Eastern Daylight Saving Time, June 18, 1987 to the particular time and the predecessor corporations were related to each other throughout that period, or(ii)each of the predecessor corporations and the new corporation is a corporation described in any of paragraphs (a) to (d) of the definitionrestricted financial institutionin subsection 248(1),
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 187.32003, c. 15, s. 1222007, c. 35, s. 68
(a)all amounts received in a fiscal period by a partnership as, on account or in lieu of payment of, or in satisfaction of, dividends shall be deemed to have been received by each member of the partnership in the member’s fiscal period or taxation year in which the partnership’s fiscal period ends, to the extent of that member’s share thereof;(b)each member of a partnership shall be deemed to own at any time that proportion of the number of the shares of each class of the capital stock of a corporation that are property of the partnership at that time that the member’s share of all dividends received on those shares by the partnership in its fiscal period that includes that time is of the total of all those dividends; and(c)a reference to a person includes a partnership.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1988, c. 55, s. 152
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1988, c. 55, s. 152
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1988, c. 55, s. 152
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1998, c. 19, s. 201
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]1984, c. 45, s. 57
188(1)If on a particular day the Minister issues a notice of intention to revoke the registration of a taxpayer as a registered charity under any of subsections 149.1(2) to (4.1) and 168(1), it becomes a listed terrorist entity or it is determined, under subsection 7(1) of theCharities Registration (Security Information) Act, that a certificate served in respect of the charity under subsection 5(1) of that Act is reasonable on the basis of information and evidence available,(a)the taxation year of the charity that would otherwise have included that day is deemed to end at the end of that day;(b)a new taxation year of the charity is deemed to begin immediately after that day; and(c)for the purpose of determining the charity’s fiscal period after that day, the charity is deemed not to have established a fiscal period before that day.Marginal note:Revocation tax(1.1)A charity referred to in subsection (1) is liable to a tax, for its taxation year that is deemed to have ended, equal to the amount determined by the formulaA - BwhereAis the total of all amounts, each of which is(a)the fair market value of a property of the charity at the end of that taxation year,(b)the amount of an appropriation (within the meaning assigned by subsection (2)) in respect of a property transferred to another person in the 120-day period that ended at the end of that taxation year, or(c)the income of the charity for its winding-up period, including gifts received by the charity in that period from any source and any income that would be computed under section 3 as if that period were a taxation year; andBis the total of all amounts (other than the amount of an expenditure in respect of which a deduction has been made in computing income for the winding-up period under paragraph (c) of the description of A), each of which is(a)a debt of the charity that is outstanding at the end of that taxation year,(b)an expenditure made by the charity during the winding-up period on charitable activities carried on by it, or(c)an amount in respect of a property transferred by the charity during the winding-up period and not later than the latter of one year from the end of the taxation year and the day, if any, referred to in paragraph (1.2)(c), to a person that was at the time of the transfer an eligible donee in respect of the charity, equal to the amount, if any, by which the fair market value of the property, when transferred, exceeds the consideration given by the person for the transfer.Marginal note:Winding-up period(1.2)In this Part, the winding-up period of a charity is the period(a)that begins immediately after the earliest of the days on which(i)the Minister issues a notice of intention to revoke the registration of the charity under any of subsections 149.1(2) to (4.1) and 168(1),(ii)the charity becomes a listed terrorist entity, and(iii)it is determined, under subsection 7(1) of theCharities Registration (Security Information) Act, that a certificate served in respect of the charity under subsection 5(1) of that Act is reasonable on the basis of information and evidence available, and(b)that ends on the day that is the latest of(i)the day, if any, on which the charity files a return under subsection 189(6.1) for the taxation year deemed by subsection (1) to have ended, but not later than the day on which the charity is required to file that return,(ii)the day on which the Minister last issues a notice of assessment of tax payable under subsection (1.1) for that taxation year by the charity, and(iii)if the charity has filed a notice of objection or appeal in respect of that assessment, the day on which the Minister may take a collection action under section 225.1 in respect of that tax payable.Marginal note:Eligible donee(1.3)In this Part, an eligible donee in respect of a particular charity is(a)a registered charity(i)of which more than 50% of the members of the board of directors or trustees of the registered charity deal at arm’s length with each member of the board of directors or trustees of the particular charity,(ii)that is not the subject of a suspension under subsection 188.2(1),(iii)that has no unpaid liabilities under this Act or under theExcise Tax Act,(iv)that has filed all information returns required by subsection 149.1(14), and(v)that is not the subject of a certificate under subsection 5(1) of theCharities Registration (Security Information) Actor, if it is the subject of such a certificate, the certificate has been determined under subsection 7(1) of that Act not to be reasonable; or(b)a municipality in Canada that is approved by the Minister in respect of a transfer of property from the particular charity.Marginal note:Eligible donee(1.4)In this Part, an eligible donee in respect of a particular Canadian amateur athletic association is a registered Canadian amateur athletic association(a)of which more than 50% of the members of the board of directors or trustees of the registered Canadian amateur athletic association deal at arm’s length with each member of the board of directors or trustees of the particular Canadian amateur athletic association;(b)that is not the subject of a suspension under subsection 188.2(1);(c)that has no unpaid liabilities under this Act or under theExcise Tax Act; and(d)that has filed all information returns required by subsection 149.1(14).Marginal note:Shared liability — revocation tax(2)A person who, after the time that is 120 days before the end of the taxation year of a charity that is deemed by subsection (1) to have ended, receives property from the charity, is jointly and severally, or solidarily, liable with the charity for the tax payable under subsection (1.1) by the charity for that taxation year for an amount not exceeding the total of all appropriations, each of which is the amount by which the fair market value of such a property at the time it was so received by the person exceeds the consideration given by the person in respect of the property.Marginal note:Non-application of revocation tax(2.1)Subsections (1) and (1.1) do not apply to a charity in respect of a notice of intention to revoke given under any of subsections 149.1(2) to (4.1) and 168(1) if the Minister abandons the intention and so notifies the charity or if(a)within the one-year period that begins immediately after the taxation year of the charity otherwise deemed by subsection (1) to have ended, the Minister has registered the charity as a charitable organization, private foundation or public foundation; and(b)the charity has, before the time that the Minister has so registered the charity,(i)paid all amounts, each of which is an amount for which the charity is liable under this Act (other than subsection (1.1)) or theExcise Tax Actin respect of taxes, penalties and interest, and(ii)filed all information returns required by or under this Act to be filed on or before that time.Marginal note:Transfer of property tax(3)Where, as a result of a transaction or series of transactions, property owned by a registered charity that is a charitable foundation and having a net value greater than 50% of the net asset amount of the charitable foundation immediately before the transaction or series of transactions, as the case may be, is transferred before the end of a taxation year, directly or indirectly, to one or more charitable organizations and it may reasonably be considered that the main purpose of the transfer is to effect a reduction in the disbursement quota of the foundation, the foundation shall pay a tax under this Part for the year equal to the amount by which 25% of the net value of that property determined as of the day of its transfer exceeds the total of all amounts each of which is its tax payable under this subsection for a preceding taxation year in respect of the transaction or series of transactions.Marginal note:Non-application of subsection (3)(3.1)Subsection (3) does not apply to a transfer that is a gift to which subsection 188.1(11) or (12) applies.Marginal note:Joint and several, or solidary, liability — tax transfer(4)If property has been transferred to a charitable organization in circumstances described in subsection (3) and it may reasonably be considered that the organization acted in concert with a charitable foundation for the purpose of reducing the disbursement quota of the foundation, the organization is jointly and severally, or solidarily, liable with the foundation for the tax imposed on the foundation by that subsection in an amount not exceeding the net value of the property.Marginal note:Definitions(5)In this section,net asset amountnet asset amountof a charitable foundation at any time means the amount determined by the formulaA - BwhereAis the fair market value at that time of all the property owned by the foundation at that time, andBis the total of all amounts each of which is the amount of a debt owing by or any other obligation of the foundation at that time; (montant de l’actif net)net valuenet valueof property owned by a charitable foundation, as of the day of its transfer, means the amount determined by the formulaA - BwhereAis the fair market value of the property on that day, andBis the amount of any consideration given to the foundation for the transfer. (valeur nette)
(a)the taxation year of the charity that would otherwise have included that day is deemed to end at the end of that day;(b)a new taxation year of the charity is deemed to begin immediately after that day; and(c)for the purpose of determining the charity’s fiscal period after that day, the charity is deemed not to have established a fiscal period before that day.
(a)the fair market value of a property of the charity at the end of that taxation year,(b)the amount of an appropriation (within the meaning assigned by subsection (2)) in respect of a property transferred to another person in the 120-day period that ended at the end of that taxation year, or(c)the income of the charity for its winding-up period, including gifts received by the charity in that period from any source and any income that would be computed under section 3 as if that period were a taxation year; and
(a)a debt of the charity that is outstanding at the end of that taxation year,(b)an expenditure made by the charity during the winding-up period on charitable activities carried on by it, or(c)an amount in respect of a property transferred by the charity during the winding-up period and not later than the latter of one year from the end of the taxation year and the day, if any, referred to in paragraph (1.2)(c), to a person that was at the time of the transfer an eligible donee in respect of the charity, equal to the amount, if any, by which the fair market value of the property, when transferred, exceeds the consideration given by the person for the transfer.
(a)that begins immediately after the earliest of the days on which(i)the Minister issues a notice of intention to revoke the registration of the charity under any of subsections 149.1(2) to (4.1) and 168(1),(ii)the charity becomes a listed terrorist entity, and(iii)it is determined, under subsection 7(1) of theCharities Registration (Security Information) Act, that a certificate served in respect of the charity under subsection 5(1) of that Act is reasonable on the basis of information and evidence available, and(b)that ends on the day that is the latest of(i)the day, if any, on which the charity files a return under subsection 189(6.1) for the taxation year deemed by subsection (1) to have ended, but not later than the day on which the charity is required to file that return,(ii)the day on which the Minister last issues a notice of assessment of tax payable under subsection (1.1) for that taxation year by the charity, and(iii)if the charity has filed a notice of objection or appeal in respect of that assessment, the day on which the Minister may take a collection action under section 225.1 in respect of that tax payable.
(i)the Minister issues a notice of intention to revoke the registration of the charity under any of subsections 149.1(2) to (4.1) and 168(1),(ii)the charity becomes a listed terrorist entity, and(iii)it is determined, under subsection 7(1) of theCharities Registration (Security Information) Act, that a certificate served in respect of the charity under subsection 5(1) of that Act is reasonable on the basis of information and evidence available, and
(i)the day, if any, on which the charity files a return under subsection 189(6.1) for the taxation year deemed by subsection (1) to have ended, but not later than the day on which the charity is required to file that return,(ii)the day on which the Minister last issues a notice of assessment of tax payable under subsection (1.1) for that taxation year by the charity, and(iii)if the charity has filed a notice of objection or appeal in respect of that assessment, the day on which the Minister may take a collection action under section 225.1 in respect of that tax payable.
(a)a registered charity(i)of which more than 50% of the members of the board of directors or trustees of the registered charity deal at arm’s length with each member of the board of directors or trustees of the particular charity,(ii)that is not the subject of a suspension under subsection 188.2(1),(iii)that has no unpaid liabilities under this Act or under theExcise Tax Act,(iv)that has filed all information returns required by subsection 149.1(14), and(v)that is not the subject of a certificate under subsection 5(1) of theCharities Registration (Security Information) Actor, if it is the subject of such a certificate, the certificate has been determined under subsection 7(1) of that Act not to be reasonable; or(b)a municipality in Canada that is approved by the Minister in respect of a transfer of property from the particular charity.
(i)of which more than 50% of the members of the board of directors or trustees of the registered charity deal at arm’s length with each member of the board of directors or trustees of the particular charity,(ii)that is not the subject of a suspension under subsection 188.2(1),(iii)that has no unpaid liabilities under this Act or under theExcise Tax Act,(iv)that has filed all information returns required by subsection 149.1(14), and(v)that is not the subject of a certificate under subsection 5(1) of theCharities Registration (Security Information) Actor, if it is the subject of such a certificate, the certificate has been determined under subsection 7(1) of that Act not to be reasonable; or
(a)of which more than 50% of the members of the board of directors or trustees of the registered Canadian amateur athletic association deal at arm’s length with each member of the board of directors or trustees of the particular Canadian amateur athletic association;(b)that is not the subject of a suspension under subsection 188.2(1);(c)that has no unpaid liabilities under this Act or under theExcise Tax Act; and(d)that has filed all information returns required by subsection 149.1(14).
(a)within the one-year period that begins immediately after the taxation year of the charity otherwise deemed by subsection (1) to have ended, the Minister has registered the charity as a charitable organization, private foundation or public foundation; and(b)the charity has, before the time that the Minister has so registered the charity,(i)paid all amounts, each of which is an amount for which the charity is liable under this Act (other than subsection (1.1)) or theExcise Tax Actin respect of taxes, penalties and interest, and(ii)filed all information returns required by or under this Act to be filed on or before that time.
(i)paid all amounts, each of which is an amount for which the charity is liable under this Act (other than subsection (1.1)) or theExcise Tax Actin respect of taxes, penalties and interest, and(ii)filed all information returns required by or under this Act to be filed on or before that time.
[NOTE: Application provisions are not included in the consolidated textsee relevant amending Acts and regulations.]R.S., 1985, c. 1 (5th Supp.), s. 1881994, c. 7, Sch