Budget Implementation Act, 2004, No. 2 (S.C. 2005, c. 19)
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Assented to 2005-05-13
PART 3AMENDMENTS TO THE INCOME TAX ACT AND CERTAIN OTHER ACTS AS A CONSEQUENCE AND A COORDINATING AMENDMENT
R.S., c. 1 (5th Supp.)Income Tax Act
55. (1) The portion of subsection 256(7) of the Act before paragraph (a) is replaced by the following:
Marginal note:Acquiring control
(7) For the purposes of subsections 10(10), 13(21.2) and (24), 14(12) and 18(15), sections 18.1 and 37, subsection 40(3.4), the definition “superficial loss” in section 54, section 55, subsections 66(11), (11.4) and (11.5), 66.5(3) and 66.7(10) and (11), section 80, paragraph 80.04(4)(h), subsections 85(1.2), 88(1.1) and (1.2) and 110.1(1.2), sections 111 and 127, subsection 249(4) and this subsection,
(2) Subsection (1) applies in respect of gifts made after March 22, 2004.
2003, c. 15Budget Implementation Act, 2003
56. (1) The portion of subsection 79(3) of the Budget Implementation Act, 2003 before paragraph (a) is replaced by the following:
(3) Subsection (1) applies to the 2003 and subsequent taxation years except that for taxation years that begin before 2005
(2) Paragraph 79(3)(a) of the Act is amended by adding the word “and” at the end of subparagraph (iii) and by replacing subparagraphs (iv) and (v) with the following:
(iv) that proportion of $300,000 that the number of days in the taxation year that are after 2004 is of the number of days in the taxation year; and
(3) The portion of subsection 79(4) of the Act before paragraph (a) is replaced by the following:
(4) Subsection (2) applies to the 2003 and subsequent taxation years except that, for taxation years that begin before 2005, the references in the description of M in the definition “specified partnership income” in subsection 125(7) of the Act, as enacted by subsection (2), to “$300,000” and “$822”, are to be read
(4) Subsection 79(4) of the Act is amended by adding the word “and” at the end of paragraph (a), by striking out the word “and” at the end of paragraph (b) and by repealing paragraph (c).
(5) Subsections (1) to (4) are deemed to have come into force on June 19, 2003.
1991, c. 46Bank Act
57. Section 462 of the Bank Act is amended by adding the following after subsection (2):
Marginal note:Notices: Minister of National Revenue
(2.1) Despite subsections (1) and (2), a notice, demand, order or other document issued with respect to a customer of a bank constitutes notice to the bank and fixes the bank with knowledge of its contents and, where applicable, is binding on property belonging to the customer and in the possession of the bank or on money owing to the customer by reason of an account in the bank, if it is sent to the branch of the bank referred to in subsection (1) or (2), an office of the bank referred to in paragraph (3)(a) or any other office agreed to by the bank and the Minister of National Revenue and it relates to
(a) the administration of an Act of Parliament by the Minister of National Revenue; or
(b) the administration of an Act of the legislature of a province or legislation made by an aboriginal government, where the Minister or the Minister of National Revenue has entered into a tax collection agreement under an Act of Parliament with the government of the province or the aboriginal government.
58. Section 579 of the Act is amended by adding the following after subsection (2):
Marginal note:Notices: Minister of National Revenue
(2.1) Despite subsections (1) and (2), a notice, demand, order or other document issued with respect to a customer of an authorized foreign bank constitutes notice to the authorized foreign bank and fixes the authorized foreign bank with knowledge of its contents and, where applicable, is binding on property belonging to the customer and in the possession of the authorized foreign bank or on money owing to the customer by reason of an account in the authorized foreign bank, if it is sent to the branch of the authorized foreign bank referred to in subsection (1) or (2), an office of the authorized foreign bank referred to in paragraph (3)(a) or any other office agreed to by the authorized foreign bank and the Minister of National Revenue and it relates to
(a) the administration of an Act of Parliament by the Minister of National Revenue; or
(b) the administration of an Act of the legislature of a province or legislation made by an aboriginal government, where the Minister or the Minister of National Revenue has entered into a tax collection agreement under an Act of Parliament with the government of the province or the aboriginal government.
