Income Tax Regulations (C.R.C., c. 945)

Advanced Life Deferred Annuity

• 216 (1) In this section, designated entity means

  • (a) an administrator of a registered pension plan;

  • (b) an administrator of a pooled registered pension plan;

  • (c) an issuer of a registered retirement savings plan;

  • (d) a carrier of a registered retirement income fund; and

  • (e) a trustee of a deferred profit sharing plan.

• (2) A designated entity that transfers an amount to acquire an advanced life deferred annuity for an individual shall make an information return in prescribed form in respect of the year in which the transfer was made.

• (3) A licensed annuities provider shall make an information return in prescribed form in respect of a year in which

  • (a) a payment is made that is required by section 146.5 of the Act to be included in computing the income of a taxpayer; or

  • (b) a refund described in paragraph (g) of the definition advanced life deferred annuity in subsection 146.5(1) of the Act was received by a taxpayer.

Dispositon of Interest in Annuities and Life Insurance Policies

• 217 (1) In this section,

  disposition

  disposition has the meaning assigned by subsection 148(9) of the Act and includes anything deemed to be a disposition of a life insurance policy under subsection 148(2) of the Act; (disposition)

  insurer

  insurer has the meaning assigned by paragraph 148(10)(a) of the Act; (assureur)

  life insurance policy

  life insurance policy[Repealed, SOR/2011-188, s. 4]

• (2) Where by reason of a disposition of an interest in a life insurance policy an amount is required, pursuant to paragraph 56(1)(j) of the Act, to be included in computing the income of a taxpayer and the insurer that is the issuer of the policy is a party to, or is notified in writing of, the disposition, the insurer shall make an information return in prescribed form in respect of the amount.

Patronage Payments

• 218 (1) Every person who, within the meaning of section 135 of the Act, makes payments to residents of Canada pursuant to an allocation in proportion to patronage shall make an information return in prescribed form in respect of payments so made.

• (2) Every person who receives a payment referred to in subsection (1) as nominee or agent for another person resident in Canada shall make an information return in prescribed form in respect of the payment so received.

First Home Savings Account

• 219 (1) An issuer of a FHSA shall make an information return for each calendar year in prescribed form and manner in respect of the FHSA.

• (2) An issuer of a FHSA shall make an information return in prescribed form and manner in respect of any calendar year in which one or more of the following occurs:

  • (a) the holder makes a contribution to the FHSA;

  • (b) an amount has been transferred to the FHSA from an RRSP under which the holder is an annuitant;

  • (c) an amount is required to be included in the income of a taxpayer under section 146.6 of the Act;

  • (d) the holder makes a qualifying withdrawal from the FHSA; or

  • (e) the holder designates an amount under the definition designated amount in subsection 207.01(1) of the Act.

• (3) An issuer of a FHSA that governs a trust shall notify the holder of the FHSA in prescribed form and manner before March of a calendar year if, at any time during the preceding calendar year,

  • (a) the trust acquires or disposes of property that is a non-qualified investment (as defined in subsection 207.01(1) of the Act) for the trust; or

  • (b) property held by the trust becomes or ceases to be a non-qualified investment (as defined in subsection 207.01(1) of the Act) for the trust.

Cash Bonus Payments on Canada Savings Bonds

• 220 (1) Every person authorized to redeem Canada Savings Bonds (in this section referred to as the “redemption agent”) who pays an amount in respect of a Canada Savings Bond as a cash bonus that the Government of Canada has undertaken to pay (other than an amount of interest, bonus or principal agreed to be paid at the time of the issue of the bond under the terms of the bond) shall make an information return in prescribed form in respect of such payment.

• (2) Every redemption agent required by subsection (1) to make an information return shall

  • (a) issue to the payee, at the time the cash bonus is paid, two copies of the portion of the return relating to him; and

  • (b) file the return with the Minister on or before the 15th day of the month following the month in which the cash bonus was paid.

Qualified Investments

• 221 (1) In this section, reporting person means

  • (a) a mutual fund corporation;

  • (b) an investment corporation;

  • (c) a mutual fund trust;

  • (d) and (e) [Repealed, SOR/2005-264, s. 4]

  • (f) a trust that would be a mutual fund trust if Part XLVIII were read without reference to paragraph 4801(b); or

  • (g) [Repealed, SOR/2005-264, s. 4]

  • (h) a small business investment trust (within the meaning assigned by subsection 5103(1)).

  • (i) [Repealed, SOR/2005-264, s. 4]

• (2) Where in any taxation year a reporting person (other than a registered investment) claims that a share of its capital stock issued by it, or an interest as a beneficiary under it, is a qualified investment under section 146, 146.1, 146.3, 146.4, 204 or 207.01 of the Act, the reporting person shall, in respect of the year and within 90 days after the end of the year, make an information return in prescribed form.

• (3) [Repealed, SOR/2005-264, s. 4]

222 The issuer of a RDSP, or the promoter of a RESP, that governs a trust shall notify the holders of the RDSP, or subscribers of the RESP, in prescribed form and manner before March of a calendar year if, at any time during the preceding calendar year,

• (a) the trust acquires or disposes of property that is a not a qualified investment for the trust; or

• (b) property held by the trust becomes or ceases to be a qualified investment for the trust.

