Technical Tax Amendments Act, 2012 (S.C. 2013, c. 34)
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Assented to 2013-06-26
PART 5OTHER AMENDMENTS TO THE INCOME TAX ACT AND RELATED LEGISLATION
C.R.C., c. 945Income Tax Regulations
387. (1) Paragraph 1406(b) of the Regulations is replaced by the following:
(b) by excluding any obligation to pay a benefit under a segregated fund policy if
(i) the amount of the benefit varies with the fair market value of the segregated fund at the time the benefit becomes, or may become, payable, and
(ii) the benefit is not in respect of a guarantee given by the insurer under a segregated fund policy; and
(2) Subsection (1) applies to the 2012 and subsequent taxation years.
388. (1) Subsections 2000(1) and (2) of the Regulations are replaced by the following:
2000. (1) Every official receipt issued by a particular person who is a registered agent of a registered party or an electoral district agent of a registered association, to an individual who makes a monetary contribution to the registered party or registered association, as the case may be, shall contain a statement that it is an official receipt for income tax purposes and shall, in a manner that cannot readily be altered, show clearly
(a) the name of the registered party or registered association, as the case may be;
(b) the serial number of the receipt;
(c) the name of the particular person, as recorded in the registry maintained by the Chief Electoral Officer under section 374 or 403.08 of the Canada Elections Act;
(d) the date on which the receipt is issued;
(e) the date on which the monetary contribution is received;
(f) the individual’s name and address;
(g) the amount of the monetary contribution;
(h) a description of the advantage, if any, in respect of the monetary contribution and the amount of that advantage; and
(i) the eligible amount of the monetary contribution.
(2) Subject to subsection (3), every official receipt issued by an official agent of a candidate to an individual who makes a monetary contribution to the candidate shall contain a statement that it is an official receipt for income tax purposes and shall, in a manner that cannot readily be altered, show clearly
(a) the name of the candidate, as it appears in the candidate’s nomination papers;
(b) the serial number of the receipt;
(c) the name of the official agent;
(d) the date on which the receipt is issued;
(e) the date on which the monetary contribution is received;
(f) the polling day;
(g) the individual’s name and address;
(h) the amount of the monetary contribution;
(i) a description of the advantage, if any, in respect of the monetary contribution and the amount of that advantage; and
(j) the eligible amount of the monetary contribution.
(2) Subsections 2000(5) and (6) of the Regulations are replaced by the following.
(5) A spoiled official receipt form shall be marked “cancelled” and, together with its duplicate, shall be filed by the electoral district agent, the official agent or the registered agent, as the case may be, together with the information return required to be filed with the Minister under subsection 230.1(2) of the Act.
(6) An official receipt form on which any of the following is incorrectly or illegibly entered is to be regarded as spoiled:
(a) the date on which the monetary contribution is received;
(b) the amount of the monetary contribution;
(c) a description of the advantage, if any, in respect of the monetary contribution and the amount of that advantage; and
(d) the eligible amount of the monetary contribution.
(3) Subsections (1) and (2) apply in respect of receipts issued after the day on which this Act receives royal assent, except that if this Act receives royal assent before 2013, in respect of receipts issued before that year
(a) paragraph 2000(1)(h) of the Regulations, as enacted by subsection (1), is to be read as follows:
(h) the amount of the advantage, if any, in respect of the monetary contribution; and
(b) paragraph 2000(2)(i) of the Regulations, as enacted by subsection (1), is to be read as follows:
(i) the amount of the advantage, if any, in respect of the monetary contribution; and
(c) paragraph 2000(6)(c) of the Regulations, as enacted by subsection (2), is to be read as follows:
(c) the amount of the advantage, if any, in respect of the monetary contribution; and
389. (1) Section 2001 of the Regulations and the heading before it are repealed.
(2) Subsection (1) is deemed to have come into force on January 1, 2004.
390. Section 2002 of the Regulations is replaced by the following:
2002. (1) The following definitions apply in this Part.
“Chief Electoral Officer”
« directeur général des élections »
“Chief Electoral Officer” means the person named as chief electoral officer or substitute chief electoral officer under section 13 or 14 of the Canada Elections Act.
“nomination paper”
« acte de candidature »
“nomination paper” means, in respect of a candidate, a nomination paper filed in respect of the candidate under the Canada Elections Act, with the corrections, if any, made under that Act to the nomination paper after its filing.
