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[1992, c. 29, assented to 23rd June, 1992]
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| R.S., c. 1 (5th
Supp.)
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2. (1) Subsection 12(1) of the Income Tax
Act is amended by striking out the word
``and'' at the end of paragraph (x) and by
adding the following after paragraph (x):
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| Fuel tax
rebates
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(x.1) the total of all amounts each of which
is
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(i) a fuel tax rebate received in the year by
the taxpayer under subsection 68.4(3) of
the Excise Tax Act, or
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(ii) the amount, if any, by which
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(A) 10 times the amount, if any, by
which
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(I) the total of all fuel tax rebates
under subsection 68.4(2) of that Act
received in the year by the taxpayer
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(II) the total of all amounts, in
respect of fuel tax rebates under
subsection 68.4(2) of that Act
received in the year by the taxpayer,
repaid by the taxpayer under
subsection 68.4(7) of that Act
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(B) the total of all amounts, in respect
of fuel tax rebates under subsection
68.4(2) of that Act received in the year,
deducted under subsection 111(10) in
computing the taxpayer's non-capital
loss for a year; and
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(2) Subsection (1) applies to the 1992 and
subsequent taxation years.
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3. (1) Subsection 87(2) of the Act is
amended by striking out the word ``and'' at
the end of paragraph (ss), by adding the
word ``and'' at the end of paragraph (tt) and
by adding the following after paragraph
(tt):
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| Fuel tax
rebates
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(uu) for the purposes of paragraph
12(1)(x.1), the description of D.1 in the
definition ``non-capital loss'' in subsection
111(8), clause 111(10)(a)(i)(B) and
subsection 111(11), the new corporation
shall be deemed to be the same corporation
as, and a continuation of, each predecessor
corporation.
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(2) Subsection (1) applies to
amalgamations occurring after 1991.
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4. (1) The portion of paragraph 88(1)(e.2)
of the Act before subparagraph (i) is
replaced by the following:
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(e.2) paragraphs 87(2)(c), (d.1), (e.1), (g) to
(l), (l.3) to (u), (x), (y.1), (z.1), (z.2), (cc),
(ll), (nn), (pp), (rr), (tt) and (uu), subsection
87(6) and, subject to section 78, subsection
87(7) apply to the winding-up as if the
references therein to
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(2) Subsection (1) applies to windings-up
beginning after 1991.
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5. (1) The first formula in the definition
``non-capital loss'' in subsection 111(8) of
the Act is replaced by the following:
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(A + B) - (C + D + D.1)
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(1.1) The definition ``non-capital loss'' in
subsection 111(8) of the Act is amended by
striking out the word ``and'' at the end of
the description of C, by adding the word
``and'' at the end of the description of D and
by adding the following after the
description of D:
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D.1 is the total of all
amounts deducted under subsection
(10) in respect of the taxpayer for the
year;
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(2) Section 111 of the Act is amended by
adding the following after subsection (9):
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| Fuel tax
rebate loss
abatement
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(10) Where, in a particular taxation year, a
taxpayer received an amount (in this
subsection referred to as a ``rebate'') as a fuel
tax rebate under subsection 68.4(2) of the
Excise Tax Act, in computing the amount of
the taxpayer's non-capital loss for a taxation
year (in this subsection referred to as the ``loss
year'') that is one of the 7 taxation years
preceding the particular year, there shall be
deducted the lesser of
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(a) the amount, if any, by which
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(i) 10 times the amount, if any, by which
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(A) the total of all rebates received by
the taxpayer in the particular year
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(B) the total of all amounts, in respect
of rebates received by the taxpayer in
the particular year, repaid by the
taxpayer under subsection 68.4(7) of
that Act
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(ii) the total of all amounts, in respect of
rebates received in the particular year,
deducted under this subsection in
computing the taxpayer's non-capital
losses for other taxation years, and
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(b) such amount as the taxpayer claims, not
exceeding the portion of the taxpayer's
non-capital loss for the loss year
(determined without reference to this
subsection) that would be deductible in
computing the taxpayer's taxable income
for the particular year if the taxpayer had
sufficient income for the particular year
from businesses carried on by the taxpayer
in the particular year.
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| Idem -
partnerships
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(11) Where a taxpayer was a member of a
partnership at any time in a fiscal period
during which the partnership received a fuel
tax rebate under subsection 68.4(2) or (3) of
the Excise Tax Act, the taxpayer is deemed
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(a) to have received at that time as a rebate
under subsection 68.4(2) or (3), as the case
may be, of that Act an amount equal to that
proportion of the amount of the rebate
received by the partnership that the
member's share of the partnership's income
or loss for that fiscal period is of the whole
of that income or loss, determined without
reference to any rebate under section 68.4
of that Act; and
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(b) to have paid as a repayment under
subsection 68.4(7) of that Act an amount
equal to that proportion of all amounts
repaid under subsection 68.4(7) of that Act
in respect of the rebate that the member's
share of the partnership's income or loss for
that fiscal period is of the whole of that
income or loss, determined without
reference to any rebate under section 68.4
of that Act.
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(3) Subsections (1), (1.1) and (2) apply to
amounts received after 1991.
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6. (1) The portion of subsection 156.1(1)
of the Act before paragraph (a) is replaced
by the following:
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| No instalment
required
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156.1 (1) Where the total of the taxes
payable (before taking into consideration any
amount referred to in any of subparagraphs
161(7)(a)(ii) to (v) or (viii) that was excluded
or deducted, as the case may be) under this
Part and Part I.1 by an individual for a
particular taxation year or for the taxation year
preceding that year is not more than the total
of $1,000 and the amount, if any, determined
in respect of the individual for that year under
subsection 120(2),
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(2) Subsection (1) applies to the 1992 and
subsequent taxation years.
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7. (1) Paragraph 157(2.1)(a) of the Act is
replaced by the following:
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(a) the total of the taxes payable (before
taking into consideration any amount
referred to in any of subparagraphs
161(7)(a)(ii) to (viii) that was excluded or
deducted, as the case may be) under this
Part and Part VI.1 by a corporation for a
taxation year, or
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(2) Subsection (1) applies to the 1992 and
subsequent taxation years.
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8. (1) Paragraph 161(7)(a) of the Act is
amended by striking out the word ``or'' at
the end of subparagraph (vi), by adding the
word ``or'' at the end of subparagraph (vii)
and by adding the following after
subparagraph (vii):
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(viii) any amount excluded from the
amount determined under clause
12(1)(x.1)(ii)(A) because of subclause
12(1)(x.1)(ii)(A)(II) in respect of a fuel
tax rebate repayment made in a
subsequent taxation year,
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(2) The portion of paragraph 161(7)(b) of
the Act before subparagraph (i) is replaced
by the following:
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(b) the amount by which the tax payable
under this Part for the year is reduced
because of the exclusion or deduction, as
the case may be, of an amount described in
any of subparagraphs (a)(ii) to (viii) of this
subsection and subparagraph 161(7)(a)(i)
of the Income Tax Act, chapter 148 of the
Revised Statutes of Canada, 1952, is
deemed to have been paid by the taxpayer
on account of the taxpayer's tax payable for
the year under this Part on the day that is the
latest of
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(3) Subsections (1) and (2) apply to the
1992 and subsequent taxation years.
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9. (1) Subsection 164(5) of the Act is
amended by adding the following before
paragraph (b):
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(a) the deduction of an amount under
subclause 12(1)(x.1)(ii)(A)(II) in respect of
a fuel tax rebate repayment made in a
subsequent taxation year,
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(2) Subsection 164(5.1) of the Act is
amended by adding the following before
paragraph (b):
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(a) the deduction of an amount under
subclause 12(1)(x.1)(ii)(A)(II) in respect of
a fuel tax rebate repayment made in a
subsequent taxation year,
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(3) Subsections (1) and (2) apply to the
1992 and subsequent taxation years.
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10. (1) Paragraph 212(1)(d) of the Act is
amended by striking out the word ``or'' at
the end of subparagraph (ix), by adding the
word ``or'' at the end of subparagraph (x)
and by adding the following after
subparagraph (x):
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(xi) a payment made to a person with
whom the payer is dealing at arm's length
for the use of or the right to use property
that is
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(B) furniture, fittings or equipment
attached to an aircraft, or
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(C) a spare part for property described
in clause (A) or (B);
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(2) Subsection (1) applies to payments
made after December 6, 1991 under
agreements entered into after 1990.
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