (1)(a) to (d).

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts. 2014, c. 20, s. 101.
 
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