• 366. (1) The Act is amended by adding, after section 262, the schedule set out in the schedule to this Act.

• (2) Subject to subsection (3), subsection (1) is deemed to have come into force on December 20, 2002.

• (3) Subsection (1) is deemed to have come into force to enact the schedule set out in that subsection so as to, as of the dates set out below, list each of the following corporations in the schedule:

  • (a) 2419726 Canada Inc., January 1, 1998, except that, in its application

    • (i) after May 1999 and before April 2002, the reference in the schedule to that corporation is to be read as a reference to “CitiFinancial Canada, Inc./CitiFinancière Canada, Inc.”, and

    • (ii) after 1997 and before June 1999, the reference in the schedule to that corporation is to be read as a reference to “Commercial Credit Corporation CCC Limited/Corporation De Credit Commerciale CCC Limitee”;

  • (b) Ally Credit Canada Limited/Ally Crédit Canada Limitée, January 1, 1991, except that, in its application after 1990 and before August 23, 2010, the reference in the schedule to that corporation is to be read as a reference to “General Motors Acceptance Corporation of Canada Limited”;

  • (c) AmeriCredit Financial Services of Canada Ltd., June 30, 2001;

  • (d) Canaccord Capital Credit Corporation/Corporation de crédit Canaccord capital, September 25, 2000;

  • (e) Canaccord Financial Holdings Inc./Corporation financière Canaccord Inc., January 1, 2004;

  • (f) Citibank Canada Investment Funds Limited, December 31, 2001;

  • (g) Citicapital Commercial Corporation/Citicapital Corporation Commerciale, January 1, 2000, except that, in its application after 1999 and before July 2001, the reference in the schedule to that corporation is to be read as a reference to “Associates Commercial Corporation of Canada Ltd./Les Associés, Corporation Commerciale du Canada Ltee”;

  • (h) Citi Cards Canada Inc./Cartes Citi Canada Inc., September 25, 2003;

  • (i) Citi Commerce Solutions of Canada Ltd., January 1, 2003;

  • (j) CitiFinancial Canada East Company/CitiFinancière, corporation du Canada Est, December 23, 1997, except that, in its application

    • (i) after April 2001 and before April 2002, the reference in the schedule to that corporation is to be read as a reference to “CitiFinancial Services of Canada East Company/CitiFinancière, compagnie de services du Canada Est”,

    • (ii) after September 26, 1999 and before May 2001, the reference in the schedule to that corporation is to be read as a reference to “Associates Financial Services of Canada East Company/Les Associés, Compagnie de Services Financiers du Canada Est”,

    • (iii) after February 12, 1998 and before September 27, 1999, the reference in the schedule to that corporation is to be read as a reference to “Avco Financial Services Canada East Company/Compagnie Services Financiers Avco Canada Est”,

    • (iv) after December 29, 1997 and before February 13, 1998, the reference in the schedule to that corporation is to be read as a reference to “Avco Financial Services Canada East Company/Services Financiers Avco Canada Est Compagnie”, and

    • (v) after December 22, 1997 and before December 30, 1997, the reference in the schedule to that corporation is to be read as a reference to “Avco Financial Services Canada East Company”;

  • (k) CitiFinancial Canada, Inc./CitiFinancière Canada, Inc., March 2, 1998, except that, in its application

    • (i) after April 2001 and before April 2002, the reference in the schedule to that corporation is to be read as a reference to “CitiFinancial Services of Canada, Ltd./CitiFinancière, services du Canada, Ltée”, and

    • (ii) after March 1, 1998 and before May 2001, the reference in the schedule to that corporation is to be read as a reference to “Associates Financial  Services of Canada Ltd./Les Associés, Services Financières du Canada Ltée”;

  • (l) CitiFinancial Mortgage Corporation/CitiFinancière, corporation de prêts hypothécaires, March 2, 1998, except that, in its application after March 1, 1998 and before May 2001, the reference in the schedule to that corporation is to be read as a reference to “Associates Mortgage Corporation/Les Associés, Corporation de Prêts Hypothécaires”;

  • (m) CitiFinancial Mortgage East Corporation/CitiFinancière, corporation de prêts hypothécaires de l’Est, December 23, 1997, except that, in its application

    • (i) after November 2, 1999 and before May 2001, the reference in the schedule to that corporation is to be read as a reference to “Associates Mortgage East Corporation/Les Associés, Corporation de Prêts Hypothécaires de l’Est”,

    • (ii) after September 27, 1999 and before November 3, 1999, the reference in the schedule to that corporation is to be read as a reference to “Associates Mortgage East Corporation/Les Associés, Corporation de Financiers du Prêts Hypothécaires de l’Est”,

    • (iii) after February 12, 1998 and before September 28, 1999, the reference in the schedule to that corporation is to be read as a reference to “Avco Financial Services Realty East Company/Compagnie Services Financiers Immobiliers Avco Est”,

    • (iv) after December 29, 1997 and before February 13, 1998, the reference in the schedule to that corporation is to be read as a reference to “Avco Financial Services Realty East Company/Services Financiers Immobiliers Avco Est Compagnie”, and

    • (v) after December 22, 1997 and before December 30, 1997, the reference in the schedule to that corporation is to be read as a reference to “Avco Financial Services Realty East Company”;

  • (n) Citigroup Finance Canada Inc., January 1, 1998, except that, in its application after 1997 and before June 11, 2003, the reference in the schedule to that corporation is to be read as a reference to “Associates Capital Corporation of Canada/Corporation de capital associés du Canada”;

  • (o) Ford Credit Canada Limited, December 23, 1997;

  • (p) GE Card Services Canada Inc./GE Services de Cartes du Canada Inc., August 2, 2000;

  • (q) GMAC Residential Funding of Canada, Limited, January 1, 2003;

  • (r) John Deere Credit Inc./Crédit John Deere Inc., January 1, 1999;

  • (s) PACCAR Financial Ltd./Compagnie Financière Paccar Ltée, January 1, 2003;

  • (t) Paradigm Fund Inc./Le Fonds Paradigm Inc., January 1, 2002;

  • (u) Prêts étudiants Atlantique Inc./Atlantic Student Loans Inc., January 1, 1998, except that, in its application after 1997 and before June 13, 2002, the reference in the schedule to that corporation is to be read as a reference to “Prêts étudiants Acadie Inc./Acadia Student Loans Inc.”;

  • (v) State Farm Finance Corporation of Canada/ Corporation de Crédit State Farm du Canada, January 1, 2002, except that, in its application after 2001 and before May 2002, the reference in the schedule to that corporation is to be read as a reference to “VNB Financial Services Inc./Services financiers VNB, Inc.”;

  • (w) Trans Canada Retail Services Company/Société de services de détails trans Canada, January 1, 1999, except that, in its application after 1998 and before January 15, 2002, the reference in the schedule to that corporation is to be read as a reference to “National Retail Credit Services Company/Société de services de crédit aux détaillants national”; and

  • (x) Wells Fargo Financial Canada Corporation, January 1, 1999, except that, in its application after 1998 and before September 7, 2001, the reference in the schedule to that corporation is to be read as a reference to “Norwest Financial Canada Company”.

• (4) Ford Credit Canada Limited is deemed to have been, from July 1, 1989 to December 22, 1997, prescribed by a regulation made under paragraph 181(1)(g) of the Act.

• (5) The schedule, as enacted by subsection (1), is amended by removing from the list, as of the dates set out below, the following corporations:

  • (a) GE Card Services Canada Inc./ GE Services Cartes du Canada Inc., January 1, 2003;

  • (b) 2419726 Canada Inc., March 31, 2002;

  • (c) CitiFinancial Mortgage Corporation/CitiFinancière, corporation de prêts hypothécaires, March 31, 2002; and

  • (d) CitiFinancial Mortgage East Corporation/CitiFinancière, corporation de prêts hypothécaires de l’Est, April 1, 2002.

367. If a provision of this Part applies or comes into force before the day on which this Act receives royal assent, for the purpose of and to the extent necessary to take into account that provision, in applying subsection 152(4.2) of the Act to a taxation year that ends before that day, that subsection is to be read as follows:

• (4.2) Notwithstanding subsections (4), (4.1) and (5), for the purpose of determining, at any time after the end of the normal reassessment period of a taxpayer in respect of a taxation year, an amount payable under this Part by the taxpayer for the taxation year, the Minister may, if the taxpayer makes an application for that determination,

  • (a) reassess tax, interest or penalties payable under this Part by the taxpayer in respect of that taxation year; and

  • (b) redetermine the amount, if any, deemed by subsection 120(2) or (2.2), 122.5(3), 122.51(2), 122.7(2) or (3), 125.4(3), 125.5(3), 127.1(1), 127.41(3) or 210.2(3) or (4) to be paid on account of the taxpayer’s tax payable under this Part for the year or deemed by subsection 122.61(1) to be an overpayment on account of the taxpayer’s liability under this Part for the taxation year.

2003, c. 28An Act to amend the Income Tax Act (natural resources)

• 368. (1) The portion of subsection 2(5) of An Act to Amend the Income Tax Act (Natural Resources) before paragraph (a) is replaced by the following:

  • (5) For each taxation year that ends after 2002 and begins before 2008, paragraph 18(1)(m) of the Act applies, notwithstanding paragraph 20(1)(v) of the Act, only to the percentage of each amount described by paragraph 18(1)(m) of the Act that is the total of:

• (2) Subsection 2(7) of the Act is replaced by the following:

  • (7) Subsection (3) applies to taxation years that begin after 2007.

1988, c. 28Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act

• 369. (1) Subsections 216(1) and (2) of the Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation Act are replaced by the following:

  Marginal note:Imposition of corporate income tax and capital tax in offshore area

  • 216. (1) There shall be imposed, levied and collected under this Part in respect of the taxable income earned by, and the taxable capital of, a corporation in a taxation year in the offshore area, in accordance with subsection (3), the taxes, interest, penalties and other sums that would be imposed, levied and collected under the Nova Scotia Income Tax Act in respect of that taxable income and that taxable capital if the offshore area were in the land portion of the Province.

  • Marginal note:Exception

    (2) Despite subsection (1), if taxes are imposed under the Nova Scotia Income Tax Act in respect of the taxable income earned by, or the taxable capital of, a corporation in a taxation year in the Province and taxes would, in the absence of this subsection, be imposed under subsection (1) in respect of that taxable income or that taxable capital, no taxes shall be imposed under subsection (1) in respect of that taxable income or that taxable capital.

• (2) Subsection 216(4) of the Act is replaced by the following:

  • Marginal note:Determination of taxable income earned in the offshore area

    (4) For the purpose of this section, the taxable income of a corporation earned in a taxation year in the offshore area or in the Province shall be determined in accordance with Part IV of the Income Tax Regulations as though the offshore area were a province and the Income Tax Act were read without reference to the definition “province” in subsection 124(4) of that Act, and “taxable capital” means taxable capital employed in Canada determined in accordance with Part I.3 of that Act.

• (3) Subsections (1) and (2) are deemed to have come into force on April 1, 1997.

R.S., c. F-8; 1995, c. 17, s. 45(1)Federal-Provincial Fiscal Arrangements Act

Marginal note:1990, c. 39, s. 56(1); 1999, c. 31, s. 237(F)

• 370. (1) Paragraph 12.2(1)(b) of the Federal-Provincial Fiscal Arrangements Act is replaced by the following:

  • (b) the Act of the legislature of the province imposing a tax on the income of corporations provides, in the opinion of the Minister, for a deduction in computing taxable income of a corporation for taxation years ending in the fiscal year of an amount that is not less than the amount deductible by the corporation for the year under paragraph 110(1)(k) of the Income Tax Act.

• (2) Subsection (1) is deemed to have come into force on January 1, 2004.

1998, c. 19Income Tax Amendments Act, 1997

• 371. (1) The version of subparagraph 130(3)(a)(vii) of the Income Tax Act found in subsection 155(2) of the Income Tax Amendments Act, 1997, as amended by subsection 92(1) of the Income Tax Amendments Act, 1998, chapter 22 of the Statutes of Canada, 1999, which subsection 155(2) is in this section referred to as the “enacting subsection”, is amended by adding the following immediately after clause (B):

  • (B.1) paragraph (b) of that definition were read as follows:

    • (b) each beneficiary of a trust (except a beneficiary of a trust governed by a registered education savings plan who has not attained 19 years of age) is deemed to own that proportion of all such shares owned by the trust at that time that the fair market value at that time of the beneficial interest of the beneficiary in the trust is of the fair market value at that time of all beneficial interests in the trust,

• (2) The version of subparagraph 130(3)(a)(vii) of the Income Tax Act found in the enacting subsection is amended by adding the following immediately after clause (C):

  • (C.1) paragraph (e) of that definition were read as follows:

    • (e) notwithstanding paragraph (b), where a beneficiary’s share of the income or capital of the trust depends on the exercise by any person of, or the failure by any person to exercise, any discretionary power, the beneficiary (except a beneficiary of a trust governed by a registered education savings plan who has not attained 19 years of age) is deemed to own each share of the capital stock of a corporation owned at that time by the trust;

• (3) Clause 130(3)(a)(vii)(B.1) of the Income Tax Act, as enacted by subsection (1), is repealed.

• (4) Clause 130(3)(a)(vii)(C.1) of the Income Tax Act, as enacted by subsection (2), is repealed.

• (5) Subsections (1) and (2) are deemed to have come into force on June 18, 1998.

• (6) Subsections (3) and (4) apply to taxation years that begin after October 31, 2011.

2001, c. 17Income Tax Amendments Act, 2000

• 372. (1) Subsection 59(2) of the Income Tax Amendments Act, 2000 is replaced by the following:

  • (2) Subsection (1) applies to taxation years that end after February 27, 2000, except that, for a taxation year of a debtor that includes either February 28, 2000 or October 17, 2000, or began after February 28, 2000 and ended before October 17, 2000, the reference to “½” in subsection 80.01(10) of the Act, as enacted by subsection (1), is to be read as a reference to the fraction in paragraph 38(a) of the Act that applied to the debtor for the year in which the commercial debt obligation was deemed to have been settled.

• (2) Subsection (1) is deemed to have come into force on June 14, 2001.

• 373. (1) Subsection 70(11) of the Act is replaced by the following:

  • (11) Subsections (4), (5) and (7) apply to taxation years that end after February 27, 2000, except that, for a taxation year of a taxpayer that includes February 28, 2000 or October 17, 2000, or began after February 28, 2000 and ended before October 17, 2000, the references to “twice” in subsection 93(1.2) of the Act, as enacted by subsection (4), in subsection 93(2) of the Act, as enacted by subsection (5), and in subsection 93(2.2) of the Act, as enacted by subsection (7), are to be read as references to “the fraction that is the reciprocal of the fraction in paragraph 38(a), as enacted by subsection 22(1) of the Income Tax Amendments Act, 2000, that applies to the taxpayer for the year, multiplied by”.

• (2) Subsection (1) is deemed to have come into force on June 14, 2001.