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

Regulations are current to 2014-10-15 and last amended on 2014-06-19. Previous Versions

 Notwithstanding section 4301, for the purposes of paragraph 16.1(1)(d) of the Act and subsection 1100(1.1), the interest rate in effect during any month is the rate that is one percentage point greater than the rate that was, during the month before the immediately preceding month, the average yield, expressed as a percentage per year rounded to two decimal points, prevailing on all outstanding domestic Canadian-dollar Government of Canada bonds on the last Wednesday of that month with a remaining term to maturity of over 10 years, as first published by the Bank of Canada.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/91-196, s. 4.

PART XLIVPUBLICLY-TRADED SHARES OR SECURITIES

  •  (1) For the purposes of section 24 and subsection 26(11) of the Income Tax Application Rules,

    • (a) a share or security named in Schedule VII is hereby prescribed to be a publicly-traded share or security; and

    • (b) for each such share or security, the amount set out in Column II of Schedule VII opposite that share or security is hereby prescribed as the amount, if any, prescribed in respect of that property.

  • (2) In Schedule VII, the abbreviation

    • (a) “Cl” means “Class”;

    • (b) “Com” means “Common”;

    • (c) “Cv” means “Convertible”;

    • (d) “Cu” means “Cumulative”;

    • (e) “Pc” means “Per Cent”;

    • (f) “Pr” means “Preferred” or “Preference” as the case may be;

    • (g) “Pt” means “Participating”;

    • (h) “Rt” means “Right”; and

    • (i) “Wt” means “Warrant”.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/94-686, s. 48.

PART XLVELECTIONS IN RESPECT OF EXPROPRIATION ASSETS

 Any election by a taxpayer under subsection 80.1(1), (2), (4), (5), (6) or (9) of the Act shall be made on or before the day on or before which the return of income is required to be filed pursuant to section 150 of the Act for the taxation year in which the assets referred to in the particular election were acquired by him.

PART XLVIINVESTMENT TAX CREDIT

Qualified Property

[SOR/80-131, s. 1]
  •  (1) Property is a prescribed building for the purposes of the definitions “qualified property” and “qualified resource property” in subsection 127(9) of the Act if it is depreciable property of the taxpayer that is a building or grain elevator and it is erected on land owned or leased by the taxpayer,

    • (a) that is included in Class 1, 3, 6, 20, 24 or 27 or paragraph (c), (d) or (e) of Class 8 in Schedule II; or

    • (b) that is included or would, but for Class 28, 41, 41.1 or 41.2 in Schedule II, be included in paragraph (g) of Class 10 in Schedule II.

  • (2) Property is prescribed machinery and equipment for the purposes of the definitions “qualified property” and “qualified resource property” in subsection 127(9) of the Act if it is depreciable property of the taxpayer (other than property referred to in subsection (1)) that is

    • (a) a property included in paragraph (k) of Class 1 or paragraph (a) of Class 2 in Schedule II;

    • (b) an oil or water storage tank;

    • (c) a property included in Class 8 in Schedule II (other than railway rolling stock);

    • (d) a vessel, including the furniture, fittings and equipment attached thereto;

    • (e) a property included in paragraph (a) of Class 10 or Class 22 or 38 in Schedule II (other than a car or truck designed for use on highways or streets);

    • (f) notwithstanding paragraph (e), a logging truck acquired after March 31, 1977 to be used in the activity of logging and having a weight, including the weight of property the capital cost of which is included in the capital cost of the truck at the time of its acquisition (but for greater certainty not including the weight of fuel), in excess of 16,000 pounds;

    • (g) a property included in any of paragraphs (b) to (f), (h), (j), (k), (o), (r), (t) or (u) of Class 10 in Schedule II, or property included in paragraph (b) of Class 41 in Schedule II and that would otherwise be included in paragraph (j), (k), (r), (t) or (u) of Class 10 in Schedule II;

    • (h) a property included in paragraph (n) of Class 10, or Class 15, in Schedule II (other than a roadway);

    • (i) a property included in any of paragraphs (a) to (f) of Class 9 in Schedule II;

    • (j) a property included in Class 28, in paragraph (a), (a.1), (a.2) or (a.3) of Class 41 or in Class 41.1 or 41.2 in Schedule II that would, but for Class 28, 41, 41.1 or 41.2, as the case may be, be included in paragraph (k) or (r) of Class 10 of Schedule II;

    • (k) a property included in Class 21, 24, 27, 29, 34, 39, 40, 43, 45, 46, 50 or 52 in Schedule II;

    • (l) a property included in paragraph (c) or (d) of Class 41 in Schedule II;

    • (m) property included in Class 43.1 in Schedule II because of paragraph (c) of that Class; or

    • (n) a property included in Class 43.2 in Schedule II because of paragraph (a) of that Class.

  • (3) Property is prescribed energy generation and conservation property for the purposes of the definition “qualified property” in subsection 127(9) of the Act if it is depreciable property of the taxpayer (other than property referred to in subsection (1) or (2)) that is a property included in any of subparagraph (a.1)(i) of Class 17 and Classes 43.1, 43.2 and 48 in Schedule II.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. SOR/78-137, s. 5;
  • SOR/80-69, s. 1;
  • SOR/80-131, s. 2;
  • SOR/80-618, s. 7(E);
  • SOR/81-974, s. 13;
  • SOR/88-165, s. 19;
  • SOR/90-22, s. 6;
  • SOR/94-169, s. 3;
  • SOR/94-686, s. 66(F);
  • SOR/98-97, s. 4;
  • SOR/99-179, s. 10;
  • SOR/2005-371, s. 5;
  • SOR/2005-414, s. 4;
  • SOR/2006-117, s. 6;
  • SOR/2011-9, s. 5;
  • 2012, c. 31, s. 66;
  • 2013, c. 34, s. 395, c. 40, s. 106.