Income Tax Regulations (C.R.C., c. 945)

Regulations are current to 2017-11-20 and last amended on 2017-07-01. Previous Versions

 For the purposes of the definition lending asset in subsection 248(1) of the Act,

  • (a) a share owned by a bank is a prescribed share for a taxation year where it is a preferred share of the capital stock of a corporation that is dealing at arm’s length with the bank that may reasonably be considered to be, and is reported as, a substitute or alternative for a loan to the corporation, or another corporation with whom the corporation does not deal at arm’s length, in the bank’s annual report for the year to the relevant authority or, where the bank was throughout the year subject to the supervision of the relevant authority but was not required to file an annual report for the year with the relevant authority, in its financial statements for the year; and

  • (b) a property is a prescribed property for a taxation year where

    • (i) the security is a mark-to-market property (as defined in subsection 142.2(1) of the Act) for the year of a financial institution (as defined in subsection 142.2(1) of the Act),

    • (ii) the security is at any time in the year a property described in an inventory of a taxpayer, or

    • (iii) the property is a direct financing lease, or is any other financing arrangement, of a taxpayer that is reported as a loan in the taxpayer’s financial statement for the year prepared in accordance with generally accepted accounting principles and an amount is deductible under paragraph 20(1)(a) of the Act in respect of the property that is the subject of the lease or arrangement in computing the taxpayer’s income for the year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/91-78, s. 3;
  • SOR/94-686, ss. 35(F), 79(F);
  • SOR/99-91, s. 1;
  • SOR/2009-222, s. 5.

 For the purposes of paragraph 38(a.1) of the Act, a prescribed debt obligation is a bond, debenture, note, mortgage or similar obligation

  • (a) of or guaranteed by the Government of Canada; or

  • (b) of the government of a province or an agent of that government.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/2001-187, s. 6.

PART LXIIIChild Tax Benefits

Interpretation

 In this Part, qualified dependant has the meaning assigned by section 122.6 of the Act.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/93-13, s. 1.

Non-Application of Presumption

  •  (1) For the purposes of paragraph (g) of the definition eligible individual in section 122.6 of the Act, the presumption referred to in paragraph (f) of that definition does not apply in the circumstances where

    • (a) the female parent of the qualified dependant declares in writing to the Minister that the male parent, with whom she resides, is the parent of the qualified dependant who primarily fulfils the responsibility for the care and upbringing of each of the qualified dependants who reside with both parents;

    • (b) the female parent is a qualified dependant of an eligible individual and each of them files a notice with the Minister under subsection 122.62(1) of the Act in respect of the same qualified dependant;

    • (c) there is more than one female parent of the qualified dependant who resides with the qualified dependant and each female parent files a notice with the Minister under subsection 122.62(1) of the Act in respect of the qualified dependant; or

    • (d) more than one notice is filed with the Minister under subsection 122.62(1) of the Act in respect of the same qualified dependant who resides with each of the persons filing the notices if such persons live at different locations.

  • (2) For greater certainty, a person who files a notice referred to in paragraph (1)(b), (c) or (d) includes a person who is not required under subsection 122.62(3) of the Act to file such a notice.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/93-13, s. 1;
  • SOR/99-17, s. 9.

Factors

 For the purposes of paragraph (h) of the definition eligible individual in section 122.6 of the Act, the following factors are to be considered in determining what constitutes care and upbringing of a qualified dependant:

  • (a) the supervision of the daily activities and needs of the qualified dependant;

  • (b) the maintenance of a secure environment in which the qualified dependant resides;

  • (c) the arrangement of, and transportation to, medical care at regular intervals and as required for the qualified dependant;

  • (d) the arrangement of, participation in, and transportation to, educational, recreational, athletic or similar activities in respect of the qualified dependant;

  • (e) the attendance to the needs of the qualified dependant when the qualified dependant is ill or otherwise in need of the attendance of another person;

  • (f) the attendance to the hygienic needs of the qualified dependant on a regular basis;

  • (g) the provision, generally, of guidance and companionship to the qualified dependant; and

  • (h) the existence of a court order in respect of the qualified dependant that is valid in the jurisdiction in which the qualified dependant resides.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/93-13, s. 1.

PART LXIVPrescribed Dates

Child Tax Credits

 For the purposes of subsection 122.2(1) of the Act, the prescribed date for each of the 1978 and subsequent taxation years is December 31st of that year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/79-206, s. 1;
  • SOR/80-139, s. 1;
  • SOR/80-925, s. 1;
  • SOR/81-289, s. 1.

Quebec Tax Abatement

 For the purposes of subsection 120(2) of the Act, the prescribed date for each of the 1980 and subsequent taxation years is December 31st of that year.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/81-289, s. 1.

PART LXVPrescribed Laws

[SOR/94-346, s. 1]

 For the purposes of paragraph 241(4)(j.2) of the Act, the following are prescribed laws of the Province of Quebec:

  • (a) An Act respecting the Québec Pension Plan, R.S.Q., c. R-9; and

  • (b) Individual and Family Assistance Act, R.S.Q., c. A-13.1.1, as it relates to the additional amounts for dependent children.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. SOR/80-245, s. 1;
  • SOR/81-118, s. 1;
  • SOR/82-214, s. 1;
  • SOR/86-488, s. 8;
  • SOR/2007-116, s. 9;
  • 2013, c. 40, 112.

 For the purposes of paragraph 81(1)(q) of the Act, prescribed provision of the law of a province means

  • (a) in respect of the Province of Alberta

    • (i) subsections 7(1) and 14(1) of The Criminal Injuries Compensation Act, R.S.A. 1970, c. 75, and

    • (ii) subsections 8(3), 10(2) and 13(8) of The Motor Vehicle Accident Claims Act, R.S.A. 1970, c. 243;

  • (b) in respect of the Province of British Columbia

    • (i) paragraphs 3(1)(a) and (b) and section 9 of the Criminal Injury Compensation Act, R.S.B.C. 1979, c. 83, and

    • (ii) subsection 106(1) of the Motor-vehicle Act, R.S.B.C. 1960, c. 253, as amended by S.B.C. 1965, c. 27;

  • (c) in respect of the Province of Manitoba

    • (i) subsection 6(1) of The Criminal Injuries Compensation Act, S.M. 1970, c. 56, and

    • (ii) subsections 7(9) and 12(11) of The Unsatisfied Judgement Fund Act, R.S.M. 1970, U70;

  • (d) in respect of the Province of New Brunswick

    • (i) subsections 3(1) and (2) of the Compensation for Victims of Crime Act, R.S.N.B. 1973, c. C-14, and

    • (ii) subsections 319(3), (10) and 321(1) of the Motor Vehicle Act, R.S.N.B. 1973, c. M-17;

  • (e) in respect of the Province of Newfoundland

    • (i) subsection 27(1) of the Criminal Injuries Compensation Act, R.S.N. 1970, c. 68, and

    • (ii) subsection 106(2) of The Highway Traffic Act, R.S.N. 1970, c. 152;

  • (f) in respect of the Northwest Territories, subsections 3(1) and 5(2) and section 13 of the Criminal Injuries Compensation Ordinance, R.O.N.W.T. 1974, c. C-23;

  • (g) in respect of the Province of Nova Scotia, subsections 190(5) and 191(2) of the Motor Vehicle Act, R.S.N.S. 1967, c. 191;

  • (h) in respect of the Province of Ontario

    • (i) section 5, subsection 7(2) and section 14 of The Compensation for Victims of Crime Act, 1971, S.O. 1971, c. 51, and

    • (ii) subsections 5(3) and 6(1) and section 18 of The Motor Vehicle Accident Claims Act, R.S.O. 1970, c. 281;

  • (i) in respect of the Province of Prince Edward Island, subsection 351(3) of the Highway Traffic Act, R.S.P.E.I. 1974, c. H-6;

  • (j) in respect of the Province of Quebec

    • (i) sections 5, 5b and 14 of the Crime Victims Compensation Act, S.Q. 1971, c. 18, and

    • (ii) sections 13 and 26, subsection 37(1) and sections 44 and 54 of the Automobile Insurance Act, S.Q. 1977, c. 68;

  • (k) in respect of the Province of Saskatchewan

    • (i) subsection 10(1) of The Criminal Injuries Compensation Act, R.S.S. 1978, c. C-47, and

    • (ii) subsections 23(1) to (4) and (7), 24(2) to (7) and (9), 25(1), 26(1), 27(1) and (2), 27(5), 51(8) and (9), 54(3) and 55(1) of The Automobile Accident Insurance Act, R.S.S. 1978, c. A-35; and

  • (l) in respect of the Yukon Territory, subsection 3(1) of the Compensation for the Victims of Crime Ordinance, O.Y.T. 1975 (1st), c. 2 as amended by O.Y.T. 1976 (1st), c. 5.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/81-118, s. 2.
 
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