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Income Tax Act

Version of section 18 from 2022-06-09 to 2022-08-31:


Marginal note:General limitations

  •  (1) In computing the income of a taxpayer from a business or property no deduction shall be made in respect of

    • Marginal note:General limitation

      (a) an outlay or expense except to the extent that it was made or incurred by the taxpayer for the purpose of gaining or producing income from the business or property;

    • Marginal note:Capital outlay or loss

      (b) an outlay, loss or replacement of capital, a payment on account of capital or an allowance in respect of depreciation, obsolescence or depletion except as expressly permitted by this Part;

    • Marginal note:Limitation re exempt income

      (c) an outlay or expense to the extent that it may reasonably be regarded as having been made or incurred for the purpose of gaining or producing exempt income or in connection with property the income from which would be exempt;

    • Marginal note:Annual value of property

      (d) the annual value of property except rent for property leased by the taxpayer for use in the taxpayer’s business;

    • Marginal note:Reserves, etc.

      (e) an amount as, or on account of, a reserve, a contingent liability or amount or a sinking fund except as expressly permitted by this Part;

    • Marginal note:Unpaid claims under insurance policies

      (e.1) an amount in respect of claims that were received by an insurer before the end of the year under insurance policies and that are unpaid at the end of the year, except as expressly permitted by this Part;

    • Marginal note:Payments on discounted bonds

      (f) an amount paid or payable as or on account of the principal amount of any obligation described in paragraph 20(1)(f) except as expressly permitted by that paragraph;

    • Marginal note:Payments on income bonds

      (g) an amount paid by a corporation as interest or otherwise to holders of its income bonds or income debentures unless the bonds or debentures have been issued or the income provisions thereof have been adopted since 1930

      • (i) to afford relief to the debtor from financial difficulties, and

      • (ii) in place of or as an amendment to bonds or debentures that at the end of 1930 provided unconditionally for a fixed rate of interest;

    • Marginal note:Personal and living expenses

      (h) personal or living expenses of the taxpayer, other than travel expenses incurred by the taxpayer while away from home in the course of carrying on the taxpayer’s business;

    • Marginal note:Limitation re employer’s contribution under supplementary unemployment benefit plan

      (i) an amount paid by an employer to a trustee under a supplementary unemployment benefit plan except as permitted by section 145;

    • Marginal note:Limitation re employer’s contribution under deferred profit sharing plan

      (j) an amount paid by an employer to a trustee under a deferred profit sharing plan except as expressly permitted by section 147;

    • Marginal note:Limitation re employer’s contribution under profit sharing plan

      (k) an amount paid by an employer to a trustee under a profit sharing plan that is not

      • (i) an employees profit sharing plan,

      • (ii) a deferred profit sharing plan, or

      • (iii) a pooled registered pension plan or registered pension plan;

    • Marginal note:Use of recreational facilities and club dues

      (l) an outlay or expense made or incurred by the taxpayer after 1971,

      • (i) for the use or maintenance of property that is a yacht, a camp, a lodge or a golf course or facility, unless the taxpayer made or incurred the outlay or expense in the ordinary course of the taxpayer’s business of providing the property for hire or reward, or

      • (ii) as membership fees or dues (whether initiation fees or otherwise) in any club the main purpose of which is to provide dining, recreational or sporting facilities for its members;

    • Marginal note:Safety deposit box

      (l.1) an amount paid or payable in respect of the use of a safety deposit box of a financial institution;

    • Marginal note:Limitation re employee stock option expenses

      (m) an amount in respect of which an election was made by or on behalf of the taxpayer under subsection 110(1.1);

    • Marginal note:Political contributions

      (n) a political contribution;

    • Marginal note:Employee benefit plan contributions

      (o) an amount paid or payable as a contribution to an employee benefit plan;

    • Marginal note:Salary deferral arrangement

      (o.1) except as expressly permitted by paragraphs 20(1)(oo) and 20(1)(pp), an outlay or expense made or incurred under a salary deferral arrangement in respect of another person, other than such an arrangement established primarily for the benefit of one or more non-resident employees in respect of services to be rendered outside Canada;

    • Marginal note:Retirement compensation arrangement

      (o.2) except as expressly permitted by paragraph 20(1)(r), contributions made under a retirement compensation arrangement;

    • Marginal note:Employee life and health trust

      (o.3) except as expressly permitted by paragraph 20(1)(s), contributions to an employee life and health trust;

    • Marginal note:Limitation re personal services business expenses

      (p) an outlay or expense to the extent that it was made or incurred by a corporation in a taxation year for the purpose of gaining or producing income from a personal services business, other than

      • (i) the salary, wages or other remuneration paid in the year to an incorporated employee of the corporation,

      • (ii) the cost to the corporation of any benefit or allowance provided to an incorporated employee in the year,

      • (iii) any amount expended by the corporation in connection with the selling of property or the negotiating of contracts by the corporation if the amount would have been deductible in computing the income of an incorporated employee for a taxation year from an office or employment if the amount had been expended by the incorporated employee under a contract of employment that required the employee to pay the amount, and

      • (iv) any amount paid by the corporation in the year as or on account of legal expenses incurred by it in collecting amounts owing to it on account of services rendered

      that would, if the income of the corporation were from a business other than a personal services business, be deductible in computing its income;

    • Marginal note:Limitation re cancellation of lease

      (q) an amount paid or payable by the taxpayer for the cancellation of a lease of property of the taxpayer leased by the taxpayer to another person, except to the extent permitted by paragraph 20(1)(z) or 20(1)(z.1);

    • Marginal note:Certain automobile expenses

      (r) an amount paid or payable by the taxpayer as an allowance for the use by an individual of an automobile to the extent that the amount exceeds an amount determined in accordance with prescribed rules, except where the amount so paid or payable is required to be included in computing the individual’s income;

    • Marginal note:Loans or lending assets

      (s) any loss, depreciation or reduction in a taxation year in the value or amortized cost of a loan or lending asset of a taxpayer made or acquired by the taxpayer in the ordinary course of the taxpayer’s business of insurance or the lending of money and not disposed of by the taxpayer in the year, except as expressly permitted by this Part;

    • Marginal note:Payments under different acts

      (t) any amount paid or payable

    • Marginal note:Fees — individual saving plans

      (u) any amount paid or payable by the taxpayer for services in respect of a retirement savings plan, retirement income fund or TFSA under or of which the taxpayer is the annuitant or holder;

    • Marginal note:Interest — authorized foreign bank

      (v) where the taxpayer is an authorized foreign bank, an amount in respect of interest that would otherwise be deductible in computing the taxpayer’s income from a business carried on in Canada, except as provided in section 20.2;

    • Marginal note:Underlying payments on qualified securities

      (w) except as expressly permitted, an amount that is deemed by subsection 260(5.1) to have been received by another person as an amount described in any of paragraphs 260(5.1)(a) to (c); and

    • Marginal note:Derivatives — lower of cost and market

      (x) any reduction in a taxation year in the value of a property if

      • (i) the method used by the taxpayer to value the property at the end of the year for purposes of computing the taxpayer’s profit from a business or property is the cost at which the taxpayer acquired it or its fair market value at the end of the year, whichever is lower,

      • (ii) the property is described in subsection 10(15), and

      • (iii) the property is not disposed of by the taxpayer in the year; and

    • Marginal note:Payment for shares

      (y) an amount referred to in subsection 13(36).

  • Marginal note:Limit on certain interest and property tax

    (2) Notwithstanding paragraph 20(1)(c), in computing the taxpayer’s income for a particular taxation year from a business or property, no amount shall be deductible in respect of any expense incurred by the taxpayer in the year as, on account or in lieu of payment of, or in satisfaction of,

    • (a) interest on debt relating to the acquisition of land, or

    • (b) property taxes (not including income or profits taxes or taxes computed by reference to the transfer of property) paid or payable by the taxpayer in respect of land to a province or to a Canadian municipality,

    unless, having regard to all the circumstances (including the cost to the taxpayer of the land in relation to the taxpayer’s gross revenue, if any, from the land for the particular year or any preceding taxation year), the land can reasonably be considered to have been, in the year,

    • (c) used in the course of a business carried on in the particular year by the taxpayer, other than a business in the ordinary course of which land is held primarily for the purpose of resale or development, or

    • (d) held primarily for the purpose of gaining or producing income of the taxpayer from the land for the particular year,

    except to the extent of the total of

    • (e) the amount, if any, by which the taxpayer’s gross revenue, if any, from the land for the particular year exceeds the total of all amounts deducted in computing the taxpayer’s income from the land for the year, and

    • (f) in the case of a corporation whose principal business is the leasing, rental or sale, or the development for lease, rental or sale, or any combination thereof, of real or immovable property owned by it, to or for a person with whom the corporation is dealing at arm’s length, the corporation’s base level deduction for the particular year.

  • Marginal note:Where taxpayer member of partnership

    (2.1) Where a taxpayer who is a member of a partnership was obligated to pay any amount as, on account or in lieu of payment of, or in satisfaction of, interest (in this subsection referred to as an “interest amount”) on money that was borrowed by the taxpayer before April 1, 1977 and that was used to acquire land owned by the partnership before that day or on an obligation entered into by the taxpayer before April 1, 1977 to pay for land owned by the partnership before that day, and, in a taxation year of the taxpayer, either,

    • (a) the partnership has disposed of all or any portion of the land, or

    • (b) the taxpayer has disposed of all or any portion of the taxpayer’s interest in the partnership

    to a person other than a person with whom the taxpayer does not deal at arm’s length, in computing the taxpayer’s income for the year or any subsequent year, there may be deducted such portion of the taxpayer’s interest amount

    • (c) that was, by virtue of subsection 18(2), not deductible in computing the income of the taxpayer for any previous taxation year,

    • (d) that was not deductible in computing the income of any other taxpayer for any taxation year,

    • (e) that was not included in computing the adjusted cost base to the taxpayer of any property, and

    • (f) that was not deductible under this subsection in computing the income of the taxpayer for any previous taxation year

    as is reasonable having regard to the portion of the land or interest in the partnership, as the case may be, so disposed of.

