Bill C-92
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``controlled
foreign
affiliate'' « société étrangère affiliée contrôlée »
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``controlled foreign affiliate'' has the meaning
assigned by subsection 95(1);
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``designated
insurance
property'' « bien d'assurance désigné »
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``designated insurance property'' has the
meaning assigned by subsection 138(12);
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``registered
labour-
sponsored
venture
capital
corporation'' « société agréée à capital de risque de travailleurs »
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``registered labour-sponsored venture capital
corporation'' means a corporation that was
registered under subsection 204.81(1), the
registration of which has not been revoked;
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``specified
future tax
consequence'' « conséquenc e fiscale future détermi- née »
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``specified future tax consequence'' for a
taxation year means
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(4) Subsection 248(25) of the Act is
replaced by the following:
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Beneficially
interested
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(25) For the purposes of this Act, a person
or partnership beneficially interested in a
particular trust includes any person or
partnership that has any right (whether
immediate or future, whether absolute or
contingent or whether conditional on or
subject to the exercise of any discretionary
power by any person or persons) as a
beneficiary under a trust to receive any of the
income or capital of the particular trust either
directly from the particular trust or indirectly
through one or more other trusts.
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(5) The definition ``balance-due day'' in
subsection 248(1) of the Act, as enacted by
subsection (1), applies to the 1996 and
subsequent taxation years.
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(5.1) The definition ``designated
insurance property'' in subsection 248(1) of
the Act, as enacted by subsection (3),
applies to the 1997 and subsequent taxation
years.
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(6) The definition ``exempt income'' in
subsection 248(1) of the Act, as enacted by
subsection (1), the definition ``Canadian
field processing'' in subsection 248(1) of the
Act, as enacted by subsection (3), and
subsection (4) apply after 1996.
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(7) The definitions ``oil or gas well'' and
``tar sands'' in subsection 248(1) of the Act,
as enacted by subsection (1), the definition
``bituminous sands'' in subsection 248(1) of
the Act, as enacted by subsection (3), and
subsection (2) apply after March 6, 1996.
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(8) The definition ``business limit'' in
subsection 248(1) of the Act, as enacted by
subsection (3), applies after May 23, 1985.
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(9) The definitions ``controlled foreign
affiliate'' and ``registered
labour-sponsored venture capital
corporation'' in subsection 248(1) of the
Act, as enacted by subsection (3), apply
after 1995.
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(10) The definition ``specified future tax
consequence'' in subsection 248(1) of the
Act, as enacted by subsection (3), applies to
the 1996 and subsequent taxation years
and, for greater certainty, for taxation
years that ended before 1996, there are
deemed to be no specified future tax
consequences.
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PART II |
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R.S., c. 2 (5th
Supp.); 1994,
cc. 7, 21;
1995, cc. 3,
21
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INCOME TAX APPLICATION RULES |
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72. (1) Paragraph 26(9.4)(b) of the
Income Tax Application Rules is replaced by
the following:
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(2) Subsection (1) applies for the purpose
of computing the adjusted cost base of
property after 1996.
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73. (1) Subsections 29(6) to (8) of the
Rules are repealed.
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(2) Subsection (1) applies to
renunciations made
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PART III |
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1994, c. 8
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AN ACT TO AMEND THE INCOME TAX ACT |
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74. (1) Subsection 4(5) of An Act to Amend
the Income Tax Act, being chapter 8 of the
Statutes of Canada, 1994, is replaced by the
following:
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(5) Subsections (1), (2) and (4) apply to
taxation years that end after December 2,
1992.
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(6) Subsection (3) applies to taxation
years of a taxpayer that end after December
2, 1992, except that it does not apply to
taxation years of a taxpayer that began
before March 6, 1996 with respect to rental
expenses incurred pursuant to a written
lease agreement renewed, extended or
entered into before June 18, 1987 by the
taxpayer or a person with whom the
taxpayer did not deal at arm's length at the
time the lease was renewed, extended or
entered into.
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(2) Subsection (1) is deemed to have come
into force on May 12, 1994.
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PART IV |
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CONDITIONAL AMENDMENTS |
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Bill C-69
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75. (1) If Bill C-69, introduced in the
second session of the thirty-fifth Parliament
and entitled An Act to amend the Income Tax
Act, the Income Tax Application Rules, the
Bankruptcy and Insolvency Act, the Canada
Pension Plan, the Children's Special
Allowances Act, the Cultural Property
Export and Import Act, the Customs Act, the
Employment Insurance Act, the Excise Tax
Act, the Old Age Security Act, the Tax Court
of Canada Act, the Tax Rebate Discounting
Act, the Unemployment Insurance Act, the
Western Grain Transition Payments Act and
certain Acts related to the Income Tax Act, is
assented to, then,
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for the purpose of subsection (12.6) or for the
purposes of subsection (12.601) and
paragraph (12.602)(b), as the case may be, the
corporation is deemed to have incurred the
expenses on the last day of that preceding year.
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C is the number of days in the year that are
after February 25, 1992 and before 1999;
and
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and
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(2) Paragraph (1)(a) applies to expenses
incurred after 1996 except expenses
incurred in January or February of 1997 in
respect of an agreement that was made in
1995.
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(3) Paragraphs (1)(b) and (e) apply to the
1996 and subsequent taxation years.
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(4) Paragraph (1)(c) comes into force or
is deemed to have come into force on the day
that that Act is assented to.
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(5) Paragraph (1)(d) applies to taxation
years that begin after 1996.
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