Budget Implementation Act, 2024, No. 1 (S.C. 2024, c. 17)

100 The portion of subsection 221.2(2) of the Act before paragraph (a) is replaced by the following:

1999, c. 17; 2005, c. 38, s. 35Canada Revenue Agency Act

101 Paragraph (a) of the definition program legislation in section 2 of the Canada Revenue Agency Act is amended by striking out “and” at the end of subparagraph (ix), by replacing “or” at the end of subparagraph (x) with “and” and by adding the following after subparagraph (x):

2002, c. 9, s. 5Air Travellers Security Charge Act

102 Subsection 40(4) of the Air Travellers Security Charge Act is replaced by the following:

2002, c. 22Excise Act, 2001

• 103 (1) Paragraph 188(6)(a) of the Excise Act, 2001 is replaced by the following:

  • (a) the Minister under this Act, the Excise Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act and the Global Minimum Tax Act; or

• (2) Clause 188(7)(b)(ii)(A) of the Act is replaced by the following:

  • (A) the Minister under this Act, the Excise Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act and the Global Minimum Tax Act, or

104 Subsection 189(4) of the Act is replaced by the following:

2022, c. 5, s. 10Underused Housing Tax Act

105 Section 34 of the Underused Housing Tax Act is replaced by the following:

2022, c. 10, s. 135Select Luxury Items Tax Act

106 Section 45 of the Select Luxury Items Tax Act is replaced by the following:

107 Section 48 of the Act is replaced by the following:

108 The portion of subsection 53(3) of the Act before the formula is replaced by the following:

109 Subsection 57(6) of the Act is replaced by the following:

110 Section 94 of the Act is replaced by the following:

Coordinating Amendments

Marginal note:Bill C-59

• 111 (1) Subsections (2) to (34) apply if Bill C-59, introduced in the 1st session of the 44th Parliament and entitled the Fall Economic Statement Implementation Act, 2023 (in this section referred to as the “other Act”), receives royal assent.

• (2) On the first day on which both subsection 99(1) of the other Act and section 83 of this Act are in force,

  • (a) paragraph 149(3)(i) of the English version of the Bankruptcy and Insolvency Act, as amended by subsection 99(1) of the other Act, is amended by striking out “and” at the end of paragraph 149(3)(i);

  • (b) paragraph 149(3)(i) of the English version of the Bankruptcy and Insolvency Act, as amended by section 83 of this Act, is amended by striking out “and” at the end of paragraph 149(3)(i);

  • (c) paragraph 149(3)(j) of the English version of the Bankruptcy and Insolvency Act, as enacted by subsection 99(1) of the other Act, is amended by adding “and” at the end of that paragraph 149(3)(j); and

  • (d) paragraph 149(3)(j) of the Bankruptcy and Insolvency Act, as enacted by section 83 of this Act, is renumbered as 149(3)(k) and is repositioned accordingly if required.

• (3) On the first day on which both subsection 100(1) of the other Act and section 84 of this Act are in force, paragraph 462.48(2)(c) of the Criminal Code is replaced by the following:

  • (c) the type of information or book, record, writing, return or other document obtained by or on behalf of the Minister of National Revenue for the purposes of Part IX of the Excise Tax Act, the Income Tax Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act or the Global Minimum Tax Act to which access is sought or that is proposed to be examined or communicated; and

• (4) On the first day on which both subsection 101(1) of the other Act and section 85 of this Act are in force, section 77 of the Excise Tax Act is replaced by the following:

  Marginal note:Restriction on refunds and credits

  77 A refund shall not be paid, and a credit shall not be allowed, to a person under this Act until the person has filed with the Minister all returns and other records of which the Minister has knowledge that are required to be filed under the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act.

