Budget Implementation Act, 2006 (S.C. 2006, c. 4)
Full Document:
Assented to 2006-06-22
Marginal note:1997, c. 10, s. 208(1)
21. (1) The description of E in subsection 225.2(2) of the Act is replaced by the following:
- E
- is the rate set out in subsection 165(1);
(2) Subsection (1) applies for the purposes of determining the net tax of a selected listed financial institution for a reporting period of the selected listed financial institution that ends on or after July 1, 2006.
Marginal note:2000, c. 30, s. 61(2)
22. (1) The description of A in subparagraph 233(2)(a)(i) of the Act is replaced by the following:
- A
- is the total of 100%, the rate set out in subsection 165(1) and the tax rate for that province, and
Marginal note:2000, c. 30, s. 61(2)
(2) Subparagraph 233(2)(a)(ii) of the Act is replaced by the following:
(ii) the total consideration for all supplies (in this subparagraph referred to as the “non-participating provinces’ supplies”) that are specified supplies to which subsection 165(2) did not apply by the amount determined by the formula
(100%/A) × B
where
- A
- is the total of 100% and the rate set out in subsection 165(1),
- B
- is
(A) if the particular person has made an election under this subsection that is in effect for that fiscal year, the part of the dividend that is in respect of the non-participating province’s supplies, and
(B) in any other case, the amount determined by the formula
(C/D) × E
where
- C
- is the portion of the total of the values determined, in computing the specified amount in respect of the dividend, for B and D in subsection (1) that is attributable to supplies made in non-participating provinces,
- D
- is the total referred to in the description of C, and
- E
- is the specified amount in respect of the dividend; and
(3) Subsections (1) and (2) apply in respect of a patronage dividend that is paid on or after July 1, 2006.
Marginal note:1997, c. 10, s. 220(3)
23. (1) The description of A in subsection 253(1) of the Act is replaced by the following:
- A
- is
(a) where the tax paid by the individual includes only tax imposed under subsection 165(1) or section 212 or 218, the amount determined by the formula
D/E
where
- D
- is the rate set out in subsection 165(1), and
- E
- is the total of 100% and the percentage determined for D,
(b) where the tax paid by the individual does not include any tax imposed under any of those provisions, the amount determined by the formula
F/G
where
- F
- is the tax rate for a participating province, and
- G
- is the total of 100% and the percentage determined for F, and
(c) in any other case, the amount determined by the formula
H/I
where
- H
- is the total of the rate set out in subsection 165(1) and the tax rate for a participating province, and
- I
- is the total of 100% and the percentage determined for H,
Marginal note:1993, c. 27, s. 108(1)
(2) Subparagraph 253(2)(a)(ii) of the Act is replaced by the following:
(ii) paid tax in respect of the instrument equal to the amount determined by the formula
A × B
where
- A
- is
(A) where the tax paid by the individual includes only tax imposed under subsection 165(1) or section 212 or 218, the amount determined by the formula
C/D
where
- C
- is the rate set out in subsection 165(1), and
- D
- is the total of 100% and the percentage determined for C,
(B) where the tax paid by the individual does not include any tax imposed under any of those provisions, the amount determined by the formula
E/F
where
- E
- is the tax rate for a participating province, and
- F
- is the total of 100% and the percentage determined for E, and
(C) in any other case, the amount determined by the formula
G/H
where
- G
- is the total of the rate set out in subsection 165(1) and the tax rate for a participating province, and
- H
- is the total of 100% and the percentage determined for G, and
- B
- is the capital cost allowance in respect of that instrument that was deductible under the Income Tax Act in computing the individual’s income from the partnership for that calendar year;
Marginal note:1993, c. 27, s. 108(1)
(3) Subparagraph 253(2)(c)(ii) of the Act is replaced by the following:
(ii) paid, in that reporting period, tax in respect of that acquisition equal to the amount determined by the formula
A × B
where
- A
- is
(A) where the tax paid by the individual includes only tax imposed under subsection 165(1) or section 212 or 218, the amount determined by the formula
C/D
where
- C
- is the rate set out in subsection 165(1), and
- D
- is the total of 100% and the percentage determined for C,
(B) where the tax paid by the individual does not include any tax imposed under any of those provisions, the amount determined by the formula
E/F
where
- E
- is the tax rate for a participating province, and
- F
- is the total of 100% and the percentage determined for E, and
(C) in any other case, the amount determined by the formula
G/H
where
- G
- is the total of the rate set out in subsection 165(1) and the tax rate for a participating province, and
- H
- is the total of 100% and the percentage determined for G, and
- B
- is
(A) in the case of property imported by the individual, the amount (not exceeding the total of the value of the property determined under section 215 and the tax calculated on it) in respect of the acquisition and importation of the property by the individual that was deductible under the Income Tax Act in computing the individual’s income from the partnership for that calendar year, and
(B) in any other case, the amount in respect of the acquisition of the property or service by the individual that was so deductible in computing that income.
(4) Subsection (1) applies to any rebate for a calendar year after 2005, except that for the 2006 calendar year the description of A in subsection 253(1) of the Act, as amended by subsection (1), shall be read as follows:
- A
- is
(a) where the tax paid by the individual includes only tax imposed under subsection 165(1) or section 212 or 218,6.5/106.5,
(b) where the tax paid by the individual does not include any tax imposed under any of those provisions, 8/108, and
(c) in any other case, 14.5/114.5,
(5) Subsections (2) and (3) are deemed to have come into force on April 1, 1997, except that for the purpose of determining a rebate under subsection 253(2) of the Act, as amended by subsections (2) and (3), for the 2006 calendar year, the expression “the rate set out in subsection 165(1)” shall be read as “6.5%”.
Marginal note:1990, c. 45, s. 12(1); 1997, c. 10, s. 221(2)(F)
24. (1) Paragraph 254(2)(h) of the Act is replaced by the following:
(h) where the total consideration is not more than $350,000, an amount equal to the lesser of $7,560 and 36% of the total tax paid by the particular individual, and
Marginal note:1990, c. 45, s. 12(1)
(2) The description of A in paragraph 254(2)(i) of the Act is replaced by the following:
- A
- is the lesser of $7,560 and 36% of the total tax paid by the particular individual, and
(3) Subsections (1) and (2) apply to any rebate in respect of a supply by way of sale of a residential complex in respect of which ownership is transferred on or after July 1, 2006, to the particular individual referred to in section 254 of the Act, unless the tax payable under subsection 165(1) of the Act in respect of the supply of the complex applied at the rate of 7%.
Marginal note:1993, c. 27, s. 110(1)
25. (1) Paragraph 254.1(2)(c) of the Act is replaced by the following:
(c) the fair market value of the complex, at the time possession of the complex is given to the particular individual under the agreement, is less than $477,000,
Marginal note:1993, c. 27, s. 110(1); 1997, c. 10, s. 222(2)
(2) Paragraphs 254.1(2)(h) and (i) of the Act are replaced by the following:
(h) if the fair market value referred to in paragraph (c) is not more than $371,000, an amount equal to the lesser of $7,560 and 2.04% of the total (in this subsection referred to as the “total consideration”) of all amounts, each of which is the consideration payable by the particular individual to the builder for the supply by way of sale to the particular individual of the building or part of a building referred to in paragraph (a) or of any other structure that forms part of the complex, other than consideration that can reasonably be regarded as rent for the supplies of the land attributable to the complex or as consideration for the supply of an option to purchase that land, and
(i) if the fair market value referred to in paragraph (c) is more than $371,000 but less than $477,000, the amount determined by the formula
A × [($477,000 - B)/$106,000]
where
- A
- is the lesser of $7,560 and 2.04% of the total consideration, and
- B
- is the fair market value referred to in paragraph (c).
Marginal note:2000, c. 30, s. 72(3)
(3) Paragraph 254.1(2.1)(a) of the Act is replaced by the following:
(a) an individual is entitled to a rebate under subsection (2), or to be paid or credited the amount of such a rebate under subsection (4), in respect of a residential complex situated in Nova Scotia or would be so entitled if the fair market value of the complex, at the time possession of the complex is given to the individual under the agreement for the supply of the complex to the individual, were less than $477,000, and
(4) Subsections (1) to (3) apply in respect of a supply, to a particular individual referred to in section 254.1 of the Act, of a building or part of it in which a residential unit forming part of a residential complex is situated if possession of the unit is given to the particular individual on or after July 1, 2006, unless the builder is deemed under section 191 of the Act to have paid tax under subsection 165(1) of the Act calculated at the rate of 7% in respect of the supply referred to in paragraph 254.1(2)(d) of the Act.
- Date modified: