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Explanatory Notes to the Legislative Proposals and Draft Regulations Relating to Income Tax
February 2004
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Related documents:
- Minister of Finance Releases Revised Draft Technical Amendments to Income Tax Act (News Release 2004-014).
- Legislative Proposals and Draft Regulations Relating to Income Tax.
Table of Contents
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Clause in Legislation |
Section of the Income Tax Act |
Topic |
|---|---|---|
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| Preface. | ||
| Part I - General. | ||
| 2 | 6 |
Employment Income |
| 5 | 12 |
Income Inclusions |
| 7 | 14 |
Eligible Capital Property |
| 10 | 18 |
Prohibited Deductions |
| 12 | 20 |
Deductions |
| 18 | 44 |
Exchanges of Property |
| 19 | 44.1 |
Capital Gains Deferral - Eligible Small Business Investments |
| 20 | 53 |
Adjustments to Cost Base |
| 24 | 56 |
Other Sources of Income |
| 24.1 | 56.4 |
Restricted Covenants |
| 25 | 60 |
Deductions in Computing Income |
| 30.1 | 68 |
Allocation of Amounts in Consideration for Property, Services or Restrictive Covenants |
| 31.1 | 70 |
Death of a Taxpayer |
| 31.2 | 72 |
Election by Legal Representative and Transferee re Reserve |
| 32 | 73 |
Inter Vivos Transfers by Individuals |
| 32.1 | 82 |
Compensation Payments Deductible by Individuals |
| 32.2 | 84 |
Deemed Dividend |
| 33 | 85 |
Transfer of Property to Corporation by Shareholders |
| 36 | 88 |
Winding-up of a Corporation |
| 38.1 | 94 |
Application of Certain Provisions to Trusts Not Resident in Canada |
| 42 | 104 |
Trusts and Their Beneficiaries |
| 42.1 | 106 |
Proceeds of Disposition of Income Interest |
| 43 | 107 |
Interests in Trusts |
| 43.1 | 107.1 |
Distribution by Employee Trust, Employee Benefit Plan or Similar Trust |
| 43.2 | 107.2 |
Distribution by a Retirement Compensation Arrangement |
| 44 | 107.4 |
Qualifying Disposition |
| 45 | 108 |
Taxation of Trusts and Their Beneficiaries |
| 47 | 110.1 |
Charitable Donations Deduction |
| 48 | 110.6 |
Lifetime Capital Gains Exemption |
| 50.1 | 118 |
Personal Tax Credits |
| 51 | 118.1 |
Charitable Donations Tax Credit |
| 52 | 118.2 |
Medical Expense Tax Credit |
| 59 | 120.4 |
Tax on Split Income |
| 61 | 125 |
Small Business Deduction |
| 62 | 125.1 |
Manufacturing and Processing Profits Deduction |
| 62.1 | 125.11 |
Resource Income |
| 63 | 125.4 |
Canadian Film or Video Production Tax Credit |
| 64 | 126 |
Foreign Tax Credit |
| 66 | 127 |
Deductions in Computing Tax |
| 67 | 127.4 |
Labour-Sponsored Venture Capital Corporations |
| 69.1 | 128.1 |
Returning Trust Beneficiary |
| 70 | 129 |
Private Corporations - "refundable dividend tax on hand" |
| 70.1 | 132 |
Definition "mutual fund trust" |
| 72 | 132.2 |
Mutual Fund Qualifying Exchanges |
| 73 | 134.1 |
Non-resident-owned Investment Corporations - Transition |
| 77 | 138 |
Insurance Corporations |
| 78 | 142.6 |
Mark-to-Market Rules |
| 80.1 | 143.2 |
Limited Recourse Deb in Respect of a Gift or Monetary Contribution |
| 83 | 146.1 |
Registered Education Savings Plans - Conditions for Registration |
| 84 | 146.3 |
Registered Retirement Income Funds |
| 87 | 149 |
Exemptions - Municipalities and Other Governmental Public Bodies |
| 88 | 149.1 |
Charities |
| 107.1 | 200 |
Distribution Deemed Disposition |
| 108.1 | 204.9 |
Transfers Between Plans |
| 109 | Part XI |
Tax in Respect of Certain Property Acquired by Trusts, etc. |
| 110 | Part XII.2 |
Definitions and Application |
| 114 | 212 |
Taxation of Non-Residents |
| 114.1 | 214 |
Deemed Payments |
| 115.1 | 220 |
Security for Tax on Distributions of Taxable Canadian Property to Non-resident Beneficiaries |
| 116.1 | 237.1 |
Tax Shelters |
| 118 | 248 |
Interpretation |
| 121 | 256 |
Acquisition of Control of a Corporation |
| 123 | 260 |
Securities Lending Arrangements |
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| Part II - Foreign Affiliates. | ||
| 128 | 17 |
Amount Owing by Non-resident |
| 129 | 42 |
Consideration for Warranties, Covenants or ther Obligations |
| 130 | 88 |
Winding-up of a Corporation |
| 131 | 92 |
Adjusted Cost Base of Share of Foreign Affiliate |
| 132 | 93 |
Disposition of Shares of Foreign Affiliate |
| 133 | 95 |
Foreign Affiliates |
| 134 | 248 |
Definitions |
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Draft Regulations |
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Pensions and Qualified Limited Partnerships |
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| Appendix B. |
Insurers |
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| Appendix C. |
Foreign Affiliates |
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| Appendix D. |
Prescribed Properties and Permanent Establishments |
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