“official receipt”
« reçu officiel »
“official receipt” means a receipt issued for the purposes of subsection 127(3) of the Act containing the information that is required under that subsection.
“official receipt form”
« formulaire de reçu officiel »
“official receipt form” means
(a) in the case of an official receipt issued by an electoral district agent or a registered agent under subsection 2000(1), any printed form that an electoral district agent or a registered agent, as the case may be, has that is capable of being completed, or that originally was intended to be completed, as an official receipt of the electoral district agent or registered agent; and
(b) in the case of an official receipt issued by an official agent under subsection 2000(2), the official form prescribed under section 477 of the Canada Elections Act.
(2) In this Part, “official agent”,“polling day” and “registered agent” have the meanings assigned to them by the Canada Elections Act.
391. (1) Section 2402 of the Regulations and the heading before it are repealed.
(2) Subsection (1) applies to taxation years that begin after October 31, 2011.
392. (1) The heading before section 2404 and sections 2404 to 2409 of the Regulations are repealed.
(2) Subsection (1) applies to taxation years that begin after October 31, 2011.
393. (1) The portion of subsection 3501(1) of the Regulations after paragraph (d) and before subparagraph (e.1)(ii) is replaced by the following:
(e) where the gift is a cash gift, the date on which or the year during which the gift was received;
(e.1) where the gift is of property other than cash
(i) the date on which the gift was received,
(2) Paragraph 3501(1)(f) of the Regulations is replaced by the following:
(f) the date on which the receipt was issued;
(3) Paragraphs 3501(1)(g) and (h) of the Regulations are replaced by the following:
(g) the name and address of the donor including, in the case of an individual, the individual’s first name and initial;
(h) the amount that is
(i) the amount of a cash gift, or
(ii) if the gift is of property other than cash, the amount that is the fair market value of the property at the time that the gift is made;
(h.1) a description of the advantage, if any, in respect of the gift and the amount of that advantage;
(h.2) the eligible amount of the gift;
(4) Paragraph 3501(1)(i) of the English version of the Regulations is replaced by the following:
(i) the signature, as provided in subsection (2) or (3), of a responsible individual who has been authorized by the organization to acknowledge gifts; and
(5) The portion of subsection 3501(1.1) of the Regulations after paragraph (c) and before subparagraph (e)(ii) is replaced by the following:
(d) where the gift is a cash gift, the date on which the gift was received;
(e) where the gift is of property other than cash
(i) the date on which the gift was received,
(6) Paragraph 3501(1.1)(f) of the Regulations is replaced by the following:
(f) the date on which the receipt was issued;
(7) Paragraphs 3501(1.1)(g) and (h) of the Regulations are replaced by the following:
(g) the name and address of the donor including, in the case of an individual, the individual’s first name and initial;
(h) the amount that is
(i) the amount of a cash gift, or
(ii) if the gift is of property other than cash, the amount that is the fair market value of the property at the time that the gift was made;
(h.1) a description of the advantage, if any, in respect of the gift and the amount of that advantage;
(h.2) the eligible amount of the gift;
(8) Subsection 3501(6) of the Regulations is replaced by the following:
(6) Every official receipt form on which any of the following is incorrectly or illegibly entered is deemed to be spoiled:
(a) the date on which the gift is received;
(b) the amount of the gift, in the case of a cash gift;
(c) a description of the advantage, if any, in respect of the gift and the amount of that advantage; and
(d) the eligible amount of the gift.
(9) Subsections (1) to (8) apply in respect of gifts made after December 20, 2002, except that, in respect of receipts issued before 2013,
(a) paragraph 3501(1)(h.1) of the Regulations, as enacted by subsection (3), is to be read as follows:
(h.1) the amount of the advantage, if any, in respect of the gift;
(b) paragraph 3501(1.1)(h.1) of the Regulations, as enacted by subsection (7), is to be read as follows:
(h.1) the amount of the advantage, if any, in respect of the gift;
(c) paragraph 3501(6)(c) of the Regulations, as enacted by subsection (8), is to be read as follows:
(c) the amount of the advantage, if any, in respect of the gift; and
394. (1) The portion of section 3504 of the Regulations before paragraph (a) is replaced by the following:
3504. For the purposes of subparagraphs 110.1(2.1)(a)(ii) and 118.1(5.4)(a)(ii) of the Act, the following are prescribed donees:
(2) Subsection (1) is deemed to have come into force on May 2, 2007.