  • Marginal note:Base level deduction

    (2.2) For the purposes of this section, a corporation’s base level deduction for a taxation year is the amount that would be the amount of interest, computed at the prescribed rate, for the year in respect of a loan of $1,000,000 outstanding throughout the year, unless the corporation is associated in the year with one or more other corporations in which case, except as otherwise provided in this section, its base level deduction for the year is nil.

  • Marginal note:Associated corporations

    (2.3) Notwithstanding subsection 18(2.2), if all of the corporations that are associated with each other in a taxation year have filed with the Minister in prescribed form an agreement whereby, for the purposes of this section, they allocate an amount to one or more of them for the taxation year and the amount so allocated or the total of the amounts so allocated, as the case may be, does not exceed $1,000,000, the base level deduction for the year for each of the corporations is the base level deduction that would be computed under subsection 18(2.2) in respect of the corporation if the reference in that subsection to $1,000,000 were read as a reference to the amount so allocated to it.

  • Marginal note:Failure to file agreement

    (2.4) If any of the corporations that are associated with each other in a taxation year has failed to file with the Minister an agreement as contemplated by subsection 18(2.3) within 30 days after notice in writing by the Minister has been forwarded to any of them that such an agreement is required for the purpose of any assessment of tax under this Part, the Minister shall, for the purpose of this section, allocate an amount to one or more of them for the taxation year, which amount or the total of which amounts, as the case may be, shall equal $1,000,000 and in any such case, the amount so allocated to any corporation shall be deemed to be an amount allocated to the corporation pursuant to subsection 18(2.3).

  • Marginal note:Special rules for base level deduction

    (2.5) Notwithstanding any other provision of this section,

    • (a) where a corporation, in this paragraph referred to as the “first corporation”, has more than one taxation year ending in the same calendar year and is associated in two or more of those taxation years with another corporation that has a taxation year ending in that calendar year, the base level deduction of the first corporation for each taxation year in which it is associated with the other corporation ending in that calendar year is, subject to the application of paragraph 18(2.5)(b), an amount equal to its base level deduction for the first such taxation year determined without reference to paragraph 18(2.5)(b); and

    • (b) where a corporation has a taxation year that is less than 51 weeks, its base level deduction for the year is that proportion of its base level deduction for the year determined without reference to this paragraph that the number of days in the year is of 365.

  • Marginal note:Definitions

    (3) In subsection 18(2),

    interest on debt relating to the acquisition of land

    interest on debt relating to the acquisition of land includes

    • (a) interest paid or payable in a year in respect of borrowed money that cannot be identified with particular land but that may nonetheless reasonably be considered (having regard to all the circumstances) as interest on borrowed money used in respect of or for the acquisition of land, and

    • (b) interest paid or payable in the year by a taxpayer in respect of borrowed money that may reasonably be considered (having regard to all the circumstances) to have been used to assist, directly or indirectly,

      • (i) another person with whom the taxpayer does not deal at arm’s length,

      • (ii) a corporation of which the taxpayer is a specified shareholder, or

      • (iii) a partnership of which the taxpayer’s share of any income or loss is 10% or more,

      to acquire land to be used or held by that person, corporation or partnership otherwise than as described in paragraph 18(2)(c) or 18(2)(d), except where the assistance is in the form of a loan to that person, corporation or partnership and a reasonable rate of interest on the loan is charged by the taxpayer; (intérêts sur une dette concernant l’acquisition d’un fonds de terre)

    land

    land does not, except to the extent that it is used for the provision of parking facilities for a fee or charge, include

    • (a) any property that is a building or other structure affixed to land,

    • (b) the land subjacent to any property described in paragraph (a), or

    • (c) such land immediately contiguous to the land described in paragraph (b) that is a parking area, driveway, yard, garden or similar land as is necessary for the use of any property described in paragraph (a). (fonds de terre)

  • Marginal note:Costs relating to construction of building or ownership of land

    (3.1) Notwithstanding any other provision of this Act, in computing a taxpayer’s income for a taxation year,

    • (a) no deduction shall be made in respect of any outlay or expense made or incurred by the taxpayer (other than an amount deductible under paragraph 20(1)(a), 20(1)(aa) or 20(1)(qq) or subsection 20(29)) that can reasonably be regarded as a cost attributable to the period of the construction, renovation or alteration of a building by or on behalf of the taxpayer, a person with whom the taxpayer does not deal at arm’s length, a corporation of which the taxpayer is a specified shareholder or a partnership of which the taxpayer’s share of any income or loss is 10% or more and relating to the construction, renovation or alteration, or a cost attributable to that period and relating to the ownership during that period of land

      • (i) that is subjacent to the building, or

      • (ii) that

        • (A) is immediately contiguous to the land subjacent to the building,

        • (B) is used, or is intended to be used, for a parking area, driveway, yard, garden or any other similar use, and

        • (C) is necessary for the use or intended use of the building; and

    • (b) the amount of such an outlay or expense shall, to the extent that it would otherwise be deductible in computing the taxpayer’s income for the year, be included in computing the cost or capital cost, as the case may be, of the building to the taxpayer, to the person with whom the taxpayer does not deal at arm’s length, to the corporation of which the taxpayer is a specified shareholder or to the partnership of which the taxpayer’s share of any income or loss is 10% or more, as the case may be.

  • Marginal note:Included costs

    (3.2) For the purposes of subsection 18(3.1), costs relating to the construction, renovation or alteration of a building or to the ownership of land include

    • (a) interest paid or payable by a taxpayer in respect of borrowed money that cannot be identified with a particular building or particular land, but that can reasonably be considered (having regard to all the circumstances) as interest on borrowed money used by the taxpayer in respect of the construction, renovation or alteration of a building or the ownership of land; and

    • (b) interest paid or payable by a taxpayer in respect of borrowed money that may reasonably be considered (having regard to all the circumstances) to have been used to assist, directly or indirectly,

      • (i) another person with whom the taxpayer does not deal at arm’s length,

      • (ii) a corporation of which the taxpayer is a specified shareholder, or

      • (iii) a partnership of which the taxpayer’s share of any income or loss is 10% or more,

      to construct, renovate or alter a building or to purchase land, except where the assistance is in the form of a loan to that other person, corporation or partnership and a reasonable rate of interest on the loan is charged by the taxpayer.

  • Marginal note:Completion

    (3.3) For the purposes of subsection 18(3.1), the construction, renovation or alteration of a building is completed at the earlier of the day on which the construction, renovation or alteration is actually completed and the day on which all or substantially all of the building is used for the purpose for which it was constructed, renovated or altered.

  • Marginal note:Where s. (3.1) does not apply

    (3.4) Subsection 18(3.1) does not apply to prohibit a deduction in a taxation year of the specified percentage of any outlay or expense described in that subsection made or incurred before 1992 by

    • (a) a corporation whose principal business is throughout the year the leasing, rental or sale, or the development for lease, rental or sale, or any combination thereof, of real or immovable property owned by it, to or for a person with whom the corporation is dealing at arm’s length, or

    • (b) a partnership

      • (i) each member of which is a corporation described in paragraph (a), and

      • (ii) the principal business of which is throughout the year the leasing, rental or sale, or the development for lease, rental or sale, or any combination thereof, of real or immovable property held by it, to or for a person with whom each member of the partnership is dealing at arm’s length,

    and for the purposes of this subsection, specified percentage means, in respect of an outlay or expense made or incurred in 1988, 80%, in 1989, 60%, in 1990, 40%, and in 1991, 20%.

  • Marginal note:Idem

    (3.5) Subsection 18(3.1) does not apply in respect of an outlay or expense in respect of a building or the land described in subparagraph 18(3.1)(a)(i) or 18(3.1)(a)(ii) in respect of the building,

    • (a) where the construction, renovation or alteration of the building was in progress on November 12, 1981,

    • (b) where the installation of the footings or other base support of the building commenced after November 12, 1981 and before 1982,

    • (c) if, in the case of a new building being constructed in Canada or an existing building being renovated or altered in Canada, arrangements, evidenced in writing, for the construction, renovation or alteration were substantially advanced before November 13, 1981 and the installation of footings or other base support for the new building or the renovation or alteration of the existing building, as the case may be, commenced before June 1, 1982, or

    • (d) if, in the case of a new building being constructed in Canada, the taxpayer was obligated to construct the building under the terms of an agreement in writing entered into before November 13, 1981 and arrangements, evidenced in writing, respecting the construction of the building were substantially advanced before June 1, 1982 and the installation of footings or other base support for the building commenced before 1983,

    and the construction, renovation or alteration, as the case may be, of the building proceeds after 1982 without undue delay (having regard to acts of God, labour disputes, fire, accidents or unusual delay by common carriers or suppliers of materials or equipment).

  • Marginal note:Undue delay

    (3.6) For the purposes of subsection 18(3.5), where more than one building is being constructed under any of the circumstances described in that subsection on one site or on immediately contiguous sites, no undue delay shall be regarded as occurring in the construction of any such building if construction of at least one such building proceeds after 1982 without undue delay and continuous construction of all other such buildings proceeds after 1983 without undue delay.

  • Marginal note:Commencement of footings

    (3.7) For the purposes of this section, the installation of footings or other base support for a building shall be deemed to commence on the first placement of concrete, pilings or other material that is to provide permanent support for the building.

  • Marginal note:Limitation on deduction of interest

    (4) Notwithstanding any other provision of this Act (other than subsection (8)), in computing the income for a taxation year of a corporation or a trust from a business (other than the Canadian banking business of an authorized foreign bank) or property, no deduction shall be made in respect of that proportion of any amount otherwise deductible in computing its income for the year in respect of interest paid or payable by it on outstanding debts to specified non-residents that

    • (a) the amount, if any, by which

      • (i) the average of all amounts each of which is, in respect of a calendar month that ends in the year, the greatest total amount at any time in the month of the outstanding debts to specified non-residents of the corporation or trust,

      exceeds

      • (ii) 1.5 times the equity amount of the corporation or trust for the year,

    is of

    • (b) the amount determined under subparagraph (a)(i) in respect of the corporation or trust for the year.

  • Marginal note:Definitions

    (5) Notwithstanding any other provision of this Act (other than subsection (5.1)), in this subsection and subsections (4) and (5.1) to (6.1),

    beneficiary

    beneficiary has the same meaning as in subsection 108(1); (bénéficiaire)

    equity amount

    equity amount, of a corporation or trust for a taxation year, means

    • (a) in the case of a corporation resident in Canada, the total of

      • (i) the retained earnings of the corporation at the beginning of the year, except to the extent that those earnings include retained earnings of any other corporation,

      • (ii) the average of all amounts each of which is the corporation’s contributed surplus (other than any portion of that contributed surplus that arose at a time when the corporation was non-resident, or that arose in connection with a disposition to which subsection 212.1(1.1) applies or an investment, as defined in subsection 212.3(10), to which subsection 212.3(2) applies) at the beginning of a calendar month that ends in the year, to the extent that it was contributed by a specified non-resident shareholder of the corporation, and

      • (iii) the average of all amounts each of which is the corporation’s paid-up capital at the beginning of a calendar month that ends in the year, excluding the paid-up capital in respect of shares of any class of the capital stock of the corporation owned by a person other than a specified non-resident shareholder of the corporation,

    • (b) in the case of a trust resident in Canada, the amount, if any, by which

      • (i) the total of

        • (A) the average of all amounts each of which is the total amount of all equity contributions to the trust made before a calendar month that ends in the year, to the extent that the contributions were made by a specified non-resident beneficiary of the trust, and

        • (B) the tax-paid earnings of the trust for the year,

      exceeds

      • (ii) the average of all amounts each of which is the total of all amounts that were paid or became payable by the trust to a beneficiary of the trust in respect of the beneficiary’s interest under the trust before a calendar month that ends in the year except to the extent that the amount is

        • (A) included in the beneficiary’s income for a taxation year because of subsection 104(13),

        • (B) an amount from which tax was deducted under Part XIII because of paragraph 212(1)(c), or

        • (C) paid or payable to a person other than a specified non-resident beneficiary of the trust, and

    • (c) in the case of a corporation or trust that is not resident in Canada, including a corporation or trust that files a return under this Part in accordance with subsection 216(1) in respect of the year, 40% of the amount, if any, by which

      • (i) the average of all amounts each of which is the cost of a property, other than an interest as a member of a partnership, owned by the corporation or trust at the beginning of a calendar month that ends in the year

        • (A) that is used by the corporation or trust in the year in, or held by it in the year in the course of, carrying on business in Canada, or

        • (B) that is an interest in real property, or a real right in immovables, in Canada, or an interest in, or for civil law a right in, timber resource properties and timber limits, in Canada, and in respect of which the corporation or trust files a return under this Part in accordance with subsection 216(1) in respect of the year,

      exceeds

      • (ii) the average of all amounts each of which is the total of all amounts outstanding, at the beginning of a calendar month that ends in the year, as or on account of a debt or other obligation to pay an amount that was payable by the corporation or trust that may reasonably be regarded as relating to a business carried on by it in Canada or to an interest or right described in clause (i)(B), other than a debt or obligation that is included in the outstanding debts to specified non-residents of the corporation or trust; (montant des capitaux propres)

    equity contribution

    equity contribution, to a trust, means a transfer of property to the trust that is made

    • (a) in exchange for an interest as a beneficiary under the trust,

    • (b) in exchange for a right to acquire an interest as a beneficiary under the trust, or

    • (c) for no consideration by a person beneficially interested in the trust; (apport de capitaux propres)

    outstanding debts to specified non-residents

    outstanding debts to specified non-residents, of a corporation or trust at any particular time in a taxation year, means

    • (a) the total of all amounts each of which is an amount outstanding at that time as or on account of a debt or other obligation to pay an amount

      • (i) that was payable by the corporation or trust to a person who was, at any time in the year,

        • (A) a specified non-resident shareholder of the corporation or a specified non-resident beneficiary of the trust, or

        • (B) a non-resident person who was not dealing at arm’s length with a specified shareholder of the corporation or a specified beneficiary of the trust, as the case may be, and

      • (ii) on which any amount in respect of interest paid or payable by the corporation or trust is or would be, but for subsection (4), deductible in computing the income of the corporation or trust for the year,

    but does not include

    • (b) an amount outstanding at the particular time as or on account of a debt or other obligation

      • (i) to pay an amount to

        • (A) a non-resident insurance corporation to the extent that the obligation was, for the non-resident insurance corporation’s taxation year that included the particular time, designated insurance property in respect of an insurance business carried on in Canada through a permanent establishment as defined by regulation, or

        • (B) an authorized foreign bank, if the bank uses or holds the obligation at the particular time in its Canadian banking business, or

      • (ii) that is a debt obligation described in subparagraph (ii) of the description of A in paragraph 17.1(1)(b) to the extent that the proceeds of the debt obligation can reasonably be considered to directly or indirectly fund at the particular time, in whole or in part, a pertinent loan or indebtedness (as defined in subsection 212.3(11)) owing to the corporation or another corporation resident in Canada that does not, at the particular time, deal at arm’s length with the corporation; (dettes impayées envers des non-résidents déterminés)

    security interest

    security interest, in respect of a property, means an interest in, or for civil law a right in, the property that secures payment of an obligation; (garantie)

    specified beneficiary

    specified beneficiary, of a trust at any time, means a person who at that time, either alone or together with persons with whom that person does not deal at arm’s length, has an interest as a beneficiary under the trust with a fair market value that is not less than 25% of the fair market value of all interests as a beneficiary under the trust and for the purpose of determining whether a particular person is a specified beneficiary of a trust,

    • (a) if the particular person, or a person with whom the particular person does not deal at arm’s length, has at that time a right under a contract, in equity or otherwise, either immediately or in the future and either absolutely or contingently, to, or to acquire, an interest as a beneficiary under a trust, the particular person or the person with whom the particular person does not deal at arm’s length, as the case may be, is deemed at that time to own the interest,

    • (b) if the particular person, or a person with whom the particular person does not deal at arm’s length, has at that time a right under a contract, in equity or otherwise, either immediately or in the future and either absolutely or contingently to cause a trust to redeem, acquire or terminate any interest in it as a beneficiary (other than an interest held by the particular person or a person with whom the particular person does not deal at arm’s length), the trust is deemed at that time to have redeemed, acquired or terminated the interest, unless the right is not exercisable at that time because the exercise of the right is contingent on the death, bankruptcy or permanent disability of an individual, and

    • (c) if the amount of income or capital of the trust that the particular person, or a person with whom the particular person does not deal at arm’s length, may receive as a beneficiary of the trust depends on the exercise by any person of, or the failure by any person to exercise, a discretionary power, that person is deemed to have fully exercised, or to have failed to exercise, the power, as the case may be; (bénéficiaire déterminé)

    specified non-resident beneficiary

    specified non-resident beneficiary, of a trust at any time, means a specified beneficiary of the trust who at that time is a non-resident person; (bénéficiaire non-résident déterminé)

    specified non-resident shareholder

    specified non-resident shareholder of a corporation at any time means a specified shareholder of the corporation who was at that time a non-resident person or a non-resident-owned investment corporation; (actionnaire non-résident déterminé)

    specified proportion

    specified proportion[Repealed, 2013, c. 34, s. 427]

    specified right

    specified right, at any time in respect of a property, means a right to, at that time, mortgage, hypothecate, assign, pledge or in any way encumber the property to secure payment of an obligation — other than the particular debt or other obligation described in paragraph (6)(a) or a debt or other obligation described in subparagraph (6)(d)(ii) — or to use, invest, sell or otherwise dispose of, or in any way alienate, the property unless it is established by the taxpayer that all of the proceeds (net of costs, if any) received, or that would be received, from exercising the right must first be applied to reduce an amount described in subparagraph (6)(d)(i) or (ii); (droit déterminé)

    specified shareholder

    specified shareholder of a corporation at any time means a person who at that time, either alone or together with persons with whom that person is not dealing at arm’s length, owns

    • (a) shares of the capital stock of the corporation that give the holders thereof 25% or more of the votes that could be cast at an annual meeting of the shareholders of the corporation, or

    • (b) shares of the capital stock of the corporation having a fair market value of 25% or more of the fair market value of all of the issued and outstanding shares of the capital stock of the corporation,

    and for the purpose of determining whether a particular person is a specified shareholder of a corporation at any time, where the particular person or a person with whom the particular person is not dealing at arm’s length has at that time a right under a contract, in equity or otherwise, either immediately or in the future and either absolutely or contingently

    • (c) to, or to acquire, shares in a corporation or to control the voting rights of shares in a corporation, or

    • (d) to cause a corporation to redeem, acquire or cancel any of its shares (other than shares held by the particular person or a person with whom the particular person is not dealing at arm’s length),

    the particular person or the person with whom the particular person is not dealing at arm’s length, as the case may be, shall be deemed at that time to own the shares referred to in paragraph (c) and the corporation referred to in paragraph (d) shall be deemed at that time to have redeemed, acquired or cancelled the shares referred to in paragraph (d), unless the right is not exercisable at that time because the exercise thereof is contingent on the death, bankruptcy or permanent disability of an individual; (actionnaire déterminé)

    tax-paid earnings

    tax-paid earnings, of a trust resident in Canada for a taxation year, means the total of all amounts each of which is the amount in respect of a particular taxation year of the trust that ended before the year determined by the formula

    A – B

    where

    A
    is the taxable income of the trust under this Part for the particular year, and
    B
    is the total of tax payable under this Part by the trust, and all income taxes payable by the trust under the laws of a province, for the particular year. (bénéfices libérés d’impôt)
  • Marginal note:Specified shareholder or specified beneficiary

    (5.1) For the purposes of subsections (4) to (6), if

    • (a) a particular person would, but for this subsection, be a specified shareholder of a corporation or a specified beneficiary of a trust at any time,

    • (b) there was in effect at that time an agreement or arrangement under which, on the satisfaction of a condition or the occurrence of an event that it is reasonable to expect will be satisfied or will occur, the particular person will cease to be a specified shareholder of the corporation or a specified beneficiary of the trust, and

    • (c) the purpose for which the particular person became a specified shareholder or specified beneficiary was the safeguarding of rights or interests of the particular person or a person with whom the particular person is not dealing at arm’s length in respect of any indebtedness owing at any time to the particular person or a person with whom the particular person is not dealing at arm’s length,

    the particular person is deemed not to be a specified shareholder of the corporation or a specified beneficiary of the trust, as the case may be, at that time.

  • Marginal note:Specified shareholder or specified beneficiary

    (5.2) For the purposes of subsections (4) to (6), a non-resident corporation is deemed to be a specified shareholder of itself and a non-resident trust is deemed to be a specified beneficiary of itself.

  • Marginal note:Property used in business — cost attribution

    (5.3) For the purposes of subparagraph (c)(i) of the definition equity amount in subsection (5),

    • (a) if a property is partly used or held by a taxpayer in a taxation year in the course of carrying on business in Canada, the cost of the property to the taxpayer is deemed for the year to be equal to the same proportion of the cost to the taxpayer of the property (determined without reference to this subsection) that the proportion of the use or holding made of the property in the course of carrying on business in Canada in the year is of the whole use or holding made of the property in the year; and

    • (b) if a corporation or trust is deemed to own a portion of a property of a partnership because of subsection (7) at any time,

      • (i) the property is deemed to have, at that time, a cost to the corporation or trust equal to the same proportion of the cost of the property to the partnership as the proportion of the debts and other obligations to pay an amount of the partnership allocated to it under subsection (7) is of the total amount of all debts and other obligations to pay an amount of the partnership, and

      • (ii) in the case of a partnership that carries on business in Canada, the corporation or trust is deemed to use or hold the property in the course of carrying on business in Canada to the extent the partnership uses or holds the property in the course of carrying on business in Canada for the fiscal period of the partnership that includes that time.

  • Marginal note:Rules — trust income

    (5.4) For the purposes of this Act, a trust resident in Canada may designate in its return of income under this Part for a taxation year that all or any portion of an amount paid or credited as interest by the trust, or by a partnership, in the year to a non-resident person is deemed to be income of the trust that has been paid to the non-resident person as a beneficiary of the trust, and not to have been paid or credited by the trust or the partnership as interest, to the extent that an amount in respect of the interest

    • (a) is included in computing the income of the trust for the year under paragraph 12(1)(l.1); or

    • (b) is not deductible in computing the income of the trust for the year because of subsection (4).

  • Marginal note:Back-to-back loan arrangement

    (6) Subsection (6.1) applies at any time in respect of a taxpayer if at that time

    • (a) the taxpayer has a particular amount outstanding as or on account of a particular debt or other obligation to pay an amount to a person (in this subsection and subsection (6.1) referred to as the “intermediary”);

    • (b) the intermediary is neither

      • (i) a person resident in Canada with whom the taxpayer does not deal at arm’s length, nor

      • (ii) a person that is, in respect of the taxpayer, described in subparagraph (a)(i) of the definition outstanding debts to specified non-residents in subsection (5);

    • (c) the intermediary or a person that does not deal at arm’s length with the intermediary

      • (i) has an amount outstanding as or on account of a debt or other obligation to pay an amount to a particular non-resident person that is, in respect of the taxpayer, described in subparagraph (a)(i) of the definition outstanding debts to specified non-residents in subsection (5) that meets any of the following conditions (in this subsection and subsection (6.1) referred to as the “intermediary debt”):

        • (A) recourse in respect of the debt or other obligation is limited in whole or in part, either immediately or in the future and either absolutely or contingently, to the particular debt or other obligation, or

        • (B) it can reasonably be concluded that all or a portion of the particular amount became owing, or was permitted to remain owing, because

          • (I) all or a portion of the debt or other obligation was entered into or was permitted to remain outstanding, or

          • (II) the intermediary anticipated that all or a portion of the debt or other obligation would become owing or remain outstanding, or

      • (ii) has a specified right in respect of a particular property that was granted directly or indirectly by a person that is, in respect of the taxpayer, a particular non-resident person described in subparagraph (a)(i) of the definition outstanding debts to specified non-residents in subsection (5) and

        • (A) the existence of the specified right is required under the terms and conditions of the particular debt or other obligation, or

        • (B) it can reasonably be concluded that all or a portion of the particular amount became owing, or was permitted to remain owing, because

          • (I) the specified right was granted, or

          • (II) the intermediary anticipated that the specified right would be granted; and

    • (d) the total of all amounts — each of which is, in respect of the particular debt or other obligation, an amount outstanding as or on account of an intermediary debt or the fair market value of a particular property described in subparagraph (c)(ii) — is equal to at least 25% of the total of

      • (i) the particular amount, and

      • (ii) the total of all amounts each of which is an amount (other than the particular amount) that the taxpayer, or a person that does not deal at arm’s length with the taxpayer, has outstanding as or on account of a debt or other obligation to pay an amount to the intermediary under the agreement, or an agreement that is connected to the agreement, under which the particular debt or other obligation was entered into if

        • (A) the intermediary is granted a security interest in respect of a property that is the intermediary debt or the particular property, as the case may be, and the security interest secures the payment of two or more debts or other obligations that include the debt or other obligation and the particular debt or other obligation, and

        • (B) each security interest that secures the payment of a debt or other obligation referred to in clause (A) secures the payment of every debt or other obligation referred to in that clause.

  • Marginal note:Back-to-back loan arrangement

    (6.1) If this subsection applies at any time in respect of a taxpayer,

    • (a) then for the purpose of applying subsections (4) and (5),

      • (i) the portion of the particular amount, at that time, referred to in paragraph (6)(a) that is equal to the lesser of the following amounts is deemed to be an amount outstanding as or on account of a debt or other obligation to pay an amount to the particular non-resident person referred to in subparagraph (6)(c)(i) or (ii), as the case may be, and not to the intermediary:

        • (A) the amount outstanding as or on account of the intermediary debt or the fair market value of the particular property referred to in subparagraph (6)(c)(ii), as the case may be, and

        • (B) the proportion of the particular amount that the amount outstanding or the fair market value, as the case may be, is of the total of all amounts each of which is

          • (I) an amount outstanding as or on account of an intermediary debt in respect of the particular debt or other obligation, owed to the particular non-resident or any other non-resident person that is, in respect of the taxpayer, described in the definition outstanding debts to specified non-residents in subsection (5), or

          • (II) the fair market value of a particular property referred to in subparagraph (6)(c)(ii) in respect of the particular debt or other obligation, and

      • (ii) the portion of the interest paid or payable by the taxpayer, in respect of a period throughout which subparagraph (a)(i) applies, on the particular debt or other obligation referred to in paragraph (6)(a) that is equal to the amount determined by the following formula is deemed to be paid or payable by the taxpayer to the particular non-resident, and not to the intermediary, as interest for the period on the amount deemed by subparagraph (a)(i) to be outstanding to the particular non-resident:

        A × B/C

        where

        A
        is the interest paid or payable,
        B
        is the average of all amounts each of which is an amount that is deemed by subparagraph (a)(i) to be outstanding to the particular non-resident at a time during the period, and
        C
        is the average of all amounts each of which is the particular amount outstanding at a time during the period; and
    • (b) for the purposes of Part XIII and subject to subsections 214(16) and (17), interest deemed under subparagraph (a)(ii) to be paid or payable to the particular non-resident in respect of a period is, to the extent that the interest is not deductible in computing the income of the taxpayer for the year because of subsection 18(4), deemed to be paid or payable by the taxpayer to the particular non-resident, and not to the intermediary, in respect of the period.

  • Marginal note:Partnership debts and property

    (7) For the purposes of this subsection, paragraph (4)(a), subsections (5) to (6.1) and paragraph 12(1)(l.1), each member of a partnership at any time is deemed at that time

    • (a) to owe the portion (in this subsection and paragraph 12(1)(l.1) referred to as the “debt amount”) of each debt or other obligation to pay an amount of the partnership and to own the portion of each property of the partnership that is equal to

      • (i) the member’s specified proportion for the last fiscal period, if any, of the partnership ending

        • (A) at or before the end of the taxation year referred to in subsection (4), and

        • (B) at a time when the member is a member of the partnership, and

      • (ii) if the member does not have a specified proportion described in subparagraph (i), the proportion that

        • (A) the fair market value of the member’s interest in the partnership at that time

        is of

        • (B) the fair market value of all interests in the partnership at that time;

    • (b) to owe the debt amount to the person to whom the partnership owes the debt or other obligation to pay an amount; and

    • (c) to have paid interest on the debt amount that is deductible in computing the member’s income to the extent that an amount in respect of interest paid or payable on the debt amount by the partnership is deductible in computing the partnership’s income.

  • Marginal note:Exception — foreign accrual property income

    (8) An amount in respect of interest paid or payable to a controlled foreign affiliate of a corporation resident in Canada that would otherwise not be deductible by the corporation for a taxation year because of subsection (4) may be deducted to the extent that an amount included under subsection 91(1) in computing the corporation’s income for the year or a subsequent year can reasonably be considered to be in respect of the interest.

  • Marginal note:Limitation respecting prepaid expenses

    (9) Notwithstanding any other provision of this Act,

    • (a) in computing a taxpayer’s income for a taxation year from a business or property (other than income from a business computed in accordance with the method authorized by subsection 28(1)), no deduction shall be made in respect of an outlay or expense to the extent that it can reasonably be regarded as having been made or incurred

      • (i) as consideration for services to be rendered after the end of the year,

      • (ii) as, on account of, in lieu of payment of or in satisfaction of, interest, taxes (other than taxes imposed on an insurer in respect of insurance premiums of a non-cancellable or guaranteed renewable accident and sickness insurance policy, or a life insurance policy other than a group term life insurance policy that provides coverage for a period of 12 months or less), rent or royalties in respect of a period that is after the end of the year,

      • (iii) as consideration for insurance in respect of a period after the end of the year, other than

        • (A) where the taxpayer is an insurer, consideration for reinsurance, and

        • (B) consideration for insurance on the life of an individual under a group term life insurance policy where all or part of the consideration is for insurance that is (or would be if the individual survived) in respect of a period that ends more than 13 months after the consideration is paid, or

      • (iv) subject to clause (iii)(B) and subsections 144.1(4) to (7), as consideration for a designated employee benefit (as defined in subsection 144.1(1)) to be provided after the end of the year (other than consideration payable in the year, to a corporation that is licensed to provide insurance, for insurance coverage in respect of the year);

    • (b) such portion of each outlay or expense (other than an outlay or expense of a corporation, partnership or trust as, on account of, in lieu of payment of or in satisfaction of, interest) made or incurred as would, but for paragraph 18(9)(a), be deductible in computing a taxpayer’s income for a taxation year shall be deductible in computing the taxpayer’s income for the subsequent year to which it can reasonably be considered to relate;

    • (c) for the purposes of section 37.1, such portion of each qualified expenditure (within the meaning assigned by subsection 37.1(5)) as was made by a taxpayer in a taxation year and as would, but for paragraph 18(9)(a), have been deductible in computing the taxpayer’s income for the year shall be deemed

      • (i) not to be a qualified expenditure made by the taxpayer in the year, and

      • (ii) to be a qualified expenditure made by the taxpayer in the subsequent year to which the expenditure can reasonably be considered to relate;

    • (d) for the purpose of paragraph 18(9)(a), an outlay or expense of a taxpayer is deemed not to include any payment referred to in subparagraph 37(1)(a)(ii) or 37(1)(a)(iii) that

      • (i) is made by the taxpayer to a person or partnership with which the taxpayer deals at arm’s length, and

      • (ii) is not an expenditure described in subparagraph 37(1)(a)(i); and

    • (e) for the purposes of section 37 and the definition qualified expenditure in subsection 127(9), the portion of an expenditure that is made or incurred by a taxpayer in a taxation year and that would, but for paragraph 18(9)(a), have been deductible under section 37 in computing the taxpayer’s income for the year, is deemed

      • (i) not to be made or incurred by the taxpayer in the year, and

      • (ii) to be made or incurred by the taxpayer in the subsequent taxation year to which the expenditure can reasonably be considered to relate.

    • (f) [Repealed, 2017, c. 20, s. 3]

  • Marginal note:Group term life insurance

    (9.01) Where

    • (a) a taxpayer pays a premium after February 1994 and before 1997 under a group term life insurance policy for insurance on the life of an individual,

    • (b) the insurance is for the remainder of the individual’s lifetime, and

    • (c) no further premiums will be payable for the insurance,

    no amount may be deducted in computing the taxpayer’s income for a taxation year from a business or property in respect of the premium except that there may be so deducted,

    • (d) where the year is the taxation year in which the premium was paid or a subsequent taxation year and the individual is alive at the end of the year, the lesser of

      • (i) the amount determined by the formula

        A - B

        and

      • (ii) 1/3 of the amount determined by the formula

        (A × C)/365

        where

        A
        is the amount that would, if this Act were read without reference to this subsection, be deductible in respect of the premium in computing the taxpayer’s income,
        B
        is the total amount deductible in respect of the premium in computing the taxpayer’s income for preceding taxation years, and
        C
        is the number of days in the year, and
    • (e) where the individual died in the year, the amount determined under subparagraph 18(9.01)(d)(i).

  • Marginal note:Application of subsection (9) to insurers

    (9.02) For the purpose of subsection (9), an outlay or expense made or incurred by an insurer on account of the acquisition of an insurance policy (other than a non-cancellable or guaranteed renewable accident and sickness insurance policy or a life insurance policy other than a group term life insurance policy that provides coverage for a period of 12 months or less) is deemed to be an expense incurred as consideration for services rendered consistently throughout the period of coverage of the policy.

  • Marginal note:Penalties, bonuses and rate-reduction payments

    (9.1) Subject to subsection 142.4(10), where at any time a payment, other than a payment that

    • (a) can reasonably be considered to have been made in respect of the extension of the term of a debt obligation or in respect of the substitution or conversion of a debt obligation to another debt obligation or share, or

    • (b) is contingent or dependent on the use of or production from property or is computed by reference to revenue, profit, cash flow, commodity price or any other similar criterion or by reference to dividends paid or payable to shareholders of any class of shares of the capital stock of a corporation,

    is made to a person or partnership by a taxpayer in the course of carrying on a business or earning income from property in respect of borrowed money or on an amount payable for property acquired by the taxpayer (in this subsection referred to as a “debt obligation”)

    • (c) as consideration for a reduction in the rate of interest payable by the taxpayer on the debt obligation, or

    • (d) as a penalty or bonus payable by the taxpayer because of the repayment by the taxpayer of all or part of the principal amount of the debt obligation before its maturity,

    the payment shall, to the extent that it can reasonably be considered to relate to, and does not exceed the value at that time of, an amount that, but for the reduction described in paragraph 18(9.1)(c) or the repayment described in paragraph 18(9.1)(d), would have been paid or payable by the taxpayer as interest on the debt obligation for a taxation year of the taxpayer ending after that time, be deemed,

    • (e) for the purposes of this Act, to have been paid by the taxpayer and received by the person or partnership at that time as interest on the debt obligation, and

    • (f) for the purpose of computing the taxpayer’s income in respect of the business or property for the year, to have been paid or payable by the taxpayer in that year as interest pursuant to a legal obligation to pay interest,

      • (i) in the case of a reduction described in paragraph 18(9.1)(c), on the debt obligation, and

      • (ii) in the case of a repayment described in paragraph 18(9.1)(d),

        • (A) where the repayment was in respect of all or part of the principal amount of the debt obligation that was borrowed money, except to the extent that the borrowed money was used by the taxpayer to acquire property, on borrowed money used in the year for the purpose for which the borrowed money that was repaid was used, and

        • (B) where the repayment was in respect of all or part of the principal amount of the debt obligation that was either borrowed money used to acquire property or an amount payable for property acquired by the taxpayer, on the debt obligation to the extent that the property or property substituted therefor is used by the taxpayer in the year for the purpose of gaining or producing income therefrom or for the purpose of gaining or producing income from a business.

  • Marginal note:Interest on debt obligations

    (9.2) For the purposes of this Part, the amount of interest payable on borrowed money or on an amount payable for property (in this subsection and subsections 18(9.3) to 18(9.8) referred to as the “debt obligation”) by a corporation, partnership or trust (in this subsection and subsections 18(9.3) to 18(9.7) referred to as the “borrower”) in respect of a taxation year shall, notwithstanding subparagraph 18(9.1)(f)(i), be deemed to be an amount equal to the lesser of

    • (a) the amount of interest, not in excess of a reasonable amount, that would be payable on the debt obligation by the borrower in respect of the year if no amount had been paid before the end of the year in satisfaction of the obligation to pay interest on the debt obligation in respect of the year and if the amount outstanding at each particular time in the year that is after 1991 on account of the principal amount of the debt obligation were the amount, if any, by which

      • (i) the amount outstanding at the particular time on account of the principal amount of the debt obligation

      exceeds the total of

      • (ii) all amounts each of which is an amount paid before the particular time in satisfaction, in whole or in part, of the obligation to pay interest on the debt obligation in respect of a period or part thereof that is after 1991, after the beginning of the year, and after the time the amount was so paid (other than a period or part thereof that is in the year where no such amount was paid before the particular time in respect of a period, or part of a period, that is after the end of the year), and

      • (iii) the amount, if any, by which

        • (A) the total of all amounts of interest payable on the debt obligation (determined without reference to this subsection) by the borrower in respect of taxation years ending after 1991 and before the year (to the extent that the interest does not exceed a reasonable amount)

        exceeds

        • (B) the total of all amounts of interest deemed by this subsection to have been payable on the debt obligation by the borrower in respect of taxation years ending before the year, and

    • (b) the amount, if any, by which

      • (i) the total of all amounts of interest payable on the debt obligation (determined without reference to this subsection) by the borrower in respect of the year or taxation years ending after 1991 and before the year (to the extent that the interest does not exceed a reasonable amount)

      exceeds

      • (ii) the total of all amounts of interest deemed by this subsection to have been payable on the debt obligation by the borrower in respect of taxation years ending before the year.

  • Marginal note:Interest on debt obligations

    (9.3) Where at any time in a taxation year of a borrower a debt obligation of the borrower is settled or extinguished or the holder of the obligation acquires or reacquires property of the borrower in circumstances in which section 79 applies in respect of the debt obligation and the total of

    • (a) all amounts each of which is an amount paid at or before that time in satisfaction, in whole or in part, of the obligation to pay interest on the debt obligation in respect of a period or part of a period that is after that time, and

    • (b) all amounts of interest payable on the debt obligation (determined without reference to subsection 18(9.2)) by the borrower in respect of taxation years ending after 1991 and before that time, or in respect of periods, or parts of periods, that are in such years and before that time (to the extent that the interest does not exceed a reasonable amount),

    exceeds the total of

    • (c) all amounts of interest deemed by subsection 18(9.2) to have been payable on the debt obligation by the borrower in respect of taxation years ending before that time, and

    • (d) the amount of interest that would be deemed by subsection 18(9.2) to have been payable on the debt obligation by the borrower in respect of the year if the year had ended immediately before that time,

    (which excess is in this subsection referred to as the “excess amount”), the following rules apply:

    • (e) for the purpose of applying section 79 in respect of the borrower, the principal amount at that time of the debt obligation shall be deemed to be equal to the amount, if any, by which

      • (i) the principal amount at that time of the debt obligation

      exceeds

      • (ii) the excess amount, and

    • (f) the excess amount shall be deducted at that time in computing the forgiven amount in respect of the obligation (within the meaning assigned by subsection 80(1)).

  • Marginal note:Idem

    (9.4) Where an amount is paid at any time by a person or partnership in respect of a debt obligation of a borrower

    • (a) as, on account of, in lieu of payment of or in satisfaction of, interest on the debt obligation in respect of a period or part thereof that is after 1991 and after that time, or

    • (b) as consideration for a reduction in the rate of interest payable on the debt obligation (excluding, for greater certainty, a payment described in paragraph 18(9.1)(a) or 18(9.1)(b)) in respect of a period or part thereof that is after 1991 and after that time,

    that amount shall be deemed, for the purposes of subsection 18(9.5) and, subject to that subsection, for the purposes of clause 18(9.2)(a)(iii)(A), subparagraph 18(9.2)(b)(i), paragraph 18(9.3)(b) and subsection 18(9.6), to be an amount of interest payable on the debt obligation by the borrower in respect of that period or part thereof and shall be deemed, for the purposes of subparagraph 18(9.2)(a)(ii) and paragraph 18(9.3)(a), to be an amount paid at that time in satisfaction of the obligation to pay interest on the debt obligation in respect of that period or part thereof.

  • Marginal note:Idem

    (9.5) Where the amount of interest payable on a debt obligation (determined without reference to subsection 18(9.2)) by a borrower in respect of a particular period or part thereof that is after 1991 can reasonably be regarded as an amount payable as consideration for

    • (a) a reduction in the amount of interest that would otherwise be payable on the debt obligation in respect of a subsequent period, or

    • (b) a reduction in the amount that was or may be paid before the beginning of a subsequent period in satisfaction of the obligation to pay interest on the debt obligation in respect of that subsequent period

    (determined without reference to the existence of, or the amount of any interest paid or payable on, any other debt obligation), that amount shall, for the purposes of clause 18(9.2)(a)(iii)(A), subparagraph 18(9.2)(b)(i), paragraph 18(9.3)(b) and subsection 18(9.6), be deemed to be an amount of interest payable on the debt obligation by the borrower in respect of the subsequent period and not to be an amount of interest payable on the debt obligation by the borrower in respect of the particular period and shall, when paid, be deemed for the purposes of subparagraph 18(9.2)(a)(ii) and paragraph 18(9.3)(a) to be an amount paid in satisfaction of the obligation to pay interest on the debt obligation in respect of the subsequent period.

  • Marginal note:Idem

    (9.6) Where the liability in respect of a debt obligation of a person or partnership is assumed by a borrower at any time,

    • (a) the amount of interest payable on the debt obligation (determined without reference to subsection 18(9.2)) by any person or partnership in respect of a period shall, to the extent that that period is included in a taxation year of the borrower ending after 1991, be deemed, for the purposes of clause 18(9.2)(a)(iii)(A), subparagraph 18(9.2)(b)(i) and paragraph 18(9.3)(b), to be an amount of interest payable on the debt obligation by the borrower in respect of that year, and

    • (b) the application of subsections 18(9.2) and 18(9.3) to the borrower in respect of the debt obligation after that time shall be determined on the assumption that subsection 18(9.2) applied to the borrower in respect of the debt obligation before that time,

    and, for the purposes of this subsection, where the borrower came into existence at a particular time that is after the beginning of the particular period beginning at the beginning of the first period in respect of which interest was payable on the debt obligation by any person or partnership and ending at the particular time, the borrower shall be deemed

    • (c) to have been in existence throughout the particular period, and

    • (d) to have had, throughout the particular period, taxation years ending on the day of the year on which its first taxation year ended.

  • Marginal note:Idem

    (9.7) Where the amount paid by a borrower at any particular time, in satisfaction of the obligation to pay a particular amount of interest on a debt obligation in respect of a subsequent period or part thereof, exceeds the particular amount of that interest, discounted

    • (a) for the particular period beginning at the particular time and ending at the end of the subsequent period or part thereof, and

    • (b) at the rate or rates of interest applying under the debt obligation during the particular period (or, where the rate of interest of any part of the particular period is not fixed at the particular time, at the prescribed rate of interest in effect at the particular time),

    that excess shall

    • (c) for the purposes of applying subsections 18(9.2) to 18(9.6) and 18(9.8), be deemed to be neither an amount of interest payable on the debt obligation nor an amount paid in satisfaction of the obligation to pay interest on the debt obligation, and

    • (d) be deemed to be a payment described in paragraph 18(9.1)(d) in respect of the debt obligation.

  • Marginal note:Idem

    (9.8) Nothing in any of subsections 18(9.2) to 18(9.7) shall be construed as providing that

    • (a) the total of all amounts each of which is the amount of interest payable on a debt obligation by an individual (other than a trust), or deemed by subsection 18(9.2) to be payable on the debt obligation by a corporation, partnership or trust, in respect of a taxation year ending after 1991 and before any particular time,

    may exceed

    • (b) the total of all amounts each of which is the amount of interest payable on the debt obligation (determined without reference to subsection 18(9.2)) by a person or partnership in respect of a taxation year ending after 1991 and before that particular time.

  • Marginal note:Employee benefit plan

    (10) Paragraph 18(1)(o) does not apply in respect of a contribution to an employee benefit plan

    • (a) to the extent that the contribution

      • (i) is made in respect of services performed by an employee who is not resident in Canada and is regularly employed in a country other than Canada, and

      • (ii) cannot reasonably be regarded as having been made in respect of services performed or to be performed during a period when the employee is resident in Canada;

    • (b) the custodian of which is non-resident, to the extent that the contribution

      • (i) is in respect of an employee who is non-resident at the time the contribution is made, and

      • (ii) cannot reasonably be regarded as having been made in respect of services performed or to be performed during a period when the employee is resident in Canada; or

    • (c) the custodian of which is non-resident, to the extent that the contribution can reasonably be regarded as having been made in respect of services performed by an employee in a particular calendar month where

      • (i) the employee was resident in Canada throughout no more than 60 of the 72 calendar months ending with the particular month, and

      • (ii) the employee became a member of the plan before the end of the month following the month in which the employee became resident in Canada,

      and for the purpose of this paragraph, where benefits provided to an employee under a particular employee benefit plan are replaced by benefits provided under another employee benefit plan, the other plan shall be deemed, in respect of the employee, to be the same plan as the particular plan.

  • Marginal note:Limitation

    (11) Notwithstanding any other provision of this Act, in computing the income of a taxpayer for a taxation year, no amount is deductible under paragraph 20(1)(c), 20(1)(d), 20(1)(e), 20(1)(e.1) or 20(1)(f) in respect of borrowed money (or other property acquired by the taxpayer) in respect of any period after which the money (or other property) is used by the taxpayer for the purpose of

    • (a) making a payment after November 12, 1981 as consideration for an income-averaging annuity contract, unless the contract was acquired pursuant to an agreement in writing entered into before November 13, 1981;

    • (b) paying a premium (within the meaning assigned by subsection 146(1) read without reference to the portion of the definition premium in that subsection following paragraph (b) of that definition) under a registered retirement savings plan after November 12, 1981;

    • (c) making a contribution to a deferred profit sharing plan, a pooled registered pension plan or a registered pension plan, other than

      • (i) a contribution described in subparagraph 8(1)(m)(ii) or 8(1)(m)(iii) (as they read in their application to the 1990 taxation year) that was required to be made pursuant to an obligation entered into before November 13, 1981, or

      • (ii) a contribution deductible under paragraph 20(1)(q) or 20(1)(y) in computing the taxpayer’s income;

    • (d) making a payment as consideration for an annuity the payment for which was deductible in computing the taxpayer’s income by virtue of paragraph 60(l;

    • (e) making a contribution to a retirement compensation arrangement where the contribution was deductible under paragraph 8(1)(m.2) in computing the taxpayer’s income;

    • (f) making a contribution to a net income stabilization account;

    • (g) [Repealed, 2011, c. 24, s. 2]

    • (h) making a contribution into a registered education savings plan;

    • (i) making a contribution to a registered disability savings plan; or

    • (j) making a contribution under a TFSA,

    and, for the purposes of this subsection, to the extent that an indebtedness is incurred by a taxpayer in respect of a property and at any time that property or a property substituted therefor is used for any of the purposes referred to in this subsection, the indebtedness shall be deemed to be incurred at that time for that purpose.

  • Marginal note:Work space in home

    (12) Notwithstanding any other provision of this Act, in computing an individual’s income from a business for a taxation year,

    • (a) no amount shall be deducted in respect of an otherwise deductible amount for any part (in this subsection referred to as the “work space”) of a self-contained domestic establishment in which the individual resides, except to the extent that the work space is either

      • (i) the individual’s principal place of business, or

      • (ii) used exclusively for the purpose of earning income from business and used on a regular and continuous basis for meeting clients, customers or patients of the individual in respect of the business;

    • (b) if the conditions set out in subparagraph (a)(i) or (ii) are met, the amount for the work space that is deductible in computing the individual’s income for the year from the business shall not exceed the individual’s income for the year from the business, computed without reference to the amount and section 34.1; and

    • (c) any amount not deductible by reason only of paragraph 18(12)(b) in computing the individual’s income from the business for the immediately preceding taxation year shall be deemed to be an amount otherwise deductible that, subject to paragraphs 18(12)(a) and 18(12)(b), may be deducted for the year for the work space in respect of the business.

  • Marginal note:When s. (15) applies to money lenders

    (13) Subsection 18(15) applies, subject to subsection 142.6(7), when

    • (a) a taxpayer (in this subsection and subsection (15) referred to as the “transferor”) disposes of a particular property (other than, for the purposes of computing the exempt surplus or exempt deficit and taxable surplus or taxable deficit of a foreign affiliate of a taxpayer, in respect of the taxpayer, where the transferor is the affiliate or is a partnership of which the affiliate is a member, property that is, or would be, if the transferor were a foreign affiliate of the taxpayer, excluded property (within the meaning assigned by subsection 95(1)) of the transferor);

    • (b) the disposition is not described in any of paragraphs (c) to (g) of the definition superficial loss in section 54;

    • (c) the transferor is not an insurer;

    • (d) the ordinary business of the transferor includes the lending of money and the particular property was used or held in the ordinary course of that business;

    • (e) the particular property is a share, or a loan, bond, debenture, mortgage, hypothecary claim, note, agreement for sale or any other indebtedness;

    • (f) the particular property was, immediately before the disposition, not a capital property of the transferor;

    • (g) during the period that begins 30 days before and ends 30 days after the disposition, the transferor or a person affiliated with the transferor acquires a property (in this subsection and subsection 18(15) referred to as the “substituted property”) that is, or is identical to, the particular property; and

    • (h) at the end of the period, the transferor or a person affiliated with the transferor owns the substituted property.

  • Marginal note:When s. (15) applies to adventurers in trade

    (14) Subsection 18(15) applies where

    • (a) a person (in this subsection and subsection 18(15) referred to as the “transferor”) disposes of a particular property;

    • (b) the particular property is described in an inventory of a business that is an adventure or concern in the nature of trade;

    • (c) the disposition is not a disposition that is deemed to have occurred by subsection 10.1(6) or (7), section 70, subsection 104(4), section 128.1, paragraph 132.2(3)(a) or (c) or subsection 138(11.3) or 138.2(4) or 149(10);

    • (d) during the period that begins 30 days before and ends 30 days after the disposition, the transferor or a person affiliated with the transferor acquires property (in this subsection and subsection 18(15) referred to as the “substituted property”) that is, or is identical to, the particular property; and

    • (e) at the end of the period, the transferor or a person affiliated with the transferor owns the substituted property.

  • Marginal note:Loss on certain properties

    (15) If this subsection applies because of subsection 18(13) or 18(14) to a disposition of a particular property,

    • (a) the transferor’s loss, if any, from the disposition is deemed to be nil, and

    • (b) the amount of the transferor’s loss, if any, from the disposition (determined without reference to this subsection) is deemed to be a loss of the transferor from a disposition of the particular property at the first time, after the disposition,

      • (i) at which a 30-day period begins throughout which neither the transferor nor a person affiliated with the transferor owns

        • (A) the substituted property, or

        • (B) a property that is identical to the substituted property and that was acquired after the day that is 31 days before the period begins,

      • (ii) at which the substituted property would, if it were owned by the transferor, be deemed by section 128.1 or subsection 149(10) to have been disposed of by the transferor,

      • (iii) that is immediately before the transferor is subject to a loss restriction event, or

      • (iv) if the transferor is a corporation,

        • (A) for the purposes of computing the transferor’s foreign accrual property income, exempt surplus or exempt deficit, and taxable surplus or taxable deficit, in respect of a taxpayer for a taxation year of the transferor where the transferor is a foreign affiliate of the taxpayer, at which the liquidation and dissolution of the transferor begins, unless the liquidation and dissolution is

          • (I) a qualifying liquidation and dissolution (within the meaning assigned by subsection 88(3.1)) of the transferor, or

          • (II) a designated liquidation and dissolution (within the meaning assigned by subsection 95(1)) of the transferor, and

        • (B) for any other purposes, at which the winding-up (other than a winding-up to which subsection 88(1) applies) of the transferor begins, and

      and for the purpose of paragraph 18(15)(b), where a partnership otherwise ceases to exist at any time after the disposition, the partnership is deemed not to have ceased to exist, and each person who was a member of the partnership immediately before the partnership would, but for this subsection, have ceased to exist is deemed to remain a member of the partnership, until the time that is immediately after the first time described in subparagraphs 18(15)(b)(i) to (iv).

  • Marginal note:Deemed identical property

    (16) For the purposes of subsections (13), (14) and (15), a right to acquire a property (other than a right, as security only, derived from a mortgage, hypothec, agreement for sale or similar obligation) is deemed to be a property that is identical to the property.

  • Marginal note:Definitions

    (17) The following definitions apply in this subsection and subsections (18) to (23).

    offsetting position

    offsetting position, in respect of a particular position of a person or partnership (in this definition referred to as the “holder”), means one or more positions that

    • (a) are held by

      • (i) the holder,

      • (ii) a person or partnership that does not deal at arm’s length with, or is affiliated with, the holder (in this subsection and subsections (20), (22) and (23) referred to as the “connected person”), or

      • (iii) for greater certainty, by any combination of the holder and one or more connected persons;

    • (b) have the effect, or would have the effect if each of the positions held by a connected person were held by the holder, of eliminating all or substantially all of the holder’s risk of loss and opportunity for gain or profit in respect of the particular position; and

    • (c) if held by a connected person, can reasonably be considered to have been held with the purpose of obtaining the effect described in paragraph (b). (position compensatoire)

    position

    position, of a person or partnership, means one or more properties, obligations or liabilities of the person or partnership, if

    • (a) each property, obligation or liability is

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

      • (ii) an interest in a partnership,

      • (iii) an interest in a trust,

      • (iv) a commodity,

      • (v) foreign currency,

      • (vi) a swap agreement, a forward purchase or sale agreement, a forward rate agreement, a futures agreement, an option agreement or a similar agreement,

      • (vii) a debt owed to or owing by the person or partnership that, at any time,

        • (A) is denominated in a foreign currency,

        • (B) would be described in paragraph 7000(1)(d) of the Income Tax Regulations if that paragraph were read without reference to the words “other than one described in paragraph (a), (b) or (c)”, or

        • (C) is convertible into or exchangeable for an interest, or for civil law a right, in any property that is described in any of subparagraphs (i) to (iv),

      • (viii) an obligation to transfer or return to another person or partnership a property identical to a particular property described in any of subparagraphs (i) to (vii) that was previously transferred or lent to the person or partnership by that other person or partnership, or

      • (ix) an interest, or for civil law a right, in any property that is described in any of subparagraphs (i) to (vii); and

    • (b) it is reasonable to conclude that, if there is more than one property, obligation or liability, each of them is held in connection with each other. (position)

    successor position

    successor position, in respect of a position (in this definition referred to as the “initial position”), means a particular position if

    • (a) the particular position is an offsetting position in respect of a second position;

    • (b) the second position was an offsetting position in respect of the initial position that was disposed of at a particular time; and

    • (c) the particular position was entered into during the period that begins 30 days before, and ends 30 days after, the particular time. (position remplaçante)

    unrecognized loss

    unrecognized loss, in respect of a position of a person or partnership at a particular time in a taxation year, means the loss, if any, that would be deductible in computing the income of the person or partnership for the year with respect to the position if it were disposed of immediately before the particular time at its fair market value at the time of disposition. (perte non constatée)

    unrecognized profit

    unrecognized profit, in respect of a position of a person or partnership at a particular time in a taxation year, means the profit, if any, that would be included in computing the income of the person or partnership for the year with respect to the position if it were disposed of immediately before the particular time at its fair market value at the time of disposition. (bénéfice non constaté)

  • Marginal note:Application of subsection (19)

    (18) Subject to subsection (20), subsection (19) applies in respect of a disposition of a particular position by a person or partnership (in this subsection and subsections (19), (20) and (22) referred to as the “transferor”), if

    • (a) the disposition is not a disposition that is deemed to have occurred by section 70, subsection 104(4), section 128.1 or subsection 138(11.3) or 149(10);

    • (b) the transferor is not a financial institution (as defined in subsection 142.2(1)), a mutual fund corporation or a mutual fund trust; and

    • (c) the particular position was, immediately before the disposition, not a capital property, or an obligation or liability on account of capital, of the transferor.

  • Marginal note:Straddle losses

    (19) If this subsection applies in respect of a disposition of a particular position by a transferor, the portion of the transferor’s loss, if any, from the disposition of the particular position that is deductible in computing the transferor’s income for a particular taxation year is the amount determined by the formula

    A + B − C

    where

    A
    is
    • (a) if the particular taxation year is the taxation year in which the disposition occurs, the amount of the loss determined without reference to this subsection (which is, for greater certainty, subject to subsection (15)), and

    • (b) in any other taxation year, nil;

    B
    is
    • (a) if the disposition occurred in a preceding taxation year, the amount determined for C in respect of the disposition for the immediately preceding taxation year, and

    • (b) in any other case, nil; and

    C
    is the lesser of
    • (a) the amount determined for A for the taxation year in which the disposition occurs, and

    • (b) the amount determined by the formula

      D − (E + F)

      where

      D
      is the total of all amounts each of which is the amount of unrecognized profit at the end of the particular taxation year in respect of
      • (i) the particular position,

      • (ii) positions that are offsetting positions in respect of the particular position (or would be, to the extent that there is no successor position in respect of the particular position, if the particular position continued to be held by the transferor),

      • (iii) successor positions in respect of the particular position (for this purpose, a successor position in respect of a position includes a successor position that is in respect of a successor position in respect of the position), and

      • (iv) positions that are offsetting positions in respect of any successor position referred to in subparagraph (iii) (or would be, if any such successor position continued to be held by the holder),

      E
      is the total of all amounts each of which is the amount of unrecognized loss at the end of the particular taxation year in respect of positions referred to in subparagraphs (i) to (iv) of the description of D, and
      F
      is the total of all amounts each of which is an amount determined by the formula

      G − H

      where

      G
      is the amount determined for A for the taxation year in which the disposition occurs in respect of any position that was disposed of prior to the disposition of the particular position, if
      • (i) the particular position was a successor position in respect of that position (for this purpose, a successor position in respect of a position includes a successor position that is in respect of a successor position in respect of the position), and

      • (ii) that position was

        • (A) an offsetting position in respect of the particular position,

        • (B) an offsetting position in respect of a position in respect of which the particular position was a successor position (for this purpose, a successor position in respect of a position includes a successor position that is in respect of a successor position in respect of the position), or

        • (C) the particular position, and

      H
      is the total of all amounts each of which is, in respect of a position described in G, an amount determined under the first formula in this subsection for the particular taxation year or a preceding taxation year.
  • Marginal note:Exceptions

    (20) Subsection (19) does not apply in respect of a particular position of a transferor if

    • (a) it is the case that

      • (i) either the particular position, or the offsetting position in respect of the particular position, consists of

        • (A) commodities that the holder of the position manufactures, produces, grows, extracts or processes, or

        • (B) debt that the holder of the position incurs in the course of a business that consists of one or any combination of the activities described in clause (A), and

      • (ii) it can reasonably be considered that the position not described in subparagraph (i) — the particular position if the offsetting position is described in subparagraph (i) or the offsetting position if the particular position is described in that subparagraph — is held to reduce the risk, with respect to the position described in subparagraph (i), from

        • (A) in the case of a position described in clause (i)(A), price changes or fluctuations in the value of currency with respect to the goods described in clause (i)(A), or

        • (B) in the case of a position described in clause (i)(B), fluctuations in interest rates or in the value of currency with respect to the debt described in clause (i)(B);

    • (b) the transferor or a connected person (in this paragraph referred to as the “holder”) continues to hold a position — that would be an offsetting position in respect of the particular position if the particular position continued to be held by the transferor — throughout a 30-day period beginning on the date of disposition of the particular position, and at no time during the period

      • (i) is the holder’s risk of loss or opportunity for gain or profit with respect to the position reduced in any material respect by another position entered into or disposed of by the holder, or

      • (ii) would the holder’s risk of loss or opportunity for gain or profit with respect to the position be reduced in any material respect by another position entered into or disposed of by a connected person, if the other position were entered into or disposed of by the holder; or

    • (c) it can reasonably be considered that none of the main purposes of the series of transactions or events, or any of the transactions or events in the series, of which the holding of both the particular position and offsetting position are part, is to avoid, reduce or defer tax that would otherwise be payable under this Act.

  • Marginal note:Application

    (21) For the purposes of subsections (17) to (23),

    • (a) if a position of a person or partnership is not a property of the person or partnership, the person or partnership is deemed

      • (i) to hold the position at any time while it is a position of the person or partnership, and

      • (ii) to have disposed of the position when the position is settled or extinguished in respect of the person or partnership;

    • (b) a disposition of a position is deemed to include a disposition of a portion of the position;

    • (c) a position held by one or more persons or partnerships referred to in paragraph (a) of the definition offsetting position in subsection (17) is deemed to be an offsetting position in respect of a particular position of a person or partnership if

      • (i) there is a high degree of negative correlation between changes in value of the position and the particular position, and

      • (ii) it can reasonably be considered that the principal purpose of the series of transactions or events, or any of the transactions in the series, of which the holding of both the position and the particular position are part, is to avoid, reduce or defer tax that would otherwise be payable under this Act; and

    • (d) one or more positions held by one or more persons or partnerships referred to in paragraph (a) of the definition offsetting position in subsection (17) are deemed to be a successor position in respect of a particular position of a person or partnership if

      • (i) a portion of the particular position was disposed of at a particular time,

      • (ii) the position is, or the positions include, as the case may be, a position that consists of the portion of the particular position that was not disposed of (in this paragraph referred to as the “remaining portion of the particular position”),

      • (iii) where there is more than one position, the position or positions that do not consist of the remaining portion of the particular position were entered into during the period that begins 30 days before, and ends 30 days after, the particular time,

      • (iv) the position is, or the positions taken together would be, as the case may be, an offsetting position in respect of a second position (within the meaning of the definition successor position in subsection (17)),

      • (v) the second position was an offsetting position in respect of the particular position, and

      • (vi) it can reasonably be considered that the principal purpose of the series of transactions or events, or any of the transactions in the series, of which the disposition of a portion of the particular position and the holding of one or more positions are part, is to avoid, reduce or defer tax that would otherwise be payable under this Act.

  • Marginal note:Different taxation years

    (22) Subsection (23) applies if

    • (a) at any time in a particular taxation year of a transferor, a position referred to in any of subparagraphs (ii) to (iv) of the description of D in subsection (19) (in this subsection and subsection (23) referred to as the “gain position”) is held by a connected person;

    • (b) the connected person disposes of the gain position in the particular taxation year; and

    • (c) the taxation year of the connected person in which the disposition referred to in paragraph (b) occurs ends after the end of the particular taxation year.

  • Marginal note:Different taxation years

    (23) If this subsection applies, for the purposes of the definition unrecognized profit in subsection (17) and subsection (19), the portion of the profit, if any, realized from the disposition of the gain position referred to in paragraph (22)(b) that is determined by the following formula is deemed to be unrecognized profit in respect of the gain position until the end of the taxation year of the connected person in which the disposition occurs:

    A × B/C

    where

    A
    is the amount of the profit otherwise determined;
    B
    is the number of days in the taxation year of the connected person in which the disposition referred to in paragraph (22)(b) occurs that are after the end of the particular taxation year; and
    C
    is the total number of days in the taxation year of the connected person in which the disposition referred to in paragraph (22)(b) occurs.
  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • R.S., 1985, c. 1 (5th Supp.), s. 18
  • 1994, c. 7, Sch. II, s. 13, Sch. VIII, s. 8, c. 21, s. 11
  • 1995, c. 3, s. 6, c. 21, ss. 5 and 48
  • 1996, c. 21. s. 5
  • 1997, c. 25, s. 4
  • 1998, c. 19, ss. 3 and 79
  • 2001, c. 17, ss. 9, 201
  • 2003, c. 28, s. 2
  • 2006, c. 4, s. 161
  • 2007, c. 35, ss. 11, 102
  • 2008, c. 28, s. 2
  • 2010, c. 25, s. 5
  • 2011, c. 24, s. 2
  • 2012, c. 31, s. 7
  • 2013, c. 33, s. 2, c. 34, ss. 56, 95, 178, 427, c. 40, s. 8
  • 2014, c. 39, s. 6
  • 2016, c. 12, s. 6
  • 2017, c. 20, s. 3, c. 33, s. 5
  • 2018, c. 27, s. 3
  • 2022, c. 5, s. 27

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