- News Release 2007-058 -

Archived - Amendments to the Income Tax Act and Regulations Facilitating the Preparation of Information Slips Reporting Income from Certain Mutual Fund Trusts and Partnerships

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Amendments to the Income Tax Act

   1.  (1)  Subsection 221(1) of the Income Tax Act is amended by adding the following after paragraph (d.1):

(d.2)  requiring any class of persons to make information available to the public for the purpose of making information returns respecting any class of information required in connection with assessments under this Act;

   (2)  Subsection (1) applies to information in respect of taxation years of taxpayers and fiscal periods of partnerships that end on or after ANNOUNCEMENT DATE.

Amendments to the Income Tax Regulations

   2.  (1)  The Income Tax Regulations are amended by adding the following after section 204:

Definitions

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

“public investment trust”
« fiducie de placement ouverte »

“public investment trust”, at any time, means a public trust 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 trust that is

(a)  units of public trusts;

(b)  partnership interests in public partnerships (as defined in subsection 229.1(1));

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

(d)  any combination of properties referred to in paragraphs (a) to (c).

“public trust”
« fiducie ouverte »

“public trust”, at any time, means a mutual fund trust the units of which are, at that time, listed on a prescribed stock exchange in Canada.

Required information disclosure

  (2)  A trust that is, at any time in a taxation year of the trust, a public trust shall, within the time required by subsection (3),

(a)  make public, in prescribed form, information in respect of the trust for the taxation year by posting that 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 a public trust to satisfy the requirements of subsection (2) in respect of the public trust for a taxation year of the public trust is

(a)  subject to paragraph (b), on or before the day that is 60 days after the end of the taxation year; and

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

  (2)  Subsection (1) applies to information in respect of taxation years that end on or after ANNOUNCEMENT DATE.

   3.  (1)  The Regulations are amended by adding the following after section 229:

Definitions

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

“public investment partnership”
« société de personnes de placement ouverte »

“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).

“public partnership”
« société de personnes ouverte »

“public partnership”, at any time, means a partnership the partnership interests in which are, at that time, listed on a prescribed stock exchange in Canada if, at that time, the partnership carries on a business in Canada or is a Canadian partnership.

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 60 days 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.

  (2)  Subsection (1) applies to information in respect of fiscal periods that end on or after ANNOUNCEMENT DATE.

- News Release 2007-058 -