• (5) On the first day on which both subsection 102(1) of the other Act and section 86 of this Act are in force, subsection 229(2) of the Excise Tax Act is replaced by the following:

  • Marginal note:Restriction

    (2) A net tax refund for a reporting period of a person shall not be paid to the person under subsection (1) at any time unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (6) On the first day on which both subsection 103(1) of the other Act and section 87 of this Act are in force, subsection 230(2) of the Excise Tax Act is replaced by the following:

  • Marginal note:Restriction

    (2) An amount paid on account of net tax for a reporting period of a person shall not be refunded to the person under subsection (1) at any time unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (7) On the first day on which both subsection 104(1) of the other Act and section 88 of this Act are in force, subparagraph 238.1(2)(c)(iii) of the Excise Tax Act is replaced by the following:

  • (iii) all amounts required under this Act (other than this Part), sections 21 and 33 of the Canada Pension Plan, the Excise Act, the Customs Act, the Income Tax Act, section 82 and Part VII of the Employment Insurance Act, the Customs Tariff, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act to be remitted or paid before that time by the registrant have been remitted or paid, and

• (8) On the first day on which both subsection 105(1) of the other Act and section 89 of this Act are in force, section 263.02 of the Excise Tax Act is replaced by the following:

  Marginal note:Restriction on rebate

  263.02 A rebate under this Part shall not be paid to a person at any time unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (9) On the first day on which both subsection 106(1) of the other Act and section 90 of this Act are in force, subsection 296(7) of the Excise Tax Act is replaced by the following:

  • Marginal note:Restriction on refunds

    (7) An amount under this section shall not be refunded to a person at any time unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (10) On the first day on which both subsection 107(1) of the other Act and section 91 of this Act are in force, paragraph 24.3(2)(c) of the Export Development Act is replaced by the following:

  • (c) to the Minister of National Revenue solely for the purpose of administering or enforcing the Excise Tax Act, the Income Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act or the Global Minimum Tax Act; or

• (11) On the first day on which both subsection 108(1) of the other Act and section 92 of this Act are in force, paragraph 155.2(6)(c) of the Financial Administration Act is replaced by the following:

  • (c) an amount owing by a person to Her Majesty in right of Canada, or payable by the Minister of National Revenue to any person, under the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Softwood Lumber Products Export Charge Act, 2006, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act or the Global Minimum Tax Act.

• (12) On the first day on which both subsection 109(1) of the other Act and subsection 93(1) of this Act are in force, subsection 12(1) of the Tax Court of Canada Act is replaced by the following:

  Marginal note:Jurisdiction

  • 12 (1) The Court has exclusive original jurisdiction to hear and determine references and appeals to the Court on matters arising under the Canada Pension Plan, the Cultural Property Export and Import Act, Part IX of the Excise Tax Act, the Old Age Security Act, the Petroleum and Gas Revenue Tax Act, Part V.1 of the Customs Act, the Income Tax Act, the Employment Insurance Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Softwood Lumber Products Export Charge Act, 2006, the Disability Tax Credit Promoters Restrictions Act, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act when references or appeals to the Court are provided for in those Acts.

• (13) On the first day on which both subsection 109(2) of the other Act and subsection 93(2) of this Act are in force, subsections 12(3) and (4) of the Tax Court of Canada Act are replaced by the following:

  • Marginal note:Further jurisdiction

    (3) The Court has exclusive original jurisdiction to hear and determine questions referred to it under section 310 or 311 of the Excise Tax Act, section 97.58 of the Customs Act, section 173 or 174 of the Income Tax Act, section 51 or 52 of the Air Travellers Security Charge Act, section 204 or 205 of the Excise Act, 2001, section 62 or 63 of the Softwood Lumber Products Export Charge Act, 2006, section 121 or 122 of the Greenhouse Gas Pollution Pricing Act, section 45 or 46 of the Underused Housing Tax Act, section 105 or 106 of the Select Luxury Items Tax Act, section 80 or 81 of the Digital Services Tax Act or section 94 or 95 of the Global Minimum Tax Act.

  • Marginal note:Extensions of time

    (4) The Court has exclusive original jurisdiction to hear and determine applications for extensions of time under subsection 28(1) of the Canada Pension Plan, section 33.2 of the Cultural Property Export and Import Act, section 304 or 305 of the Excise Tax Act, section 97.51 or 97.52 of the Customs Act, section 166.2 or 167 of the Income Tax Act, subsection 103(1) of the Employment Insurance Act, section 45 or 47 of the Air Travellers Security Charge Act, section 197 or 199 of the Excise Act, 2001, section 115 or 117 of the Greenhouse Gas Pollution Pricing Act, section 39 or 41 of the Underused Housing Tax Act, section 99 or 101 of the Select Luxury Items Tax Act, section 74 or 76 of the Digital Services Tax Act or section 88 or 90 of the Global Minimum Tax Act.

• (14) On the first day on which both subsection 111(1) of the other Act and section 95 of this Act are in force, subsection 18.31(2) of the Tax Court of Canada Act is replaced by the following:

  • Marginal note:Determination of a question

    (2) If it is agreed under section 310 of the Excise Tax Act, section 97.58 of the Customs Act, section 51 of the Air Travellers Security Act, section 204 of the Excise Act, 2001, section 62 of the Softwood Lumber Products Export Act, 2006, section 121 of the Greenhouse Gas Pollution Pricing Act, section 45 of the Underused Housing Tax Act, section 105 of the Select Luxury Items Tax Act, section 80 of the Digital Services Tax Act or section 94 of the Global Minimum Tax Act that a question should be determined by the Court, sections 17.1, 17.2 and 17.4 to 17.8 apply, with any modifications that the circumstances require, in respect of the determination of the question.

• (15) On the first day on which both subsection 112(1) of the other Act and section 96 of this Act are in force, subsection 18.32(2) of the Tax Court of Canada Act is replaced by the following:

  • Marginal note:Provisions applicable to determination of a question

    (2) If an application has been made under section 311 of the Excise Tax Act, section 52 of the Air Travellers Security Charge Act, section 205 of the Excise Act, 2001, section 63 of the Softwood Lumber Products Export Charge Act, 2006, section 122 of the Greenhouse Gas Pollution Pricing Act, section 46 of the Underused Housing Tax Act, section 106 of the Select Luxury Items Tax Act, section 81 of the Digital Services Tax Act or section 95 of the Global Minimum Tax Act for the determination of a question, the application or determination of the question must, subject to section 18.33, be determined in accordance with sections 17.1, 17.2 and 17.4 to 17.8, with any modifications that the circumstances require.

• (16) On the first day on which both subsection 114(1) of the other Act and section 98 of this Act are in force,

  • (a) subparagraph 18(1)(t)(v) of the English version of the Income Tax Act, as amended by subsection 114(1) of the other Act, is amended by striking out “or” at the end of that subparagraph 18(1)(t)(v);

  • (b) subparagraph 18(1)(t)(v) of the English version of the Income Tax Act, as amended by section 98 of this Act, is amended by striking out “or” at the end of that subparagraph 18(1)(t)(v);

  • (c) subparagraph 18(1)(t)(vi) of the English version of the Income Tax Act, as enacted by subsection 114(1) of the other Act, is amended by adding “or” at the end of that subparagraph 18(1)(t)(vi); and

  • (d) subparagraph 18(1)(t)(vi) of the Income Tax Act, as enacted by section 98 of this Act, is renumbered as 18(1)(t)(vii) and is repositioned accordingly if required.

• (17) On the first day on which both subsection 115(1) of the other Act and section 99 of this Act are in force, subsection 164(2.01) of the Income Tax Act is replaced by the following:

  • Marginal note:Withholding of refunds

    (2.01) The Minister shall not, in respect of a taxpayer, refund, repay, apply to other debts or set-off amounts under this Act at any time unless all returns of which the Minister has knowledge and that are required to be filed by the taxpayer at or before that time under this Act, the Excise Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (18) On the first day on which both subsection 116(1) of the other Act and section 100 of this Act are in force, the portion of subsection 221.2(2) of the Income Tax Act before paragraph (a) is replaced by the following:

  • Marginal note:Re-appropriation of amounts

    (2) If a particular amount was appropriated to an amount (in this section referred to as the “debt”) that is or may become payable by a person under this Act, the Excise Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act or the Global Minimum Tax Act, the Minister may, on application by the person, appropriate the particular amount, or a part of it, to another amount that is or may become payable under any of those Acts and, for the purposes of any of those Acts,

• (19) On the first day on which both subsection 117(1) of the other Act and section 101 of this Act are in force,

  • (a) subparagraph (a)(x) of the definition program legislation in section 2 of the English version of the Canada Revenue Agency Act, as amended by subsection 117(1) of the other Act, is amended by striking out “and” at the end of that subparagraph (a)(x);

  • (b) subparagraph (a)(x) of the definition program legislation in section 2 of the English version of the Canada Revenue Agency Act, as amended by section 101 of this Act, is amended by striking out “and” at the end of that subparagraph (a)(x);

  • (c) subparagraph (a)(xi) of the definition program legislation in section 2 of the English version of the Canada Revenue Agency Act, as enacted by subsection 117(1) of the other Act, is amended by adding “and” at the end of that subparagraph (a)(xi); and

  • (d) subparagraph (a)(xi) of the definition program legislation in section 2 of the Canada Revenue Agency Act, as enacted by section 101 of this Act, is renumbered as (a)(xii) and is repositioned accordingly if required.

• (20) On the first day on which both subsection 118(1) of the other Act and section 102 of this Act are in force, subsection 40(4) of the Air Travellers Security Charge Act is replaced by the following:

  • Marginal note:Restriction

    (4) A refund shall not be paid until the person has filed with the Minister all returns and other records of which the Minister has knowledge that are required to be filed under this Act, the Excise Tax Act, the Income Tax Act, the Excise Act, 2001, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act.

• (21) On the first day on which both subsection 119(1) of the other Act and subsection 103(1) of this Act are in force, paragraph 188(6)(a) of the Excise Act, 2001 is replaced by the following:

  • (a) the Minister under this Act, the Excise Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act; or

• (22) On the first day on which both subsection 119(2) of the other Act and subsection 103(2) of this Act are in force, clause 188(7)(b)(ii)(A) of the Excise Act, 2001 is replaced by the following:

  • (A) the Minister under this Act, the Excise Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act, or

• (23) On the first day on which both subsection 120(1) of the other Act and section 104 of this Act are in force, subsection 189(4) of the Excise Act, 2001 is replaced by the following:

  • Marginal note:Restriction

    (4) A refund shall not be paid until the person has filed with the Minister or the Minister of Public Safety and Emergency Preparedness all returns and other records of which the Minister has knowledge and that are required to be filed under this Act, the Excise Act, the Excise Tax Act, the Customs Act, the Income Tax Act, the Air Travellers Security Charge Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act.

• (24) On the first day on which both subsection 122(1) of the other Act and section 105 of this Act are in force, section 34 of the Underused Housing Tax Act is replaced by the following:

  Marginal note:Restriction on payment by Minister

  34 An amount under section 33 is not to be paid to a person by the Minister at any time, unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Excise Tax Act, the Income Tax Act, the Excise Act, 2001, the Air Travellers Security Charge Act, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Select Luxury Items Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (25) On the first day on which both subsection 123(1) of the other Act and section 106 of this Act are in force, section 45 of the Select Luxury Items Tax Act is replaced by the following:

  Marginal note:Restriction on rebate

  45 A rebate under this Subdivision is not to be paid to a person at any time unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (26) On the first day on which both subsection 124(1) of the other Act and section 107 of this Act are in force, section 48 of the Select Luxury Items Tax Act is replaced by the following:

  Marginal note:Restriction — bankruptcy

  48 If a trustee is appointed under the Bankruptcy and Insolvency Act to act in the administration of the estate or succession of a bankrupt, a rebate under this Division that the bankrupt was entitled to claim before the appointment must not be paid after the appointment unless all returns required to be filed in respect of the bankrupt under this Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act in respect of periods ending before the appointment have been filed and all amounts required to be paid under that Part and those Acts by the bankrupt in respect of those periods have been paid.

• (27) On the first day on which both subsection 125(1) of the other Act and section 108 of this Act are in force, the portion of subsection 53(3) of the Select Luxury Items Tax Act before the formula is replaced by the following:

  • Marginal note:Failure to comply

    (3) If, at any time, a person referred to in subsection (1) or (2) fails to give or maintain security in an amount satisfactory to the Minister, the Minister may retain as security, out of any amount that may be or may become payable to the person under this Act, the Excise Tax Act, the Excise Act, 2001, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Digital Services Tax Act or the Global Minimum Tax Act, an amount not exceeding the amount determined by the formula

• (28) On the first day on which both subsection 126(1) of the other Act and section 109 of this Act are in force, subsection 57(6) of the Select Luxury Items Tax Act is replaced by the following:

  • Marginal note:Restriction — rebate of net tax

    (6) A rebate under subsection (4) is not to be paid to a person at any time unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (29) On the first day on which both subsection 127(1) of the other Act and section 110 of this Act are in force, section 94 of the Select Luxury Items Tax Act is replaced by the following:

  Marginal note:Restriction on payment by Minister

  94 An amount under section 92 or 93 is not to be paid to a person by the Minister at any time, unless all returns of which the Minister has knowledge and that are required to be filed at or before that time by the person under this Act, the Excise Tax Act, the Income Tax Act, the Air Travellers Security Charge Act, the Excise Act, 2001, Part 1 of the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Digital Services Tax Act and the Global Minimum Tax Act have been filed with the Minister.

• (30) On the first day on which both subsection 96(1) of the other Act and subsection 81(1) of this Act are in force, section 62 of the Digital Services Tax Act is replaced by the following:

  Marginal note:Restriction — unfulfilled filing requirements

  62 The Minister must not, in respect of a person, refund, repay, apply to other debts or set off amounts under this Act until the person has filed with the Minister all returns and other records of which the Minister has knowledge that are required to be filed under this Act, the Income Tax Act, the Excise Tax Act, the Excise Act, 2001, the Air Travellers Security Charge Act, the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act and the Global Minimum Tax Act.

• (31) On the first day on which both subsection 96(1) of the other Act and subsection 81(1) of this Act are in force, the description of B in paragraph 66(2)(a) of the Global Minimum Tax Act is replaced by the following:

  B

  is the total of all amounts, if any, the transferee was assessed under paragraph 97.44(1)(b) of the Customs Act, subsection 325(2) of the Excise Tax Act, subsection 160(2) of the Income Tax Act, subsection 297(3) of the Excise Act, 2001, subsection 161(1) of the Greenhouse Gas Pollution Pricing Act, subsection 80(3) of the Underused Housing Tax Act, subsection 150(4) of the Select Luxury Items Tax Act or subsection 52(5) of the Digital Services Tax Act in respect of the property, and

• (32) On the first day on which both subsection 96(1) of the other Act and subsection 81(1) of this Act are in force, section 76 of the Global Minimum Tax Act is replaced by the following:

  Marginal note:Restriction — unfulfilled filing requirements

  76 The Minister must not, in respect of a person, refund, repay, apply to other debts or set off amounts under this Act until the person has filed with the Minister all returns and other records of which the Minister has knowledge that are required to be filed under this Act, the Income Tax Act, the Excise Tax Act, the Excise Act, 2001, the Air Travellers Security Charge Act, the Greenhouse Gas Pollution Pricing Act, the Underused Housing Tax Act, the Select Luxury Items Tax Act and the Digital Services Tax Act.

• (33) Section 54 of the Global Minimum Tax Act is replaced by the following:

  Marginal note:General anti-avoidance rule

  • 54 (1) Section 245 of the Income Tax Act applies for the purposes of this Act with any modifications that the circumstances require.

  • (2) For purposes of subsection (1), the following rules also apply:

    • (a) a constituent entity of an MNE group located in Canada may file in prescribed manner with the Minister, on behalf of the MNE group, an information return in prescribed form and containing prescribed information in respect of a transaction (which, for the purposes of this section, includes an arrangement or event) or series of transactions (within the meaning of subsection 248(10) of the Income Tax Act) as if subsection 237.3(12.1) of the Income Tax Act applied for the purposes of this Act; and

    • (b) if a constituent entity files an information return in accordance with paragraph (a), any penalty otherwise applicable because of subsection 245(5.1) of the Income Tax Act does not apply in respect of the transaction or series.

• (34) Section 54 of the Global Minimum Tax Act, as enacted by subsection (33), applies to fiscal years of a qualifying MNE group beginning on or after December 31, 2023, except that any penalty imposed by the application of that section applies in respect of transactions that occur on or after the first day on which both this Act and the Fall Economic Statement Implementation Act, 2023 have received royal assent.