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

Regulations are current to 2014-08-05 and last amended on 2014-06-19. Previous Versions

PART XXIELECTIONS IN RESPECT OF SURPLUSES

Reduction of Tax-Paid Undistributed Surplus on Hand or 1971 Capital Surplus on Hand

 Any election under subsection 83(1) of the Act in respect of a dividend payable before 1979 by a Canadian corporation shall be made by filing with the Minister the following documents:

  • (a) the form prescribed by the Minister;

  • (b) where the directors of the corporation are legally entitled to administer the affairs of the corporation, a certified copy of their resolution authorizing the election to be made;

  • (c) where the directors of the corporation are not legally entitled to administer the affairs of the corporation, a certified copy of the authorization of the making of the election by the person or persons legally entitled to administer the affairs of the corporation;

  • (d) where paragraph (e) is not applicable, schedules showing the computation of the amount, immediately before the election, of the corporation’s

    • (i) tax-paid undistributed surplus on hand, if any,

    • (ii) 1971 capital surplus on hand, if any, and

    • (iii) 1971 undistributed income on hand, if any; and

  • (e) where subsection 83(3) of the Act is applicable, schedules showing the computation of the amount, immediately before the dividend became payable, of the corporation’s

    • (i) tax-paid undistributed surplus on hand, if any,

    • (ii) 1971 capital surplus on hand, if any, and

    • (iii) 1971 undistributed income on hand, if any.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/80-140, s. 2;
  • SOR/83-268, s. 2;
  • SOR/88-165, s. 11;
  • SOR/94-686, s. 79(F).

Capital Dividends and Life Insurance Capital Dividends Payable by Private Corporations

[SOR/94-686, s. 79(F)]

 Any election under subsection 83(2) of the Act in respect of a dividend payable by a private corporation shall be made by filing with the Minister the following documents:

  • (a) the form prescribed by the Minister;

  • (b) where the directors of the corporation are legally entitled to administer the affairs of the corporation, a certified copy of their resolution authorizing the election to be made;

  • (c) where the directors of the corporation are not legally entitled to administer the affairs of the corporation, a certified copy of the authorization of the making of the election by the person or persons legally entitled to administer the affairs of the corporation;

  • (d) where the election has been made under subsection 83(2) of the Act and paragraph (e) is not applicable, schedules showing the computation of the amount, immediately before the election, of the corporation’s

    • (i) capital dividend account, and

    • (ii) 1971 undistributed income on hand, if any, if the dividend was payable on or prior to March 31, 1977; and

  • (e) where the election has been made under subsection 83(2) of the Act and subsection 83(3) of the Act is applicable, schedules showing the computation of the amount, immediately before the dividend became payable, of the corporation’s

    • (i) capital dividend account, and

    • (ii) 1971 undistributed income on hand, if any, if the dividend was payable on or prior to March 31, 1977.

  • (f) and (g[Repealed, SOR/88-165, s. 12]

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/78-604, s. 1;
  • SOR/83-268, s. 3;
  • SOR/84-948, s. 10;
  • SOR/88-165, s. 12;
  • SOR/94-686, s. 79(F).