395. (1) Paragraph 4600(2)(k) of the Regulations is replaced by the following:
(k) a property included in Class 21, 24, 27, 29, 34, 39, 40, 43, 45, 46, 50 or 52 in Schedule II;
(2) Subsection (1) applies to property acquired after March 18, 2007, except that for property acquired before January 28, 2009, paragraph 4600(2)(k) of the Regulations, as enacted by subsection (1), is to be read without reference to Class 52.
396. (1) Paragraph 4800(1)(a) of the French version of the Regulations is replaced by the following:
a) une catégorie d’actions du capital-actions de la société désignée par la société dans son choix ou par le ministre dans son avis à la société, selon le cas, doit pouvoir faire l’objet d’un appel public à l’épargne;
(2) Paragraph 4800(2)(c) of the French version of the Regulations is replaced by the following:
c) aucune catégorie d’actions du capital-actions de la société ne peut faire l’objet d’un appel public à l’épargne ni ne remplit les conditions énoncées aux alinéas (1)b) et c).
(3) Subsections (1) and (2) apply to the 2000 and subsequent taxation years.
397. (1) The portion of section 4800.1 of the Regulations before paragraph (a) is replaced by the following:
4800.1 For the purposes of paragraph 107(1)(a) and subsections 107(1.1), (2) and (4.1) of the Act, the following are prescribed trusts:
(2) Subsection (1) is deemed to have come into force on January 1, 2000.
398. (1) The portion of section 4801 of the Regulations before subparagraph (b)(i) is replaced by the following:
4801. In applying at any time paragraph 132(6)(c) of the Act, the following are prescribed conditions in respect of a trust:
(a) either
(i) the following conditions are met:
(A) there has been at or before that time a lawful distribution in a province to the public of units of the trust and a prospectus, registration statement or similar document was not, under the laws of the province, required to be filed in respect of the distribution, and
(B) the trust
(I) was created after 1999 and on or before that time, or
(II) satisfies, at that time, the conditions prescribed in section 4801.001, or
(ii) a class of the units of the trust is, at that time, qualified for distribution to the public; and
(b) in respect of a class of the trust’s units that meets at that time the conditions described in paragraph (a), there are at that time no fewer than 150 beneficiaries of the trust, each of whom holds
(2) Subsection (1) applies to the 2000 and subsequent taxation years, except that for the purpose of applying clause 4801(a)(i)(B) of the Regulations, as enacted by subsection (1), to taxation years that end before 2004, that clause is to be read as follows:
(B) the trust was created after 1999 and on or before that time, or
399. (1) The Regulations are amended by adding the following after section 4801:
4801.001 For the purpose of applying at any particular time subclause 4801(a)(i)(B)(II), the following are the prescribed conditions:
(a) the trust was created before 2000;
(b) the trust was a unit trust on July 18, 2005;
(c) the particular time is after 2003; and
(d) the trusts elects by notifying the Minister, in writing before the trust’s filing-due date for its 2012 taxation year, that this section applies to it.
(2) Subsection (1) applies to the 2004 and subsequent taxation years.
400. (1) The portion of subsection 4803(2) of the French version of the Regulations before paragraph (d) is replaced by the following:
(2) Pour l’application de la présente partie, une catégorie d’actions du capital-actions d’une société ou une catégorie d’unités d’une fiducie ne peut faire l’objet d’un appel public à l’épargne que si, selon le cas :
a) un prospectus, une déclaration d’enregistrement ou un document semblable a été produit auprès d’une administration au Canada selon la législation fédérale ou provinciale et, si la législation le prévoit, approuvé par l’administration, et les actions ou unités de cette catégorie ont fait l’objet d’un appel public légal à l’épargne conformément à ce document;
b) il s’agit d’une catégorie d’actions, dont une ou plusieurs des actions ont été émises par la société à un moment, postérieur à 1971, où elle était une société publique, en échange d’actions de toute autre catégorie du capital-actions de la société qui pouvait, immédiatement avant l’échange, faire l’objet d’un appel public à l’épargne;
c) dans le cas d’une catégorie d’actions, dont une ou plusieurs des actions avaient été émises et étaient en circulation le 1er janvier 1972, la catégorie remplissait à cette date les conditions énoncées aux alinéas 4800(1)b) et c);
(2) Subsection (1) applies to the 2000 and subsequent taxation years.
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