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Bill C-59

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      (i) where the spouse received an eligible amount before the death, the completion date in respect of that amount,

      (ii) where subparagraph (i) does not apply and the individual received an eligible amount before the death, the completion date in respect of that amount, and

      (iii) in any other case, October 1 of the year.

(13) Subsections 146.01(9) to (13) of the Act are repealed.

(14) Subsections (1) to (3), paragraphs (h) and (i) of the definition ``eligible amount'' in subsection 146.01(1) of the Act, as enacted by subsection (4), and subsections (5), (9), (10), (12) and (13) apply to the 1994 and subsequent taxation years.

(15) Paragraph (g) of the definition ``eligible amount'' in subsection 146.01(1) of the Act, as enacted by subsection (4), subsection (6) and paragraph 146.01(2)(e) of the Act, as enacted by subsection (7), apply to the 1992 and subsequent taxation years.

(16) Paragraph 146.01(2)(f) of the Act, as enacted by subsection (7), and subsections (8) and (11) apply to the 1995 and subsequent taxation years.

45. (1) Subsection 149(1) of the Act is amended by striking out the word ``or'' at the end of paragraph (x), by adding the word ``or'' at the end of paragraph (y) and by adding the following after paragraph (y):

Mining reclamation trust

    (z) a mining reclamation trust.

(2) Subsection (1) applies to the 1994 and subsequent taxation years.

46. (1) Paragraph 152(1)(b) of the Act is replaced by the following:

    (b) the amount of tax, if any, deemed by subsection 120(2), 120.1(4), 122.5(3), 127.1(1), 127.41(3) or 210.2(3) or (4) to be paid on account of the taxpayer's tax payable under this Part for the year or deemed by subsection 119(2) to be an overpayment.

(2) Paragraph 152(4.2)(d) of the Act is replaced by the following:

    (d) redetermine the amount, if any, deemed by subsection 120(2), 120.1(4), 122.5(3), 127.1(1), 127.41(3) or 210.2(3) or (4) to be paid on account of the taxpayer's tax payable under this Part for the year or deemed by subsection 119(2), 122.61(1) or 126.1(6) or (7) to be an overpayment on account of the taxpayer's liability under this Part for the year.

(3) Subsections (1) and (2) apply to taxation years that end after February 22, 1994.

47. (1) Subsection 157(3) of the Act is amended by striking out the word ``and'' at the end of paragraph (c), by adding the word ``and'' at the end of paragraph (d) and by adding the following after paragraph (d):

    (e) 1/12 of the amount deemed by subsection 127.41(3) to have been paid on account of the corporation's tax payable under this Part for the year.

(2) Subsection (1) applies to taxation years that end after February 22, 1994.

48. (1) Subsection 163(2) of the Act is amended by striking out the word ``and'' at the end of paragraph (c.2), by adding the word ``and'' at the end of paragraph (d) and by adding the following after paragraph (d):

    (e) the amount, if any, by which

      (i) the amount that would be deemed by subsection 127.41(3) to have been paid for the year by the person if that amount were calculated by reference to the person's claim for the year under that subsection

    exceeds

      (ii) the maximum amount that the person is entitled to claim for the year under subsection 127.41(3).

(2) Subsection (1) applies to taxation years that end after February 22, 1994.

49. (1) Paragraph (a) of the description of I in subsection 204.2(1.2) of the Act is amended by striking out the word ``or'' at the end of subparagraph (iv) and by adding the following after subparagraph (v):

        (vi) an amount paid to the plan in the year that is not deductible in computing the individual's income for the year because of subparagraph 146(5)(a)(iv.1) or (5.1)(a)(iv), or

(2) Subsection (1) applies to the 1994 and subsequent taxation years.

50. (1) The Act is amended by adding the following after Part XII.3:

PART XII.4

TAX ON MINING RECLAMATION TRUSTS

Charging provision

211.6 (1) Every trust that is a mining reclamation trust at the end of a taxation year shall pay a tax under this Part for the year equal to 28% of its income under Part I for the year.

Computation of income

(2) For the purpose of subsection (1), the income under Part I of a mining reclamation trust shall be computed as if this Act were read without reference to subsections 104(4) to (31) and sections 105 to 107.

Return

(3) Every trust that is a mining reclamation trust at the end of a taxation year shall file with the Minister on or before the day that is 90 days after the end of the year a return for the year under this Part in prescribed form containing an estimate of the amount of tax payable under this Part for the year by the trust.

Payment of tax

(4) Each trust shall pay in respect of each taxation year to the Receiver General its tax payable under this Part for the year on or before the day that is 90 days after the end of the year.

Provisions applicable to Part

(5) Subsections 150(2) and (3), sections 152, 158 and 159, subsections 161(1) and (11), sections 162 to 167 and Division J of Part I apply to this Part, with such modifications as the circumstances require.

(2) Subsection (1) applies to the 1994 and subsequent taxation years.

51. (1) Paragraph 241(4)(d) of the Act is amended by adding the following after subparagraph (vi):

      (vi.1) to an official of the Department of Energy, Mines and Resources solely for the purpose of determining whether property is prescribed energy conservation property,

(2) Subsection (1) applies after February 21, 1994.

Conditional amendment re Bill C-48

(3) If Bill C-48, introduced in the first session of the thirty-fifth Parliament and entitled An Act to establish the Department of Natural Resources and to amend related Acts is assented to, then, on the later of the day on which this Act is assented to and the day on which that Act comes into force, subparagraph 241(4)(d)(vi.1) of the Income Tax Act is replaced by the following:

      (vi.1) to an official of the Department of Natural Resources solely for the purpose of determining whether property is prescribed energy conservation property,

52. (1) The definition ``police collective d'assurance temporaire sur la vie'' in subsection 248(1) of the French version of the Act is repealed.

(2) The definition ``group term life insurance policy'' in subsection 248(1) of the English version of the Act is replaced by the following:

``group term life insurance policy''
« police d'assurance-v ie collective temporaire »

``group term life insurance policy'' means a group life insurance policy under which the only amounts payable by the insurer are

      (a) amounts payable on the death or disability of individuals whose lives are insured in respect of, in the course of or because of, their office or employment or former office or employment, and

      (b) policy dividends or experience rating refunds;

(3) The definition ``cost amount'' in subsection 248(1) of the Act is amended by striking out the word ``and'' at the end of paragraph (e.1) and by adding the following after paragraph (e.1):

      (e.2) where the property is an interest of a beneficiary under a mining reclamation trust, nil, and

(4) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:

``mining reclamation trust''
« fiducie de restauration minière »

``mining reclamation trust'' at any time means a trust resident in a province and maintained at that time for the sole purpose of funding the reclamation of a mine in the province, where the first contribution to the trust was made after 1991, no amount was distributed before February 23, 1994 from the trust and the maintenance of the trust is or may become required under the terms of a contract entered into with Her Majesty in right of Canada or the province or is or may become required pursuant to a law of Canada or the province, but does not include a trust

      (a) where that contract was not entered into or that law was not enacted, as the case may be, on or before the later of

        (i) the day that is one year after the day the trust was created, and

        (ii) January 1, 1996,

      (b) that relates to the reclamation of a mine that at that time is a clay pit (other than a kaolin pit), a deposit of peat, a gravel pit, a peat bog, a sand pit, a shale pit or a stone quarry or that relates to the reclamation of a well,

      (c) that is not maintained at that time to secure the mining reclamation obligations of one or more persons or partnerships that are beneficiaries under the trust,

      (d) that at that time has a trustee other than

        (i) Her Majesty in right of Canada or the province, or

        (ii) a corporation resident in Canada that 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,

      (e) that borrows money at that time,

      (f) that acquired at that time any property that is not described in any of paragraphs (a), (b) and (f) of the definition ``qualified investment'' in section 204,

      (g) that did not comply with prescribed conditions at that time, or

      (h) that was at any previous time not a mining reclamation trust;

(5) Subsection 248(1) of the French version of the Act is amended by adding the following in alphabetical order:

« police d'assurance-vi e collective temporaire »
``group term life insurance policy''

« police d'assurance-vie collective temporaire » Police d'assurance-vie collective aux termes de laquelle seules les sommes suivantes sont payables par l'assureur :

      a) les sommes payables en cas de décès ou d'invalidité de particuliers dont la vie est assurée dans le cadre ou au titre de leur charge ou de leur emploi, actuel ou antérieur;

      b) les participations de police ou les bonifications.

(6) Subsections (1), (2) and (5) apply to insurance provided in respect of periods that are after June 1994.

(7) Subsection (3) applies after 1993.

(8) Subsection (4) applies after 1993 except with respect to a trust the first contribution to which was made before February 23, 1994 and that elects in writing filed with the Minister of National Revenue before 1996 that subsection (4) not apply to the trust.

53. (1) Paragraph 249(2)(b) of the Act is replaced by the following:

    (b) a reference to a fiscal period ending in a taxation year includes a reference to a fiscal period ending coincidentally with that year.

(2) Subsection (1) applies to fiscal periods that end after 1993.

54. (1) Section 250 of the Act is amended by adding the following after subsection (6):

Residence of a mining reclamation trust

(7) For the purposes of this Act, where a trust resident in Canada would be a mining reclamation trust at any time if it were resident at that time in the province in which the mine to which the trust relates is situated, the trust shall be deemed to be resident at that time in that province and in no other province.

(2) Subsection (1) applies after 1993.

55. (1) The portion of subsection 256(7) of the Act before paragraph (a) is replaced by the following:

Acquiring control

(7) For the purposes of subsection 13(24), sections 37 and 55, subsections 66(11), (11.4) and (11.5), 66.5(3), 66.7(10) and (11), 85(1.2), 87(2.1) and (2.11), 88(1.1) and (1.2) and 89(1.1), sections 111 and 127 and subsection 249(4),

(2) The portion of subsection 256(8) of the Act after paragraph (a) is replaced by the following:

    (b) the application of subsection 13(24), paragraph 37(1)(h), or subsection 55(2), 66(11.4) or (11.5), 111(4), (5.1), (5.2) or (5.3), or

    (c) the application of paragraph (j) or (k) of the definition ``investment tax credit'' in subsection 127(9),

in determining whether control of a corporation has been acquired for the purposes of subsection 13(24), sections 37 and 55, subsections 66(11), (11.4) and (11.5), 66.5(3) and 66.7(10) and (11), sections 111 and 127 and subsection 249(4), the taxpayer shall be deemed to have acquired the shares at that time.

(3) Subsection (1) applies to amalgamations, acquisitions, redemptions and cancellations that occur after February 21, 1994.

(4) Subsection (2) applies to acquisitions that occur after June 23, 1994.

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