Technical Tax Amendments Act, 2012 (S.C. 2013, c. 34)
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Assented to 2013-06-26
PART 5OTHER AMENDMENTS TO THE INCOME TAX ACT AND RELATED LEGISLATION
C.R.C., c. 945Income Tax Regulations
387. (1) Paragraph 1406(b) of the Regulations is replaced by the following:
(b) by excluding any obligation to pay a benefit under a segregated fund policy if
(i) the amount of the benefit varies with the fair market value of the segregated fund at the time the benefit becomes, or may become, payable, and
(ii) the benefit is not in respect of a guarantee given by the insurer under a segregated fund policy; and
(2) Subsection (1) applies to the 2012 and subsequent taxation years.
388. (1) Subsections 2000(1) and (2) of the Regulations are replaced by the following:
2000. (1) Every official receipt issued by a particular person who is a registered agent of a registered party or an electoral district agent of a registered association, to an individual who makes a monetary contribution to the registered party or registered association, as the case may be, shall contain a statement that it is an official receipt for income tax purposes and shall, in a manner that cannot readily be altered, show clearly
(a) the name of the registered party or registered association, as the case may be;
(b) the serial number of the receipt;
(c) the name of the particular person, as recorded in the registry maintained by the Chief Electoral Officer under section 374 or 403.08 of the Canada Elections Act;
(d) the date on which the receipt is issued;
(e) the date on which the monetary contribution is received;
(f) the individual’s name and address;
(g) the amount of the monetary contribution;
(h) a description of the advantage, if any, in respect of the monetary contribution and the amount of that advantage; and
(i) the eligible amount of the monetary contribution.
(2) Subject to subsection (3), every official receipt issued by an official agent of a candidate to an individual who makes a monetary contribution to the candidate shall contain a statement that it is an official receipt for income tax purposes and shall, in a manner that cannot readily be altered, show clearly
(a) the name of the candidate, as it appears in the candidate’s nomination papers;
(b) the serial number of the receipt;
(c) the name of the official agent;
(d) the date on which the receipt is issued;
(e) the date on which the monetary contribution is received;
(f) the polling day;
(g) the individual’s name and address;
(h) the amount of the monetary contribution;
(i) a description of the advantage, if any, in respect of the monetary contribution and the amount of that advantage; and
(j) the eligible amount of the monetary contribution.
(2) Subsections 2000(5) and (6) of the Regulations are replaced by the following.
(5) A spoiled official receipt form shall be marked “cancelled” and, together with its duplicate, shall be filed by the electoral district agent, the official agent or the registered agent, as the case may be, together with the information return required to be filed with the Minister under subsection 230.1(2) of the Act.
(6) An official receipt form on which any of the following is incorrectly or illegibly entered is to be regarded as spoiled:
(a) the date on which the monetary contribution is received;
(b) the amount of the monetary contribution;
(c) a description of the advantage, if any, in respect of the monetary contribution and the amount of that advantage; and
(d) the eligible amount of the monetary contribution.
(3) Subsections (1) and (2) apply in respect of receipts issued after the day on which this Act receives royal assent, except that if this Act receives royal assent before 2013, in respect of receipts issued before that year
(a) paragraph 2000(1)(h) of the Regulations, as enacted by subsection (1), is to be read as follows:
(h) the amount of the advantage, if any, in respect of the monetary contribution; and
(b) paragraph 2000(2)(i) of the Regulations, as enacted by subsection (1), is to be read as follows:
(i) the amount of the advantage, if any, in respect of the monetary contribution; and
(c) paragraph 2000(6)(c) of the Regulations, as enacted by subsection (2), is to be read as follows:
(c) the amount of the advantage, if any, in respect of the monetary contribution; and
389. (1) Section 2001 of the Regulations and the heading before it are repealed.
(2) Subsection (1) is deemed to have come into force on January 1, 2004.
390. Section 2002 of the Regulations is replaced by the following:
2002. (1) The following definitions apply in this Part.
“Chief Electoral Officer”
« directeur général des élections »
“Chief Electoral Officer” means the person named as chief electoral officer or substitute chief electoral officer under section 13 or 14 of the Canada Elections Act.
“nomination paper”
« acte de candidature »
“nomination paper” means, in respect of a candidate, a nomination paper filed in respect of the candidate under the Canada Elections Act, with the corrections, if any, made under that Act to the nomination paper after its filing.
“official receipt”
« reçu officiel »
“official receipt” means a receipt issued for the purposes of subsection 127(3) of the Act containing the information that is required under that subsection.
“official receipt form”
« formulaire de reçu officiel »
“official receipt form” means
(a) in the case of an official receipt issued by an electoral district agent or a registered agent under subsection 2000(1), any printed form that an electoral district agent or a registered agent, as the case may be, has that is capable of being completed, or that originally was intended to be completed, as an official receipt of the electoral district agent or registered agent; and
(b) in the case of an official receipt issued by an official agent under subsection 2000(2), the official form prescribed under section 477 of the Canada Elections Act.
(2) In this Part, “official agent”,“polling day” and “registered agent” have the meanings assigned to them by the Canada Elections Act.
391. (1) Section 2402 of the Regulations and the heading before it are repealed.
(2) Subsection (1) applies to taxation years that begin after October 31, 2011.
392. (1) The heading before section 2404 and sections 2404 to 2409 of the Regulations are repealed.
(2) Subsection (1) applies to taxation years that begin after October 31, 2011.
393. (1) The portion of subsection 3501(1) of the Regulations after paragraph (d) and before subparagraph (e.1)(ii) is replaced by the following:
(e) where the gift is a cash gift, the date on which or the year during which the gift was received;
(e.1) where the gift is of property other than cash
(i) the date on which the gift was received,
(2) Paragraph 3501(1)(f) of the Regulations is replaced by the following:
(f) the date on which the receipt was issued;
(3) Paragraphs 3501(1)(g) and (h) of the Regulations are replaced by the following:
(g) the name and address of the donor including, in the case of an individual, the individual’s first name and initial;
(h) the amount that is
(i) the amount of a cash gift, or
(ii) if the gift is of property other than cash, the amount that is the fair market value of the property at the time that the gift is made;
(h.1) a description of the advantage, if any, in respect of the gift and the amount of that advantage;
(h.2) the eligible amount of the gift;
(4) Paragraph 3501(1)(i) of the English version of the Regulations is replaced by the following:
(i) the signature, as provided in subsection (2) or (3), of a responsible individual who has been authorized by the organization to acknowledge gifts; and
(5) The portion of subsection 3501(1.1) of the Regulations after paragraph (c) and before subparagraph (e)(ii) is replaced by the following:
(d) where the gift is a cash gift, the date on which the gift was received;
(e) where the gift is of property other than cash
(i) the date on which the gift was received,
(6) Paragraph 3501(1.1)(f) of the Regulations is replaced by the following:
(f) the date on which the receipt was issued;
(7) Paragraphs 3501(1.1)(g) and (h) of the Regulations are replaced by the following:
(g) the name and address of the donor including, in the case of an individual, the individual’s first name and initial;
(h) the amount that is
(i) the amount of a cash gift, or
(ii) if the gift is of property other than cash, the amount that is the fair market value of the property at the time that the gift was made;
(h.1) a description of the advantage, if any, in respect of the gift and the amount of that advantage;
(h.2) the eligible amount of the gift;
(8) Subsection 3501(6) of the Regulations is replaced by the following:
(6) Every official receipt form on which any of the following is incorrectly or illegibly entered is deemed to be spoiled:
(a) the date on which the gift is received;
(b) the amount of the gift, in the case of a cash gift;
(c) a description of the advantage, if any, in respect of the gift and the amount of that advantage; and
(d) the eligible amount of the gift.
(9) Subsections (1) to (8) apply in respect of gifts made after December 20, 2002, except that, in respect of receipts issued before 2013,
(a) paragraph 3501(1)(h.1) of the Regulations, as enacted by subsection (3), is to be read as follows:
(h.1) the amount of the advantage, if any, in respect of the gift;
(b) paragraph 3501(1.1)(h.1) of the Regulations, as enacted by subsection (7), is to be read as follows:
(h.1) the amount of the advantage, if any, in respect of the gift;
(c) paragraph 3501(6)(c) of the Regulations, as enacted by subsection (8), is to be read as follows:
(c) the amount of the advantage, if any, in respect of the gift; and
- Date modified: