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C.R.C.
, c. 945 - Table of Contents
Table of Contents
Income Tax Regulations (
C.R.C.
, c. 945)
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Regulations are current to 2012-01-24 and last amended on 2012-01-01.
Previous Versions
Enabling Act:
INCOME TAX ACT
Notes :
See coming into force provision and notes, where applicable.
Shaded provisions are not in force.
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Income Tax Regulations
1 -
SHORT TITLE
2 -
INTERPRETATION
100 -
PART I
TAX DEDUCTIONS
100 -
Interpretation
101 -
Deductions and Remittances
102 -
Periodic Payments
103 -
Non-Periodic Payments
104 -
Deductions Not Required
104.1 -
Lifelong Learning Plan
105 -
Non-Residents
105.1 -
Fishermen’s Election
106 -
Variations in Deductions
107 -
Employee’s Returns
108 -
Remittances to Receiver General
109 -
Elections to Increase Deductions
110 -
Prescribed Persons
200 -
PART II
INFORMATION RETURNS
200 -
Remuneration and Benefits
201 -
Investment Income
202 -
Payments to Non-Residents
204 -
Estates and Trusts
204.1 -
Interpretation
205 -
Date Returns to be Filed
205.1 -
Electronic Filing
206 -
Legal Representatives and Others
207 -
Ownership Certificates
209 -
Distribution of Taxpayers Portions of Returns
210 -
Tax Deduction Information
211 -
Accrued Bond Interest
212 -
Employees Profit Sharing Plans
214 -
Registered Retirement Savings Plans
215 -
Registered Retirement Income Funds
217 -
Dispositon of Interest in Annuities and Life Insurance Policies
218 -
Patronage Payments
220 -
Cash Bonus Payments on Canada Savings Bonds
221 -
Qualified Investments
223 -
TFSAs
224 -
Canadian Home Insulation Program and Canada Oil Substitution Program
225 -
Certified Films and Video Tapes
226 -
Scientific Research Tax Credits
227 -
Share Purchase Tax Credits
228 -
Resource Flow-Through Shares
229 -
Partnership Return
229.1 -
Definitions
230 -
Security Transactions
232 -
Worker’s Compensation
233 -
Social Assistance
234 -
Farm Support Payments
235 -
Identifier Information
237 -
Contract for Goods and Services
238 -
Reporting of Payments in respect of Construction Activities
300 -
PART III
ANNUITIES AND LIFE INSURANCE POLICIES
300 -
Capital Element of Annuity Payments
301 -
Life Annuity Contracts
304 -
Prescribed Annuity Contracts
306 -
Exempt Policies
307 -
Accumulating Funds
308 -
Net Cost of Pure Insurance and Mortality Gains And Losses
309 -
Prescribed Premiums and Prescribed Increases
310 -
Interpretation
400 -
PART IV
TAXABLE INCOME EARNED IN A PROVINCE BY A CORPORATION
400 -
Interpretation
401 -
Computation of Taxable Income
402 -
General Rules
402.1 -
Central Paymaster
403 -
Insurance Corporations
404 -
Banks
405 -
Trust and Loan Corporations
406 -
Railway Corporations
407 -
Airline Corporations
408 -
Grain Elevator Operators
409 -
Bus and Truck Operators
410 -
Ship Operators
411 -
Pipeline Operators
412 -
Divided Businesses
413 -
Non-Resident Corporations
413.1 -
International Banking Centre Exception
414 -
Provincial SIFT Tax Rate
500 -
PART V
NON-RESIDENT-OWNED INVESTMENT CORPORATIONS
500 -
Elections
501 -
Elections Revoked
502 -
Certificates of Changes of Ownership
600 -
PART VI
ELECTIONS
700 -
PART VII
LOGGING TAXES ON INCOME
700 -
Logging
800 -
PART VIII
NON-RESIDENT TAXES
800 -
Registered Non-Resident Insurers
801 -
Filing of Returns by Registered Non-resident Insurers
802 -
Amounts Taxable
803 -
Payment of Tax by Registered Non-resident Insurers
804 -
Interpretation
805 -
Other Non-Resident Persons
805.1 -
Payee Certificate
806 -
International Organizations and Agencies
806.2 -
Prescribed Obligation
807 -
Identification of Obligations
808 -
Allowances in Respect of Investment in Property in Canada
809 -
Reduction of Certain Amounts to be Deducted or Withheld
1000 -
PART IX
1000 -
PART X
ELECTIONS IN RESPECT OF DECEASED TAXPAYERS
1000 -
Property Dispositions
1000.1 -
Realization of Options
1001 -
Annual Instalments
1100 -
PART XI
CAPITAL COST ALLOWANCES
1100 -
Division I
Deductions Allowed
1100A -
Exempt Mining Income
1101 -
Division II
Separate Classes
1101 -
Businesses and Properties
1102 -
Division III
Property Rules
1102 -
Property Not Included
1103 -
Division IV
Inclusions In and Transfers Between Classes
1103 -
Elections to Include Properties in Class 1
1104 -
Division V
Interpretation
1104 -
Definitions
1105 -
Division VI
Classes Prescribed
1106 -
Division VII
Certificates Issued by the Minister of Canadian Heritage
1106 -
Interpretation
1107 -
Division VIII
Determination of Viscosity and Density
1200 -
PART XII
RESOURCE AND PROCESSING ALLOWANCES
1201 -
Earned Depletion Allowances
1203 -
Mining Exploration Depletion
1204 -
Resource Profits
1205 -
Earned Depletion Base
1206 -
Interpretation
1207 -
Frontier Exploration Allowances
1208 -
Additional Allowances in Respect of Certain Oil or Gas Wells
1209 -
Additional Allowances in Respect of Certain Mines
1210 -
Resource Allowance
1211 -
Prescribed Amounts
1212 -
Supplementary Depletion Allowances
1213 -
Prescribed Deductions
1214 -
Amalgamations and Windings-Up
1216 -
Prescribed Persons
1217 -
Prescribed Canadian Exploration Expense
1218 -
Prescribed Canadian Development Expense
1219 -
Canadian Renewable and Conservation Expense
1300 -
PART XIII
ELECTIONS IN RESPECT OF TAXPAYERS CEASING TO BE RESIDENT IN CANADA
1300 -
Elections to Defer Capital Gains
1301 -
Elections to Defer Payment of Taxes
1302 -
Elections to Realize Capital Gains
1400 -
PART XIV
INSURANCE BUSINESS POLICY RESERVES
1400 -
Division 1
Policy Reserves
1400 -
Non-Life Insurance Business
1401 -
Division 2
Amounts Determined
1401 -
Life Insurance Business
1402 -
Division 3
Special Rules
1402 -
Non-Life and Life Insurance Businesses
1404 -
Division 4
Life Insurance Policy Reserves
1408 -
Division 5
Interpretation
1408 -
Insurance Businesses
1500 -
PART XV
PROFIT SHARING PLANS
1500 -
Division I
Employees Profit Sharing Plans
1501 -
Division II
Deferred Profit Sharing Plans
1501 -
Registration of Plans
1503 -
Division III
Elections in Respect of Certain Single Payments
1600 -
PART XVI
PRESCRIBED COUNTRIES
1700 -
PART XVII
CAPITAL COST ALLOWANCES, FARMING AND FISHING
1700 -
Division I
Deductions Allowed
1700 -
Rates
1701 -
Division II
Maximum Deductions
1702 -
Division III
Property Not Included
1703 -
Division IV
Interpretation
1703 -
Taxation Years for Individuals in Business
1704 -
Division V
Application of this Part
1800 -
PART XVIII
INVENTORIES
1800 -
Manner of Keeping Inventories
1801 -
Valuation
1802 -
Valuation of Animals
1900 -
PART XIX
INVESTMENT INCOME TAX
1900 -
Interpretation
2000 -
PART XX
POLITICAL CONTRIBUTIONS
2000 -
Contents of Receipts
2001 -
Information Returns
2002 -
Interpretation
2100 -
PART XXI
ELECTIONS IN RESPECT OF SURPLUSES
2100 -
Reduction of Tax-Paid Undistributed Surplus on Hand or 1971 Capital Surplus on Hand
2101 -
Capital Dividends and Life Insurance Capital Dividends Payable by Private Corporations
2102 -
Tax on 1971 Undistributed Income on Hand
2104 -
Capital Gains Dividends Payable by Mutual Fund Corporations, Investment Corporations and Mortgage Investment Corporations
2105 -
Capital Gains Dividends Payable by Non-Resident-Owned Investment Corporations
2106 -
Alternative to Additional Tax on Excessive Elections
2107 -
Tax-deferred Preferred Series
2200 -
PART XXII
SECURITY INTERESTS
2300 -
PART XXIII
PRINCIPAL RESIDENCES
2400 -
PART XXIV
INSURERS
2400 -
Definitions
2401 -
Designated Insurance Property
2402 -
Income from Participating Life Insurance Businesses
2403 -
Branch Tax Elections
2404 -
Currency Conversions
2405 -
Interpretation
2407 -
1977 Excess Policy Dividend Deduction
2408 -
1977 Carryforward Deduction
2409 -
Transitional
2410 -
Prescribed Amount
2412 -
Mean Canadian Investment Fund
2500 -
PART XXV
SPECIAL T1 TAX TABLE FOR INDIVIDUALS
2600 -
PART XXVI
INCOME EARNED IN A PROVINCE BY AN INDIVIDUAL
2600 -
Interpretation
2601 -
Residents of Canada
2602 -
Non-Residents
2603 -
Income from Business
2604 -
Bus and Truck Operators
2605 -
More Than One Business
2606 -
Limitations of Business Income
2607 -
Dual Residence
2608 -
Sift Trusts
2700 -
PART XXVII
GROUP TERM LIFE INSURANCE BENEFITS
2700 -
Definitions & Interpretation
2700 -
Definitions
2701 -
Prescribed Benefit
2702 -
Term Insurance Benefit
2702 -
Amount of Benefit
2703 -
Prepaid Insurance Benefit
2703 -
Amount of Benefit
2704 -
Employee-Paid Insurance
2705 -
Prescribed Premium and Insurance
2800 -
PART XXVIII
ELECTIONS IN RESPECT OF ACCUMULATING INCOMES OF TRUSTS
2900 -
PART XXIX
SCIENTIFIC RESEARCH AND EXPERIMENTAL DEVELOPMENT
2900 -
Interpretation
2901 -
Prescribed Expenditures
2903 -
Special-Purpose Buildings
3000 -
PART XXX
COMMUNICATION OF INFORMATION TO PROVINCES
3000 -
Communication of Information
3003 -
Prescribed Laws of the Province of Quebec
3100 -
PART XXXI
TAX SHELTER
3200 -
PART XXXII
[Repealed, SOR/2011-188, s. 17]
3300 -
PART XXXIII
TAX TRANSFER PAYMENTS
3400 -
PART XXXIV
INTERNATIONAL DEVELOPMENT ASSISTANCE PROGRAMS
3500 -
PART XXXV
GIFTS
3500 -
Interpretation
3501 -
Contents of Receipts
3501.1 -
Contents of Information Returns
3502 -
Employees’ Charity Trusts
3503 -
Universities Outside Canada
3504 -
Prescribed Donees
3505 -
Conditions
3600 -
PART XXXVI
RESERVES FOR SURVEYS
3700 -
PART XXXVII
REGISTERED CHARITIES
3701 -
Disbursement Quota
3702 -
Determination of Value
3800 -
PART XXXVIII
SOCIAL INSURANCE NUMBER APPLICATIONS
3900 -
PART XXXIX
MINING TAXES
4000 -
PART XL
BORROWED MONEY COSTS
4001 -
Interest on Insurance Policy Loans
4100 -
PART XLI
REPRESENTATION EXPENSES
4200 -
PART XLII
VALUATION OF ANNUITIES AND OTHER INTERESTS
4300 -
PART XLIII
INTEREST RATES
4300 -
Interpretation
4301 -
Prescribed Rate of Interest
4400 -
PART XLIV
PUBLICLY-TRADED SHARES OR SECURITIES
4500 -
PART XLV
ELECTIONS IN RESPECT OF EXPROPRIATION ASSETS
4600 -
PART XLVI
INVESTMENT TAX CREDIT
4600 -
Qualified Property
4601 -
Qualified Transportation Equipment
4602 -
Certified Property
4603 -
Qualified Construction Equipment
4604 -
Approved Project Property
4605 -
Prescribed Activities
4606 -
Prescribed Amount
4607 -
Prescribed Designated Regions
4608 -
Prescribed Expenditure for Qualified Canadian Exploration Expenditure
4609 -
Prescribed Offshore Region
4610 -
Prescribed Area
4700 -
PART XLVII
ELECTION IN RESPECT OF CERTAIN PROPERTY OWNED ON DECEMBER 31, 1971
4800 -
PART XLVIII
STATUS OF CORPORATIONS AND TRUSTS
4900 -
PART XLIX
DEFERRED INCOME PLANS
4900 -
Qualified Investments
4901 -
Interpretation
5000 -
PART L
TAX-FREE SAVINGS ACCOUNTS — PROHIBITED INVESTMENTS
5100 -
PART LI
DEFERRED INCOME PLANS, INVESTMENTS IN SMALL BUSINESS
5200 -
PART LII
CANADIAN MANUFACTURING AND PROCESSING PROFITS
5200 -
Basic Formula
5201 -
Small Manufacturers’ Rule
5202 -
Interpretation
5203 -
Resource Income
5204 -
Partnerships
5300 -
PART LIII
INSTALMENT BASE
5300 -
Individuals
5301 -
Corporations Under Part I of the Act
5400 -
PART LIV
[Repealed, SOR/2011-188, s. 21]
5500 -
PART LV
PRESCRIBED PROGRAMS AND BENEFITS
5500 -
Canadian Home Insulation Program
5501 -
Canada Oil Substitution Program
5502 -
Benefits under Government Assistance Programs
5503 -
Stabilization of Farm Income
5600 -
PART LVI
PRESCRIBED DISTRIBUTIONS
5700 -
PART LVII
MEDICAL EXPENSE TAX CREDIT
5800 -
PART LVIII
RETENTION OF BOOKS AND RECORDS
5900 -
PART LIX
FOREIGN AFFILIATES
5900 -
Dividends out of Exempt, Taxable and Pre-Acquisition Surplus
5901 -
Order of Surplus Distributions
5902 -
Election in Respect of Capital Gains
5903 -
Deductible Loss
5904 -
Participating Percentage
5905 -
Special Rules
5906 -
Carrying on Business in a Country
5907 -
Interpretation
5909 -
Prescribed Circumstances
6000 -
PART LX
PRESCRIBED ACTIVITIES
6100 -
PART LXI
RELATED SEGREGATED FUND TRUSTS
6200 -
PART LXII
PRESCRIBED SECURITIES, SHARES AND DEBT OBLIGATIONS
6200 -
Prescribed Securities
6201 -
Prescribed Shares
6300 -
PART LXIII
CHILD TAX BENEFITS
6300 -
Interpretation
6301 -
Non-Application of Presumption
6302 -
Factors
6400 -
PART LXIV
PRESCRIBED DATES
6400 -
Child Tax Credits
6401 -
Quebec Tax Abatement
6500 -
PART LXV
PRESCRIBED LAWS
6600 -
PART LXVI
PRESCRIBED ORDER
6700 -
PART LXVII
PRESCRIBED VENTURE CAPITAL CORPORATIONS, LABOUR-SPONSORED VENTURE CAPITAL CORPORATIONS, INVESTMENT CONTRACT CORPORATIONS, QUALIFYING CORPORATIONS AND PRESCRIBED STOCK SAVINGS PLANS
6800 -
PART LXVIII
PRESCRIBED PLANS, ARRANGEMENTS AND CONTRIBUTIONS
6804 -
Contributions to Foreign Plans
6804 -
Definitions
6900 -
PART LXIX
PRESCRIBED OFFSHORE INVESTMENT FUND PROPERTIES
7000 -
PART LXX
ACCRUED INTEREST ON DEBT OBLIGATIONS
7001 -
Indexed Debt Obligations
7100 -
PART LXXI
PRESCRIBED FEDERAL CROWN CORPORATIONS
7300 -
PART LXXII
[Repealed, SOR/2001-295, s. 5]
7300 -
PART LXXIII
PRESCRIBED AMOUNTS AND AREAS
7400 -
PART LXXIV
PRESCRIBED FOREST MANAGEMENT PLANS FOR WOODLOTS
7500 -
PART LXXV
PRESCRIBED MISSIONS
7600 -
PART LXXVI
CARVED-OUT PROPERTY EXCLUSION
7700 -
PART LXXVII
PRESCRIBED PRIZES
7800 -
PART LXXVIII
SPECIFIED PENSION PLANS
7900 -
PART LXXIX
PRESCRIBED FINANCIAL INSTITUTIONS
8000 -
PART LXXX
PRESCRIBED RESERVE AMOUNT AND RECOVERY RATE
8100 -
PART LXXXI
TRANSITION FOR FINANCIAL INSTITUTIONS
8100 -
Transition Deduction in respect of Unpaid Claims Reserve
8101 -
Inclusion of Transition Amount in respect of Unpaid Claims Reserve
8102 -
Mark-to-Market — Transition Deduction
8103 -
Mark-to-Market — Transition Inclusion
8104 -
Mark-to-Market — Transition Capital Loss
8105 -
Mark-to-Market — Transition Capital Gains
8200 -
PART LXXXII
PRESCRIBED PROPERTIES AND PERMANENT ESTABLISHMENTS
8200 -
Prescribed Properties
8201 -
Permanent Establishments
8300 -
PART LXXXIII
PENSION ADJUSTMENTS, PAST SERVICE PENSION ADJUSTMENTS, PENSION ADJUSTMENT REVERSALS AND PRESCRIBED AMOUNTS
8300 -
Interpretation
8301 -
Pension Adjustments
8301 -
Pension Adjustment with respect to Employer
8302 -
Benefit Entitlement
8303 -
Past Service Pension Adjustment
8303 -
PSPA with respect to Employer
8304 -
Past Service Benefits — Additional Rules
8304 -
Replacement of Defined Benefits
8304.1 -
Pension Adjustment Reversal
8304.1 -
Total Pension Adjustment Reversal
8305 -
Association of Benefits with Employers
8306 -
Exemption from Certification
8307 -
Certification in respect of Past Service Events
8307 -
Application for Certification
8308 -
Special Rules
8308 -
Benefits Provided Before Registration
8308.1 -
Foreign Plans
8308.1 -
Definition
8308.2 -
Prescribed Amount for Member of Foreign Plan
8308.2 -
Prescribed Amount
8308.3 -
Specified Retirement Arrangements
8308.3 -
Definition
8308.4 -
Government-Sponsored Retirement Arrangements
8308.4 -
Definitions
8309 -
Prescribed Amount for Lieutenant Governors and Judges
8310 -
Minister’s Powers
8311 -
Rounding of Amounts
8400 -
PART LXXXIV
RETIREMENT AND PROFIT-SHARING PLANS — REPORTING AND PROVISION OF INFORMATION
8400 -
Definitions
8401 -
Pension Adjustment
8402 -
Past Service Pension Adjustment
8402.01 -
Pension Adjustment Reversal
8402.01 -
Deferred Profit Sharing Plan
8402.1 -
Government-Sponsored Retirement Arrangements
8403 -
Connected Persons
8404 -
Reporting to Individuals
8405 -
Discontinuance of Business
8406 -
Provision of Information
8407 -
Qualifying Withdrawals
8408 -
Requirement to Provide Minister with Information
8409 -
Annual Information Returns
8410 -
Actuarial Reports
8500 -
PART LXXXV
REGISTERED PENSION PLANS
8500 -
Interpretation
8501 -
Prescribed Conditions for Registration and other Conditions Applicable to Registered Pension Plans
8501 -
Conditions for Registration
8502 -
Conditions Applicable to all Plans
8503 -
Defined Benefit Provisions
8503 -
Net Contribution Accounts
8504 -
Maximum Benefits
8504 -
Lifetime Retirement Benefits
8505 -
Additional Benefits on Downsizing
8505 -
Downsizing Program
8506 -
Money Purchase Provisions
8506 -
Permissible Benefits
8507 -
Periods of Reduced Pay
8507 -
Prescribed Compensation
8508 -
Salary Deferral Leave Plan
8509 -
Transition Rules
8509 -
Prescribed Conditions Applicable before 1992 to Grandfathered Plan
8510 -
Multi-employer Plans and other Special Plans
8510 -
Definition of
“Multi-employer Plan”
8511 -
Conditions Applicable to Amendments
8512 -
Registration and Amendment
8513 -
Designated Laws
8514 -
Prohibited Investments
8515 -
Special Rules for Designated Plans
8515 -
Designated Plans
8516 -
Eligible Contributions
8516 -
Prescribed Contribution
8517 -
Transfer — Defined Benefit to Money Purchase
8517 -
Prescribed Amount
8519 -
Association of Benefits with Time Periods
8520 -
Minister’s Actions
8600 -
PART LXXXVI
TAXABLE CAPITAL EMPLOYED IN CANADA
8700 -
PART LXXXVII
NATIONAL ARTS SERVICE ORGANIZATIONS
8800 -
PART LXXXVIII
DISABILITY-RELATED MODIFICATIONS AND APPARATUS
8900 -
PART LXXXIX
ENTITIES PRESCRIBED WITH RESPECT TO CERTAIN RULES
8900 -
International Organizations
8901 -
Partnership
9000 -
PART XC
FINANCIAL INSTITUTIONS — PRESCRIBED ENTITIES AND PROPERTIES
9000 -
Prescribed Trust not a Financial Institution
9001 -
Prescribed Property not Mark-to-Market Property
9002 -
Prescribed Property not Mark-to-Market Property
9002.1 -
Prescribed Payment Card Corporation Share not Mark-to-Market Property
9003 -
Significant Interest in a Corporation
9004 -
Financing Arrangement not a Specified Debt Obligation
9100 -
PART XCI
FINANCIAL INSTITUTIONS — INCOME FROM SPECIFIED DEBT OBLIGATIONS
9100 -
Interpretation
9101 -
Prescribed Inclusions and Deductions
9102 -
General Accrual Rules
9103 -
Accrual Rules — Special Cases and Transition
9104 -
Foreign Exchange Adjustment
9200 -
PART XCII
FINANCIAL INSTITUTIONS — DISPOSITION OF SPECIFIED DEBT OBLIGATIONS
9200 -
Interpretation
9202 -
Prescribed Debt Obligations
9203 -
Residual Portion of Gain or Loss
9204 -
Special Rules for Residual Portion of Gain or Loss
9300 -
PART XCIII
FILM OR VIDEO PRODUCTION SERVICES TAX CREDIT
9300 -
Accredited Production
9400 -
PART XCIV
PRESCRIBED CHILDREN’S PROGRAMS
9400 -
Interpretation
9401 -
Program of Artistic, Cultural, Recreational or Developmental Activity
9500 -
PART XCV
EMPLOYEE LIFE AND HEALTH TRUSTS
SCHEDULE I
- RANGES OF REMUNERATION AND OF TOTAL REMUNERATION
SCHEDULE II
- CAPITAL COST ALLOWANCES
SCHEDULE III
- CAPITAL COST ALLOWANCES, CLASS 13
SCHEDULE IV
- CAPITAL COST ALLOWANCES, CLASS 15
SCHEDULE V
- CAPITAL COST ALLOWANCES, INDUSTRIAL MINERAL MINES
SCHEDULE VI
- CAPITAL COST ALLOWANCES, TIMBER LIMITS AND CUTTING RIGHTS
SCHEDULE VII
- PUBLICLY-TRADED SHARES OR SECURITIES
SCHEDULE VIII
- UNIVERSITIES OUTSIDE CANADA
SCHEDULES IX AND X
Related Information
Amendments Not In Force
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