Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))
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Act current to 2021-01-10 and last amended on 2021-01-01. Previous Versions
PART XII.3Tax on Investment Income of Life Insurers (continued)
Marginal note:Return
211.2 Every life insurer shall file with the Minister, not later than the day on or before which it is required by section 150 to file its return of income for a taxation year under Part I, a return of taxable Canadian life investment income for that year in prescribed form containing an estimate of the tax payable by it under this Part for the year.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- 1988, c. 55, s. 160
Marginal note:Instalments
211.3 (1) Every life insurer shall, in respect of each of its taxation years, pay to the Receiver General on or before the last day of each month in the year, an amount equal to 1/12 of the lesser of
Marginal note:Annualized tax payable
(2) For the purposes of subsections 211.3(1) and 211.5(2), the annualized tax payable under this Part by a life insurer for a taxation year is the amount determined by the formula
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 211.3
- 1998, c. 19, s. 214
Marginal note:Payment of remainder of tax
211.4 Every life insurer shall pay, on or before its balance-due day for a taxation year, the remainder, if any, of the tax payable under this Part by the insurer for the year.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 211.4
- 2003, c. 15, s. 127
Marginal note:Provisions applicable to Part
211.5 (1) Section 152, subsection 157(2.1), sections 158 and 159, subsections 161(1), 161(2), 161(2.1), 161(2.2) and 161(11), sections 162 to 167 and Division J of Part I apply to this Part, with such modifications as the circumstances require.
Marginal note:Interest on instalments
(2) For the purposes of subsection 161(2) and section 163.1 as they apply to this Part, a life insurer is, in respect of a taxation year, deemed to have been liable to pay, on or before the last day of each month in the year, an instalment equal to 1/12 of the lesser of
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 211.5
- 1994, c. 7, Sch. II, s. 173
- 1998, c. 19, s. 215
PART XII.4Tax on Qualifying Environmental Trusts
Marginal note:Definitions
211.6 (1) The definitions in this section apply for the purposes of this Part.
- excluded trust
excluded trust, at any time, means a trust that
(a) relates at that time to the reclamation of a well;
(b) is not maintained at that time to secure the reclamation obligations of one or more persons or partnerships that are beneficiaries under the trust;
(c) borrows money at that time;
(d) if the trust is not a trust to which paragraph (e) applies, acquires at that time any property that is not described by any of paragraphs (a), (b) and (f) of the definition qualified investment in section 204;
(e) if the trust is created after 2011 (or if the trust was created before 2012, it elects in writing filed with the Minister on or before its filing-due date for a particular taxation year to have subparagraphs (i) and (ii) apply to it for the particular taxation year and all subsequent taxation years, and that election is made jointly with Her Majesty in right of Canada or a particular province, depending upon the qualifying law or qualifying contract in respect of the trust),
(f) elected in writing filed with the Minister, before 1998 or before April of the year following the year in which the first contribution to the trust was made, never to have been a qualifying environmental trust; or
(g) was at any previous time during its existence not a qualifying environmental trust (as determined under the definition qualifying environmental trust in subsection 248(1) as it applied at that previous time). (fiducie exclue)
- prohibited investment
prohibited investment, of a trust at any time, means a property that
(a) at the time it was acquired by the trust, was described by any of paragraphs (c), (c.1) or (d) of the definition qualified investment in section 204; and
(b) was issued by
(i) a person or partnership that has contributed property to, or that is a beneficiary under, the trust,
(ii) a person that is related to, or a partnership that is affiliated with, a person or partnership that has contributed property to, or that is a beneficiary under, the trust, or
(iii) a particular person or partnership if
(A) another person or partnership holds a significant interest (within the meaning assigned by subsection 207.01(4) with any modifications that the circumstances require) in the particular person or partnership, and
(B) the holder of that significant interest has contributed property to, or is a beneficiary under, the trust. (placement interdit)
- QET income tax rate
QET income tax rate, for a trust’s taxation year, means the amount, expressed as a decimal fraction, by which
(a) the percentage rate of tax provided under paragraph 123(1)(a) for the taxation year
exceeds
(b) the total of
(i) the percentage that would, if the trust were a corporation, be its general rate reduction percentage, within the meaning assigned by subsection 123.4(1), for the taxation year, and
(ii) the percentage deduction from tax provided under subsection 124(1) for the taxation year. (taux d’impôt sur le revenu des FEA)
- qualifying contract
qualifying contract, in respect of a trust, means a contract entered into with Her Majesty in right of Canada or a province on or before the later of January 1, 1996 and the day that is one year after the day on which the trust was created. (contrat admissible)
- qualifying environmental trust
qualifying environmental trust means a trust
- qualifying law
qualifying law, in respect of a trust, means
- qualifying site
qualifying site, in respect of a trust, means a site in Canada that is or has been used primarily for, or for any combination of,
Marginal note:Charging provision
(2) Every trust that is a qualifying environmental trust at the end of a taxation year (other than a trust that is at that time described by paragraph 149(1)(z.1) or (z.2)) shall pay a tax under this Part for the year equal to the amount determined by the formula
A × B
where
- A
- is the trust’s income (computed as if this Act were read without reference to subsections 104(4) to (31) and sections 105 to 107) under Part I for the year; and
- B
- is the QET income tax rate for the year.
Marginal note:Return
(3) Every trust that is a qualifying environmental trust at the end of a taxation year shall file with the Minister on or before its filing-due date for the year a return for the year under this Part in prescribed form containing an estimate of the amount of its tax payable under this Part for the year.
Marginal note:Payment of tax
(4) Every trust shall pay to the Receiver General its tax payable under this Part for each taxation year on or before its balance-due day for the year.
Marginal note:Provisions applicable to Part
(5) Subsections 150(2) and 150(3), sections 152, 158 and 159, subsections 161(1) and 161(11), sections 162 to 167 and Division J of Part I apply to this Part, with such modifications as the circumstances require.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 211.6
- 1994, c. 7, Sch. II, s. 173
- 1995, c. 3, s. 50
- 1998, c. 19, s. 61
- 2011, c. 24, s. 69
- Date modified: