Keeping Canada’s Economy and Jobs Growing Act (S.C. 2011, c. 24)
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Assented to 2011-12-15
PART 1AMENDMENTS TO THE INCOME TAX ACT AND RELATED REGULATIONS
R.S., c. 1 (5th Supp.)Income Tax Act
70. (1) The portion of subsection 230(2) of the Act before paragraph (a) is replaced by the following:
Marginal note:Records and books
(2) Every qualified donee referred to in paragraphs (a) to (c) of the definition “qualified donee” in subsection 149.1(1) shall keep records and books of account — in the case of a qualified donee referred to in any of subparagraphs (a)(i) and (iii) and paragraphs (b) and (c) of that definition, at an address in Canada recorded with the Minister or designated by the Minister — containing
(2) Subsection (1) comes into force on the later of the day on which this Act receives royal assent and January 1, 2012.
71. (1) Paragraph 241(3.2)(h) of the Act is replaced by the following:
(h) an application by the charity, and information filed in support of the application, for a designation, determination or decision by the Minister under subsection 149.1(5), (6.3), (7), (8) or (13).
(2) Subsection 241(3.2) of the Act, as amended by subsection (1), is replaced by the following:
Marginal note:Registered charities and registered Canadian amateur athletic associations
(3.2) An official may provide to any person the following taxpayer information relating to another person (in this subsection referred to as the “registrant”) that was at any time a registered charity or registered Canadian amateur athletic association:
(a) a copy of the registrant’s governing documents, including its statement of purpose, and function in the case of a Canadian amateur athletic association;
(b) any information provided in prescribed form to the Minister by the registrant on applying for registration under this Act;
(c) the names of the persons who at any time were the registrant’s directors and the periods during which they were its directors;
(d) a copy of the notification of the registrant’s registration, including any conditions and warnings;
(e) if the registration of the registrant has been revoked or annulled, a copy of the entirety of or any part of any letter sent by or on behalf of the Minister to the registrant relating to the grounds for the revocation or annulment;
(f) financial statements required to be filed with an information return referred to in subsection 149.1(14);
(g) a copy of the entirety of or any part of any letter or notice by the Minister to the registrant relating to a suspension under section 188.2 or an assessment of tax or penalty under this Act (other than the amount of a liability under subsection 188(1.1)); and
(h) in the case of a registrant that is a charity, an application by the registrant, and information filed in support of the application, for a designation, determination or decision by the Minister under any of subsections 149.1(5), (6.3), (7), (8) and (13).
(3) Subsection (1) applies in respect of documents that, after May 13, 2005,
(a) are sent by the Minister of National Revenue; or
(b) are filed or required to be filed with that Minister.
(4) Subsection (2) comes into force on the later of the day on which this Act receives royal assent and January 1, 2012.
72. (1) The definitions “net income stabilization account”, “qualifying environmental trust”, “registered Canadian amateur athletic association”, “registered retirement income fund” and “registered retirement savings plan” in subsection 248(1) of the Act are replaced by the following:
“net income stabilization account”
« compte de stabilisation du revenu net »
“net income stabilization account” means an account of a taxpayer
(a) under the net income stabilization account program under the Farm Income Protection Act, or
(b) that is a prescribed account;
“qualifying environmental trust”
« fiducie pour l’environnement admissible »
“qualifying environmental trust” has the meaning assigned by subsection 211.6(1);
“registered Canadian amateur athletic association”
« association canadienne enregistrée de sport amateur »
“registered Canadian amateur athletic association” means a Canadian amateur athletic association within the meaning assigned by subsection 149.1(1) that has applied to the Minister in prescribed form for registration, that has been registered and whose registration has not been revoked;
“registered retirement income fund” or “RRIF”
« fonds enregistré de revenu de retraite » ou « FERR »
“registered retirement income fund” or “RRIF” have the same meaning as “registered retirement income fund” in subsection 146.3(1);
“registered retirement savings plan” or “RRSP”
« régime enregistré d’épargne-retraite » ou « REER »
“registered retirement savings plan” or “RRSP” have the same meaning as “registered retirement savings plan” in subsection 146(1);
(2) The definition compte d’épargne libre d’impôt in subsection 248(1) of the French version of the Act is replaced by the following:
« compte d’épargne libre d’impôt » ou « CELI »
“TFSA”
compte d’épargne libre d’impôt ou CELI S’entend au sens du paragraphe 146.2(5).
(3) Paragraph (a) of the definition “NISA Fund No. 2” in subsection 248(1) of the Act is replaced by the following:
(a) that is described in paragraph 8(2)(b) of the Farm Income Protection Act or is a prescribed fund, and
(4) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:
“foreign accrual property income”
« revenu étranger accumulé, tiré de biens »
“foreign accrual property income” has the meaning assigned by section 95;
“specified pension plan”
« régime de pension déterminé »
“specified pension plan” means a prescribed arrangement;
(5) Subsection 248(3.1) of the Act is replaced by the following:
Marginal note:Gift of bare ownership of immovables
(3.1) Subsection (3) does not apply in respect of a usufruct or a right of use of an immovable in circumstances where a taxpayer disposes of the bare ownership of the immovable by way of a gift to a qualified donee and retains, for life, the usufruct or the right of use.
(6) The definition “net income stabilization account” in subsection 248(1) of the Act, as enacted by subsection (1), and subsection (3) apply to the 2011 and subsequent taxation years.
(7) The definition “qualifying environmental trust” in subsection 248(1) of the Act, as enacted by subsection (1), applies to the 2012 and subsequent taxation years.
(8) The definition “registered Canadian amateur athletic association” in subsection 248(1) of the Act, as enacted by subsection (1), and subsection (5) come into force on the later of the day on which this Act receives royal assent and January 1, 2012.
(9) The definitions “registered retirement income fund” or “RRIF” and “registered retirement savings plan” or “RRSP” in subsection 248(1) of the Act, as enacted by subsection (1), and subsection (2) are deemed to have come into force on March 23, 2011.
(10) The definition “foreign accrual property income” in subsection 248(1) of the Act, as enacted by subsection (4), applies to taxation years that begin after 2006.
(11) The definition “specified pension plan” in subsection 248(1) of the Act, as enacted by subsection (4), applies after 2009.
73. (1) Paragraph 249.1(1)(c) of the Act is replaced by the following:
(c) in the case of a partnership (other than a partnership to which subparagraph (b)(ii) or subsection (9) applies) that is a member of a partnership or has a member that is a partnership, after the end of the calendar year in which it began, if at the end of the calendar year
(i) a corporation has a significant interest, as defined in section 34.2, in the partnership,
(ii) the partnership is a member of another partnership in which a corporation has a significant interest as defined in section 34.2,
(iii) a membership interest in the partnership is held directly, or indirectly through one or more partnerships, by a partnership described in subparagraph (i) or (ii), or
(iv) the partnership holds directly, or indirectly through one or more partnerships, a membership interest in a partnership described in any of subparagraphs (i) to (iii), or
(d) in any other case, more than 12 months after the period began,
(2) Section 249.1 of the Act is amended by adding the following after subsection (7):
Marginal note:Single-tier fiscal period alignment
(8) The members of a partnership that has a fiscal period that begins before March 22, 2011 and that would, if this Act were read without reference to this subsection and subsection (10), end on a day after March 22, 2011, may elect to end that fiscal period on a particular day that is before the day on which the fiscal period would otherwise end (in this subsection and subsection (10) referred to as a “single-tier alignment election”) if
(a) each member of the partnership is, on the particular day, a corporation that is not a professional corporation;
(b) the partnership is not, on the particular day, a member of another partnership;
(c) at least one member of the partnership is, on the particular day, a corporation that has a significant interest, as defined in section 34.2, in the partnership;
(d) at least one member of the partnership referred to in paragraph (c) has a taxation year that ends on a day that differs from the day on which the fiscal period of the partnership would end if this Act were read without reference to this subsection and subsection (10);
(e) the particular day is after March 22, 2011 and no later than the latest day that is the last day of the first taxation year that ends after March 22, 2011 of any corporation that has been a member of the partnership continuously since March 21, 2011; and
(f) subsection (10) applies to the single-tier alignment election.
Marginal note:Multi-tier fiscal period alignment — one-time election
(9) The members of a partnership to which paragraph (1)(c) would apply if it were read without reference to this subsection may elect (in this subsection and subsections (10) and (11) referred to as a “multi-tier alignment election”) to end a fiscal period of the partnership on a particular day if
(a) as a consequence of the multi-tier alignment election, the fiscal period of the partnership, and of each other partnership described in relation to the partnership by any of subparagraphs (1)(c)(ii) to (iv), ends on the particular day;
(b) the particular day is before March 22, 2012; and
(c) subsection (10) applies to the multi-tier alignment election.
Marginal note:Conditions to align a partnership fiscal period
(10) This subsection applies to a single-tier alignment election or a multi-tier alignment election, as the case may be, for a partnership if
(a) the election is filed in writing and in prescribed form with the Minister
(i) in the case of a single-tier alignment election, by a corporation that is a member of the partnership on or before the day that is the earliest filing-due date of any corporation that is a member of the partnership for its first taxation year ending after March 22, 2011, and
(ii) in the case of a multi-tier alignment election,
(A) by a corporation that is a member of the partnership, or of a partnership described in relation to the partnership by any of subparagraphs (1)(c)(ii) to (iv), and
(B) on or before the day that is the earliest filing-due date of any corporation that is a member of a partnership referred to in clause (A) for the first taxation year of the corporation ending after March 22, 2011;
(b) as a consequence of the election, the fiscal period of each partnership to which the election applies is 12 months or less;
(c) the election was made by a corporation that has the authority to act for the members of the partnership and each member of any other partnership described in relation to the partnership in subparagraph (1)(c)(ii) to (iv); and
(d) no other election is filed with the Minister to end the fiscal period of the partnership, or of any other partnership described in relation to the partnership in subparagraph (1)(c)(ii) to (iv), on a day other than the particular day referred to in subsection (8) or (9), as the case may be.
Marginal note:Deemed multi-tier alignment election
(11) For the purposes of this Act, if paragraph (1)(c) applies to end the fiscal period of a partnership on December 31, 2011, a multi-tier alignment election under subsection (9) is deemed to have been made to end the fiscal period of the partnership on December 31, 2011.
(3) Subsections (1) and (2) apply to the 2011 and subsequent fiscal periods.
- Date modified: