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Legislative Proposals and Explanatory Notes relating to the Income Tax Act, the Excise Act, 2001 and the Excise Tax Act

Published by
The Honourable Jim Flaherty, P.C., M.P.
Minister of Finance

July 2008

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Table of Contents
Clause in Legislation Section of the Act Amended

Topic

Part 1
Amendments related to Income Tax
Income Tax Act
1 7 Exchange of options
2 12 Income from business or property
3 12.5 Insurer’s Reserve Inclusion
4 20.4 Insurer’s Reserve Deduction
5 39 Meaning of capital gain and capital loss
6 40 Calculation of Gain or Loss
7 80.01 Deemed settlement on SIFT winding-up
8 85.1 SIFT unit for share exchange
9 87 Financial institution rules
10 88 Winding-up
11 88.1 SIFT trust wind-up event
12 89 Dividends, etc.
13 95 Foreign affiliates
14 107 Distribution SIFTs
15 107.4 Tax consequences of qualifying dispositions
16 108 Definitions
17 111 Exchange rate and foreign currency debt
18 118.1 Charitable and other gifts
19 122.1 SIFT trusts and SIFT partnerships
20 127 Investment Tax Credits
21 127.1 Refundable Investment Tax Credits
22 128.3 Former resident – replaced shares
23 132.2 Definitions
24 136 Cooperative corporations
25 138 Insurance Corporations
26 142.2 Definitions for securities held by financial institutions
27 142.5 Rules applicable to first deemed disposition of debt obligation
28 142.51 Transitional rules
29 142.6 Change in status — significant interest
30 146.2 Tax-free Savings Accounts
31 149.1 Definitions
32 149.2 Excess corporate holdings – private foundations
33 152 Assessment
34 181.3 Taxable capital employed in Canada of financial institution
35 188.1 Foundation – anti-avoidance
36 190.11 Taxable capital employed in Canada
37 190.13 Capital
38 197 SIFT partnerships
39 204 Definitions "qualified investment"
40 207.01 Taxes in respect of TFSAs
41 207.04 Tax payable on prohibited or non-qualified investment
42 207.06 Waiver of tax payable
43 211 Tax on investment income of life insurers
44 212 Tax on non-residents
45 241 Communication of Information
46 248 Definitions
47 253.1 Investments in limited partnerships
48 256 Acquiring control
49 259 Proportional holdings in trust property
Budget Implementation Act, 2008
50 19 Budget Implementation Act, 2008
Income Tax Regulations
51 202 Information returns
52 204 Estates and trusts
53 209 Distribution of taxpayers’ portions of returns
54 221 Qualified investments
55 223 TFSAs
56 304 Annuities and Life Insurance Policies
57 414 and 415 Taxable income earned in a province
58 1401 Policy reserves for pre-1996 policies
59 1404 Policy reserves
60 1408 Definitions
61 2400 Definitions
62 4900 Deferred income plans – Qualified investments
63 4901 Deferred income plans – Qualified investments
64 5000 Tax-free savings accounts – Prohibited investments
65 5700 Medical expense tax credit
66 5701 Medical expense tax credit
67 5907 Foreign affiliates
68 7305.1 Automobile benefits
69 7306 Automobile deduction limits
70 9001 and 9002 Financial Institutions — Prescribed Entities
71 9002.1 and 9002.2 Prescribed Payment Card Corporation Shares

Part 2
Amendments in respect of Sales and Excise Taxes
Excise Act, 2001
72 2 Definition "officer"
73 211 Communication of information
Excise Tax Act
74 295 Communication of information
Explanatory Notes
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Date Modified: 2008-11-04

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