Lawrence River is in Canada — including the chartering of the ship, provided that one or more persons related to the operator (if the operator and each such person is a corporation), or persons or partnerships affiliated with the operator (in any other case), has complete possession, control and command of the ship, and any activity incident to or pertaining to the operation of the ship, but does not include
(a)the offshore storing or processing of goods,
(b)fishing,
(c)laying cable,
(d)salvaging,
(e)towing,
(f)tug-boating,
(g)offshore oil and gas activities (other than the transportation of oil and gas), including exploration and drilling activities,
(h)dredging, or
(i)leasing a ship by a lessor to a lessee that has complete possession, control and command of the ship, unless the lessor or a corporation, trust or partnership affiliated with the lessor has an eligible interest (as defined in subsection 250(6.04)) in the lessee; (transport maritime international)
international trafficmeans, in respect of a person or partnership carrying on the business of transporting passengers or goods, a voyage made in the course of that business if the principal purpose of the voyage is to transport passengers or goods
(a)from Canada to a place outside Canada,
(b)from a place outside Canada to Canada, or
(c)from a place outside Canada to another place outside Canada; (transport international)
inter vivostrusthas the meaning assigned by subsection 108(1); (fiducie non testamentaire)
inventorymeans a description of property the cost or value of which is relevant in computing a taxpayer’s income from a business for a taxation year or would have been so relevant if the income from the business had not been computed in accordance with the cash method and includes
(a)with respect to a farming business, all of the livestock held in the course of carrying on the business, and
(b)an emissions allowance; (inventaire)
investment corporationhas the meaning assigned by subsection 130(3); (société de placement)
investment tax credithas the meaning assigned by subsection 127(9); (crédit d’impôt à l’investissement)
joint spousal or common-law partner trustmeans a trust to which paragraph 104(4)(a) would apply if that paragraph were read without reference to subparagraph 104(4)(a)(iii) and clause 104(4)(a)(iv)(A); (fiducie mixte au profit de l’époux ou du conjoint de fait)
lawyerhas the meaning assigned by subsection 232(1); (avocat)
legal representativeof a taxpayer means a trustee in bankruptcy, an assignee, a liquidator, a curator, a receiver of any kind, a trustee, an heir, an administrator, an executor, a liquidator of a succession, a committee, or any other like person, administering, winding up, controlling or otherwise dealing in a representative or fiduciary capacity with the property that belongs or belonged to, or that is or was held for the benefit of, the taxpayer or the taxpayer’s estate; (représentant légal)
lending assetmeans a bond, debenture, mortgage, hypothecary claim, note, agreement of sale or any other indebtedness or a prescribed share, but does not include a prescribed property; (titre de crédit)
LIA policymeans a life insurance policy (other than an annuity) where
(a)a particular person or partnership becomes obligated after March 20, 2013 to repay an amount to another person or partnership (in this definition referred to as the “lender”) at a time determined by reference to the death of a particular individual whose life is insured under the policy, and
(b)the lender is assigned an interest in
(i)the policy, and
(ii)an annuity contract the terms of which provide that payments are to continue for a period that ends no earlier than the death of the particular individual; (police RAL)
licensed annuities providerhas the meaning assigned by subsection 147(1); (fournisseur de rentes autorisé)
life insurance businessincludes
(a)an annuities business, and
(b)the business of issuing contracts all or any part of the issuer’s reserves for which vary in amount depending on the fair market value of a specified group of assets,
carried on by a life insurance corporation or a life insurer; (entreprise d’assurance-vie)
life insurance capital dividendhas the meaning assigned by subsection 83(2.1); (dividende en capital d’assurance-vie)
life insurance corporationmeans a corporation that carries on a life insurance business that is not a business described in paragraph (a) or (b) of the definitionlife insurance businessin this subsection, whether or not the corporation also carries on a business described in either of those paragraphs; (compagnie d’assurance-vie)
life insurance policyhas the meaning assigned by subsection 138(12); (police d’assurance-vie)
life insurance policy in Canadahas the meaning assigned by subsection 138(12); (police d’assurance-vie au Canada)
life insurerhas the meaning assigned by this subsection to the expressionlife insurance corporation; (assureur sur la vie)
limited partnership losshas the meaning assigned by subsection 96(2.1); (perte comme commanditaire)
limited-recourse amountmeans an amount that is a limited-recourse amount under section 143.2; (montant à recours limité)
listed international agreementmeans
(a)theConvention on Mutual Administrative Assistance in Tax Matters, concluded at Strasbourg on January 25, 1988, as amended from time to time by a protocol, or other international instrument, as ratified by Canada, or
(b)a comprehensive tax information exchange agreement that Canada has entered into and that has effect, in respect of another country or jurisdiction; (accord international désigné)
listed personal propertyhas the meaning assigned by section 54; (biens meubles déterminés)
low rate income poolhas the meaning assigned by subsection 89(1); (compte de revenu à taux réduit)
majority-interest partner, of a particular partnership at any time, means a person or partnership (in this definition referred to as the “taxpayer”)
(a)whose share of the particular partnership’s income from all sources for the last fiscal period of the particular partnership that ended before that time (or, if the particular partnership’s first fiscal period includes that time, for that period) would have exceeded 1/2 of the particular partnership’s income from all sources for that period if the taxpayer had held throughout that period each interest in the partnership that the taxpayer or a person affiliated with the taxpayer held at that time, or
(b)whose share, if any, together with the shares of every person with whom the taxpayer is affiliated, of the total amount that would be paid to all members of the particular partnership (otherwise than as a share of any income of the partnership) if it were wound up at that time exceeds 1/2 of that amount; (associé détenant une participation majoritaire)
mineralincludes ammonite gemstone, bituminous sands, calcium chloride, coal, kaolin, oil shale and silica, but does not include petroleum, natural gas or a related hydrocarbon not expressly referred to in this definition; (minéral)
mineral resourcemeans
(a)a base or precious metal deposit,
(b)a coal deposit,
(c)a bituminous sands deposit or oil shale deposit, or
(d)a mineral deposit in respect of which
(i)the Minister of Natural Resources has certified that the principal mineral extracted is an industrial mineral contained in a non-bedded deposit,
(ii)the principal mineral extracted is ammonite gemstone, calcium chloride, diamond, gypsum, halite, kaolin or sylvite, or
(iii)the principal mineral extracted is silica that is extracted from sandstone or quartzite; (matières minéralesressource minérale)
minerals[Repealed, 1994, c. 21, s. 109]
mining reclamation trust[Repealed, 1998, c. 19, s. 66]
Ministermeans the Minister of National Revenue; (ministre)
money purchase limitfor a calendar year has the meaning assigned by subsection 147.1(1); (plafond des cotisations déterminées)
mortgage investment corporationhas the meaning assigned by subsection 130.1(6); (société de placement hypothécaire)
motor vehiclemeans an automotive vehicle designed or adapted to be used on highways and streets but does not include
(a)a trolley bus, or
(b)a vehicle designed or adapted to be operated exclusively on rails; (véhicule à moteur)
mutual fund corporationhas the meaning assigned by subsection 131(8); (société de placement à capital variable)
mutual fund trusthas the meaning assigned by subsection 132(6); (fiducie de fonds commun de placement)
net capital losshas the meaning assigned by subsection 111(8), except as otherwise expressly provided; (perte en capital nette)
net corporate income tax ratein respect of a SIFT trust or SIFT partnership for a taxation year means the amount, expressed as a decimal fraction, by which
(a)the percentage rate of tax provided under paragraph 123(1)(a) for the taxation year
exceeds
(b)the total of
(i)the percentage that would, if the SIFT trust or SIFT partnership were a corporation, be its general rate reduction percent- age, within the meaning assigned by subsection 123.4(1), for the taxation year, and
(ii)the percentage deduction from tax provided under subsection 124(1) for the taxation year; (taux net d’imposition du revenu des sociétés)
net income stabilization accountmeans an account of a taxpayer
(a)under the net income stabilization account program under theFarm Income Protection Act, or
(b)that is a prescribed account; (compte de stabilisation du revenu net)
Newfoundland offshore areahas the meaning assigned to the expressionoffshore areaby theCanada–Newfoundland and Labrador Atlantic Accord Implementation Act, chapter 3 of the Statutes of Canada, 1987; (zone extracôtière de Terre-Neuve)
NISA Fund No. 2means the portion of a taxpayer’s net income stabilization account
(a)that is described in paragraph 8(2)(b) of theFarm Income Protection Actor is a prescribed fund, and
(b)that can reasonably be considered to be attributable to a program that allows the funds in the account to accumulate; (second fonds du compte de stabilisation du revenu net)
non-capital losshas the meaning assigned by subsection 111(8); (perte autre qu’une perte en capital)
non-portfolio propertyhas the same meaning as in subsection 122.1(1); (bien hors portefeuille)
non-residentmeans not resident in Canada; (non-résident)
non-resident-owned investment corporationhas the meaning assigned by subsection 133(8); (société de placement appartenant à des non-résidents)
Nova Scotia offshore areahas the meaning assigned to the expressionoffshore areaby theCanada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act, chapter 28 of the Statutes of Canada, 1988; (zone extracôtière de la Nouvelle-écosse)
officemeans the position of an individual entitling the individual to a fixed or ascertainable stipend or remuneration and includes a judicial office, the office of a minister of the Crown, the office of a member of the Senate or House of Commons of Canada, a member of a legislative assembly or a member of a legislative or executive council and any other office, the incumbent of which is elected by popular vote or is elected or appointed in a representative capacity and also includes the position of a corporation director, andofficermeans a person holding such an office; (charge)
oil or gas wellmeans any well (other than an exploratory probe or a well drilled from below the surface of the earth) drilled for the purpose of producing petroleum or natural gas or of determining the existence, location, extent or quality of a natural accumulation of petroleum or natural gas, but, for the purpose of applying sections 13 and 20 and any regulations made for the purpose of paragraph 20(1)(a) in respect of property acquired after March 6, 1996, does not include a well for the extraction of material from a deposit of bituminous sands or oil shales; (puits de pétrole ou de gaz)
OSFI risk-weighting guidelinesmeans the guidelines, issued by the Superintendent of Financial Institutions under the authority of section 600 of theBank Act, requiring an authorized foreign bank to provide to the Superintendent on a periodic basis a return of the bank’s risk-weighted on-balance sheet assets and off-balance sheet exposures, that apply as of August 8, 2000; (lignes directrices du BSIF sur la pondération des risques)
overseas Canadian Forces school staffmeans personnel employed outside Canada whose services are acquired by the Minister of National Defence under a prescribed order relating to the provision of educational facilities outside Canada; (personnel scolaire des Forces canadiennes d’outre-mer)
paid-up capitalhas the meaning assigned by subsection 89(1); (capital versé)
Part VII refundhas the meaning assigned by subsection 192(2); (remboursement de la partie VII)
Part VIII refundhas the meaning assigned by subsection 194(2); (remboursement de la partie VIII)
passenger vehiclemeans an automobile
(a)acquired after June 17, 1987, other than an automobile that is acquired after that date pursuant to an obligation in writing entered into before June 18, 1987 or that is a zero-emission vehicle, or
(b)leased under a lease entered into, extended or renewed after June 17, 1987; (voiture de tourisme)
past service pension adjustmentof a taxpayer for a calendar year in respect of an employer has the meaning assigned by regulation; (facteur d’équivalence pour services passés)
pension adjustmentof a taxpayer for a calendar year in respect of an employer has the meaning assigned by regulation; (facteur d’équivalence)
person, or any word or expression descriptive of a person, includes any corporation, and any entity exempt, because of subsection 149(1), from tax under Part I on all or part of the entity’s taxable income and the heirs, executors, liquidators of a succession, administrators or other legal representatives of such a person, according to the law of that part of Canada to which the context extends; (personne)
personal or living expensesincludes
(a)the expenses of properties maintained by any person for the use or benefit of the taxpayer or any person connected with the taxpayer by blood relationship, marriage or common-law partnership or adoption, and not maintained in connection with a business carried on for profit or with a reasonable expectation of profit,
(b)the expenses, premiums or other costs of a policy of insurance, annuity contract or other like contract if the proceeds of the policy or contract are payable to or for the benefit of the taxpayer or a person connected with the taxpayer by blood relationship, marriage or common-law partnership or adoption, and
(c)expenses of properties maintained by an estate or trust for the benefit of the taxpayer as one of the beneficiaries; (frais personnels ou de subsistance)
personal services businesshas the meaning assigned by subsection 125(7); (entreprise de prestation de services personnels)
personal trustmeans a trust (other than a trust that is, or was at any time after 1999, a unit trust) that is
(a)a graduated rate estate, or
(b)a trust in which no beneficial interest was acquired for consideration payable directly or indirectly to
(i)the trust, or
(ii)any person or partnership that has made a contribution to the trust by way of transfer, assignment or other disposition of property; (fiducie personnelle)
personal-use propertyhas the meaning assigned by section 54; (biens à usage personnel)
pooled pension planhas the same meaning as in subsection 147.5(1); (régime de pension collectif)
pooled registered pension planorPRPPhas the same meaning as in subsection 147.5(1); (régime de pension agréé collectifouRPAC)
post-1971 spousal or common-law partner trustmeans a trust that would be described in paragraph 104(4)(a) if that paragraph were read without reference to subparagraph 104(4)(a)(iv); (fiducie au profit de l’époux ou du conjoint de fait postérieure à 1971)
preferred sharemeans a share other than a common share; (action privilégiée)
prescribedmeans
(a)in the case of a form, the information to be given on a form or the manner of filing a form, authorized by the Minister,
(a.1)in the case of the manner of making or filing an election, authorized by the Minister, and
(b)in any other case, prescribed by regulation or determined in accordance with rules prescribed by regulation; (prescrit)
principal amount, in relation to any obligation, means the amount that, under the terms of the obligation or any agreement relating thereto, is the maximum amount or maximum total amount, as the case may be, payable on account of the obligation by the issuer thereof, otherwise than as or on account of interest or as or on account of any premium payable by the issuer conditional on the exercise by the issuer of a right to redeem the obligation before the maturity thereof; (principal)
private corporationhas the meaning assigned by subsection 89(1); (société privée)
private foundationhas the meaning assigned by section 149.1; (fondation privée)
private health services planmeans
(a)a contract of insurance in respect of hospital expenses, medical expenses or any combination of such expenses, or
(b)a medical care insurance plan or hospital care insurance plan or any combination of such plans,
except any such contract or plan established by or pursuant to
(c)a law of a province that establishes a health care insurance plan as defined in section 2 of theCanada Health Act, or
(d)an Act of Parliament or a regulation made thereunder that authorizes the provision of a medical care insurance plan or hospital care insurance plan for employees of Canada and their dependants and for dependants of members of the Royal Canadian Mounted Police and the regular force where such employees or members were appointed in Canada and are serving outside Canada; (régime privé d’assurance-maladie)
professional corporationmeans a corporation that carries on the professional practice of an accountant, dentist, lawyer, medical doctor, veterinarian or chiropractor; (société professionnelle)
profit sharing planhas the meaning assigned by subsection 147(1); (régime de participation aux bénéfices)
propertymeans property of any kind whatever whether real or personal, immovable or movable, tangible or intangible, or corporeal or incorporeal and, without restricting the generality of the foregoing, includes
(a)a right of any kind whatever, a share or a chose in action,
(b)unless a contrary intention is evident, money,
(c)a timber resource property,
(d)the work in progress of a business that is a profession; and
(e)the goodwill of a business, as referred to in subsection 13(34); (biens)
provincial SIFT tax factor[Repealed, 2008, c. 28, s. 34]
provincial SIFT tax rateof a SIFT trust or a SIFT partnership for a taxation year means the prescribed amount determined in respect of the SIFT trust or SIFT partnership for the taxation year; (taux d’imposition provincial des EIPD)
public corporationhas the meaning assigned by subsection 89(1); (société publique)
public foundationhas the meaning assigned by section 149.1; (fondation publique)
public markethas the same meaning as in subsection 122.1(1); (marché public)
qualified Canadian journalism organization, at any time, means a corporation, partnership or trust that
(a)meets the following conditions:
(i)in the case of a corporation,
(A)it is incorporated under the laws of Canada or a province,
(B)the chairperson or other presiding officer, and at least 3/4 of the directors or other similar officers, are citizens of Canada, and
(C)it is resident in Canada,
(ii)in the case of a partnership,
(A)it is formed under the laws of a province, and
(B)individuals who are citizens of Canada or persons, or partnerships, described in any of subparagraphs (i) to (iii) hold interests in the partnership
(I)representing in value at least 75% of the total value of the partnership property, and
(II)that result in at least 75% of each income or loss of the partnership from any source being included in the determination of their incomes,
(iii)in the case of a trust,
(A)it is formed under the laws of a province,
(B)it is resident in Canada, and
(C)if interests as a beneficiary under the trust are held by one or more persons or partnerships, at least 75% of the fair market value of all interests as a beneficiary under the trust are held by
(I)individuals who are citizens of Canada, or
(II)persons or partnerships described in any of subparagraphs (i) to (iii),
(iv)it operates in Canada, including that its content is edited, designed and, except in the case of digital content, published in Canada,
(v)it is engaged in the production of original news content, which
(A)must be primarily focused on matters of general interest and reports of current events, including coverage of democratic institutions and processes, and
(B)must not be primarily focused on a particular topic such as industry-specific news, sports, recreation, arts, lifestyle or entertainment,
(vi)it regularly employs two or more journalists who deal at arm’s length with the organization in the production of its content,
(vii)it is not significantly engaged in the production of content
(A)to promote the interests, or report on the activities, of an organization, an association or its members, or
(B)for a government, Crown corporation or government agency, and
(C)[Repealed, 2021, c. 23, s. 61]
(viii)it is not a Crown corporation, municipal corporation or government agency, and
(b)is designated at that time by the Minister and, for this purpose, the Minister shall take into account any recommendations of a body established for the purpose of this definition; (organisation journalistique canadienne qualifiée)
qualified doneehas the meaning assigned by subsection 149.1(1); (donataire reconnu)
qualifying environmental trusthas the meaning assigned by subsection 211.6(1); (fiducie pour l’environnement admissible)
qualifying sharehas the meaning assigned by subsection 192(6); (action admissible)
qualifying trust annuityhas the meaning assigned by subsection 60.011(2); (rente admissible de fiducie)
recognized derivatives exchangemeans a person or partnership recognized or registered under the securities laws of a province to carry on the business of providing the facilities necessary for the trading of options, swaps, futures contracts or other financial contracts or instruments whose market price, value, delivery obligations, payment obligations or settlement obligations are derived from, referenced to or based on an underlying interest; (bourse reconnue en instruments financiers dérivés)
recognized stock exchangemeans
(a)a designated stock exchange, and
(b)any other stock exchange, if that other stock exchange is located in Canada or in a country that is a member of the Organisation for Economic Co-operation and Development and that has a tax treaty with Canada; (bourse de valeurs reconnue)
recordincludes an account, an agreement, a book, a chart or table, a diagram, a form, an image, an invoice, a letter, a map, a memorandum, a plan, a return, a statement, a telegram, a voucher, and any other thing containing information, whether in writing or in any other form; (registre)
refundable Part VII tax on handhas the meaning assigned by subsection 192(3); (impôt de la partie VII en main remboursable)
refundable Part VIII tax on handhas the meaning assigned by subsection 194(3); (impôt de la partie VIII en main remboursable)
registered Canadian amateur athletic associationmeans a Canadian amateur athletic association within the meaning assigned by subsection 149.1(1) that has applied to the Minister in prescribed form for registration, that has been registered and whose registration has not been revoked; (association canadienne enregistrée de sport amateur)
registered charityat any time means
(a)a charitable organization, private foundation or public foundation, within the meanings assigned by subsection 149.1(1), that is resident in Canada and was either created or established in Canada, or
(b)a branch, section, parish, congregation or other division of an organization or foundation described in paragraph (a), that is resident in Canada and was either created or established in Canada and that receives donations on its own behalf,
that has applied to the Minister in prescribed form for registration and that is at that time registered as a charitable organization, private foundation or public foundation; (organisme de bienfaisance enregistré)
registered disability savings planorRDSPhas the same meaning as in subsection 146.4(1); (régime enregistré d’épargne-invaliditéouREEI)
registered education savings planorRESPhas the same meaning as in subsection 146.1(1); (régime enregistré d’épargne-étudesouREEE)
registered investmenthas the meaning assigned by subsection 204.4(1); (placement enregistré)
registered journalism organizationmeans aqualifying journalism organization(as defined in subsection 149.1(1)) that has applied to the Minister in prescribed form for registration, that has been registered and whose registration has not been revoked; (organisation journalistique enregistrée)
registered labour-sponsored venture capital corporationmeans a corporation that was registered under subsection 204.81(1), the registration of which has not been revoked; (société agréée à capital de risque de travailleurs)
registered national arts service organization, at any time, means a national arts service organization that has been registered by the Minister under subsection 149.1(6.4), which registration has not been revoked; (organisme enregistré de services nationaux dans le domaine des arts)
registered pension planmeans a pension plan (other than a pooled pension plan) that has been registered by the Minister for the purposes of this Act and whose registration has not been revoked; (régime de pension agréé)
registered retirement income fundorRRIFhave the same meaning asregistered retirement income fundin subsection 146.3(1); (fonds enregistré de revenu de retraiteouFERR)
registered retirement savings planorRRSPhave the same meaning asregistered retirement savings planin subsection 146(1); (régime enregistré d’épargne-retraiteouREER)
registered securities dealermeans a person registered or licensed under the laws of a province to trade in securities, in the capacity of an agent or principal, without any restriction as to the types or kinds of securities in which that person may trade; (courtier en valeurs mobilières inscrit)
registered supplementary unemployment benefit planhas the meaning assigned by subsection 145(1); (régime enregistré de prestations supplémentaires de chômage)
regulationmeans a regulation made by the Governor in Council under this Act; (réglementaire)
relevant factormeans
(a)for taxation years that end before 2010, 3, and
(b)for taxation years that end after 2009, the amount determined by the formula
1/(A – B)
where
restricted farm losshas the meaning assigned by subsection 31(1.1); (perte agricole restreinte)
restricted financial institutionmeans
(a)a bank,
(b)a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee,
(c)a credit union,
(d)an insurance corporation,
(e)a corporation whose principal business is the lending of money to persons with whom the corporation is dealing at arm’s length or the purchasing of debt obligations issued by such persons or a combination thereof,
(e.1)a corporation described in paragraph (g) of the definitionfinancial institutionin subsection 181(1), or
(f)a corporation that is controlled by one or more corporations described in any of paragraphs (a) to (e.1); (institution financière véritable)
retirement compensation arrangementmeans a plan or arrangement under which contributions (other than payments made to acquire an interest in a life insurance policy) are made by an employer or former employer of a taxpayer, or by a person with whom the employer or former employer does not deal at arm’s length, to another person or partnership (in this definition and in Part XI.3 referred to as the “custodian”) in connection with benefits that are to be or may be received or enjoyed by any person on, after or in contemplation of any substantial change in the services rendered by the taxpayer, the retirement of the taxpayer or the loss of an office or employment of the taxpayer, but does not include
(a)a registered pension plan,
(a.1)a pooled registered pension plan,
(b)a disability or income maintenance insurance plan under a policy with an insurance corporation,
(c)a deferred profit sharing plan,
(d)an employees profit sharing plan,
(e)a registered retirement savings plan,
(f)an employee trust,
(f.1)an employee life and health trust,
(g)a group sickness or accident insurance plan,
(h)a supplementary unemployment benefit plan,
(i)a vacation pay trust described in paragraph 149(1)(y),
(j)a plan or arrangement established for the purpose of deferring the salary or wages of a professional athlete for his services as such with a team that participates in a league having regularly scheduled games (in this definition referred to as an “athlete’s plan”), where
(i)the plan or arrangement would, but for paragraph (j) of the definitionsalary deferral arrangementin this subsection, be a salary deferral arrangement, and
(ii)in the case of a Canadian team, the custodian of the plan or arrangement carries on business through a fixed place of business in Canada and is licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee,
(k)a salary deferral arrangement, whether or not deferred amounts thereunder are required to be included as benefits under paragraph 6(1)(a) in computing a taxpayer’s income,
(l)a plan or arrangement (other than an athlete’s plan) that is maintained primarily for the benefit of non-residents in respect of services rendered outside Canada,
(m)an insurance policy, or
(n)a prescribed plan or arrangement,
and, for the purposes of this definition, where a particular person holds property in trust under an arrangement that, if the property were held by another person, would be a retirement compensation arrangement, the arrangement shall be deemed to be a retirement compensation arrangement of which the particular person is the custodian; (convention de retraite)
retirement income fundhas the meaning assigned by subsection 146.3(1); (fonds de revenu de retraite)
retirement savings planhas the meaning assigned by subsection 146(1); (régime d’épargne-retraite)
retiring allowancemeans an amount (other than a superannuation or pension benefit, an amount received as a consequence of the death of an employee or a benefit described in subparagraph 6(1)(a)(iv)) received
(a)on or after retirement of a taxpayer from an office or employment in recognition of the taxpayer’s long service, or
(b)in respect of a loss of an office or employment of a taxpayer, whether or not received as, on account or in lieu of payment of, damages or pursuant to an order or judgment of a competent tribunal,
by the taxpayer or, after the taxpayer’s death, by a dependant or a relation of the taxpayer or by the legal representative of the taxpayer; (allocation de retraite)
RRSP deduction limithas the meaning assigned by subsection 146(1); (maximum déductible au titre des REER)
RRSP dollar limithas the meaning assigned by subsection 146(1); (plafond REER)
salary deferral arrangement, in respect of a taxpayer, means a plan or arrangement, whether funded or not, under which any person has a right in a taxation year to receive an amount after the year where it is reasonable to consider that one of the main purposes for the creation or existence of the right is to postpone tax payable under this Act by the taxpayer in respect of an amount that is, or is on account or in lieu of, salary or wages of the taxpayer for services rendered by the taxpayer in the year or a preceding taxation year (including such a right that is subject to one or more conditions unless there is a substantial risk that any one of those conditions will not be satisfied), but does not include
(a)a registered pension plan,
(a.1)a pooled registered pension plan,
(b)a disability or income maintenance insurance plan under a policy with an insurance corporation,
(c)a deferred profit sharing plan,
(d)an employees profit sharing plan,
(e)an employee trust,
(e.1)an employee life and health trust,
(f)a group sickness or accident insurance plan,
(g)a supplementary unemployment benefit plan,
(h)a vacation pay trust described in paragraph 149(1)(y),
(i)a plan or arrangement the sole purpose of which is to provide education or training for employees of an employer to improve their work or work-related skills and abilities,
(j)a plan or arrangement established for the purpose of deferring the salary or wages of a professional athlete for the services of the athlete as such with a team that participates in a league having regularly scheduled games,
(k)a plan or arrangement under which a taxpayer has a right to receive a bonus or similar payment in respect of services rendered by the taxpayer in a taxation year to be paid within 3 years following the end of the year, or
(l)a prescribed plan or arrangement; (entente d’échelonnement du traitement)
salary or wages, except in sections 5 and 63 and the definitiondeath benefitin this subsection, means the income of a taxpayer from an office or employment as computed under Subdivision A of Division B of Part I and includes all fees received for services not rendered in the course of the taxpayer’s business but does not include superannuation or pension benefits or retiring allowances; (traitement ou salaire)
scientific research and experimental developmentmeans systematic investigation or search that is carried out in a field of science or technology by means of experiment or analysis and that is
(a)basic research, namely, work undertaken for the advancement of scientific knowledge without a specific practical application in view,
(b)applied research, namely, work undertaken for the advancement of scientific knowledge with a specific practical application in view, or
(c)experimental development, namely, work undertaken for the purpose of achieving technological advancement for the purpose of creating new, or improving existing, materials, devices, products or processes, including incremental improvements thereto,
and, in applying this definition in respect of a taxpayer, includes
(d)work undertaken by or on behalf of the taxpayer with respect to engineering, design, operations research, mathematical analysis, computer programming, data collection, testing or psychological research, where the work is commensurate with the needs, and directly in support, of work described in paragraph (a), (b), or (c) that is undertaken in Canada by or on behalf of the taxpayer,
but does not include work with respect to
(e)market research or sales promotion,
(f)quality control or routine testing of materials, devices, products or processes,
(g)research in the social sciences or the humanities,
(h)prospecting, exploring or drilling for, or producing, minerals, petroleum or natural gas,
(i)the commercial production of a new or improved material, device or product or the commercial use of a new or improved process,
(j)style changes, or
(k)routine data collection; (activités de recherche scientifique et de développement expérimental)
scientific research and experimental development financing contracthas the meaning assigned by subsection 194(6); (contrat de financement pour des activités de recherche scientifique et de développement expérimental)
scientific research and experimental development tax creditof a taxpayer for a taxation year has the meaning assigned by subsection 127.3(2); (crédit d’impôt pour des activités de recherche scientifique et de développement expérimental)
securities lending arrangementhas the meaning assigned by subsection 260(1); (mécanisme de prêt de valeurs mobilières)
self-contained domestic establishmentmeans a dwelling-house, apartment or other similar place of residence in which place a person as a general rule sleeps and eats; (établissement domestique autonome)
separation agreementincludes an agreement by which a person agrees to make payments on a periodic basis for the maintenance of a former spouse or common-law partner, children of the marriage or common-law partnership or both the former spouse or common-law partner and children of the marriage or common-law partnership, after the marriage or common-law partnership has been dissolved, whether the agreement was made before or after the marriage or common-law partnership was dissolved; (accord de séparation)
share, except as the context otherwise requires, means a share or a fraction of a share of the capital stock of a corporation and, for greater certainty, a share of the capital stock of a corporation includes a share of the capital of a cooperative corporation (within the meaning assigned by subsection 136(2)), a share of the capital of an agricultural cooperative corporation (within the meaning assigned by subsection 135.1(1)) and a share of the capital of a credit union; (action)
shareholderincludes a member or other person entitled to receive payment of a dividend; (actionnaire)
share-purchase tax creditof a taxpayer for a taxation year has the meaning assigned by subsection 127.2(6); (crédit d’impôt à l’achat d’actions)
short-term preferred shareof a corporation at any particular time means a share, other than a grandfathered share, of the capital stock of the corporation issued after December 15, 1987 that at that particular time
(a)is a share where, under the terms and conditions of the share, any agreement relating to the share or any modification of those terms and conditions or that agreement, the corporation or a specified person in relation to the corporation is or may, at any time within 5 years after the date of its issue, be required to redeem, acquire or cancel, in whole or in part, the share (unless the requirement to redeem, acquire or cancel the share arises only in the event of the death of the shareholder or by reason only of a right to convert or exchange the share) or to reduce the paid-up capital of the share, and for the purposes of this paragraph
(i)an agreement in respect of a share of the capital stock of a corporation shall be read without reference to that part of the agreement under which a person agrees to acquire the share for an amount
(A)in the case of a share (other than a share that would, but for that part of the agreement, be a taxable preferred share) the agreement in respect of which provides that the share is to be acquired within 60 days after the day on which the agreement was entered into, that does not exceed the greater of the fair market value of the share at the time the agreement was entered into, determined without reference to the agreement, and the fair market value of the share at the time of the acquisition, determined without reference to the agreement, or
(B)that does not exceed the fair market value of the share at the time of the acquisition, determined without reference to the agreement, or for an amount determined by reference to the assets or earnings of the corporation where that determination may reasonably be considered to be used to determine an amount that does not exceed the fair market value of the share at the time of the acquisition, determined without reference to the agreement, and
(ii)shareholderincludes a shareholder of a shareholder, or
(b)is a share that is convertible or exchangeable at any time within 5 years after the date of its issue, unless
(i)it is convertible into or exchangeable for
(A)another share of the corporation or a corporation related to the corporation that, if issued, would not be a short-term preferred share,
(B)a right or warrant that, if exercised, would allow the person exercising it to acquire only a share of the corporation or a corporation related to the corporation that, if issued, would not be a short-term preferred share, or
(C)both a share described in clause (A) and a right or warrant described in clause (B), and
(ii)all the consideration receivable for the share on the conversion or exchange is the share described in clause (A) or the right or warrant described in clause (B) or both, as the case may be, and for the purposes of this subparagraph, where a taxpayer may become entitled on the conversion or exchange of a share to receive any particular consideration (other than consideration described in any of clauses (A) to (C)) in lieu of a fraction of a share, the particular consideration shall be deemed not to be consideration unless it may reasonably be considered that the particular consideration was receivable as part of a series of transactions or events one of the main purposes of which was to avoid or limit the application of Part IV.1 or VI.1,
and, for the purposes of this definition,
(c)where at any particular time after December 15, 1987, otherwise than pursuant to a written arrangement to do so entered into before December 16, 1987, the terms or conditions of a share of the capital stock of a corporation that are relevant to any matter referred to in any of paragraphs (a), (b), (f) and (h) are established or modified, or any agreement in respect of any such matter to which the corporation or a specified person in relation to the corporation is a party, is changed or entered into, the share shall be deemed after that particular time to have been issued at that particular time,
(d)where at any particular time after December 15, 1987 a particular share of the capital stock of a corporation has been issued or its terms or conditions have been modified or an agreement in respect of the share is modified or entered into, and it may reasonably be considered, having regard to all the circumstances, including the rate of interest on any debt obligation or the dividend provided on any short-term preferred share, that
(i)but for the existence at any time of such a debt obligation or such a short-term preferred share, the particular share would not have been issued or its terms or conditions modified or the agreement in respect of the share would not have been modified or entered into, and
(ii)one of the main purposes for the issue of the particular share or the modification of its terms or conditions or the modification or entering into the agreement in respect of the share was to avoid or limit the tax payable under subsection 191.1(1),
the particular share shall be deemed after that particular time to have been issued at that particular time and to be a short-term preferred share of the corporation,
(e)where at any particular time after December 15, 1987, otherwise than pursuant to a written arrangement to do so entered into before December 16, 1987, the terms or conditions of a share of the capital stock of a corporation are modified or established or any agreement in respect of the share has been changed or entered into, and as a consequence thereof the corporation or a specified person in relation to the corporation may reasonably be expected to redeem, acquire or cancel (otherwise than by reason of the death of the shareholder or by reason only of a right to convert or exchange the share that would not cause the share to be a short-term preferred share by reason of paragraph (b)), in whole or in part, the share, or to reduce its paid-up capital, within 5 years after the particular time, the share shall be deemed to have been issued at that particular time and to be a short-term preferred share of the corporation after the particular time until the time that that reasonable expectation ceases to exist and, for the purposes of this paragraph,
(i)an agreement in respect of a share of the capital stock of a corporation shall be read without reference to that part of the agreement under which a person agrees to acquire the share for an amount
(A)in the case of a share (other than a share that would, but for that part of the agreement, be a taxable preferred share) the agreement in respect of which provides that the share is to be acquired within 60 days after the day on which the agreement was entered into, that does not exceed the greater of the fair market value of the share at the time the agreement was entered into, determined without reference to the agreement, and the fair market value of the share at the time of the acquisition, determined without reference to the agreement, or
(B)that does not exceed the fair market value of the share at the time of the acquisition, determined without reference to the agreement, or for an amount determined by reference to the assets or earnings of the corporation where that determination may reasonably be considered to be used to determine an amount that does not exceed the fair market value of the share at the time of the acquisition, determined without reference to the agreement, and
(ii)shareholderincludes a shareholder of a shareholder,
(f)if a share of the capital stock of a corporation was issued after December 15, 1987 and at the time the share was issued the existence of the corporation was, or there was an arrangement under which it could be, limited to a period that was within five years from the date of its issue, the share is deemed to be a short-term preferred share of the corporation unless
(i)the share is a grandfathered share and the arrangement is a written arrangement entered into before December 16, 1987, or
(ii)the share is issued to an individual after April 14, 2005 under an agreement referred to in subsection 7(1), if when the individual last acquired a right under the agreement to acquire a share of the capital stock of the corporation, the existence of the corporation was not, and no arrangement was in effect under which it could be, limited to a period that was within five years from the date of that last acquisition,
(g)where a share of the capital stock of a corporation is acquired at any time after December 15, 1987 by the corporation or a specified person in relation to the corporation and the share is at any particular time after that time acquired by a person with whom the corporation or a specified person in relation to the corporation was dealing at arm’s length if this Act were read without reference to paragraph 251(5)(b), from the corporation or a specified person in relation to the corporation, the share shall be deemed after that particular time to have been issued at that particular time,
(h)where at any particular time after December 15, 1987, otherwise than pursuant to a written arrangement to do so entered into before December 16, 1987, as a result of the terms or conditions of a share of the capital stock of a corporation or any agreement entered into by the corporation or a specified person in relation to the corporation, any person (other than the corporation or an individual other than a trust) was obligated, either absolutely or contingently and either immediately or in the future, to effect any undertaking within 5 years after the day on which the share was issued (in this paragraph referred to as a “guarantee agreement”) including any guarantee, covenant or agreement to purchase or repurchase the share, and including the lending of funds or the placing of amounts on deposit with, or on behalf of the shareholder or a specified person in relation to the shareholder given
(i)to ensure that any loss that the shareholder or a specified person in relation to the shareholder may sustain, by reason of the ownership, holding or disposition of the share or any other property is limited in any respect, and
(ii)as part of a transaction or event or series of transactions or events that included the issuance of the share,
the share shall be deemed after that particular time to have been issued at the particular time and to be at and immediately after the particular time a short-term preferred share, and for the purposes of this paragraph, where a guarantee agreement in respect of a share is given at any particular time after December 15, 1987, otherwise than pursuant to a written arrangement to do so entered into before December 16, 1987, the share shall be deemed to have been issued at the particular time and the guarantee agreement shall be deemed to have been given as part of a series of transactions that included the issuance of the share,
(i)a share that is, at the time a dividend is paid thereon, a share described in paragraph (e) of the definitionterm preferred sharein this subsection during the applicable time period referred to in that paragraph or a prescribed share shall, notwithstanding any other provision of this definition, be deemed not to be a short-term preferred share at that time, and
(j)specified personhas the meaning assigned by paragraph (h) of the definitiontaxable preferred sharein this subsection; (action privilégiée à court terme)
SIFT partnershiphas the meaning assigned by section 197; (société de personnes intermédiaire de placement déterminée)
SIFT partnership balance-due day, in respect of a taxation year of a SIFT partnership, means the day on or before which the partnership is required to file a return for the taxation year under section 229 of theIncome Tax Regulations; (date d’échéance du solde)
SIFT trusthas the meaning assigned by section 122.1; (fiducie intermédiaire de placement déterminée)
SIFT trust wind-up eventmeans a distribution by a particular trust resident in Canada of property to a taxpayer in respect of which the following conditions are met:
(a)the distribution occurs before 2013,
(b)there is a resulting disposition of all of the taxpayer’s interest as a beneficiary under the particular trust,
(c)the particular trust is
(i)a SIFT wind-up entity,
(ii)a trust whose only beneficiary throughout the period (referred to in this definition as the “qualifying period”) that begins on July 14, 2008 and that ends at the time of the distribution is another trust that throughout the qualifying period
(A)is resident in Canada, and
(B)is a SIFT wind-up entity or a trust described by this subparagraph, or
(iii)a trust whose only beneficiary at the time of distribution is another trust that throughout the qualifying period
(A)is resident in Canada,
(B)is a SIFT wind-up entity or a trust described by subparagraph (ii), and
(C)is a majority interest beneficiary (within the meaning that would be assigned by section 251.1 if the references in the definitionmajority interest beneficiaryin subsection 251.1(3) to “50%” were read as references to “25%”) of the particular trust,
(d)the particular trust ceases to exist immediately after the distribution or immediately after the last of a series of SIFT trust wind-up events (determined without reference to this paragraph) of the particular trust that includes the distribution, and
(e)the property was not acquired by the particular trust as a result of a transfer or an exchange
(i)that is
(A)aqualifying exchangeas defined in subsection 132.2(1) or aqualifying dispositionas defined in subsection 107.4(1),
(B)made after February 2, 2009, and
(C)from any person other than a SIFT wind-up entity, or
(ii)to which any of sections 51, 85, 85.1, 86, 87, 88, 107.4 or 132.2 applies, of another property acquired as a result of a transfer or an exchange described by subparagraph (i) or this subparagraph; (fait lié à la conversion d’une EIPD-fiducie)
SIFT wind-up corporation, in respect of a SIFT wind-up entity, means at any particular time a corporation
(a)that, at any time that is after July 13, 2008 and before the earlier of the particular time and January 1, 2013, owns all of the equity in the SIFT wind-up entity, or
(b)shares of the capital stock of which are at or before the particular time distributed on a SIFT trust wind-up event of the SIFT wind-up entity; (société de conversion d’EIPD)
SIFT wind-up entitymeans a trust or partnership that at any time in the period that began on October 31, 2006 and that ends on July 14, 2008 is
(a)a SIFT trust (determined without reference to subsection 122.1(2)),
(b)a SIFT partnership (determined without reference to subsection 197(8)), or
(c)a real estate investment trust (as defined in subsection 122.1(1)); (EIPD convertible)
SIFT wind-up entity equity, or equity in a SIFT wind-up entity, means
(a)if the SIFT wind-up entity is a trust, a capital interest (determined without reference to subsection (25)) in the trust, and
(b)if the SIFT wind-up entity is a partnership, an interest as a member of the partnership where, by operation of any law governing the arrangement in respect of the partnership, the liability of the member as a member of the partnership is limited,
except that if all of the interests described in paragraph (a) or (b), as the case may be, in the SIFT wind-up entity are described by reference to units, it means the part of the interest represented by such a unit; (intérêt dans une EIPD convertible)
small business bondhas the meaning assigned by section 15.2; (obligation pour la petite entreprise)
small business corporation, at any particular time, means, subject to subsection 110.6(15), a particular corporation that is a Canadian-controlled private corporation all or substantially all of the fair market value of the assets of which at that time is attributable to assets that are
(a)used principally in an active business carried on primarily in Canada by the particular corporation or by a corporation related to it,
(b)shares of the capital stock or indebtedness of one or more small business corporations that are at that time connected with the particular corporation (within the meaning of subsection 186(4) on the assumption that the small business corporation is at that time apayer corporationwithin the meaning of that subsection), or
(c)assets described in paragraphs (a) and (b),
including, for the purpose of paragraph 39(1)(c), a corporation that was at any time in the 12 months preceding that time a small business corporation, and, for the purpose of this definition, the fair market value of a net income stabilization account shall be deemed to be nil; (société exploitant une petite entreprise)
small business development bondhas the meaning assigned by section 15.1; (obligation pour le développement de la petite entreprise)
specified employeeof a person means an employee of the person who is a specified shareholder of the person or who does not deal at arm’s length with the person; (employé déterminé)
specified financial institution, at any time, means
(a)a bank,
(b)a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering to the public its services as trustee,
(c)a credit union,
(d)an insurance corporation,
(e)a corporation whose principal business is the lending of money to persons with whom the corporation is dealing at arm’s length or the purchasing of debt obligations issued by such persons or a combination thereof,
(e.1)a corporation described in paragraph (g) of the definitionfinancial institutionin subsection 181(1),
(f)a corporation that is controlled by one or more corporations described in any of paragraphs (a) to (e.1) and, for the purpose of this paragraph, one corporation is controlled by another corporation if more than 50% of its issued share capital (having full voting rights under all circumstances) belongs to the other corporation, to persons with whom the other corporation does not deal at arm’s length, or to the other corporation and persons with whom the other corporation does not deal at arm’s length, or
(g)a corporation that is related to a particular corporation described in any of paragraphs (a) to (f), other than a particular corporation described in paragraph (e) or (e.1) the principal business of which is the factoring of trade accounts receivable that
(i)the particular corporation acquired from a related person,
(ii)arose in the course of an active business carried on by a person (in this paragraph referred to as the “business entity”) related at that time to the particular corporation, and
(iii)at no particular time before that time were held by a person other than a person who was related to the business entity; (institution financière déterminée)
specified future tax consequencefor a taxation year means
(a)the consequence of the deduction or exclusion of an amount referred to in paragraph 161(7)(a),
(b)the consequence of a reduction under subsection 66(12.73) of a particular amount purported to be renounced by a corporation after the beginning of the year to a person or partnership under subsection 66(12.6) or 66(12.601) because of the application of subsection 66(12.66), determined as if the purported renunciation would, but for subsection 66(12.73), have been effective only where
(i)the purported renunciation occurred in January, February or March of a calendar year,
(ii)the effective date of the purported renunciation was the last day of the preceding calendar year,
(iii)the corporation agreed in that preceding calendar year to issue a flow-though share to the person or partnership,
(iv)the particular amount does not exceed the amount, if any, by which the consideration for which the share is to be issued exceeds the total of all other amounts purported by the corporation to have been renounced under subsection 66(12.6) or 66(12.601) in respect of that consideration,
(v)paragraphs 66(12.66)(c) and 66(12.66)(d) are satisfied with respect to the purported renunciation, and
(vi)the form prescribed for the purpose of subsection 66(12.7) in respect of the purported renunciation is filed with the Minister before May of the calendar year, and
(c)the consequence of an adjustment or a reduction described in subsection 161(6.1); (conséquence fiscale future déterminée)
specified individualhas the meaning assigned by subsection 120.4(1); (particulier déterminé)
specified investment businesshas the meaning assigned by subsection 125(7); (entreprise de placement déterminée)
specified memberof a partnership in a fiscal period or taxation year of the partnership, as the case may be, means
(a)any member of the partnership who is a limited partner (within the meaning assigned by subsection 96(2.4)) of the partnership at any time in the period or year, and
(b)any member of the partnership, other than a member who is
(i)actively engaged in those activities of the partnership business that are other than the financing of the partnership business, or
(ii)carrying on a similar business as that carried on by the partnership in its taxation year, otherwise than as a member of a partnership,
on a regular, continuous and substantial basis throughout that part of the period or year during which the business of the partnership is ordinarily carried on and during which the member is a member of the partnership; (associé déterminé)
specified mutual fund trust, at any time, means a mutual fund trust other than a mutual fund trust for which it can reasonably be considered, having regard to all the circumstances, including the terms and conditions of the units of the trust, that the total of all amounts each of which is the fair market value, at that time, of a unit issued by the trust and held by a person exempt from tax under section 149 is all or substantially all of the total of all amounts each of which is the fair market value, at that time, of a unit issued by the trust; (fiducie de fonds commun de placement déterminée)
specified pension planmeans a prescribed arrangement; (régime de pension déterminé)
specified proportion, of a member of a partnership for a fiscal period of the partnership, means the proportion that the member’s share of the total income or loss of the partnership for the partnership’s fiscal period is of the partnership’s total income or loss for that period and, for the purpose of this definition, where that income or loss for a period is nil, that proportion shall be computed as if the partnership had income for that period in the amount of $1,000,000; (proportion déterminée)