TFSAs

• 223 (1) An issuer of a TFSA shall make an information return for each calendar year in prescribed form in respect of the TFSA.

• (2) An issuer of a TFSA who makes a payment of an amount that is required because of paragraph 146.2(9)(b) of the Act to be included in computing the income of a taxpayer for a taxation year shall make an information return in prescribed form.

• (3) An issuer of a TFSA that governs a trust shall notify the holder of the TFSA in prescribed form and manner before March of a calendar year if, at any time during the preceding calendar year,

  • (a) the trust acquires or disposes of property that is a non-qualified investment for the trust; or

  • (b) property held by the trust becomes or ceases to be a non-qualified investment for the trust.

Canadian Home Insulation Program and Canada Oil Substitution Program

224 Where an amount has been paid to a person pursuant to a program prescribed for the purposes of paragraphs 12(1)(u), 56(1)(s) and 212(1)(s) of the Act, the payor shall

• (a) make an information return in prescribed form in respect of such payment; and

• (b) forward to the person at his latest known address on or before the date the return is required to be filed with the Minister two copies of the portion of the return relating to that person.

Certified Films and Video Tapes

• 225 (1) Where principal photography or taping of a film or tape (within the meanings assigned by subsection 1100(21)) has occurred during a year or has been completed within 60 days after the end of the year, the producer of the film or tape or production company that produced the film or tape, or an agent of the producer or production company, shall

  • (a) make an information return in prescribed form in respect of any person who owns an interest in the film or tape at the end of the year; and

  • (b) forward to the person referred to in paragraph (a) at his latest known address on or before the date the return is required to be filed with the Minister two copies of the portion of the return relating to that person.

• (2) The return required under this section shall be filed on or before March 31st and shall be in respect of the preceding calendar year.

Scientific Research Tax Credits

• 226 (1) In this section,

  administrator

  administrator has the meaning assigned by paragraph 47.1(1)(a) of the Act; (administrateur)

  designated security

  designated security means a security issued or granted by a corporation in respect of which the corporation has designated an amount pursuant to subsection 194(4) of the Act; (titre désigné)

  first purchaser

  first purchaser in relation to a designated security, means the first person (other than a trader or dealer in securities) to be the registered holder of the designated security; (premier acheteur)

  security

  security means

  • (a) a share of the capital stock of a corporation,

  • (b) a debt obligation issued by a corporation, or

  • (c) a right granted by a corporation under a scientific research financing contract; (titre)

  trader or dealer in securities

  trader or dealer in securities has the meaning assigned by paragraph 47.1(1)(l) of the Act. (négociant ou courtier en valeurs)

• (2) Each corporation that has designated an amount under subsection 194(4) of the Act in respect of a security issued or granted by it shall make an information return in prescribed form in respect of each such security.

• (3) Each trader or dealer in securities who has acquired and disposed of a designated security during the course of the primary distribution thereof pursuant to a public offering shall make an information return in prescribed form in respect of each such designated security.

• (4) Each bank, credit union and trust company that, as agent, acquired a designated security for the first purchaser thereof shall make an information return in prescribed form in respect of each such designated security.

• (5) Each trader or dealer in securities who, as administrator of an indexed security investment plan, acquired a designated security for the first purchaser thereof shall make an information return in prescribed form in respect of each such designated security.

• (6) Notwithstanting subsection 205(1), any return required to be made

  • (a) under subsection (2), in respect of a security issued by a corporation before March 1, 1984,

  • (b) under subsection (3), in respect of a designated security disposed of as described in subsection (3) before March 1, 1984, or

  • (c) under subsection (4) or (5), in respect of a designated security acquired as described in subsection (4) or (5), as the case may be, before March 1, 1984,

  shall be filed on or before March 31, 1984.

Share Purchase Tax Credits

• 227 (1) In this section,

  administrator

  administrator has the meaning assigned by paragraph 47.1(1)(a) of the Act; (administrateur)

  designated share

  designated share means a share of the capital stock of a corporation in respect of which the corporation has designated an amount pursuant to subsection 192(4) of the Act; (action désignée)

  first purchaser

  first purchaser, in relation to a designated share, means the first person (other than a trader or dealer in securities) to be the registered holder of the share; (premier acheteur)

  trader or dealer in securities

  trader or dealer in securities has the meaning assigned by paragraph 47.1(1)(l) of the Act. (négociant ou courtier en valeurs)

• (2) Each corporation that has designated an amount under subsection 192(4) of the Act in respect of a share issued by it shall make an information return in prescribed form in respect of each such share.

• (3) Each trader or dealer in securities who has acquired and disposed of a designated share during the course of the primary distribution thereof pursuant to a public offering shall make an information return in prescribed form in respect of each such designated share.

• (4) Each bank, credit union and trust company that, as agent, acquired a designated share for the first purchaser thereof shall make an information return in prescribed form in respect of each such designated share.

• (5) Each trader or dealer in securities who, as administrator of an indexed security investment plan, acquired a designated share for the first purchaser thereof shall make an information return in prescribed form in respect of each such designated share.