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

Regulations are current to 2017-11-20 and last amended on 2017-07-01. Previous Versions

  •  (1) In this section, carrier has the meaning assigned by subsection 146.3(1) of the Act.

  • (2) For the purposes of this section, a retirement income fund is a qualifying retirement income fund at a particular time if

    • (a) the fund was entered into before 1993 and the carrier has not accepted any property as consideration under the fund after 1992 and at or before the particular time, or

    • (b) the carrier has not accepted any property as consideration under the fund after 1992 and at or before the particular time, other than property transferred from a retirement income fund that, immediately before the time of the transfer, was a qualifying retirement income fund.

  • (3) For the purposes of the definition minimum amount in subsection 146.3(1) of the Act, the prescribed factor in respect of an individual for a year in connection with a retirement income fund that was a qualifying retirement income fund at the beginning of the year is the factor, determined pursuant to the following table, that corresponds to the age in whole years (in the table referred to as “X”) attained by the individual at the beginning of that year or that would have been so attained by the individual if the individual had been alive at the beginning of that year.

    XFactor
    Under 721/(90 – X)
    720.0540
    730.0553
    740.0567
    750.0582
    760.0598
    770.0617
    780.0636
    790.0658
    800.0682
    810.0708
    820.0738
    830.0771
    840.0808
    850.0851
    860.0899
    870.0955
    880.1021
    890.1099
    900.1192
    910.1306
    920.1449
    930.1634
    940.1879
    95 or older0.2000
  • (4) For the purposes of the definition minimum amount in subsection 146.3(1) of the Act and subsection 8506(5), the prescribed factor in respect of an individual for a year in connection with a retirement income fund (other than a fund that was a qualifying retirement income fund at the beginning of the year) or the designated factor in respect of an individual for a year in connection with an account under a money purchase provision of a registered pension plan, as the case may be, is the factor, determined in accordance with the following table, that corresponds to the age in whole years (in the table referred to as “Y”) attained by the individual at the beginning of the year or that would have been so attained by the individual if the individual was alive at the beginning of the year.

    YFactor
    Under 711/(90 – Y)
    710.0528
    720.0540
    730.0553
    740.0567
    750.0582
    760.0598
    770.0617
    780.0636
    790.0658
    800.0682
    810.0708
    820.0738
    830.0771
    840.0808
    850.0851
    860.0899
    870.0955
    880.1021
    890.1099
    900.1192
    910.1306
    920.1449
    930.1634
    940.1879
    95 or older0.2000
  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations.  SOR/94-127, s. 1;
  • SOR/2000-63, s. 2;
  • SOR/2005-264, s. 14;
  • 2015, c. 36, s. 23.

 For the purpose of section 67.6 of the Act, penalties imposed under paragraph 110.1(1)(a) of the Excise Act are prescribed.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/2011-187, s. 1.

 For the purpose of the definition eligible apprentice in subsection 127(9) of the Act, a prescribed trade in respect of a province means, at all times in a taxation year, a trade that is, at any time in that taxation year, a Red Seal trade for the province under the Interprovincial Standards Red Seal Program.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. 2007, c. 35, s. 80.

PART LXXIVPrescribed Forest Management Plans for Woodlots

  •  (1) For the purposes of subsections 70(9), (9.3) and (10) and 73(3) of the Act, a prescribed forest management plan in respect of a woodlot of a taxpayer is a written plan for the management and development of the woodlot that

    • (a) describes the composition of the woodlot, provides for the attention necessary for the growth, health and quality of the trees on the woodlot and is approved in accordance with the requirements of a provincial program established for the sustainable management and conservation of forests; or

    • (b) has been certified in writing by a recognized forestry professional to be a plan that describes the composition of the woodlot, provides for the attention necessary for the growth, health and quality of the trees on the woodlot and includes

      • (i) a description of, or a map indicating, the location of the woodlot,

      • (ii) a description of the characteristics of the woodlot, including a map of the woodlot site that shows those characteristics,

      • (iii) a description of the development of the woodlot, including the activities carried out on the woodlot, since the taxpayer acquired it,

      • (iv) information acceptable to the recognized forestry professional estimating

        • (A) the ages and heights of the trees on the woodlot, and their species,

        • (B) the quantity of wood on the woodlot,

        • (C) the quality and composition of the soil underlying the woodlot, and

        • (D) the quantity of wood that the woodlot could yield as a result of the implementation of the plan,

      • (v) a description of, and the timing for, the activities proposed to be carried out on the woodlot under the plan, including any of those activities that deal with

        • (A) harvesting,

        • (B) renewal and regeneration,

        • (C) the application of silviculture techniques, and

        • (D) responsible stewardship and the protection of the environment, and

      • (vi) a description of the objectives and strategies for the management and development of the woodlot over a period of at least five years.

  • (2) A recognized forestry professional referred to in subsection (1) is a forestry professional who has a degree, diploma or certificate recognized by the Canadian Forestry Accreditation Board, the Canadian Institute of Forestry or the Canadian Council of Technicians and Technologists.

  • (3) A recognized forestry professional referred to in subsection (1) is not required to express an opinion as to the completeness or correctness of a description of past activities referred to in subparagraph (1)(b)(iii) or of information referred to in subparagraph (1)(b)(iv) if the information was not prepared by that recognized forestry professional.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/2007-35, s. 1.
 
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