specified securities lending arrangementhas the same meaning as in subsection 260(1); (mécanisme de prêt de valeurs mobilières déterminé)
specified shareholderof a corporation in a taxation year means a taxpayer who owns, directly or indirectly, at any time in the year, not less than 10% of the issued shares of any class of the capital stock of the corporation or of any other corporation that is related to the corporation and, for the purposes of this definition,
(a)a taxpayer shall be deemed to own each share of the capital stock of a corporation owned at that time by a person with whom the taxpayer does not deal at arm’s length,
(b)each beneficiary of a trust shall be deemed to own that proportion of all such shares owned by the trust at that time that the fair market value at that time of the beneficial interest of the beneficiary in the trust is of the fair market value at that time of all beneficial interests in the trust,
(c)each member of a partnership shall be deemed to own that proportion of all the shares of any class of the capital stock of a corporation that are property of the partnership at that time that the fair market value at that time of the member’s interest in the partnership is of the fair market value at that time of the interests of all members in the partnership,
(d)an individual who performs services on behalf of a corporation that would be carrying on a personal services business if the individual or any person related to the individual were at that time a specified shareholder of the corporation shall be deemed to be a specified shareholder of the corporation at that time if the individual, or any person or partnership with whom the individual does not deal at arm’s length, is, or by virtue of any arrangement may become, entitled, directly or indirectly, to not less than 10% of the assets or the shares of any class of the capital stock of the corporation or any corporation related thereto, and
(e)notwithstanding paragraph (b), where a beneficiary’s share of the income or capital of the trust depends on the exercise by any person of, or the failure by any person to exercise, any discretionary power, the beneficiary shall be deemed to own each share of the capital stock of a corporation owned at that time by the trust; (actionnaire déterminé)
specified synthetic equity arrangement, in respect of a DRA share of a person or partnership, means one or more agreements or other arrangements that
(a)have the effect of providing to a person or partnership all or any portion of the risk of loss or opportunity for gain or profit in respect of the DRA share and, for greater certainty, opportunity for gain or profit includes rights to, benefits from and distributions on a share, and
(b)can reasonably be considered to have been entered into in connection with a synthetic equity arrangement, in respect of the DRA share, or in connection with another specified synthetic equity arrangement, in respect of the DRA share; (arrangement de capitaux propres synthétiques déterminé)
specified unitholder, of a partnership or trust (referred to in this definition as the “entity”), the interests in which are described by reference to units, means a taxpayer who would be a specified shareholder of the entity if the entity were a corporation and each unit of the entity were a share of a class of the corporation having the same attributes as the unit; (détenteur d’unité déterminé)
split incomehas the meaning assigned by subsection 120.4(1); (revenu fractionné)
stock dividendincludes any dividend (determined without reference to the definitiondividendin this subsection) paid by a corporation to the extent that it is paid by the issuance of shares of any class of the capital stock of the corporation; (dividende en actions)
subsidiary controlled corporationmeans a corporation more than 50% of the issued share capital of which (having full voting rights under all circumstances) belongs to the corporation to which it is subsidiary; (filiale contrôlée)
subsidiary wholly-owned corporationmeans a corporation all the issued share capital of which (except directors’ qualifying shares) belongs to the corporation to which it is subsidiary; (filiale à cent pour cent)
superannuation or pension benefitincludes any amount received out of or under a superannuation or pension fund or plan (including, except for the purposes of subparagraph 56(1)(a)(i), a pooled registered pension plan) and, without restricting the generality of the foregoing, includes any payment made to a beneficiary under the fund or plan or to an employer or former employer of the beneficiary under the fund or plan
(a)in accordance with the terms of the fund or plan,
(b)resulting from an amendment to or modification of the fund or plan, or
(c)resulting from the termination of the fund or plan; (prestation de retraite ou de pension)
supplementary unemployment benefit planhas the meaning assigned by subsection 145(1); (régime de prestations supplémentaires de chômage)
synthetic disposition arrangement, in respect of a property owned by a taxpayer, means one or more agreements or other arrangements that
(a)are entered into by the taxpayer or by a person or partnership that does not deal at arm’s length with the taxpayer,
(b)have the effect, or would have the effect if entered into by the taxpayer instead of the person or partnership, of eliminating all or substantially all the taxpayer’s risk of loss and opportunity for gain or profit in respect of the property for a definite or indefinite period of time, and
(c)can, in respect of any agreement or arrangement entered into by a person or partnership that does not deal at arm’s length with the taxpayer, reasonably be considered to have been entered into, in whole or in part, with the purpose of obtaining the effect described in paragraph (b); (arrangement de disposition factice)
synthetic disposition period, of a synthetic disposition arrangement, means the definite or indefinite period of time during which the synthetic disposition arrangement has, or would have, the effect described in paragraph (b) of the definitionsynthetic disposition arrangementin this subsection; (période de disposition factice)
synthetic equity arrangementin respect of a DRA share of a person or partnership (referred to in this definition as theparticular person),
(a)means one or more agreements or other arrangements that
(i)are entered into by the particular person, by a person or partnership that does not deal at arm’s length with, or is affiliated with, the particular person (referred to in this definition as aconnected person) or, for greater certainty, by any combination of the particular person and connected persons, with one or more persons or partnerships (referred to in this definition as acounterpartyand in subsection 112(2.32) as acounterpartyor anaffiliated counterpartyas appropriate),
(ii)have the effect, or would have the effect, if each agreement entered into by a connected person were entered into by the particular person, of providing all or substantially all of the risk of loss and opportunity for gain or profit in respect of the DRA share to a counterparty or a group of counterparties each member of which is affiliated with every other member and, for greater certainty, opportunity for gain or profit includes rights to, benefits from and distributions on a share, and
(iii)if entered into by a connected person, can reasonably be considered to have been entered into with the knowledge, or where there ought to have been the knowledge, that the effect described in subparagraph (ii) would result, and
(b)does not include
(i)an agreement that is traded on a recognized derivatives exchange unless it can reasonably be considered that, at the time the agreement is entered into,
(A)the particular person or the connected person, as the case may be, knows or ought to know that the agreement is part of a series of transactions that has the effect of providing all or substantially all of the risk of loss and opportunity for gain or profit in respect of the DRA share to a tax-indifferent investor, or a group of tax-indifferent investors each member of which is affiliated with every other member, or
(B)one of the main reasons for entering into the agreement is to obtain the benefit of a deduction in respect of a payment, or a reduction of an amount that would otherwise have been included in income, under the agreement, that corresponds to an expected or actual dividend in respect of a DRA share,
(ii)one or more agreements or other arrangements that, but for this subparagraph, would be a synthetic equity arrangement, in respect of a share owned by the particular person (in this subparagraph referred to as thesynthetic short position), if
(A)the particular person has entered into one or more other agreements or other arrangements (other than, for greater certainty, an agreement under which the share is acquired or an agreement or arrangement under which the particular person receives a deemed dividend and is provided with all or substantially all of the risk of loss and opportunity for gain or profit in respect of the share) that have the effect of providing all or substantially all of the risk of loss and opportunity for gain or profit in respect of the share to the particular person (in this subparagraph referred to as thesynthetic long position),
(B)the synthetic short position has the effect of offsetting all amounts included or deducted in computing the income of the particular person with respect to the synthetic long position, and
(C)the synthetic short position was entered into for the purpose of obtaining the effect referred to in clause (B), and
(iii)an agreement to purchase the shares of a corporation, or a purchase agreement that is part of a series of agreements to purchase the shares of a corporation, under which a counterparty or a group of counterparties each member of which is affiliated with every other member acquires control of the corporation that has issued the shares being purchased, unless the main reason for establishing, incorporating or operating the corporation is to have this subparagraph apply; (arrangement de capitaux propres synthétiques)
synthetic equity arrangement chain, in respect of a share owned by a person or partnership, means a synthetic equity arrangement — or a synthetic equity arrangement in combination with one or more specified synthetic equity arrangements — where
(a)no party to the synthetic equity arrangement or a specified synthetic equity arrangement, if any, is a tax-indifferent investor, and
(b)each other party to these agreements or arrangements is affiliated with the person or partnership; (chaîne d’arrangements de capitaux propres synthétiques)
tar sandsmeans bituminous sands or oil shales extracted, otherwise than by a well, from a mineral resource, but, for the purpose of applying sections 13 and 20 and any regulations made for the purpose of paragraph 20(1)(a) in respect of property acquired after March 6, 1996, includes material extracted by a well from a deposit of bituminous sands or oil shales; (sables asphaltiques)
taxable Canadian corporationhas the meaning assigned by subsection 89(1); (société canadienne imposable)
taxable Canadian propertyof a taxpayer at any time in a taxation year means a property of the taxpayer that is
(a)real or immovable property situated in Canada,
(b)property used or held by the taxpayer in, property included in Class 14.1 of Schedule II to theIncome Tax Regulationsin respect of, or property described in an inventory of, a business carried on in Canada, other than
(i)property used in carrying on an insurance business, and
(ii)where the taxpayer is non-resident, ships and aircraft used principally in international traffic and personal or movable property pertaining to their operation if the country in which the taxpayer is resident does not impose tax on gains of persons resident in Canada from dispositions of such property,
(c)if the taxpayer is an insurer, its designated insurance property for the year,
(d)a share of the capital stock of a corporation (other than a mutual fund corporation) that is not listed on a designated stock exchange, an interest in a partnership or an interest in a trust (other than a unit of a mutual fund trust or an income interest in a trust resident in Canada), if, at any particular time during the 60-month period that ends at that time, more than 50% of the fair market value of the share or interest, as the case may be, was derived directly or indirectly (otherwise than through a corporation, partnership or trust the shares or interests in which were not themselves taxable Canadian property at the particular time) from one or any combination of
(i)real or immovable property situated in Canada,
(ii)Canadian resource properties,
(iii)timber resource properties, and
(iv)options in respect of, or interests in, or for civil law rights in, property described in any of subparagraphs (i) to (iii), whether or not the property exists,
(e)a share of the capital stock of a corporation that is listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation or a unit of a mutual fund trust, if, at any particular time during the 60-month period that ends at that time,
(i)25% or more of the issued shares of any class of the capital stock of the corporation, or 25% or more of the issued units of the trust, as the case may be, were owned by or belonged to one or any combination of
(A)the taxpayer,
(B)persons with whom the taxpayer did not deal at arm’s length, and
(C)partnerships in which the taxpayer or a person referred to in clause (B) holds a membership interest directly or indirectly through one or more partnerships, and
(ii)more than 50% of the fair market value of the share or unit, as the case may be, was derived directly or indirectly from one or any combination of properties described under subparagraphs (d)(i) to (iv), or
(f)an option in respect of, or an interest in, or for civil law a right in, a property described in any of paragraphs (a) to (e), whether or not the property exists,
and, for the purposes of section 2, subsection 107(2.001) and sections 128.1 and 150, and for the purpose of applying paragraphs 85(1)(i) and 97(2)(c) to a disposition by a non-resident person, includes
(g)a Canadian resource property,
(h)a timber resource property,
(i)an income interest in a trust resident in Canada,
(j)a right to a share of the income or loss under an agreement referred to in paragraph 96(1.1)(a), and
(k)a life insurance policy in Canada; (bien canadien imposable)
taxable capital gainhas the meaning assigned by section 38; (gain en capital imposable)
taxable dividendhas the meaning assigned by subsection 89(1); (dividende imposable)
taxable incomehas the meaning assigned by subsection 2(2), except that in no case may a taxpayer’s taxable income be less than nil; (revenu imposable)
taxable income earned in Canadameans a taxpayer’s taxable income earned in Canada determined in accordance with Division D of Part I, except that in no case may a taxpayer’s taxable income earned in Canada be less than nil; (revenu imposable gagné au Canada)
taxable net gainfrom dispositions of listed personal property has the meaning assigned by section 41; (gain net imposable)
taxable preferred shareat any particular time means
(a)a share issued after December 15, 1987 that is a short-term preferred share at that particular time, or
(b)a share (other than a grandfathered share) of the capital stock of a corporation issued after 8:00 p.m Eastern Daylight Saving Time, June 18, 1987 where, at that particular time by reason of the terms or conditions of the share or any agreement in respect of the share or its issue to which the corporation, or a specified person in relation to the corporation, is a party,
(i)it may reasonably be considered, having regard to all the circumstances, that the amount of the dividends that may be declared or paid on the share (in this definition referred to as the “dividend entitlement”) is, by way of a formula or otherwise
(A)fixed,
(B)limited to a maximum, or
(C)established to be not less than a minimum (including any amount determined on a cumulative basis) and with respect to the dividend that may be declared or paid on the share there is a preference over any other dividend that may be declared or paid on any other share of the capital stock of the corporation,
(ii)it may reasonably be considered, having regard to all the circumstances, that the amount that the shareholder is entitled to receive in respect of the share on the dissolution, liquidation or winding-up of the corporation or on the redemption, acquisition or cancellation of the share (unless the requirement to redeem, acquire or cancel the share arises only in the event of the death of the shareholder or by reason only of a right to convert or exchange the share) or on a reduction of the paid-up capital of the share by the corporation or by a specified person in relation to the corporation (in this definition referred to as the “liquidation entitlement”) is, by way of a formula or otherwise
(A)fixed,
(B)limited to a maximum, or
(C)established to be not less than a minimum,
and, for the purposes of this subparagraph,shareholderincludes a shareholder of a shareholder,
(iii)the share is convertible or exchangeable at any time, unless
(A)it is convertible into or exchangeable for
(I)another share of the corporation or a corporation related to the corporation that, if issued, would not be a taxable preferred share,
(II)a right or warrant that, if exercised, would allow the person exercising it to acquire only a share of the corporation or a corporation related to the corporation that, if issued, would not be a taxable preferred share, or
(III)both a share described in subclause (I) and a right or warrant described in subclause (II), and
(B)all the consideration receivable for the share on the conversion or exchange is the share described in subclause (I) or the right or warrant described in subclause (II) or both, as the case may be, and, for the purposes of this clause, where a taxpayer may become entitled on the conversion or exchange of a share to receive any particular consideration (other than consideration described in any of subclauses (I) to (III)) in lieu of a fraction of a share, the particular consideration shall be deemed not to be consideration unless it may reasonably be considered that the particular consideration was receivable as part of a series of transactions or events one of the main purposes of which was to avoid or limit the application of Part IV.1 or VI.1, or
(iv)any person (other than the corporation) was, at or immediately before that particular time, obligated, either absolutely or contingently, and either immediately or in the future, to effect any undertaking (in this subparagraph referred to as a “guarantee agreement”), including any guarantee, covenant or agreement to purchase or repurchase the share, and including the lending of funds to or the placing of amounts on deposit with, or on behalf of, the shareholder or any specified person in relation to the shareholder given
(A)to ensure that any loss that the shareholder or a specified person in relation to the shareholder may sustain by reason of the ownership, holding or disposition of the share or any other property is limited in any respect, or
(B)to ensure that the shareholder or a specified person in relation to the shareholder will derive earnings by reason of the ownership, holding or disposition of the share or any other property,
and the guarantee agreement was given as part of a transaction or event or a series of transactions or events that included the issuance of the share and, for the purposes of this paragraph, where a guarantee agreement in respect of a share is given at any particular time after 8:00 p.m