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

Act current to 2014-09-01 and last amended on 2014-06-27. Previous Versions

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  •  (1) [Repealed, 2011, c. 24, s. 68]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  • (4) [Repealed, 2011, c. 24, s. 68]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