Income Tax Regulations

7300 For the purposes of paragraph 12(1)(x) of the Act, prescribed amount means

• (a) an amount paid to a corporation by the Native Economic Development Board created under Order in Council P.C. 1983-3394 of October 31, 1983 pursuant to the Native Economic Development Program or paid to a corporation under the Aboriginal Capital Corporation Program of the Canadian Aboriginal Economic Development Strategy, where all of the shares of the capital stock of the corporation are

  • (i) owned by aboriginal individuals,

  • (ii) held in trust for the exclusive benefit of aboriginal individuals,

  • (iii) owned by a corporation, all the shares of which are owned by aboriginal individuals or held in trust for the exclusive benefit of aboriginal individuals, or

  • (iv) owned or held in a combination of ownership structures described in subparagraph (i), (ii) or (iii)

  and the purpose of the corporation is to provide loans, loan guarantees, bridge financing, venture capital, lease financing, surety bonding or other similar financing services to aboriginal enterprises;

• (b) prescribed assistance within the meaning assigned by section 6702;

• (c) an amount that is the portion of a student loan forgiven under section 9.2 of the Canada Student Financial Assistance Act or under section 11.1 of the Canada Student Loans Act;

• (c.1) an amount that is the portion of a student loan forgiven under a provincial program that would be a prescribed amount because of paragraph (c) if section 11.1 of the Canada Student Loans Act or 9.2 of the Canada Student Financial Assistance Act applied to loans under that program;

• (d) an emissions allowance issued to the taxpayer under the laws of Canada or a province; or

• (e) an amount that is a non-repayable contribution in respect of battery cell or battery module production in Canada and that is paid under the terms of

  • (i) the special contribution agreement of May 5, 2023 between the Government of Canada and 1000511515 Ontario Inc., or

  • (ii) the special contribution agreement of July 5, 2023 between the Government of Canada and NextStar Energy Inc.