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

Full Document:  

Regulations are current to 2024-05-28 and last amended on 2024-02-14. Previous Versions

PART IIInformation Returns (continued)

Patronage Payments

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/88-165, s. 31(F)

First Home Savings Account

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

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

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

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

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

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

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

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 2022, c. 19, s. 76

Cash Bonus Payments on Canada Savings Bonds

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

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/88-165, s. 31(F)

Qualified Investments

[
  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/2005-264, s. 3
]
  •  (1) In this section, reporting person means

    • (a) a mutual fund corporation;

    • (b) an investment corporation;

    • (c) a mutual fund trust;

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

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

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

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

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/85-160, s. 2
  • SOR/88-165, s. 31(F)
  • SOR/94-686, s. 79(F)
  • SOR/2000-62, s. 1
  • SOR/2001-216, s. 1
  • SOR/2005-264, s. 4
  • 2007, c. 35, s. 125
  • 2009, c. 2, s. 88
  • SOR/2010-93, s. 6(E)
  • 2017, c. 33, s. 83

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/2000-62, s. 1
  • 2017, c. 33, s. 84

TFSAs

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

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

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/83-866, s. 6
  • SOR/86-522, s. 2
  • SOR/88-165, s. 31(F)
  • 2009, c. 2, s. 89

Canadian Home Insulation Program and Canada Oil Substitution Program

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/78-348, s. 1
  • SOR/81-936, s. 4
  • SOR/88-165, s. 31(F)

Certified Films and Video Tapes

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

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/82-182, s. 1
  • SOR/88-165, s. 31(F)

Scientific Research Tax Credits

  •  (1) In this section,

    administrator

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

    designated security

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

    first purchaser

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

    security

    security means

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

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

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

    trader or dealer in securities

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

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

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

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

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

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

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

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

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

    shall be filed on or before March 31, 1984.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/85-160, s. 3
  • SOR/88-165, s. 31(F)
  • SOR/94-686, ss. 52(F), 79(F)

Share Purchase Tax Credits

  •  (1) In this section,

    administrator

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

    designated share

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

    first purchaser

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

    trader or dealer in securities

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

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

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

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

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

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/85-160, s. 3
  • SOR/88-165, s. 31(F)
  • SOR/94-686, ss. 52(F), 79(F)

Resource Flow-Through Shares

  •  (1) Each corporation that has renounced an amount under subsection 66(12.6), (12.601), (12.62) or (12.64) of the Act to a person shall make an information return in prescribed form in respect of the amount renounced.

  • (2) The return required under subsection (1) shall be filed with the Minister together with the prescribed form required to be filed under subsection 66(12.7) of the Act in respect of the amount renounced.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/87-512, s. 2
  • SOR/94-686, s. 79(F)
  • SOR/96-199, s. 1

Partnership Return

[
  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/94-686, s. 78(F)
]
  •  (1) Every member, of a partnership that carries on a business in Canada at any time in a fiscal period of the partnership (other than a member that is, because of subsection 115.2(2) of the Act, not considered to be carrying on business in Canada at that time), or of a partnership that is at any time in a fiscal period of the partnership, a Canadian partnership or a SIFT partnership, shall make for that period an information return in prescribed form containing the following information:

    • (a) the income or loss of the partnership for the fiscal period;

    • (b) in respect of each member of the partnership who is entitled to a share referred to in paragraph (c) or (d) for the fiscal period, the member’s

      • (i) name,

      • (ii) address, and

      • (iii) business number, Social Insurance Number or trust account number, as the case may be;

    • (c) the share of each member of the income or loss of the partnership for the fiscal period;

    • (d) the share of each member for the fiscal period of each deduction, credit or other amount in respect of the partnership that is relevant in determining the member’s income, taxable income, tax payable or other amount under the Act;

    • (e) the prescribed information contained in the form prescribed for the purposes of subsection 37(1) of the Act, where the partnership has made an expenditure in respect of scientific research and experimental development in the fiscal period; and

    • (f) such other information as may be required by the prescribed form.

  • (2) For the purposes of subsection (1), an information return made by any member of a partnership shall be deemed to have been made by each member of the partnership.

  • (3) Every person who holds an interest in a partnership as nominee or agent for another person shall make an information return in prescribed form in respect of that interest.

  • (4) [Repealed, SOR/93-443, s. 1]

  • (5) Subject to subsection (6), a return required by this section shall be filed with the Minister without notice or demand

    • (a) in the case of a fiscal period of a partnership all the members of which are corporations throughout the fiscal period, within five months after the end of the fiscal period;

    • (b) in the case of a fiscal period of a partnership all the members of which are individuals throughout the fiscal period, on or before the last day of March in the calendar year immediately following the calendar year in which the fiscal period ended or with which the fiscal period ended coincidentally; and

    • (c) in the case of any other fiscal period of a partnership, on or before the earlier of

      • (i) the day that is five months after the end of the fiscal period, and

      • (ii) the last day of March in the calendar year immediately following the calendar year in which the fiscal period ended or with which the fiscal period ended coincidentally.

  • (6) Where a partnership discontinues its business or activity, the return required under this section shall be filed, in respect of any fiscal period or portion thereof prior to the discontinuance of the business or activity for which a return has not previously been filed under this section, on or before the earlier of

    • (a) the day that is 90 days after the discontinuance of the business or activity, and

    • (b) the day the return is required to be filed under subsection (5).

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/89-519, s. 2
  • SOR/93-443, s. 1
  • SOR/94-686, ss. 53(F), 78(F), 79(F), 81(F)
  • 2007, c. 29, s. 30
  • 2013, c. 34, s. 377
  • 2018, c. 12, s. 43
 

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