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

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Regulations are current to 2018-07-05 and last amended on 2018-06-21. Previous Versions

 For the purpose of section 67.6 of the Act, penalties imposed under paragraph 110.1(1)(a) of the Excise Act are prescribed.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/2011-187, s. 1.

 For the purpose of the definition eligible apprentice in subsection 127(9) of the Act, a prescribed trade in respect of a province means, at all times in a taxation year, a trade that is, at any time in that taxation year, a Red Seal trade for the province under the Interprovincial Standards Red Seal Program.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. 2007, c. 35, s. 80.

PART LXXIVPrescribed Forest Management Plans for Woodlots

  •  (1) For the purposes of subsections 70(9), (9.3) and (10) and 73(3) of the Act, a prescribed forest management plan in respect of a woodlot of a taxpayer is a written plan for the management and development of the woodlot that

    • (a) describes the composition of the woodlot, provides for the attention necessary for the growth, health and quality of the trees on the woodlot and is approved in accordance with the requirements of a provincial program established for the sustainable management and conservation of forests; or

    • (b) has been certified in writing by a recognized forestry professional to be a plan that describes the composition of the woodlot, provides for the attention necessary for the growth, health and quality of the trees on the woodlot and includes

      • (i) a description of, or a map indicating, the location of the woodlot,

      • (ii) a description of the characteristics of the woodlot, including a map of the woodlot site that shows those characteristics,

      • (iii) a description of the development of the woodlot, including the activities carried out on the woodlot, since the taxpayer acquired it,

      • (iv) information acceptable to the recognized forestry professional estimating

        • (A) the ages and heights of the trees on the woodlot, and their species,

        • (B) the quantity of wood on the woodlot,

        • (C) the quality and composition of the soil underlying the woodlot, and

        • (D) the quantity of wood that the woodlot could yield as a result of the implementation of the plan,

      • (v) a description of, and the timing for, the activities proposed to be carried out on the woodlot under the plan, including any of those activities that deal with

        • (A) harvesting,

        • (B) renewal and regeneration,

        • (C) the application of silviculture techniques, and

        • (D) responsible stewardship and the protection of the environment, and

      • (vi) a description of the objectives and strategies for the management and development of the woodlot over a period of at least five years.

  • (2) A recognized forestry professional referred to in subsection (1) is a forestry professional who has a degree, diploma or certificate recognized by the Canadian Forestry Accreditation Board, the Canadian Institute of Forestry or the Canadian Council of Technicians and Technologists.

  • (3) A recognized forestry professional referred to in subsection (1) is not required to express an opinion as to the completeness or correctness of a description of past activities referred to in subparagraph (1)(b)(iii) or of information referred to in subparagraph (1)(b)(iv) if the information was not prepared by that recognized forestry professional.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/2007-35, s. 1.

PART LXXV[Repealed, 2013, c. 33, s. 36]

 [Repealed, 2013, c. 33, s. 36]

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. SOR/2008-49, s. 1;
  • 2013, c. 33, s. 36;
  • SOR/2013-22, s. 1.

PART LXXVICarved-out Property Exclusion

 For the purposes of paragraph (g) of the definition carved-out property in subsection 209(1) of the Act, a prescribed property at any time is

  • (a) any right, licence or privilege to prospect, explore, drill or mine for minerals in a mineral resource (other than a bituminous sands deposit, oil sands deposit or oil shale deposit) in Canada;

  • (b) any rental or royalty computed by reference to the amount or value of production of minerals from a mineral resource (other than a bituminous sands deposit, oil sands deposit or oil shale deposit) in Canada;

  • (c) any real property in Canada the principal value of which depends on its mineral resource content (other than a bituminous sands deposit, oil sands deposit or oil shale deposit);

  • (d) any right to or interest in any property described in any of paragraphs (a) to (c); or

  • (e) a property acquired before that time by a taxpayer in the circumstances described in paragraph (c) of the definition carved-out property in subsection 209(1) of the Act, except where it is reasonable to consider that one of the main reasons for the acquisition of the property, or any series of transactions or events in which the property was acquired by the taxpayer was to reduce or postpone tax that would, but for this paragraph, be payable by another taxpayer under Part XII.1 of the Act.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/89-463, s. 2.

PART LXXVIIPrescribed Prizes

 For the purposes of subparagraph 56(1)(n)(i) of the Act, a prescribed prize is any prize that is recognized by the general public and that is awarded for meritorious achievement in the arts, the sciences or service to the public but does not include any amount that can reasonably be regarded as having been received as compensation for services rendered or to be rendered.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/89-473, s. 2.

PART LXXVIIISpecified Pension Plans

 For the purposes of the definition specified pension plan in subsection 248(1) of the Act, a prescribed arrangement is the Saskatchewan Pension Plan established under The Saskatchewan Pension Plan Act, chapter S-32.2 of the Statutes of Saskatchewan, 1986, as amended from time to time.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. SOR/89-474, s. 1;
  • SOR/2001-295, s. 8;
  • 2011, c. 24, s. 89.

PART LXXIXPrescribed Financial Institutions

 For the purposes of the definitions excluded income and excluded revenue and specified deposit in subsection 95(2.5) of the Act, each of the following is a prescribed financial institution:

  • (a) a member of the Canadian Payments Association; and

  • (b) a credit union that is a shareholder or member of a body corporate or organization that is a central for the purposes of the Canadian Payments Act.

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending Acts and regulations. SOR/90-285, s. 2;
  • SOR/94-686, s. 79(F);
  • SOR/97-505, s. 10;
  • SOR/2009-302, s. 11;
  • 2013, c. 33, s. 37.

PART LXXXPrescribed Reserve Amount and Recovery Rate

 For the purpose of clause 20(1)(l)(ii)(C) of the Act, the prescribed reserve amount for a taxation year means the aggregate of

  • (a) where the taxpayer is a bank, an amount equal to the lesser of

    • (i) the amount of the reserve reported in its annual report for the year that is filed with and accepted by the relevant authority or, where the taxpayer was throughout the year subject to the supervision of the relevant authority but was not required to file an annual report for the year with the relevant authority, in its financial statements for the year, as general provisions or as specific provisions, in respect of exposures to designated countries in respect of loans or lending assets of the taxpayer made or acquired by it in the ordinary course of its business, and

    • (ii) an amount in respect of the loans or lending assets of the taxpayer at the end of the year that were made or acquired by the taxpayer in the ordinary course of its business and reported for the year by the taxpayer to the relevant authority, in accordance with the guidelines established by the relevant authority, as part of the taxpayer’s total exposure to designated countries for the purposes of determining the taxpayer’s general provisions or specific provisions referred to in subparagraph (i) or that were acquired by the taxpayer after August 16, 1990 and reported for the year by the taxpayer to the relevant authority, in accordance with the guidelines established by the relevant authority, as an exposure to a designated country (in this subparagraph referred to as the “loans”) equal to the positive or negative amount, as the case may be, determined by the formula

      45% (A + B) - (B + C)

      where

      A
      is the aggregate of all amounts each of which is the amount that would be the amortized cost of a loan to the taxpayer at the end of the year if the definition amortized cost in section 248 of the Act were read without reference to paragraphs (e) and (i) thereof,
      B
      is the aggregate of all amounts each of which is the amount, if any, by which the principal amount of a loan outstanding at the time it was acquired by the taxpayer exceeds the amortized cost of the loan to the taxpayer immediately after the time it was acquired by the taxpayer, and
      C
      is the aggregate of all amounts each of which is
      • (A) an amount deducted in respect of a loan under clause 20(1)(l)(ii)(B) of the Act in computing the taxpayer’s income for the year, or

      • (B) an amount in respect of a loan determined as the amount, if any, by which

        • (I) the aggregate of all amounts in respect of the loan deducted under paragraph 20(1)(p) of the Act in computing the taxpayer’s income for the year or a preceding taxation year

        exceeds

        • (II) the aggregate of all amounts in respect of the loan included under paragraph 12(1)(i) of the Act in computing the taxpayer’s income for the year or a preceding taxation year, and

  • (a.1) where the taxpayer is a bank, the positive or negative amount that would be determined under the formula in subparagraph (a)(ii) in respect of the specified loans owned by the taxpayer at the end of the year if that subparagraph applied to those loans.

  • (b) [Repealed, SOR/99-91, s. 2]

  • NOTE: Application provisions are not included in the consolidated text;
  • see relevant amending regulations. SOR/91-78, s. 4;
  • SOR/92-681, s. 3(F);
  • SOR/94-686, s. 40(F);
  • SOR/99-91, s. 2.
 
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