Income Tax Act (R.S.C., 1985, c. 1 (5th Supp.))
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Act current to 2023-05-17 and last amended on 2023-05-11. Previous Versions
— 2004, c. 24, s. 26, as amended by 2006, c. 1, s. 1
26 Within two years after the coming into force of this section, the committee of the Senate that normally considers electoral matters, and the committee of the House of Commons that normally considers electoral matters, shall each undertake a comprehensive review of the amendments made by this Act and submit a report to its House containing its recommendations concerning those amendments.
— 2005, c. 30, s. 6
6 For the purpose of applying section 118.1 of the Act, a gift made by an individual after 2004 and before January 12, 2005 is deemed to have been made by the individual in the individual’s 2004 taxation year and not in the individual’s 2005 taxation year if
(a) the individual claims an amount under subsection 118.1(3) of the Act in respect of the gift for the individual’s 2004 taxation year;
(b) the gift was made to a registered charity listed under the International Humanitarian Assistance program of the Canadian International Development Agency;
(c) the individual directed the charity to apply the gift to the tsunami relief effort; and
(d) the gift was in the form of cash or was transferred by way of cheque, credit card or money order.
— 2006, c. 4, s. 177(2)
177 (2) Subsection (1) applies in respect of overpayments that are deemed to arise during months that are after June 2007, and, for overpayments that are deemed to arise during months that are after June 2006 and before July 2007, the description of D in subsection 122.61(1) of the Act is to be read as follows:
- is the product obtained by multiplying $249 by the number of qualified dependants who have attained the age of 6 years before the month and have not attained the age of 7 years before the month and in respect of whom the person is an eligible individual at the beginning of the month, and
— 2006, c. 9, s. 108(4.1)
Coming into force
108 (4.1) Sections 63 and 64 come into force or are deemed to have come into force on January 1, 2007, but do not apply in respect of monetary contributions made before that day.
— 2007, c. 16, s. 3
3 Sections 1 and 2 apply to taxation years that end after the day on which this Act is assented to.
— 2009, c. 2, s. 81
81 (1) For the purposes of the Income Tax Act and the Canada Disability Savings Act, specified RDSP events are deemed to have occurred, in the order that they actually occurred, on December 31, 2008 and not on the day or days that they actually occurred.
(2) For the purposes of subsection (1), specified RDSP event means an event occurring after 2008 and before March 3, 2009 that
(a) establishes a disability savings plan as defined in subsection 146.4(1) of the Income Tax Act;
(b) satisfies conditions in subsection 146.4(2) of the Income Tax Act;
(c) establishes a registered disability savings plan as defined in subsection 146.4(1) of the Income Tax Act for a beneficiary who is, in respect of the 2008 taxation year, a DTC-eligible individual as defined in subsection 146.4(1) of the Income Tax Act and who was resident in Canada at the end of that year;
(d) is the making of any contribution to the registered disability savings plan;
(e) satisfies the requirement in paragraph 3(b) of the Canada Disability Savings Regulations; or
(f) is the taking of any other action to ensure that the registered disability savings plan is validly established and contributions to the plan are validly made.
— 2020, c. 6, s. 7
Consolidated Revenue Fund
7 For the purpose of subsection 164(1.6) of the Income Tax Act, the Minister of National Revenue may make payments to a person or partnership out of the Consolidated Revenue Fund, at the times and in the manner that the Minister considers appropriate.
— 2020, c. 11, s. 10
Payment out of Consolidated Revenue Fund
10 Any amount payable by the Minister of Employment and Social Development in relation to the administration of a program to provide a one-time payment to persons with disabilities for reasons related to the coronavirus disease 2019 (COVID-19), including any administrative cost, is to be paid out of the Consolidated Revenue Fund.
— 2021, c. 23, ss. 24(32.1) and (32.2)
(32.1) The Minister of Finance must prepare a report on proposed measures to
(a) prevent publicly traded companies and their subsidiaries from paying dividends or repurchasing their own shares while receiving the Canada Emergency Wage Subsidy, for the period that is after the tabling of the report under subsection (32.2); and
(b) recover wage subsidy amounts from publicly traded companies and their subsidiaries that paid dividends or repurchased their own shares while receiving the Canada Emergency Wage Subsidy, for the period that is before the tabling of the report under subsection (32.2).
(32.2) The Minister of Finance must cause the report to be tabled in each House of Parliament no later than 30 days after the day on which this Act receives royal assent or, if either House is not then sitting, on any of the first 15 days on which that House is sitting.
— 2022, c. 10, s. 15(3)
(3) Before 2026, the taxpayer may file an election with the Minister of National Revenue to include income that is described in paragraph (b.01) of the definition earned income in subsection 146(1) of the Act, and received by the taxpayer after 2010 and before 2021, for the purposes of computing the taxpayer’s RRSP deduction limit (as defined in that subsection) on or after the date the election is filed.
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