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Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))

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Act current to 2019-06-20 and last amended on 2019-06-17. Previous Versions

AMENDMENTS NOT IN FORCE

  • — 2014, c. 20, s. 29(4)

      • 29 (4) If subsection 256(2) comes into force, then on the later of January 1, 2015 and the day on which that subsection comes into force,

        • (a) the definition money services business in section 244.1 of the Act, as enacted by subsection (1), is replaced by the following:

          money services business

          money services business means an entity

          • (a) that has a place of business in Canada and that is engaged in the business of providing at least one of the following services:

            • (i) foreign exchange dealing,

            • (ii) remitting funds or transmitting funds by any means or through any entity or electronic funds transfer network,

            • (iii) issuing or redeeming money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named entity,

            • (iv) dealing in virtual currencies, as defined by regulation, or

            • (v) a prescribed service; or

          • (b) that does not have a place of business in Canada, that is engaged in the business of providing at least one of the following services that is directed at entities in Canada, and that provides those services to their customers in Canada:

            • (i) foreign exchange dealing,

            • (ii) remitting funds or transmitting funds by any means or through any entity or electronic funds transfer network,

            • (iii) issuing or redeeming money orders, traveller’s cheques or other similar negotiable instruments except for cheques payable to a named entity,

            • (iv) dealing in virtual currencies, as defined by regulation, or

            • (v) a prescribed service. (entreprise de transfert de fonds ou de vente de titres négociables)

        • (b) section 244.2 of the Act, as enacted by subsection (1), is amended by adding the following after subsection (4):

          • Entities outside Canada

            (5) Subsection (1) does not apply to an entity described in paragraph (b) of the definition money services business in respect of the services it provides to entities outside Canada.

  • — 2017, c. 33, ss. 2(1), (3), (4)

      • 2 (1) Subsection 10(14) of the Income Tax Act is repealed.

      • (3) Subsection 10(14.1) of the Act, as enacted by subsection (2), is repealed.

      • (4) Subsections (1) and (3) come into force on January 1, 2024.

  • — 2017, c. 33, ss. 7(2), (4)

      • 7 (2) Section 34 of the Act, as amended by subsection (1), is repealed.

      • (4) Subsection (2) comes into force on January 1, 2024.

  • — 2018, c. 12, ss. 5(2), (5)

      • 5 (2) Subparagraph 81(1)(d.1)(iii) of the Act, as enacted by subsection (1), is replaced by the following:

      • (5) Subsection (2) applies to the 2020 and subsequent taxation years.

  • — 2018, c. 27, s. 25

      • 25 (1) Subsection 233.4(4) of the Act is replaced by the following:

        • Returns respecting foreign affiliates

          (4) A reporting entity for a taxation year or fiscal period shall file with the Minister for the year or period a return in prescribed form in respect of each foreign affiliate of the entity in the year or period within 12 months after the end of the year or period.

      • (2) Subsection 233.4(4) of the Act is replaced by the following:

        • Returns respecting foreign affiliates

          (4) A reporting entity for a taxation year or fiscal period shall file with the Minister for the year or period a return in prescribed form in respect of each foreign affiliate of the entity in the year or period within 10 months after the end of the year or period.

      • (3) Subsection (1) applies to taxation years of a taxpayer, and fiscal periods of a partnership, that begin in 2020.

      • (4) Subsection (2) applies to taxation years of a taxpayer, and fiscal periods of a partnership, that begin after 2020.

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