Budget Implementation Act, 2016, No. 1 (S.C. 2016, c. 7)
Full Document:
- HTMLFull Document: Budget Implementation Act, 2016, No. 1 (Accessibility Buttons available) |
- PDFFull Document: Budget Implementation Act, 2016, No. 1 [1456 KB]
Assented to 2016-06-22
PART 1Amendments to the Income Tax Act and to Related Legislation (continued)
R.S., c. 1 (5th Supp.)Income Tax Act (continued)
49 (1) Section 253.1 of the Act is renumbered as subsection 253.1(1) and is amended by adding the following:
Marginal note:Investments in limited partnerships
(2) For the purposes of section 149.1 and subsections 188.1(1) and (2), if a registered charity or a registered Canadian amateur athletic association holds an interest as a member of a partnership, the member shall not, solely because of its acquisition and holding of that interest, be considered to carry on any business of the partnership if
(a) by operation of any law governing the arrangement in respect of the partnership, the liability of the member as a member of the partnership is limited;
(b) the member deals at arm’s length with each general partner of the partnership; and
(c) the member, or the member together with persons and partnerships with which it does not deal at arm’s length, holds interests in the partnership that have a fair market value of not more than 20% of the fair market value of the interests of all members in the partnership.
(2) Subsection (1) applies in respect of investments in limited partnerships that are made or acquired after April 20, 2015.
Related Amendments to Other Acts
1992, c. 48, Sch.Children’s Special Allowances Act
Marginal note:2006, c. 4, s. 169
50 Section 2.1 of the Children’s Special Allowances Act is repealed.
Marginal note:2015, c. 36, s. 38
51 (1) Subparagraph 3.1(1)(a)(ii) of the Act is replaced by the following:
(ii) a special allowance supplement in the amount of $160, in respect of every month as of January 1, 2015 but before July 1, 2016; and
Marginal note:2015, c. 36, s. 38
(2) Paragraph 3.1(1)(b) of the Act is replaced by the following:
(b) is six years of age or older, a special allowance supplement in the amount of $60, in respect of every month as of January 1, 2015 but before July 1, 2016.
(3) Section 3.1 of the Act is repealed.
Marginal note:1998, c. 21, s. 98(1)
52 Subsection 8(1) of the Act is replaced by the following:
Marginal note:Calculation of amount
8 (1) The amount of special allowance to be paid in respect of a child for a month is one twelfth of the total of
(a) if the child has not reached the age of six years at the beginning of the month, the amount expressed in dollars in paragraph (a) of the description of E in subsection 122.61(1) of the Income Tax Act,
(b) if the child is six years of age or older at the beginning of the month, the amount expressed in dollars in paragraph (b) of the description of E in subsection 122.61(1) of the Income Tax Act, and
(c) if an amount may be deducted under section 118.3 of theIncome Tax Act in respect of the child for the taxation year that includes the month, the amount expressed in dollars in the description of N in subsection 122.61(1) of that Act.
2006, c. 4, s. 168Universal Child Care Benefit Act
Marginal note:2015, c. 36, s. 37(2)
53 (1) The portion of subsection 4(1.1) of the Universal Child Care Benefit Act before paragraph (a) is replaced by the following:
Marginal note:Child under six years — January 2015 to June 2016
(1.1) In respect of every month as of January 1, 2015 but before July 1, 2016, the Minister shall pay to an eligible individual, for each month at the beginning of which he or she is an eligible individual, for each child who, at the beginning of that month, is under the age of six years and is a qualified dependant of the eligible individual,
Marginal note:2015, c. 36, s. 37(2)
(2) The portion of subsection 4(1.2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Other children — January 2015 to June 2016
(1.2) In respect of every month as of January 1, 2015 but before July 1, 2016, the Minister shall pay to an eligible individual, for each month at the beginning of which he or she is an eligible individual, for each child who, at the beginning of that month, is six years of age or older and is a qualified dependant of the eligible individual,
Coming into Force
Marginal note:July 1, 2017
54 (1) Section 50 and subsection 51(3) come into force on July 1, 2017.
Marginal note:July 1, 2016
(2) Subsections 51(1) and (2) and sections 52 and 53 come into force, or are deemed to have come into force, on July 1, 2016.
C.R.C., c. 945Income Tax Regulations
55 (1) Subsection 200(1) of the Income Tax Regulations is replaced by the following:
200 (1) Subject to subsection (1.1), every person who makes a payment described in subsection 153(1) of the Act (including an amount paid that is described in subparagraph 153(1)(a)(ii) of the Act) shall make an information return in prescribed form in respect of the payment unless an information return in respect of the payment has been made under sections 202, 214, 237 or 238.
(1.1) Subsection (1) does not apply in respect of
(a) an annuity payment in respect of an interest in an annuity contract to which subsection 201(5) applies; or
(b) an amount paid by a qualifying non-resident employer to a qualifying non-resident employee that is exempted under subparagraph 153(1)(a)(ii) of the Act if the employer, after reasonable inquiry, has no reason to believe that the employee’s total amount of taxable income earned in Canada under Part I of the Act during the calendar year that includes the time of this payment (including an amount described in paragraph 110(1)(f) of the Act) is more than $10,000.
(2) Subsection (1) applies in respect of payments made after 2015.
56 (1) Section 210 of the Regulations is replaced by the following:
210 Every person who makes a payment described in section 153 of the Act (including an amount paid that is described in subparagraph 153(1)(a)(ii) of the Act), or who pays or credits, or is deemed by any of Part I, XIII and XIII.2 of the Act to have paid or credited, an amount described in that section, Part XIII or XIII.2 of the Act, shall, on demand by registered letter from the Minister, make an information return in prescribed form containing the information required in the return and shall file the return with the Minister within such reasonable time as is stipulated in the registered letter.
(2) Subsection (1) applies in respect of payments made after 2015.
(2) Subsection (1) is deemed to have come into force on March 22, 2016.
58 (1) The portion of section 8201 of the Regulations before paragraph (a) is replaced by the following:
8201 For the purposes of subsection 16.1(1), the definition outstanding debts to specified non-residents in subsection 18(5), subsections 100(1.3) and 112(2), the definition qualified Canadian transit organization in subsection 118.02(1), subsections 125.4(1) and 125.5(1), the definition taxable supplier in subsection 127(9), subparagraph 128.1(4)(b)(ii), paragraphs 181.3(5)(a) and 190.14(2)(b), the definitions Canadian banking business and tax-indifferent investor in subsection 248(1) and paragraph 260(5)(a) of the Act, a permanent establishment of a person or partnership (either of whom is referred to in this section as the person) means a fixed place of business of the person, including an office, a branch, a mine, an oil well, a farm, a timberland, a factory, a workshop or a warehouse if the person has a fixed place of business and, where the person does not have any fixed place of business, the principal place at which the person’s business is conducted, and
(2) Subsection (1) is deemed to have come into force on April 22, 2015.
- Date modified: