• 68. (1) The Act is amended by replacing “prescribed stock exchange” with “designated stock exchange” in the following provisions:

  • (a) the portion of paragraph 187.3(2)(d) before subparagraph (i); and

  • (b) paragraph (d.1) of the definition “term preferred share” in subsection 248(1).

• (2) The Act is amended by replacing “prescribed stock exchange” with “designated stock exchange” in the following provisions:

  • (a) subparagraphs 7(9)(d)(i) and (ii);

  • (b) subparagraph 13(27)(f)(i);

  • (c) subparagraph 48.1(1)(a)(ii);

  • (d) subparagraphs 86.1(2)(c)(ii) and (d)(ii);

  • (e) subsection 87(4.3) and paragraphs 87(9)(a.2) and (10)(e);

  • (f) subsection 110.1(6);

  • (g) paragraph 112(2.21)(c);

  • (h) clauses (a)(i)(A) and (B) of the definition “qualified investment” in subsection 115.2(1);

  • (i) paragraph 118.1(18)(a);

  • (j) subparagraphs (a)(i) and (ii) and clauses (c)(ii)(A) and (B) of the definition “split income” in subsection 120.4(1);

  • (k) paragraph (c) of the definition “Canadian-controlled private corporation” in subsection 125(7);

  • (l) subsection 137(4.1);

  • (m) paragraph (b) of the definition “non-qualified investment” in subsection 149.1(1);

  • (n) subsection 207.5(2);

  • (o) paragraph (a) of the definition “Canadian property mutual fund investment” in subsection 218.3(1);

  • (p) paragraph (d) of the definition “grandfathered share” in subsection 248(1); and

  • (q) paragraphs (d) to (f) of the definition “taxable Canadian property” in subsection 248(1).

• (3) Subsections (1) and (2) apply on and after the day on which this Act is assented to.

R.S., c. 2 (5th Supp.)Income Tax Application Rules

• 69. (1) Subsection 10(5) of the Income Tax Application Rules is repealed.

• (2) Subsection (1) applies after 2007.

R.S., c. I-4Income Tax Conventions Interpretation Act

• 70. (1) The Income Tax Conventions Interpretation Act is amended by adding the following after section 4.1:

  Marginal note:Stock exchanges

  4.2 Notwithstanding the provisions of a convention or the Act giving the convention the force of law in Canada, each reference in a convention to a stock exchange that is prescribed under, or for the purposes of, the Income Tax Act shall be read as a reference to a designated stock exchange, as defined in the Income Tax Act.

• (2) Subsection (1) applies on and after the day on which this Act is assented to.

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

• 71. (1) Paragraphs 108(1.12)(a) and (b) of the Income Tax Regulations are replaced by the following:

  • (a) the average monthly withholding amount in respect of an employer for either the first or the second calendar year before the particular calendar year that includes that time is less than $3,000,

  • (b) throughout the 12-month period before that time, the employer has remitted, on or before the day on or before which the amounts were required to be remitted, all amounts each of which was required to be remitted under subsection 153(1) of the Act, under subsection 21(1) of the Canada Pension Plan, under subsection 82(1) of the Employment Insurance Actor under Part IX of the Excise Tax Act, and

• (2) Subsection (1) applies in respect of amounts required to be deducted or withheld after 2007.

• 72. (1) The Regulations are amended by adding the following after section 204:

  Interpretation

  • 204.1 (1) The following definitions apply in this section.

    “public investment trust”

    “public investment trust”, at any time, means a public trust all or substantially all of the fair market value of the property of which is, at that time, attributable to the fair market value of property of the trust that is

    • (a) units of public trusts;

    • (b) partnership interests in public partnerships (as defined in subsection 229.1(1));

    • (c) shares of the capital stock of public corporations; or

    • (d) any combination of properties referred to in paragraphs (a) to (c). (fiducie de placement ouverte)

    “public trust”

    “public trust”, at any time, means a mutual fund trust the units of which are, at that time, listed on a designated stock exchange in Canada. (fiducie ouverte)

  •  

    Required Information Disclosure

  • (2) A trust that is, at any time in a taxation year of the trust, a public trust shall, within the time required by subsection (3),

    • (a) make public, in prescribed form, information in respect of the trust for the taxation year by posting that prescribed form, in a manner that is accessible to the general public, on the Internet website of CDS Innovations Inc.; and

    • (b) notify the Minister in writing as to when the posting of the prescribed form, as required by paragraph (a), has been made.

    Required Disclosure Time

  • (3) The time required for a public trust to satisfy the requirements of subsection (2) in respect of the public trust for a taxation year of the public trust is

    • (a) subject to paragraph (b), on or before the day that is 60 days after the end of the taxation year; and

    • (b) where the public trust is, at any time in the taxation year, a public investment trust, on or before the day that is 67 days after the end of the calendar year in which the taxation year ends.

• (2) Subsection (1) applies to information in respect of taxation years that end on or after July 4, 2007.

• 73. (1) The Regulations are amended by adding the following after section 229:

  Definitions

  • 229.1 (1) The definitions in this subsection apply in this section.

    “public investment partnership”

    “public investment partnership”, at any time, means a public partnership all or substantially all of the fair market value of the property of which is, at that time, attributable to the fair market value of property of the partnership that is

    • (a) units of public trusts (as defined in subsection 204.1(1));

    • (b) partnership interests in public partnerships;

    • (c) shares of the capital stock of public corporations; or

    • (d) any combination of properties referred to in paragraphs (a) to (c). (société de personnes de placement ouverte)

    “public partnership”

    “public partnership”, at any time, means a partnership the partnership interests in which are, at that time, listed on a designated stock exchange in Canada if, at that time, the partnership carries on a business in Canada or is a Canadian partnership. (société de personnes ouverte)

  •  

    Required Information Disclosure

  • (2) Every member of a partnership that is, at any time in a fiscal period of the partnership, a public partnership shall, within the time required by subsection (3),

    • (a) make public, in prescribed form, information in respect of the public partnership for the fiscal period by posting the prescribed form, in a manner that is accessible to the general public, on the Internet website of CDS Innovations Inc.; and

    • (b) notify the Minister in writing as to when the posting of the prescribed form, as required by paragraph (a), has been made.

    Required Disclosure Time

  • (3) The time required for the members of a public partnership to satisfy the requirements of subsection (2) in respect of the public partnership for a fiscal period of the public partnership is

    • (a) subject to paragraph (b), on or before the day that is the earlier of

      • (i) 60 days after the end of the calendar year in which the fiscal period ends, and

      • (ii) four months after the end of the fiscal period; and

    • (b) where the public partnership is, at any time in the fiscal period, a public investment partnership, on or before the day that is 67 days after the end of the calendar year in which the fiscal period ends.

    Obligation Fulfilled by One Partner Deemed Fulfilled by All

  • (4) Every member of a partnership that is required to satisfy the requirements of subsection (2) in respect of the partnership for a fiscal period of the partnership will be deemed to have satisfied those requirements if a particular member of the partnership, who has authority to act for the partnership, has satisfied those requirements in respect of the partnership for the fiscal period.

• (2) Subsection (1) applies to information in respect of fiscal periods that end on or after July 4, 2007.

• 74. (1) Section 3201 of the Regulations is amended

  • (a) by replacing “the Australian Stock Exchange” in paragraph (a) with “the Australian Securities Exchange”;

  • (b) by replacing “the Brussels Stock Exchange” in paragraph (b) with “Euronext Brussels”;

  • (c) by replacing “the Paris Stock Exchange” in paragraph (c) with “Euronext Paris”;

  • (d) by replacing “the Amsterdam Stock Exchange” in paragraph (i) with “Euronext Amsterdam”;

  • (e) by replacing “the Zurich Stock Exchange” in paragraph (m) with “the SWX Swiss Exchange”;

  • (f) by replacing “the Cincinnati Stock Exchange” in subparagraph (o)(v) with “the National Stock Exchange”;

  • (g) by repealing subparagraph (o)(vi);

  • (h) by replacing “the Midwest Stock Exchange” in subparagraph (o)(vii) with “the Chicago Stock Exchange”;

  • (i) by replacing “the Pacific Stock Exchange” in subparagraph (o)(x) with “NYSE Arca”; and

  • (j) by replacing subparagraphs (o)(xi) and (xii) with the following:

    • (xi) the Philadelphia Stock Exchange;

• (2) Sections 3200 and 3201 of the Regulations are repealed.

• (3) Paragraphs (1)(a) to (d), (f) to (h) and (j) are deemed to have come into force on the day immediately before the day on which this Act is assented to.

• (4) Paragraph (1)(e) is deemed to have come into force on January 1, 2007.

• (5) Paragraph (1)(i) is deemed to have come into force on April 1, 2006.

• (6) Subsection (2) comes into force on the day on which this Act is assented to.

• 75. (1) The definition “prescribed stock exchange” in section 3700 of the Regulations is repealed.

• (2) Subsection (1) comes into force on the day on which this Act is assented to.

• 76. (1) Subparagraphs 3702(1)(b)(i) and (ii) of the Regulations are amended by replacing “prescribed stock exchange” with “designated stock exchange”.

• (2) Subsection (1) comes into force on the day on which this Act is assented to.

• 77. (1) Subparagraph 4800(2)(a)(i) and paragraph 4800(3)(a) of the Regulations are amended by replacing “stock exchange in Canada prescribed for the purposes of section 89 of the Act” with “designated stock exchange in Canada”.

• (2) Subsection (1) comes into force on the day on which this Act is assented to.

• 78. (1) The portion of subsection 6201(5) of the Regulations before paragraph (a) is replaced by the following:

  • (5) For the purpose of paragraph (f) of the definition “term preferred share” in subsection 248(1) of the Act, a share of a class of the capital stock of a corporation that is listed on a designated stock exchange in Canada is a prescribed share at any particular time with respect to another corporation that is registered or licensed under the laws of a province to trade in securities and that holds the share for the purpose of sale in the course of the business ordinarily carried on by it unless

• (2) The portion of subsection 6201(5.1) of the Regulations before paragraph (a) is replaced by the following:

  • (5.1) For the purpose of the definition “taxable RFI share” in subsection 248(1) of the Act, a share of a class of the capital stock of a corporation that is listed on a designated stock exchange in Canada is a prescribed share at any particular time with respect to another corporation that is registered or licensed under the laws of a province to trade in securities and that holds the share for the purpose of sale in the course of the business ordinarily carried on by it unless

• (3) Subsections (1) and (2) apply to dividends received in taxation years that begin after October 1994, except that in its application before the day on which this Act is assented to, the references to “a designated stock exchange in Canada” in subsections 6201(5) and (5.1) of the Regulations, as enacted by subsections (1) and (2), shall be read as a reference to “a stock exchange referred to in section 3200”.

• 79. (1) Paragraph 7303.1(1)(a) of the Regulations is replaced by the following:

  • (a) the Yukon Territory, the Northwest Territories or Nunavut;

• (2) Paragraph 7303.1(2)(a) of the Regulations is amended by striking out the word “or” at the end of subparagraph (i), by adding the word “or” at the end of subparagraph (ii) and by adding the following after subparagraph (ii):

  • (iii) north of 55°13′N latitude and east of 123°16′W longitude;

• (3) Subsection (1) applies after March 31, 1999.

• (4) Subsection (2) applies to the 2007 and subsequent taxation years.

• 80. (1) The Regulations are amended by adding the following after section 7309:

  7310. 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.

• (2) Subsection (1) applies to taxation years ending on or after May 2, 2006, except that in its application to taxation years ending before October 2007, section 7310 of the Regulations, as enacted by subsection (1), is to be read as follows:

  7310. 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, on September 30, 2007, a Red Seal trade for the province under the Interprovincial Standards Red Seal Program.

• 81. (1) Clause 8303(5)(f.1)(ii)(C) of the Regulations is replaced by the following:

  • (C) the plan is not a designated plan,

• (2) Subparagraph 8303(5)(f.2)(iv) of the Regulations is replaced by the following:

  • (iv) the plan is not a designated plan,

• (3) Subsections (1) and (2) apply to past service events that occur after 2007.

• 82. (1) Subsection 8500(1) of the Regulations is amended by adding the following in alphabetical order:

  “designated plan”

  “designated plan” has the meaning assigned by section 8515; (régime désigné)

• (2) Subsection 8500(2) of the Regulations is replaced by the following:

  • (2) All words and expressions used in this Part that are defined in subsection 147.1(1) of the Act or in Part LXXXIII have the meanings assigned in those provisions.

• (3) Subsections (1) and (2) apply after 2007.