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Income Tax Regulations (C.R.C., c. 945)

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Regulations are current to 2024-05-14 and last amended on 2024-02-14. Previous Versions

PART IIInformation Returns (continued)

Definitions

  •  (1) The definitions in this subsection apply in this section.

    public investment partnership

    public investment partnership, at any time, means a public partnership all or substantially all of the fair market value of the property of which is, at that time, attributable to the fair market value of property of the partnership that is

    • (a) units of public trusts (as defined in subsection 204.1(1));

    • (b) partnership interests in public partnerships;

    • (c) shares of the capital stock of public corporations; or

    • (d) any combination of properties referred to in paragraphs (a) to (c). (société de personnes de placement ouverte)

    public partnership

    public partnership, at any time, means a partnership the partnership interests in which are, at that time, listed on a designated stock exchange in Canada if, at that time, the partnership carries on a business in Canada or is a Canadian partnership. (société de personnes ouverte)

Required Information Disclosure

  • (2) Every member of a partnership that is, at any time in a fiscal period of the partnership, a public partnership shall, within the time required by subsection (3),

    • (a) make public, in prescribed form, information in respect of the public partnership for the fiscal period by posting the prescribed form, in a manner that is accessible to the general public, on the Internet website of CDS Innovations Inc.; and

    • (b) notify the Minister in writing as to when the posting of the prescribed form, as required by paragraph (a), has been made.

Required Disclosure Time

  • (3) The time required for the members of a public partnership to satisfy the requirements of subsection (2) in respect of the public partnership for a fiscal period of the public partnership is

    • (a) subject to paragraph (b), on or before the day that is the earlier of

      • (i) 60 days after the end of the calendar year in which the fiscal period ends, and

      • (ii) four months after the end of the fiscal period; and

    • (b) where the public partnership is, at any time in the fiscal period, a public investment partnership, on or before the day that is 67 days after the end of the calendar year in which the fiscal period ends.

Obligation Fulfilled by One Partner Deemed Fulfilled by All

  • (4) Every member of a partnership that is required to satisfy the requirements of subsection (2) in respect of the partnership for a fiscal period of the partnership will be deemed to have satisfied those requirements if a particular member of the partnership, who has authority to act for the partnership, has satisfied those requirements in respect of the partnership for the fiscal period.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 2007, c. 35, s. 73

Security Transactions

  •  (1) In this section,

    publicly traded

    publicly traded means, with respect to any security,

    • (a) a security that is listed or posted for trading on a stock exchange, commodity exchange, futures exchange or any other exchange, or

    • (b) a security in respect of the sale and distribution of which a prospectus, registration statement or similar document has been filed with a public authority; (négocié sur le marché)

    sale

    sale includes the granting of an option and a short sale; (vente)

    security

    security means

    • (a) a publicly traded share of the capital stock of a corporation,

    • (b) a publicly traded debt obligation,

    • (c) a debt obligation of or guaranteed by

      • (i) the Government of Canada,

      • (ii) the government of a province or an agent thereof,

      • (iii) a municipality in Canada,

      • (iv) a municipal or public body performing a function of government in Canada, or

      • (v) the government of a foreign country or of a political subdivision of a foreign country or a local authority of such a government,

    • (c.1) a debt obligation that is, at any time, described in paragraph 7000(1)(d),

    • (d) a publicly traded interest in a trust,

    • (e) a publicly traded interest in a partnership,

    • (f) an option or contract in respect of any property described in any of paragraphs (a) to (e), or

    • (g) a publicly traded option or contract in respect of any property including any commodity, financial futures, foreign currency or precious metal or in respect of any index relating to any property; (titre)

    trader or dealer in securities

    trader or dealer in securities means

    • (a) a person who is registered or licensed under the laws of a province to trade in securities, or

    • (b) a person who in the ordinary course of business makes sales of securities as agent on behalf of others. (négociant ou courtier en valeurs)

  • (2) Every trader or dealer in securities who, in a calendar year, purchases a security as principal or sells a security as agent for any vendor shall make an information return for the year in prescribed form in respect of the purchase or sale.

  • (3) Every person (other than an individual who is not a trust) who in a calendar year redeems, acquires or cancels in any manner whatever any securities issued by that person shall make an information return for the year in prescribed form in respect of each such transaction, other than a transaction to which section 51, 51.1, 86 (if there is no consideration receivable other than new shares) or 87 or subsection 98(3) or (6) of the Act applies.

  • (4) Subsection (3) applies to

    • (a) Her Majesty in right of Canada or a province;

    • (b) a municipal or public body performing a function of government in Canada; and

    • (c) an agent of a person referred to in paragraph (a) or (b).

  • (5) Every person who, in the ordinary course of a business of buying and selling precious metals in the form of certificates, bullion or coins, makes a payment in a calendar year to another person in respect of a sale by that other person of any such property shall make an information return for that year in prescribed form in respect of each such sale.

  • (6) Every person who, while acting as nominee or agent for another person in respect of a sale or other transaction to which subsection (2), (3) or (5) applies, receives the proceeds of the sale or other transaction shall, where the transaction is carried out in the name of the nominee or agent, make an information return in prescribed form in respect of the sale or other transaction.

  • (7) This section does not apply in respect of

    • (a) a purchase of a security by a trader or dealer in securities from another trader or dealer in securities other than a non-resident trader or dealer in securities;

    • (b) a sale of currencies or precious metals in the form of jewellery, works of art or numismatic coins;

    • (c) a sale of precious metals by a person who, in the ordinary course of business, produces or sells precious metals in bulk or in commercial quantities;

    • (d) a sale of securities by a trader or dealer in securities on behalf of a person who is exempt from tax under Part I of the Act; or

    • (e) a redemption by the issuer or an agent of the issuer of a debt obligation where

      • (i) the debt obligation was issued for its principal amount,

      • (ii) the redemption satisfies all of the issuer’s obligations in respect of the debt obligation,

      • (iii) each person with an interest in the debt obligation is entitled in respect thereof to a proportion of all payments of principal equal to the proportion to which the person is entitled of all payments other than principal, and

      • (iv) an information return is required under another section of this Part to be made as a result of the redemption in respect of each person with an interest in the debt obligation.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/89-519, s. 2
  • SOR/94-686, ss. 54(F), 78(F), 79(F)
  • SOR/2003-5, s. 9
  • 2016, c. 12, s. 75

 [Repealed, SOR/2011-188, s. 5]

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/89-519, s. 2
  • SOR/92-51, s. 8
  • SOR/2000-248, s. 1
  • SOR/2001-295, s. 1(E)
  • SOR/2003-5, s. 10
  • SOR/2011-188, s. 5

Worker’s Compensation

  •  (1) Every person who pays an amount in respect of compensation described in subparagraph 110(1)(f)(ii) of the Act shall make an information return in prescribed form in respect of that payment.

  • (2) Where a worker’s compensation board, or a similar body, adjudicates a claim for compensation described in subparagraph 110(1)(f)(ii) of the Act and stipulates the amount of the award, that board or body shall make an information return in prescribed form in respect of the amount of the award.

  • (3) A return required under this section must be filed on or before the last day of February of each year and shall be in respect of

    • (a) the preceding calendar year, if the return is required under subsection (1); and

    • (b) the amount of the award that pertains to the preceding calendar year, if the return is required under subsection (2).

  • (4) Subsections (1) and (2) are not applicable in respect of a payment or an award in respect of

    • (a) medical expenses incurred by or on behalf of the employee;

    • (b) funeral expenses in respect of the employee;

    • (c) legal expenses in respect of the employee;

    • (d) job training or counselling of the employee; or

    • (e) the death of the employee, other than periodic payments made after the death of the employee.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/92-455, s. 2

Social Assistance

  •  (1) Every person who makes a payment described in paragraph 56(1)(u) of the Act shall make an information return in prescribed form in respect of the payment.

  • (2) Subsection (1) is not applicable in respect of a payment that

    • (a) is in respect of medical expenses incurred by or on behalf of the payee;

    • (b) is in respect of child care expenses, as defined in subsection 63(3) of the Act, incurred by or on behalf of the payee or a person related to the payee;

    • (c) is in respect of funeral expenses in respect of a person related to the payee;

    • (d) is in respect of legal expenses incurred by or on behalf of the payee or a person related to the payee;

    • (e) is in respect of job training or counselling of the payee or a person related to the payee;

    • (f) is paid in a particular year as a part of a series of payments, the total of which in the particular year does not exceed $500; or

    • (g) is not a part of a series of payments.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/92-455, s. 2
  • SOR/2010-93, s. 7

Farm Support Payments

  •  (1) Every government, municipality or municipal or other public body (in sections 235 and 236 referred to as the “government payer”) or producer organization or association that makes a payment of an amount that is a farm support payment (other than an amount paid out of a net income stabilization account) to a person or partnership shall make an information return in prescribed form in respect of the amount.

  • (2) For the purposes of subsection (1) farm support payment includes

    • (a) a payment that is computed with respect to an area of farm land;

    • (b) a payment that is made in respect of a unit of farm commodity grown or disposed of or a farm animal raised or disposed of; and

    • (c) a rebate of, or compensation for, all or a portion of

      • (i) a cost or capital cost incurred in respect of farming, or

      • (ii) unsowed or unplanted land or crops, or destroyed crops, farm animals or other farm output.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/93-527, s. 4
  • SOR/94-686, s. 78(F)

Identifier Information

 Every corporation or trust for which an information return is required to be made under these Regulations by a government payer or by a producer organization or association shall provide its legal name, address and income tax identification number to the government payer or the producer organization or association, as the case may be.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/93-527, s. 4
  • SOR/94-686, s. 79(F)

 Every person who is a member of a partnership for which an information return is required to be made under these Regulations by a government payer or by a producer organization or association shall provide the government payer or the producer organization or association, as the case may be, with the following information:

  • (a) the person’s legal name, address and Social Insurance Number, or, where the person is a trust or is not an individual, the person’s income tax identification number; and

  • (b) the partnership’s name and business address.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/93-527, s. 4
  • SOR/94-686, s. 78(F)

Contract for Goods and Services

  •  (1) The definitions in this subsection apply in this section.

    federal body

    federal body means a department or a Crown corporation, within the meaning of section 2 of the Financial Administration Act. (organisme fédéral)

    payee

    payee means a person or partnership to whom an amount is paid or credited in respect of goods for sale or lease, or services rendered, by or on behalf of the person or the partnership. (bénéficiaire)

  • (2) A federal body that pays or credits an amount to a payee shall file an information return in prescribed form in respect of the amount on or before March 31 in each year in respect of the preceding calendar year.

  • (3) Subsection (2) does not apply in respect of an amount

    • (a) all or substantially all of which is paid or credited in the year in respect of goods for sale or lease by the payee;

    • (b) to which section 212 of the Act applies;

    • (c) that is not required to be included in computing the income of the payee, if the payee is an employee of the federal body;

    • (d) that is paid or credited in respect of services rendered outside Canada by a payee who was not resident in Canada during the period in which the services were rendered; or

    • (e) that is paid or credited in respect of a program administered under the Witness Protection Program Act or any other similar program.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • SOR/99-21, s. 1
  • SOR/2003-5, s. 11
 

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