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| 1996, c. 21
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273. Section 69 of the Income Tax Budget
Amendment Act, being chapter 21 of the
Statutes of Canada, 1996, is replaced by the
following:
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69. For the purpose of determining if a
partnership to which section 68 applies is,
for the purposes of Part IX of the Excise Tax
Act, a financial institution throughout its
taxation year that begins on January 1,
1997, paragraphs 149(1)(b) and (c) of that
Act shall be read as follows:
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(b) the total of all amounts, each of which
is an amount
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(i) that would be included in computing,
for the purposes of the Income Tax Act,
the person's income for the period that is
the person's taxation year immediately
preceding the particular year if it were a
fiscal period of the business of the person
for the purposes of that Act, and
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(ii) that is interest, a dividend (other than
a dividend in kind or a patronage
dividend) or a separate fee or charge for
a financial service
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(c) the person was a financial institution
throughout that period otherwise than
because of paragraph (a).
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