Budget Implementation Act, 2017, No. 1 (S.C. 2017, c. 20)
Full Document:
Assented to 2017-06-22
(2) Subsections 149(4.1) to (4.3) of the Act are repealed.
(3) The portion of subsection 149(10) of the Act before paragraph (a) is replaced by the following:
Marginal note:Becoming or ceasing to be exempt
(10) If at any time (in this subsection referred to as that time), a person — that is a corporation or, if that time is after September 12, 2013, a trust — becomes or ceases to be exempt from tax under this Part on its taxable income, the following rules apply:
(4) Subsections (1) to (3) apply to taxation years that begin after 2018.
25 (1) Subsection 149.1(15) of the Act is amended by adding “and” at the end of paragraph (b), by striking out “and” at the end of paragraph (c) and by repealing paragraph (d).
(2) Subsection (1) applies in respect of gifts made after March 21, 2017.
26 (1) Subsection 182(1) of the Act is replaced by the following:
Marginal note:Surtax
182 (1) Every corporation shall pay a tax under this Part for the corporation’s taxation year equal to the amount determined by the formula
0.5A(B/C)
where
- A
- is the corporation’s Part I tax on tobacco manufacturing profits for the year;
- B
- is the number of days in the year that are before March 23, 2017; and
- C
- is the number of days in the year.
(2) Subsection (1) applies to taxation years that include March 22, 2017.
27 (1) Part II of the Act, as amended by subsection 26(1), is repealed.
(2) Subsection (1) applies to taxation years that begin after March 22, 2017.
28 (1) The Act is amended by adding the following after section 221:
Marginal note:Providing information returns in electronic format
221.01 A person may provide an information return electronically under subsection 209(5) of the Income Tax Regulations if the criteria specified by the Minister are met.
(2) Subsection (1) comes into force on January 1, 2018.
29 (1) Subparagraph 241(4)(d)(viii) of the Act is replaced by the following:
(viii) to an official of the Department of Veterans Affairs solely for the purposes of the administration of the War Veterans Allowance Act, the Veterans Well-being Act or Part XI of the Civilian War-related Benefits Act,
(2) Subsection (1) comes into force on April 1, 2018.
2016, c. 7Budget Implementation Act, 2016, No. 1
30 Subsection 29(9) of the Budget Implementation Act, 2016, No. 1 is replaced by the following:
(9) Subsections (2) to (5) come into force on July 1, 2018.
C.R.C., c. 945Income Tax Regulations
31 (1) Section 209 of the Income Tax Regulations is amended by adding the following after subsection (4):
(5) A person may provide a Statement of Remuneration Paid (T4) information return, as required under subsection (1), as a single document in an electronic format (instead of the two copies required under subsection (1)) to the taxpayer to whom the return relates, on or before the date on which the return is to be filed with the Minister, unless
(2) Subsection (1) applies in respect of information returns that are required to be filed after 2017.
(2) Subsection (1) applies in respect of gifts made after March 21, 2017.
(2) Subsection (1) applies to taxation years that begin after 2018.
Coordinating Amendments
Marginal note:2016, c. 7
34 (1) In this section, other Act means the Budget Implementation Act, 2016, No. 1.
(2) If subsection 29(9) of the other Act produces its effects before section 30 of this Act comes into force, then
(a) that section 30 is deemed never to have come into force and is repealed;
(b) the following amendments are deemed to have come into force on July 1, 2017:
(i) the first formula in subsection 122.61(1) of the Income Tax Act is replaced by the following:
(A + C + M)/12
(ii) the formula in the description of A in subsection 122.61(1) of the Income Tax Act is replaced by the following:
E − Q − R
(iii) subsection 122.61(1) of the Income Tax Act is amended by adding the following after the description of A:
- C
- is the amount determined by the formula
F – (G × H)
where
- F
- is, if the person is, at the beginning of the month, an eligible individual in respect of
- G
- is the amount determined by the formula
J – [K – (L/0.122)]
where
- J
- is the person’s adjusted income for the year,
- K
- is $45,282, and
- L
- is the amount referred to in paragraph (a) of the description of F, and
- H
- is
(a) if the person is an eligible individual in respect of only one qualified dependant, 12.2%, and
(b) if the person is an eligible individual in respect of two or more qualified dependants, the fraction (expressed as a percentage rounded to the nearest one-tenth of one per cent) of which
(i) the numerator is the total that would be determined under the description of F in respect of the eligible individual if that description were applied without reference to the fourth and subsequent qualified dependants in respect of whom the person is an eligible individual, and
(ii) the denominator is the amount referred to in paragraph (a) of the description of F, divided by 0.122; and
(iv) the description of A in subsection 122.61(1) of the Income Tax Act is amended by striking out “and” at the end of the description of E, by adding “and” at the end of the description of Q and by adding the following after the description of Q:
- R
- is the amount determined for C;
(c) the following amendments come into force on July 1, 2018:
(i) the first formula in subsection 122.61(1) of the Income Tax Act is replaced by the following:
(A + M)/12
(ii) the formula in the description of A in subsection 122.61(1) of the Income Tax Act is replaced by the following:
E − Q
(iii) the description of C in subsection 122.61(1) of the Income Tax Act is repealed, and
(iv) the description of A in subsection 122.61(1) of the Income Tax Act is amended by striking out “and” at the end of the description of Q, by adding “and” at the end of the description of E and by repealing the description of R.
(3) If this Act receives royal assent on July 1, 2017, then section 30 of this Act is deemed to have come into force before subsection 29(9) of the other Act has produced its effects.
- Date modified: