Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))
Full Document:
- HTMLFull Document: Income Tax Act (Accessibility Buttons available) |
- XMLFull Document: Income Tax Act [12272 KB] |
- PDFFull Document: Income Tax Act [20710 KB]
Act current to 2023-11-14 and last amended on 2023-06-22. Previous Versions
AMENDMENTS NOT IN FORCE
— 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2 (1) Subsection 10(14) of the Income Tax Act is repealed.
(3) Subsection 10(14.1) of the Act, as enacted by subsection (2), is repealed.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7 (2) Section 34 of the Act, as amended by subsection (1), is repealed.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.
— 2022, c. 19, s. 13
13 (1) Subsection 104(1) of the Act is replaced by the following:
Reference to trust or estate
104 (1) In this Act, a reference to a trust or estate (in this Subdivision referred to as a “trust”) shall, unless the context otherwise requires, be read to include a reference to the trustee, executor, administrator, liquidator of a succession, heir or other legal representative having ownership or control of the trust property, but, except for the purposes of this subsection, subsection (1.1), section 150, subparagraph (b)(v) of the definition disposition in subsection 248(1) and paragraph (k) of that definition, a trust is deemed not to include an arrangement under which the trust can reasonably be considered to act as agent for all the beneficiaries under the trust with respect to all dealings with all of the trust’s property unless the trust is described in any of paragraphs (a) to (e.1) of the definition trust in subsection 108(1).
(2) Subsection (1) applies to taxation years that end after December 30, 2023.
— 2022, c. 19, s. 35
35 (1) The portion of subsection 150(1.1) of the Act before paragraph (a) is replaced by the following:
Exception
(1.1) Subject to subsection (1.2), subsection (1) does not apply to a taxation year of a taxpayer if
(2) Section 150 of the Act is amended by adding the following after subsection (1.1):
Exception — trusts
(1.2) Subsection (1.1) does not apply to a taxation year of a trust if the trust is resident in Canada and is an express trust, or for civil law purposes a trust other than a trust that is established by law or by judgement, unless the trust
(a) had been in existence for less than three months at the end of the year;
(b) holds assets with a total fair market value that does not exceed $50,000 throughout the year, if the only assets held by the trust throughout the year are one or more of
(i) money,
(ii) a debt obligation described in paragraph (a) of the definition fully exempt interest in subsection 212(3),
(iii) a share, debt obligation or right listed on a designated stock exchange,
(iv) a share of the capital stock of a mutual fund corporation,
(v) a unit of a mutual fund trust,
(vi) an interest in a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)), and
(vii) an interest as a beneficiary under a trust, all the units of which are listed on a designated stock exchange;
(c) is required under the relevant rules of professional conduct or the laws of Canada or a province to hold funds for the purposes of the activity that is regulated under those rules or laws, provided the trust is not maintained as a separate trust for a particular client or clients;
(d) is a registered charity;
(e) is a club, society or association described in paragraph 149(1)(l);
(f) is a mutual fund trust;
(g) is, for greater certainty, a related segregated fund trust, within the meaning assigned by paragraph 138.1(1)(a);
(h) is a trust, all the units of which are listed on a designated stock exchange;
(i) is prescribed to be a master trust;
(j) is, for greater certainty, a graduated rate estate;
(k) is a qualified disability trust, as defined in subsection 122(3);
(l) is an employee life and health trust;
(m) is a trust described under paragraph 81(1)(g.3);
(n) is a trust under or governed by
(i) a deferred profit sharing plan,
(ii) a pooled registered pension plan,
(iii) a registered disability savings plan,
(iv) a registered education savings plan,
(v) a registered pension plan,
(vi) a registered retirement income fund,
(vii) a registered retirement savings plan,
(viii) a tax-free savings account,
(ix) an employee profit sharing plan,
(x) a registered supplementary unemployment benefit plan, or
(xi) a first home savings account; or
(o) is a cemetery care trust or a trust governed by an eligible funeral arrangement.
Bare trusts and arrangements — inclusion
(1.3) For the purposes of this section, a trust includes an arrangement under which a trust can reasonably be considered to act as agent for all the beneficiaries under the trust with respect to all dealings with all of the trust’s property.
Solicitor-client privilege
(1.4) For greater certainty, subsections (1.1) to (1.3) do not require the disclosure of information that is subject to solicitor-client privilege.
(3) Subsections (1) and (2) apply to taxation years that end after December 30, 2023.
— 2022, c. 19, s. 42
False statement or omission — trust return
42 (1) Section 163 of the Act is amended by adding the following after subsection (4):
False statement or omission
(5) A person or partnership is liable to a penalty if the person or partnership
(a) knowingly or under circumstances amounting to gross negligence
(i) makes — or participates in, assents to or acquiesces in, the making of — a false statement or omission in a return of income of a trust that is not subject to one of the exceptions listed in paragraphs 150(1.2)(a) to (o) for a taxation year, or
(ii) fails to file a return described in subparagraph (i); or
(b) fails to comply with a demand under subsection 150(2) or 231.2(1) to file a return described in subparagraph (a)(i).
False statement or omission — trust return
(6) The amount of the penalty to which the person or partnership is liable under subsection (5) is equal to the greater of
(a) $2,500, and
(b) 5% of the highest amount at any time in the year that is equal to the total fair market value of all the property held by the trust referred to in subsection (5) at that time.
(2) Subsection (1) applies to taxation years that end after December 30, 2023.
— 2023, c. 17, s. 13
13 Paragraph 241(4)(d) of the Income Tax Act is amended by adding the following after subparagraph (vii.5):
(vii.51) to an official solely for the purposes of the administration and enforcement of the Canada Disability Benefit Act or the evaluation or formulation of policy for that Act,
— 2023, c. 26, s. 48
48 (1) Subsections 150.1(2.2) and (2.3) of the Act are replaced by the following:
Definition of tax preparer
(2.2) In this section and subsection 162(7.3), tax preparer, for a calendar year, means a person or partnership who, in the year, accepts consideration to prepare more than five returns of income of corporations, more than five returns of income of individuals (other than trusts) or more than five returns of income of estates or trusts, but does not include an employee who prepares returns of income in the course of performing their duties of employment.
Electronic filing — tax preparer
(2.3) A tax preparer shall file any return of income prepared by the tax preparer for consideration by way of electronic filing, except that five of the returns of corporations, five of the returns of individuals (other than trusts) and five of the returns of estates or trusts may be filed other than by way of electronic filing.
(2) [In force]
(3) Section 150.1 of the Act is amended by adding the following after subsection (4):
Electronic notice of assessment
(4.1) Notwithstanding subsection 244(14.1), a notice of assessment in respect of a return of income for a taxation year of an individual is presumed to have been sent to the individual and received by the individual on the day that it is made available, using electronic means, to the individual, if
(a) the return of income is filed by way of electronic filing; and
(b) the individual has authorized that notices or other communications may be made available in that manner and has not before that date revoked that authorization in a manner specified by the Minister.
(4) Subsections (1) and (3) come into force on January 1, 2024.
— 2023, c. 26, s. 52
52 (1) The Act is amended by adding the following after section 160.4:
Electronic Payments
Definitions
160.5 (1) The following definitions apply in this section.
- designated financial institution
designated financial institution has the same meaning as in subsection 153(6). (institution financière désignée)
- electronic payment
electronic payment means any payment or remittance to the Receiver General that is made through electronic services offered by a designated financial institution or by any electronic means specified by the Minister. (paiement électronique)
Requirement – electronic payments
(2) The remittance or payment of an amount to the Receiver General must be made as an electronic payment if the amount of the remittance or payment exceeds $10,000, unless the payor or remitter cannot reasonably remit or pay the amount in that manner.
(2) Subsection (1) applies in respect of payments and remittances made after 2023.
— 2023, c. 26, s. 54
54 (1) Paragraph 162(7.02)(a) of the Act is replaced by the following:
(a) where the number of those information returns is greater than 5 and less than 51, $125;
(a.1) where the number of those information returns is greater than 50 and less than 251, $250;
(2) Section 162 of the Act is amended by adding the following after subsection (7.3):
Penalty — electronic payments
(7.4) Every person who fails to comply with subsection 160.5(2) is liable to a penalty equal to $100 for each such failure.
(3) Subsection 162(8.1) of the Act is replaced by the following:
Rules — partnership liable to a penalty
(8.1) If a partnership is liable to a penalty under any of subsections (5) to (7.1), (7.3), (7.4), (8) and (10), then sections 152, 158 to 160.1, 161 and 164 to 167 and Division J apply, with any modifications that the circumstances require, to the penalty as if the partnership were a corporation.
(4) Subsection (1) applies in respect of information returns filed after 2023.
(5) Subsections (2) and (3) apply in respect of payments and remittances made after 2023.
— 2023, c. 26, s. 78
78 (1) The Act is amended by adding the following after Part XIX:
PART XXReporting Rules for Digital Platform Operators
Definitions
282 (1) The following definitions apply in this Part.
- active seller
active seller means a seller that either provides relevant services or sells goods during the reportable period or is paid or credited consideration in connection with relevant activities during the reportable period. (vendeur actif)
- consideration
consideration means compensation in any form that is paid or credited to a seller in connection with relevant activities, the amount of which is known or reasonably knowable by the platform operator. (rémunération)
- entity
entity has the same meaning as in subsection 270(1). (entité)
- excluded platform operator
excluded platform operator means a platform operator that demonstrates to the satisfaction of the Minister that the platform’s entire business model is such that it does not
(a) allow sellers to derive a profit from the consideration; or
(b) have reportable sellers. (opérateur de platforme exclu)
- excluded seller
excluded seller means a seller
(a) that is an entity for which the platform operator facilitated more than 2,000 relevant services for the rental of immovable property in respect of a property listing during the reportable period;
(b) that is a governmental entity (as defined in subsection 270(1));
(c) that is an entity the stock of which is regularly traded on an established securities market (as defined in subsection 270(1)) or a related entity (as defined in subsection 270(1)) of an entity the stock of which is regularly traded on an established securities market; or
(d) for which the platform operator solely facilitated less than 30 relevant activities for the sale of goods and for which the total amount of consideration paid or credited did not exceed $2,800 during the reportable period. (vendeur exclu)
- fiat currency
fiat currency means a currency that is used by a country and is designated as legal tender in that country. (monnaie fiduciaire)
- financial account identifier
financial account identifier means the unique identifying number or reference, available to the platform operator, of the bank account or other payment account to which consideration is paid or credited. (identifiant de compte financier)
- goods
goods means any tangible property or, for civil law, any corporeal property. (bien)
- government verification service
government verification service means an electronic process made available by a reportable jurisdiction to a platform operator for the purposes of ascertaining the identity and residence of a seller. (service public de vérification)
- immovable property
immovable property means real or immovable property. (biens immobiliers)
- partner jurisdiction
partner jurisdiction means each jurisdiction identified as a partner jurisdiction by the Minister on the Internet website of the Canada Revenue Agency or by any other means that the Minister considers appropriate. (juridiction partenaire)
- personal service
personal service means a service involving time- or task-based work performed by one or more individuals at the request of a user, unless such work is purely ancillary to the overall transaction, but does not include a service provided by a seller pursuant to an employment relationship with the platform operator or a related entity (as defined in subsection 270(1)) of the platform operator. (service personnel)
- platform
platform means a software, including a website or a part of it and applications, including mobile applications, accessible by users and allowing sellers to be connected to other users for the provision of relevant services or the sale of goods, directly or indirectly, to such users (including the collection and payment of consideration in respect of relevant activities), but does not include, in the provision of relevant services or the sale of goods, software exclusively allowing without any further intervention
(a) the processing of payments in relation to relevant activities;
(b) listing or advertising in relation to relevant activities; or
(c) redirecting or transferring of users to a platform. (plateforme)
- platform operator
platform operator means an entity that contracts with sellers to make available all or part of a platform to such sellers. (opérateur de plateforme)
- primary address
primary address means
(a) in respect of a seller that is an individual (other than a trust), the address of the seller’s principal place of residence; and
(b) in respect of a seller that is an entity, the address of the seller’s registered office. (adresse principale)
- property listing
property listing includes all immovable property units located at the same street address and offered for rent on a platform by the same seller. (lot)
- relevant activity
relevant activity means
(a) a relevant service; or
(b) the sale of goods for consideration. (activité visée)
- relevant service
relevant service means, if provided for consideration:
(a) the rental of real or immovable property;
(b) a personal service;
(c) the rental of a means of transport; or
(d) a prescribed service. (service visé)
- reportable jurisdiction
reportable jurisdiction means
(a) for a reporting platform operator described in paragraph (a) of the definition reporting platform operator, Canada and any partner jurisdiction; and
(b) in any other case, Canada. (juridiction soumise à déclaration)
- reportable period
reportable period means a calendar year during which a platform operator is a reporting platform operator. (période de déclaration)
- reportable seller
reportable seller means an active seller, other than an excluded seller, that is determined by the platform operator based on the due diligence procedures set out in sections 283 to 287 to
(a) be resident in a reportable jurisdiction;
(b) have provided relevant services for the rental of immovable property located in a reportable jurisdiction; or
(c) have been paid or credited consideration in connection with relevant services for the rental of immovable property located in a reportable jurisdiction. (vendeur soumis à déclaration)
- reporting platform operator
reporting platform operator means a platform operator, other than an excluded platform operator, if
(a) it is resident in Canada;
(b) it is resident, incorporated or managed in a partner jurisdiction, facilitates the provision of relevant activities by sellers resident in Canada or with respect to rental of immovable property located in Canada and elects to be a reporting platform operator; or
(c) it is not resident in Canada or a partner jurisdiction and it facilitates the provision of relevant activities by sellers resident in Canada or with respect to rental of immovable property located in Canada. (opérateur de plateforme soumis à déclaration)
- seller
seller means a platform user that is registered at any time during the reportable period on the platform for the provision of a relevant service or the sale of goods. (vendeur)
- TIN
TIN means
(a) the number used by the Minister to identify an individual or entity, including
(i) a social insurance number,
(ii) a business number, and
(iii) an account number issued to a trust; and
(b) in respect of a jurisdiction other than Canada, a taxpayer identification number, including a VAT/GST registration number issued by the jurisdiction of the primary address of the seller, or a functional equivalent in the absence of a taxpayer identification number. (NIF)
Interpretation
(2) This Part relates to the implementation of the Model Rules set out in the Model Rules for Reporting by Platform Operators with respect to Sellers in the Sharing and Gig Economy approved by the Council of the Organisation for Economic Co-operation and Development and, unless the context otherwise requires, the provisions in this Part are to be interpreted consistently with the Model Rules, as amended from time to time.
Excluded seller
283 (1) For the purpose of determining whether a seller is an excluded seller under paragraph (a) or (d) of that definition in subsection 282(1), a reporting platform operator may rely on its available records.
Excluded seller – entity
(2) For the purpose of determining whether a seller that is an entity is an excluded seller under paragraph (b) or (c) of that definition in subsection 282(1), a reporting platform operator may rely on publicly available information or a confirmation from the seller.
Seller information – individual
284 (1) The reporting platform operator must collect the following information for each seller that is an individual (other than a trust) and that is not an excluded seller
(a) the first and last name of the individual;
(b) the primary address of the individual;
(c) the TIN issued to the individual, including the jurisdiction of issuance; and
(d) the date of birth of the individual.
Seller information – entity
(2) The reporting platform operator must collect the following information for each seller (other than a seller described in subsection (1)) that is not an excluded seller
(a) the legal name of the entity;
(b) the primary address of the entity;
(c) the TIN issued to the entity, including the jurisdiction of issuance; and
(d) the business registration number of the entity.
Government verification services
(3) Notwithstanding subsections (1) and (2), the reporting platform operator is not required to collect information pursuant to paragraphs (1)(b) to (d) or (2)(b) to (d) in respect of a seller where the reporting platform operator relies on a government verification service to ascertain the identity and residence of the seller.
TIN collection
(4) Notwithstanding paragraphs (1)(c) and (2)(c) and (d), the TIN or the business registration number, respectively, are not required to be collected if
(a) the jurisdiction of residence of the seller does not issue a TIN or business registration number to the seller; or
(b) the jurisdiction of residence of the seller does not require the collection of the TIN issued to such seller.
Verification of seller information
285 (1) The reporting platform operator must determine whether the information collected under subsection 283(2) and sections 284 and 287 is reliable, using all records available to the reporting platform operator, as well as any publicly available electronic interface to ascertain the validity of the TIN.
Due diligence
(2) Notwithstanding subsection (1), for the completion of the due diligence procedures pursuant to subsection 288(2), the reporting platform operator may determine whether the information collected pursuant to subsection 283(2) and sections 284 and 287 is reliable using electronically searchable records available to the reporting platform operator.
Verifying accuracy
(3) For the purpose of paragraph 288(3)(b), despite subsections (1) and (2), in instances where the reporting platform operator has reason to know that any of the information items described in section 284 or 287 may be inaccurate by virtue of information provided by the Minister, it must verify such information item using reliable, independent-source documents, data or information.
Residence
286 (1) A reporting platform operator must consider a seller resident in the jurisdiction of the seller’s primary address.
Government verification service
(2) Notwithstanding subsection (1), a reporting platform operator must consider a seller resident in each jurisdiction confirmed by a government verification service pursuant to subsection 284(3).
Rented immovable property
287 Where a seller provides relevant services for the rental of immovable property, the reporting platform operator must collect the address of each property listing.
Due diligence
288 (1) A reporting platform operator must complete the due diligence procedures set out in sections 283 to 287 by December 31 of the reportable period.
Previously registered accounts
(2) Despite subsection (1), the due diligence procedures set out in sections 283 to 287 are required to be completed by December 31 of the second reportable period of the reporting platform operator, for sellers that are already registered on the platform
(a) as of January 1, 2024; or
(b) as of the date on which an entity becomes a reporting platform operator.
Previous due diligence
(3) Notwithstanding subsection (1), a reporting platform operator may rely on the due diligence procedures conducted in respect of previous reportable periods, provided
(a) the primary address of the seller has been either collected and verified or confirmed within the last 36 months; and
(b) the reporting platform operator does not have reason to know that the information collected pursuant to sections 283, 284 and 287 is or has become unreliable or incorrect.
Active sellers
289 A reporting platform operator may elect to complete the due diligence procedures under sections 283 to 288 in respect of active sellers only.
Due diligence by third parties
290 (1) A reporting platform operator may rely on a third-party service provider to fulfil the due diligence obligations under sections 291 and 292, but such obligations remain the responsibility of the reporting platform operator.
Partner jurisdiction
(2) When a platform operator fulfils the due diligence obligations for a reporting platform operator with respect to the same platform under subsection (1), such platform operator may carry out the due diligence procedures pursuant to substantially similar rules in its partner jurisdiction.
Reporting to Minister
291 (1) A reporting platform operator must report to the Minister the information set out in section 292 with respect to the reportable period no later than January 31 of the year following the calendar year in which the seller is identified as a reportable seller.
Reporting to seller
(2) A reporting platform operator must provide the information set out under section 292 to the reportable seller to which it relates no later than January 31 of the year following the calendar year in which the seller is identified as a reportable seller.
Reporting not required
(3) Notwithstanding subsections (1) and (2), the information in relation to a reportable seller is neither required to be reported to the Minister nor to be made available to the reportable seller in circumstances where the reporting platform operator has obtained adequate assurances that another platform operator has or will fulfil the reporting obligations under this section and section 292
(a) with respect to the reportable seller pursuant to the rules in Canada; or
(b) with respect to the reportable seller, other than a reportable seller resident in Canada, under substantially similar rules in a partner jurisdiction.
Reporting
(4) A reporting platform operator required to report information under this section shall report the information in prescribed form.
Electronic filing
(5) Information required to be reported under this section shall be filed by way of electronic filing.
Currency
(6) The information with respect to the consideration paid or credited in a fiat currency must be reported in the currency in which it was paid or credited. In case the consideration was paid or credited in a form other than fiat currency, it should be reported in the local currency of Canada, converted or valued in a manner that is determined consistently by the reporting platform operator.
Reporting in respect of quarter
(7) The information with respect to the consideration and other amounts must be reported in respect of the quarter in which the consideration was paid or credited.
Information reported
292 Each reporting platform operator must report the following information:
(a) the name, registered office address and TIN of the reporting platform operator, as well as any business names of any platforms in respect of which the reporting platform operator is reporting;
(b) with respect to each reportable seller that provided relevant services (other than immovable property rental), rented out a means of transportation or sold goods,
(i) the items required to be collected pursuant to section 284,
(ii) any other TIN, including the jurisdiction of issuance, available to the reporting platform operator,
(iii) any financial account identifiers, insofar as they are available to the reporting platform operator and the jurisdiction of the reportable seller’s residence is specified by the Minister,
(iv) if different from the name of the reportable seller, the name of the holder of the financial account to which the consideration is paid or credited, to the extent available to the reporting platform operator, as well as any other identifying information available to the reporting platform operator with respect to that account holder,
(v) each jurisdiction in which the reportable seller is resident on the basis of the procedures set out in section 286,
(vi) the total consideration paid or credited during each quarter of the reportable period and the number of such relevant activities in respect of which it was paid or credited, and
(vii) any fees, commissions or taxes withheld or charged by the reporting platform operator during each quarter of the reportable period; and
(c) with respect to each reportable seller that provided relevant services for the rental of immovable property,
(i) the items required to be collected pursuant to section 284,
(ii) any other TIN, including the jurisdiction of issuance, available to the reporting platform operator,
(iii) any financial account identifiers, insofar as they are available to the reporting platform operator and either the jurisdiction of residence of the reportable seller or the jurisdiction in which the immovable property is located is specified by the Minister,
(iv) if different from the name of the reportable seller, the name of the holder of the financial account to which the consideration is paid or credited, to the extent available to the reporting platform operator, as well as any other identifying information available to the reporting platform operator with respect to the account holder,
(v) each jurisdiction in which the reportable seller is resident on the basis of the procedures set out in section 286,
(vi) the address of each property listing, determined on the basis of the procedures set out in section 287, and, if available, the land registration number,
(vii) the total consideration paid or credited during each quarter of the reportable period and the number of such relevant services provided with respect to each property listing in respect of which it was paid or credited,
(viii) any fees, commissions or taxes withheld or charged by the reporting platform operator during each quarter of the reportable period, and
(ix) if available, the number of days each property listing was rented during the reportable period and the type of each property listing.
Production of TIN
293 (1) Every reportable seller shall provide their TIN at the request of a reporting platform operator that is required under this Part to make an information return requiring the TIN.
Confidentiality of TIN
(2) A reporting platform operator required to make an information return referred to in subsection (1) shall not knowingly use, communicate or allow to be communicated, otherwise than as required or authorized under this Act or a regulation, the TIN without the written consent of the reportable seller.
Penalty for failure to provide TIN
(3) Every reportable seller who fails to provide on request their TIN to a reporting platform operator that is required under this Part to make an information return requiring the TIN is liable to a penalty of $500 for each such failure, unless
(a) an application for the assignment of the TIN is made to the relevant reportable jurisdiction not later than 90 days after the request was made and the TIN is provided to the reporting platform operator that requested it within 15 days after the reportable seller received it; or
(b) the reportable seller is not eligible to obtain a TIN from the relevant reportable jurisdiction (including because the relevant reportable jurisdiction does not issue TINs).
Assessment
(4) The Minister may at any time assess any amount payable under subsection (3) by a reportable seller and, if the Minister sends a notice of assessment to the reportable seller, sections 150 to 163, subsections 164(1) and (1.4) to (7), sections 165 to 167 and Division J of Part I apply with such modifications as the circumstances require.
Record keeping
294 (1) Every reporting platform operator shall keep, at its place of business or at such other place as may be designated by the Minister, records that it obtains or creates for the purpose of complying with this Part, including records of documentary evidence.
Form of records
(2) Every reporting platform operator required by this Part to keep records that does so electronically shall retain them in an electronically readable format for the retention period referred to in subsection (3).
Retention of records
(3) Every reporting platform operator that is required to keep, obtain or create records under this Part shall retain those records for a period of at least six years following the end of the last calendar year in respect of which the record is relevant.
Anti-avoidance
295 If a person enters into an arrangement or engages in a practice, the primary purpose of which can reasonably be considered to be to avoid an obligation under this Part, the person is subject to the obligation as if the person had not entered into the arrangement or engaged in the practice.
(2) Subsection (1) comes into force on January 1, 2024.
— 2023, c. 26, s. 660
660 Subparagraph 56(1)(l)(ii) of the Income Tax Act is replaced by the following:
(ii) reimbursement of costs incurred in relation to a decision of the Canada Employment Insurance Commission under the Employment Insurance Act or to an appeal of such a decision to the Social Security Tribunal or the Employment Insurance Board of Appeal under the Department of Employment and Social Development Act,
— 2023, c. 26, s. 661
661 Subparagraph 60(o)(ii) of the Act is replaced by the following:
(ii) a decision of the Canada Employment Insurance Commission under the Employment Insurance Act or to an appeal of such a decision to the Social Security Tribunal or the Employment Insurance Board of Appeal under the Department of Employment and Social Development Act,
— 2023, c. 29, s. 17
17 Subsection 241(4) of the Income Tax Act is amended by striking out “or” at the end of paragraph (s), by adding “or” at the end of paragraph (t) and by adding the following after paragraph (t):
(u) provide to an official of the Department of Industry, solely for the purpose of verifying and validating the data required to be sent under section 21.21 of the Canada Business Corporations Act in respect of a private corporation (in this paragraph referred to as the “particular corporation”), the following information:
(i) for each corporation (in this paragraph referred to as the “subject corporation”) that is related to or associated with the particular corporation in a taxation year,
(A) the name of the subject corporation,
(B) the jurisdiction of residence of the subject corporation,
(C) the business number of the subject corporation,
(D) the relationship between the particular corporation and the subject corporation,
(E) the number of shares of each class of the capital stock of the subject corporation that are owned by the particular corporation, and
(F) the percentage of all the issued and outstanding shares of each class of the capital stock of the subject corporation that are owned by the particular corporation,
(ii) for each shareholder that holds at least 10% of any class of the capital stock of the particular corporation in a taxation year,
(A) the name of the shareholder,
(B) whether the shareholder is a corporation, partnership, individual or trust,
(C) as the case may be, the shareholder’s
(I) business number,
(II) partnership account number,
(III) social insurance number, or
(IV) trust account number, and
(D) the percentage of all the issued and outstanding shares of each class of the capital stock of the particular corporation that are owned by the shareholder, and
(iii) the taxation year to which the information described in subparagraphs (i) and (ii) relates.
- Date modified: