Budget and Economic Statement Implementation Act, 2007 (S.C. 2007, c. 35)
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Assented to 2007-12-14
PART 3AMENDMENTS RELATING TO INCOME TAX
Coordinating Amendments
97. (1) Subsections 179(1) to (3), (10), (16) to (19), (24) and (27) of the other Act and subsections 59(2), (3), (6) and (8) of this Act apply as though the other Act had received royal assent before this Act received royal assent.
(2) Subsection 268(1) of the other Act is repealed.
(3) If subsection 194(8) of the other Act comes into force, then, on the day on which this Act is assented to, the portion of paragraph (d) of the definition “fully exempt interest” in subsection 212(3) of the Income Tax Act before subparagraph (i), as enacted by subsection 59(3) of this Act, is replaced by the following:
(d) an amount paid or payable or credited under a securities lending arrangement that is deemed by subparagraph 260(8)(c)(i) to be a payment made by a borrower to a lender of interest, if
98. (1) If the other Act receives royal assent before this Act receives royal assent, section 63 and subsection 64(1) of this Act are repealed.
(2) On the later of the day on which the other Act receives royal assent and the day on which this Act receives royal assent, paragraph (b) of the definition “listed international agreement” in subsection 248(1) of the Income Tax Act, as enacted by subsection 187(11) of the other Act, is replaced by the following:
(b) a comprehensive tax information exchange agreement between Canada and another country or jurisdiction;
99. (1) The definition “qualified trust unit” in subsection 260(1) of the Act, as enacted by subsection 194(5) of the other Act, is replaced by the following:
“qualified trust unit”
« unité de fiducie déterminée »
“qualified trust unit” means a unit of a mutual fund trust that is listed on a stock exchange;
(2) If the other Act receives royal assent before subsection 66(2) of this Act comes into force, that subsection 66(2) is repealed and the words “Subsections (2) and (3) apply” in subsection 66(5) of this Act are replaced by “Subsection (3) applies”.
(3) Subparagraph 260(8)(c)(ii) of the Income Tax Act, as enacted by subsection 194(8) of the other Act, is replaced by the following:
(ii) is, to the extent of the amount of the interest, if any, paid in respect of the security, deemed, if the security is described in paragraph (c) of the definition “qualified security” in subsection (1), to have been payable on a security described in paragraph (a) of the definition “fully exempt interest” in subsection 212(3); and
(4) On the first day on which both subsection 260(10) of the Income Tax Act, as enacted by subsection 194(9) of the other Act, and subsection 260(10) of the Income Tax Act, as enacted by subsection 66(3) of this Act, are in force, subsection 260(10) of the Income Tax Act, as enacted by subsection 66(3) of this Act, is renumbered as subsection 260(9.1) and is repositioned accordingly if required.
100. (1) If the other Act receives royal assent before this Act receives royal assent, paragraph 68(2)(d) of this Act is repealed.
(2) Sections 17, 18, 69 and 87 of the other Act and section 68 of this Act apply as though the other Act had received royal assent before this Act received royal assent, and, on the day on which this Act is assented to, the references to “prescribed stock exchange” in the following provisions of the Income Tax Act, as enacted by those sections of the other Act, are replaced by references to “designated stock exchange”:
(a) paragraphs (b) and (c) of the definition “qualified person” in subsection 55(1), and subsection 55(6);
(b) the definitions “arm’s length transfer” and “excluded property” in subsection 94(1);
(c) the definitions “arm’s length interest” and “exempt interest” in subsection 94.1(1); and
(d) the definitions “readily obtainable fair market value” and “trading day” in subsection 94.2(1), and paragraph 94.2(2)(b).
PART 4DISABILITY SAVINGS
Amendments Relating to Income Tax
R.S., c. 1 (5th Supp.)Income Tax Act
101. Paragraph 4(3)(a) of the Income Tax Act is replaced by the following:
(a) subject to paragraph (b), all deductions permitted in computing a taxpayer’s income for a taxation year for the purposes of this Part, except any deduction permitted by any of paragraphs 60(b) to (o), (p), (r) and (v) to (z), shall apply either wholly or in part to a particular source or to sources in a particular place; and
102. Subsection 18(11) of the Act is amended by striking out the word “or” at the end of paragraph (g), by adding the word “or” at the end of paragraph (h) and by adding the following after paragraph (h):
(i) making a contribution to a registered disability savings plan,
103. Clause 40(2)(g)(iv)(A) of the Act is replaced by the following:
(A) a trust governed by a deferred profit sharing plan, an employees profit sharing plan, a registered disability savings plan or a registered retirement income fund under which the taxpayer is a beneficiary or immediately after the disposition becomes a beneficiary, or
104. Subsection 56(1) of the Act is amended by adding the following after paragraph (q):
Marginal note:Registered disability savings plan payments
(q.1) amounts in respect of a registered disability savings plan required by section 146.4 to be included in computing the taxpayer’s income for the year;
105. Section 60 of the Act is amended by striking out the word “and’’ at the end of paragraph (x), by adding the word “and” at the end of paragraph (y) and by adding the following after paragraph (y):
Marginal note:Repayment under the Canada Disability Savings Act
(z) the total of all amounts each of which is an amount paid in the taxation year as a repayment, under the Canada Disability Savings Act, of an amount that was included because of section 146.4 in computing the taxpayer’s income for the taxation year or a preceding taxation year.
106. Subsection 74.5(12) of the Act is amended by striking out the word “or” at the end of paragraph (a.1) and by adding the following after that paragraph:
(a.2) as a payment of a contribution under a registered disability savings plan; or
107. Paragraph 75(3)(a) of the Act is replaced by the following:
(a) by a trust governed by a deferred profit sharing plan, an employee benefit plan, an employees profit sharing plan, a registered disability savings plan, a registered education savings plan, a registered pension plan, a registered retirement income fund, a registered retirement savings plan, a registered supplementary unemployment benefit plan or a retirement compensation arrangement;
108. The portion of subsection 87(10) of the Act after paragraph (f) is replaced by the following:
the new share is deemed, for the purposes of subsection 116(6), the definitions “qualified investment” in subsections 146(1), 146.1(1), 146.3(1), in section 204 and in subsection 205(1), and the definition “taxable Canadian property” in subsection 248(1), to be listed on the exchange until the earliest time at which it is so redeemed, acquired or cancelled.
109. Paragraph 107.4(1)(j) of the Act is replaced by the following:
(j) if the contributor is an amateur athlete trust, a cemetery care trust, an employee trust, an inter vivos trust deemed by subsection 143(1) to exist in respect of a congregation that is a constituent part of a religious organization, a related segregated fund trust (as defined by section 138.1), a trust described in paragraph 149(1)(o.4) or a trust governed by an eligible funeral arrangement, an employees profit sharing plan, a registered disability savings plan, a registered education savings plan or a registered supplementary unemployment benefit plan, the particular trust is the same type of trust.
110. Paragraph (a) of the definition “trust” in subsection 108(1) of the Act is replaced by the following:
(a) an amateur athlete trust, an employee trust, a trust described in paragraph 149(1)(o.4) or a trust governed by a deferred profit sharing plan, an employee benefit plan, an employees profit sharing plan, a foreign retirement arrangement, a registered disability savings plan, a registered education savings plan, a registered pension plan, a registered retirement income fund, a registered retirement savings plan or a registered supplementary unemployment benefit plan,
111. The definition “adjusted income” in subsection 122.5(1) of the Act is replaced by the following:
“adjusted income”
« revenu rajusté »
“adjusted income”, of an individual for a taxation year in relation to a month specified for the taxation year, means the total of the individual’s income for the taxation year and the income for the taxation year of the individual’s qualified relation, if any, in relation to the specified month, both calculated as if no amount were included under paragraph 56(1)(q.1) or subsection 56(6) or in respect of any gain from a disposition of property to which section 79 applies in computing that income and as if no amount were deductible under paragraph 60(y) or (z) in computing that income.
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