• (e) a corporation

  • (i) that is incorporated under the laws of Canada or a province,

  • (ii) of which the chairperson or other presiding officer and at least 3/4 of the directors or other similar officers are Canadian citizens, and

  • (iii) that, if it is a corporation having share capital, is

    • (A) a public corporation a class or classes of shares of the capital stock of which are listed on a designated stock exchange in Canada, other than a corporation controlled by citizens or subjects of a country other than Canada, or

    • (B) a corporation of which at least 3/4 of the shares having full voting rights under all circumstances, and shares having a fair market value in total of at least 3/4 of the fair market value of all of the issued shares of the corporation, are beneficially owned by Canadian citizens or by public corporations a class or classes of shares of the capital stock of which are listed on a designated stock exchange in Canada, other than a public corporation controlled by citizens or subjects of a country other than Canada,

    and, for the purposes of clause (B), where shares of a class of the capital stock of a corporation are owned, or deemed by this definition to be owned, at any time by another corporation (in this definition referred to as the “holding corporation”), other than a public corporation a class or classes of shares of the capital stock of which are listed on a designated stock exchange in Canada, each shareholder of the holding corporation shall be deemed to own at that time that proportion of the number of such shares of that class that

• Marginal note:Recapture of investment tax credits — child care space amount

  (nn.1) total of all amounts (other than an amount in respect of a disposition of a depreciable property) added because of subsection 127(27.1) or (28.1) to the taxpayer’s tax otherwise payable under this Part for any preceding taxation year;

• Marginal note:Borrowed money

  (3) For greater certainty, if a taxpayer uses borrowed money to repay money previously borrowed, or to pay an amount payable for property described in subparagraph (1)(c)(ii) previously acquired (which previously borrowed money or amount payable in respect of previously acquired property is, in this subsection, referred to as the “previous indebtedness”), subject to subsection 20.1(6), for the purposes of paragraphs (1)(c), (e) and (e.1), section 18.2, subsections 20.1(1) and (2), section 21 and subparagraph 95(2)(a)(ii), and for the purpose of paragraph 20(1)(k) of the Income Tax Act, Chapter 148 of the Revised Statutes of Canada, 1952, the borrowed money is deemed to be used for the purpose for which the previous indebtedness was used or incurred, or was deemed by this subsection to have been used or incurred.

• (i) the disposition is the making of a gift to a qualified donee of a share, debt obligation or right listed on a designated stock exchange, a share of the capital stock of a mutual fund corporation, a unit of a mutual fund trust, an interest in a related segregated fund trust (within the meaning assigned by paragraph 138.1(1)(a)) or a prescribed debt obligation, or

• (xiv) the total of all amounts each of which is the amount of the taxpayer’s taxable earnings base adjustment (within the meaning assigned by subsection 18.2(1)) in respect of an interest in the partnership for a taxation year that ended before that time;

• (xiii) the lesser of

  • (A) the total of all amounts each of which is the amount of a dividend that is included in computing the income of the taxpayer under section 93.1 in respect of the partnership for a taxation year that ended before that time, and

  • (B) the total of all amounts each of which is

    • (I) an amount deducted by the taxpayer under subsection 91(5.2) for a taxation year that ended before that time in respect of a dividend included in computing the amount determined under clause (A), or

    • (II) twice the amount deducted by the taxpayer under subsection 91(5.3) for a taxation year that ended before that time in respect of the disposition of a share on which a dividend included in computing the amount determined under clause (A) was paid;

• (a) the total of all amounts each of which is the amount included under subparagraph (1)(n)(i) in computing the taxpayer’s income for the taxation year in respect of a scholarship, fellowship or bursary received in connection with the taxpayer’s enrolment

  • (i) in an educational program in respect of which an amount may be deducted under subsection 118.6(2) in computing the taxpayer’s tax payable under this Part for the taxation year, for the immediately preceding taxation year or for the following taxation year, or

  • (ii) in an elementary or secondary school educational program,

• Marginal note:Repayment under Canada Education Savings Act

  (x) the total of all amounts each of which is an amount paid by the taxpayer in the year as a repayment, under the Canada Education Savings Act or under a designated provincial program (as defined in subsection 146.1(1)), of an amount that was included because of subsection 146.1(7) in computing the taxpayer’s income for the year or a preceding taxation year; and

• (h) the generation of energy using property described in Class 43.1 or 43.2 of Schedule II to the regulations, or any combination thereof, and

• (i) the development of projects for which it is reasonable to expect that at least 50% of the capital cost of the depreciable property to be used in each project would be the capital cost of property described in Class 43.1 or 43.2 of Schedule II to the regulations or any combination thereof,

Marginal note:Expenses for food, etc.

• 67.1 (1) Subject to subsection (1.1), for the purposes of this Act, other than sections 62, 63, 118.01 and 118.2, an amount paid or payable in respect of the human consumption of food or beverages or the enjoyment of entertainment is deemed to be 50 per cent of the lesser of

• Marginal note:Expenses for food and beverages of long-haul truck drivers

  (1.1) An amount paid or payable by a long-haul truck driver in respect of the consumption of food or beverages by the driver during an eligible travel period of the driver is deemed to be the amount determined by multiplying the specified percentage in respect of the amount so paid or payable by the lesser of

  • (a) the amount so paid or payable, and

  • (b) a reasonable amount in the circumstances.

• Marginal note:Definitions

  (5) The following definitions apply for the purpose of this section.

  “eligible travel period”

  « période de déplacement admissible »

  “eligible travel period” in respect of a long-haul truck driver is a period during which the driver is away from the municipality or metropolitan area where the specified place in respect of the driver is located for a period of at least 24 continuous hours for the purpose of driving a long-haul truck that transports goods to, or from, a location that is beyond a radius of 160 kilometres from the specified place.

  “long-haul truck”

  « grand routier »

  “long-haul truck” means a truck or a tractor that is designed for hauling freight and that has a gross vehicle weight rating (as that term is defined in subsection 2(1) of the Motor Vehicle Safety Regulations) that exceeds 11 788 kilograms.

  “long-haul truck driver”

  « conducteur de grand routier »

  “long-haul truck driver” means an individual whose principal business or principal duty of employment is driving a long-haul truck that transports goods.

  “specified percentage”

  « pourcentage déterminé »

  “specified percentage” in respect of an amount paid or payable is

  • (a) 60 per cent, if the amount is paid or becomes payable on or after March 19, 2007 and before 2008;

  • (b) 65 per cent, if the amount is paid or becomes payable in 2008;

  • (c) 70 per cent, if the amount is paid or becomes payable in 2009;

  • (d) 75 per cent, if the amount is paid or becomes payable in 2010; and

  • (e) 80 per cent, if the amount is paid or becomes payable after 2010.

  “specified place”

  « endroit déterminé »

  “specified place” means, in the case of an employee, the employer’s establishment to which the employee ordinarily reports to work is located and, in the case of an individual whose principal business is to drive a long-haul truck to transport goods, the place where the individual resides.

• (b) a share issued by the corporation to the person under the terms of the debt, where the debt was a bond, debenture or note listed on a designated stock exchange in Canada and the terms for the conversion to the share were not established or substantially modified after the later of February 22, 1994 and the time that the bond, debenture or note was issued;

• (i) a NISA Fund No. 2, if that property is owned by an individual.

• (a) a corporation that is resident in Canada at the particular time if at that time a class of shares of the capital stock of the corporation is listed on a designated stock exchange in Canada,

• Marginal note:Deduction of dividend by shareholder

  (5.1) Where in a taxation year a corporation resident in Canada receives a dividend on a share of the capital stock of a corporation that was at any time a foreign affiliate of the corporation and subsection (5) does not apply in respect of that dividend, there may be deducted, in respect of such portion of the dividend as is prescribed to have been paid out of the taxable surplus of the affiliate, in computing the corporation’s income for the year, the lesser of

  • (a) the amount, if any, by which that portion of the dividend exceeds the amount, if any, deductible in respect of the dividend under paragraph 113(1)(b), and

  • (b) the amount, if any, by which

    • (i) the total of all amounts required under subparagraph 92(1)(a)(ii) to be added in computing the adjusted cost base to the taxpayer of the share before the dividend was so received by the corporation

    exceeds

    • (ii) the total of all amounts required under paragraph 92(1)(b) to be deducted in computing the adjusted cost base to the taxpayer of the share before the dividend was so received by the taxpayer.

• Marginal note:Deduction of dividend by member of partnership

  (5.2) Where in a taxation year a corporation is deemed under section 93.1 to have received a dividend from a foreign affiliate, there may be deducted, in respect of such portion of the dividend as is prescribed to have been paid out of the taxable surplus of the affiliate, in computing the corporation’s income for the year, the lesser of

  • (a) the amount, if any, by which that portion of the dividend exceeds the amount, if any, deductible in respect of the dividend under paragraph 113(1)(b), and

  • (b) the amount, if any, by which

    • (i) the total of all amounts required under subparagraph 53(1)(e)(xiv) to be added in computing the adjusted cost base to the taxpayer of the partnership interest that are reasonably attributable to a share in respect of which the dividend was paid

    exceeds

    • (ii) the total of all amounts required under subparagraph 53(2)(c)(xiii) to be deducted in computing the adjusted cost base to the taxpayer of the partnership interest that are reasonably attributable to a share in respect of which the dividend was paid.

• Marginal note:Deduction of capital gain by member of partnership

  (5.3) Where in a taxation year a taxpayer is a member of a partnership, there may be deducted from the taxpayer’s income for the taxation year an amount equal to the lesser of

  • (a) ½ the amount of the taxpayer’s specified proportion (within the meaning of paragraph 18.2(10)(b)) of any capital gain that is attributable to a disposition by the partnership of a share of the capital stock of a corporation, and

  • (b) the amount, if any, by which

    • (i) the total of all amounts required under subparagraph 53(1)(e)(xiv) to be added in computing the adjusted cost base to the taxpayer of its interest in the partnership that are reasonably attributable to the share

    exceeds

    • (ii) the total of all amounts required under subparagraph 53(2)(c)(xiii) to be deducted in computing the adjusted cost base to the taxpayer of the partnership interest that are reasonably attributable to the share.

Marginal note:Adjusted cost base of share of foreign affiliate

• 92. (1) In computing, at any time in a taxation year, the adjusted cost base to a taxpayer resident in Canada of any share owned by the taxpayer of the capital stock of a foreign affiliate of the taxpayer,

  • (a) there shall be added in respect of that share

    • (i) any amount included in respect of that share under subsection 91(1) or (3) in computing the taxpayer’s income for the year or any preceding taxation year (or that would have been required to have been so included in computing the taxpayer’s income but for subsection 56(4.1) and sections 74.1 to 75 of this Act and section 74 of the Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952), and

    • (ii) the taxable earnings base adjustment (as defined in subsection 18.2(1)) of the taxpayer in respect of the share for the year or any preceding taxation year; and

  • (b) there shall be deducted in respect of that share

    • (i) any amount deducted by the taxpayer under subsection 91(2) or (4), and

    • (ii) any dividend received by the taxpayer before that time, to the extent of the amount deducted by the taxpayer, in respect of the dividend, under subsection 91(5) or (5.1)

    in computing the taxpayer’s income for the year or any preceding taxation year (or that would have been deductible by the taxpayer but for subsection 56(4.1) and sections 74.1 to 75 of this Act and section 74 of the Income Tax Act, chapter 148 of the Revised Statutes of Canada,1952).