1991, c. 48Cooperative Credit Associations Act
59. Section 385.32 of the Cooperative Credit Associations Act is amended by adding the following after subsection (2):
Marginal note:Notices: Minister of National Revenue
(2.1) Despite subsections (1) and (2), a notice, demand, order or other document issued with respect to a customer of an association constitutes notice to the association and fixes the association with knowledge of its contents and, where applicable, is binding on property belonging to the customer and in the possession of the association or on money owing to the customer by reason of an account in the association, if it is sent to the branch of the association referred to in subsection (1) or (2), an office of the association referred to in paragraph (3)(a) or any other office agreed to by the association and the Minister of National Revenue and it relates to
(a) the administration of an Act of Parliament by the Minister of National Revenue; or
(b) the administration of an Act of the legislature of a province or legislation made by an aboriginal government, where the Minister or the Minister of National Revenue has entered into a tax collection agreement under an Act of Parliament with the government of the province or the aboriginal government.
R.S., c. I-4Income Tax Conventions Interpretation Act
60. (1) The Income Tax Conventions Interpretation Act is amended by adding the following after section 4:
Marginal note:Application of section 245 of the Income Tax Act
4.1 Notwithstanding the provisions of a convention or the Act giving the convention the force of law in Canada, it is hereby declared that the law of Canada is that section 245 of the Income Tax Act applies to any benefit provided under the convention.
(2) Subsection (1) applies with respect to transactions entered into after September 12, 1988.
R.S., c. T-2Tax Court of Canada Act
61. Section 12 of the Tax Court of Canada Act is amended by adding the following after subsection (4):
Marginal note:Postponements of suspensions to issue tax receipts
(5) The Court has exclusive original jurisdiction to hear and determine applications referred to in subsection 188.2(4) of the Income Tax Act by a registered charity for a postponement of a period of suspension of the authority of the charity to issue official receipts referred to in Part XXXV of the Income Tax Regulations.
Marginal note:R.S., c. 51 (4th Supp.), s. 5
62. Subsection 18(2) of the Act is replaced by the following:
Marginal note:Other appeals — Income Tax Act
(2) The provisions of sections 18.1 to 18.28 also apply in respect of an appeal, on a taxpayer’s election in the taxpayer’s notice of appeal or at any later time as may be provided in the rules of the Court, if the only subject-matter of the appeal is
(a) an amount of interest assessed under the Income Tax Act; or
(b) the validity of a suspension referred to in subsection 188.2(2) of that Act.
Marginal note:2000, c. 30, s. 178; 2002, c. 9, s. 10(4)
63. Subsections 18.29(3) and (4) of the Act are replaced by the following:
Marginal note:Extension of time and postponements of suspensions
(3) The provisions referred to in subsection (1) also apply, with any modifications that the circumstances require, in respect of applications for
(a) an extension of time under
(i) subsection 28(1) of the Canada Pension Plan,
(ii) section 33.2 of the Cultural Property Export and Import Act,
(iii) section 97.51 or 97.52 of the Customs Act,
(iv) subsection 103(1) of the Employment Insurance Act,
(v) section 197 or 199 of the Excise Act, 2001,
(vi) section 304 or 305 of the Excise Tax Act, or
(vii) section 166.2 or 167 of the Income Tax Act; and
(b) a postponement of a portion of a period of suspension of authority to issue tax receipts under subsection 188.2(4) of the Income Tax Act.
Marginal note:Reasons for judgment — extensions of time and postponements
(4) In respect of an application for an extension of time under the provisions referred to in paragraph (3)(a) or for a postponement referred in paragraph (3)(b), if either party to the application makes a request to the Court for reasons for its judgment, the Court shall give such reasons but those reasons need not be in writing.
1991, c. 45Trust and Loan Companies Act
64. Section 448 of the Trust and Loan Companies Act is amended by adding the following after subsection (2):
Marginal note:Notices: Minister of National Revenue
(2.1) Despite subsections (1) and (2), a notice, demand, order or other document issued with respect to a customer of a company constitutes notice to the company and fixes the company with knowledge of its contents and, where applicable, is binding on property belonging to the customer and in the possession of the company or on money owing to the customer by reason of an account in the company, if it is sent to the branch of the company referred to in subsection (1) or (2), an office of the company referred to in paragraph (3)(a) or any other office agreed to by the company and the Minister of National Revenue and it relates to
(a) the administration of an Act of Parliament by the Minister of National Revenue; or
(b) the administration of an Act of the legislature of a province or legislation made by an aboriginal government, where the Minister or the Minister of National Revenue has entered into a tax collection agreement under an Act of Parliament with the government of the province or the aboriginal government.
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