Budget Implementation Act, 2023, No. 1 (S.C. 2023, c. 26)
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Assented to 2023-06-22
PART 1Amendments to the Income Tax Act and Other Legislation (continued)
2018, c. 12, s. 186Greenhouse Gas Pollution Pricing Act
93 (1) Section 86 of the Greenhouse Gas Pollution Pricing Act is replaced by the following:
Marginal note:Definition of electronic payment
86 (1) In this section, electronic payment means any payment to the Receiver General that is made through electronic services offered by a person described in any of paragraphs (2)(a) to (d) or by any electronic means specified by the Minister.
Marginal note:Electronic payment
(2) Every person that is required under this Part to pay an amount to the Receiver General must, if the amount is $10,000 or more, make the payment by way of electronic payment, unless the person cannot reasonably pay the amount in that manner, to the account of the Receiver General at or through
(a) a bank;
(b) a credit union;
(c) a corporation that is authorized under the laws of Canada or a province to carry on the business of offering its services as a trustee to the public; or
(d) a corporation that is authorized under the laws of Canada or a province to accept deposits from the public and that carries on the business of lending money on the security of real property or immovables or investing in indebtedness on the security of mortgages on real property or hypothecs on immovables.
(2) Subsection (1) applies in respect of payments made after 2023.
94 (1) The Act is amended by adding the following after section 123:
Marginal note:Penalty — electronic payments
123.1 Every person that fails to comply with subsection 86(2) is liable to a penalty equal to $100 for each such failure.
(2) Subsection (1) applies in respect of payments made after 2023.
95 Subsection 164(12) of the Act is replaced by the following:
Marginal note:Date electronic notice sent
(12) For the purposes of this Part, if a notice or other communication in respect of a person, other than a notice or other communication that refers to the business number of a person, is made available in electronic format such that it can be read or perceived by a person or a computer system or other similar device, the notice or other communication is presumed to be sent to the person and received by the person on the date that an electronic message is sent, to the electronic address most recently provided before that date by the person to the Minister for the purposes of this subsection, informing the person that a notice or other communication requiring the person’s immediate attention is available in the person’s secure electronic account. A notice or other communication is considered to be made available if it is posted by the Minister in the person’s secure electronic account and the person has authorized that notices or other communications may be made available in this manner and has not before that date revoked that authorization in a manner specified by the Minister.
Marginal note:Date electronic notice sent – business account
(12.1) For the purposes of this Part, a notice or other communication in respect of a person that is made available in electronic format such that it can be read or perceived by a person or computer system or other similar device and that refers to the business number of a person is presumed to be sent to the person and received by the person on the date that it is posted by the Minister in the secure electronic account in respect of the business number of the person, unless the person has requested, at least 30 days before that date, in a manner specified by the Minister, that such notices or other communications be sent by mail.
C.R.C., c. 945Income Tax Regulations
96 (1) Subsection 202(6) of the Income Tax Regulations is replaced by the following:
(6) A non-resident person, or an authorized foreign bank, that is deemed under subsection 212(13.2) or paragraph 212(13.3)(a) of the Act to be a person resident in Canada for the purposes of Part XIII of the Act, is deemed, in the same circumstances, to be a person resident in Canada for the purposes of subsections (1) and (2).
(2) Subsection (1) applies to amounts paid or credited after 2022.
97 (1) Subsection 205(3) of the Regulations is amended by adding the following in alphabetical order:
Part XX Information Return – Digital Platform Operators (2) Subsection (1) comes into force on January 1, 2024.
98 (1) The portion of subsection 205.1(1) of the Regulations, before the list of types of prescribed information returns, is replaced by the following:
205.1 (1) For the purpose of subsection 162(7.02) of the Act, the following types of information returns are prescribed and must be filed electronically if more than five information returns of that type are required to be filed for a calendar year:
(2) The portion of subsection 205.1(2) of the Regulations before paragraph (a) is replaced by the following:
(2) For purposes of subsection 150.1(2.1) of the Act, a prescribed corporation is any corporation except
(3) Subsection (1) applies in respect of information returns filed after 2023.
(4) Subsection (2) applies to taxation years that begin after 2023.
99 (1) Subsection 209(1) of the Regulations is replaced by the following:
209 (1) A person who is required by section 200, 201, 202, 203, 204, 212, 214 (other than subsection 214(1.1)), 215 (other than subsection 215(2.1)), 217 or 218, subsection 219(2) or 223(2) or section 228, 229, 230, 232, 233 or 234 to make an information return shall forward to each taxpayer to whom the return relates two copies of the portion of the return that relates to that taxpayer.
(2) The portion of subsection 209(5) of the Regulations before paragraph (a) is replaced by the following:
(5) A person may provide a Statement of Remuneration Paid (T4) information return, a Tuition and Enrolment Certificate, a Statement of Pension, Retirement, Annuity, and Other Income (T4A) information return or a Statement of Investment Income (T5) 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
(3) The portion of subsection 209(5) of the Regulations before paragraph (a) is replaced by the following:
(5) A person may provide a Statement of Remuneration Paid (T4) information return, a Tuition and Enrolment Certificate, a FHSA information return, a Statement of Pension, Retirement, Annuity, and Other Income (T4A) information return or a Statement of Investment Income (T5) 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
(4) Subsection (1) applies to the 2023 and subsequent taxation years.
(5) Subsection (2) applies in respect of information returns filed after 2021.
(6) Subsection (3) is deemed to have come into force on April 1, 2023.
100 (1) Section 214 of the Regulations is amended by adding the following after subsection (1):
(1.1) The issuer of a registered retirement savings plan shall make an information return in prescribed form for each calendar year containing the total fair market value of all property held by the plan at the end of the year.
(2) Subsection (1) applies to the 2023 and subsequent taxation years.
101 (1) Section 215 of the Regulations is amended by adding the following after subsection (2):
(2.1) Every carrier of a registered retirement income fund shall make an information return in prescribed form for each calendar year containing the total fair market value of all property held by the fund at the end of the year.
(2) Subsection (1) applies to the 2023 and subsequent taxation years.
102 (1) Paragraph (a) of the definition Canadian equity property in subsection 2400(1) of the Regulations is replaced by the following:
(a) a share of the capital stock of, or an income bond or income debenture issued by, a person (other than a corporation affiliated with the taxpayer) resident in Canada or a Canadian partnership; or
(2) Paragraph (a) of the definition equity property in subsection 2400(1) of the Regulations is replaced by the following:
(a) a share of the capital stock of, or an income bond or income debenture, issued by, another person (other than a corporation affiliated with the taxpayer) or partnership; or
103 (1) Subsection 3900(2) of the Regulations is replaced by the following:
(2) For the purpose of paragraph 20(1)(v) of the Act, the amount allowed for a taxation year in respect of taxes on income from mining operations of a taxpayer is the total of all amounts each of which is
(a) an eligible tax that is paid or payable by the taxpayer
(i) on the income of the taxpayer for the taxation year from mining operations, or
(ii) on a non-Crown royalty included in computing the income of the taxpayer for the taxation year;
(b) an eligible tax that is paid by the taxpayer in the taxation year on either the income of the taxpayer for a previous taxation year from mining operations or a non-Crown royalty included in computing the income of the taxpayer for a previous taxation year, if
(i) the amount was deductible in computing the income of the taxpayer for the previous taxation year,
(ii) the amount has not been deducted in computing the income of the taxpayer for a taxation year that is prior to the taxation year, and
(iii) an assessment of the taxpayer to take into account a deduction in respect of the eligible tax under the Act for the previous taxation year would be precluded because of subsections 152(4) to (5) of the Act; or
(c) interest in respect of eligible tax referred to in paragraph (a) or (b) that is paid in the taxation year by the taxpayer to the province imposing the eligible tax.
(2) Subsection (1) applies to taxation years that end after 2007.
104 (1) Subsection 4802(1) of the Regulations is amended by striking out “and” at the end of paragraph (f) and by adding the following after that paragraph:
(f.1) the Pension Benefits Guarantee Fund under the Pension Benefits Act, R.S.O. 1990, c. P.8 and any corporation established solely for investing the assets of the Pension Benefits Guarantee Fund; and
(2) Section 4802 of the Regulations is amended by adding the following after subsection (1.1):
(1.2) For the purposes of paragraph 8502(i.2), if an amount is borrowed (other than an amount described in paragraph (1.1)(c)) at a particular time by a trust described in subsection (1.1) in relation to defined benefit provisions of one or more registered pension plans that are beneficiaries of the trust, each such defined benefit provision is deemed to have borrowed at the particular time an amount that is equal to the following amount:
(a) if paragraph (b) does not apply, the amount determined by the formula
A × (B ÷ C)
where
- A
- is the amount borrowed by the trust at the particular time,
- B
- is the fair market value at the particular time of the interest of the defined benefit provision in
(i) if the borrowing relates to a particular class of units of the trust, that class of units, and
(ii) in any other case, the income and capital of the trust, and
- C
- is the fair market value at the particular time of all interests of defined benefit provisions in
(i) if the borrowing relates to a particular class of units of the trust, that class of units, and
(ii) in any other case, the income and capital of the trust; and
(b) the portion of the amount borrowed by the trust at the particular time that is allocated to the defined benefit provision under an agreement entered into between the trust and the defined benefit provision, provided that the agreement allocates to the beneficiaries the total amount borrowed by the trust.
(1.3) If an amount borrowed by a trust is deemed to have been borrowed by a defined benefit provision under subsection (1.2), the amount is deemed not to have been borrowed by the trust for the purposes of paragraph (1.1)(c).
(3) Subsection (1) applies to 2022 and subsequent taxation years.
(4) Subsection (2) is deemed to have come into force on April 7, 2022.
- Date modified: