(b) a share of a class of shares of the capital stock of a corporation that is listed on a prescribed stock exchange;
	(6) Subsection 116(6) of the Act is amended by striking out the word ``or'' at the end of paragraph (d) and by replacing paragraph (e) with the following:
	(e) property of a non-resident insurer that
	(i) is licensed or otherwise authorized under the laws of Canada or a province to carry on an insurance business in Canada; and
	(ii) carries on an insurance business, within the meaning of subsection 138(1) of the Act, in Canada;
	(f) property of an authorized foreign bank that is used or held in the course of the bank's Canadian banking business;
	(g) an option in respect of property referred to in any of paragraphs (a) to (f) whether or not such property is in existence; and
	(h) an interest in property referred to in any of paragraphs (a) to (g).
	(7) Subsections (1), (3) and (4) and paragraphs 116(6)(a) and (a.1) of the Act, as enacted by subsection (5), apply after October 1, 1996.
	(8) Subsection (2) applies to taxation years that end after February 27, 2000 except that, for a taxation year that ended after February 27, 2000 and before October 18, 2000, the reference in subsections 116(2), (4) and (5) of the Act, as enacted by subsection (2), to the percentage ``25%'' shall be read as a reference to the percentage ``30%''.
	(9) Paragraph 116(6)(b) of the Act, as enacted by subsection (5), and subsection (6) apply after June 27, 1999.
	92. (1) Subsection 117(2) of the Act is replaced by the following:
Rate for 2000	(2) The tax payable under this Part by an individual on the individual's taxable income or taxable income earned in Canada, as the case may be, (in this subdivision referred to as the ``amount taxable'') for the 2000 taxation year is
	(a) 17% of the amount taxable, if the amount taxable does not exceed $30,004 ;
	(b) $5,101 plus 25 % of the amount by which the amount taxable exceeds $30,004 , if the amount taxable exceeds $30,004 and does not exceed $60,009 ; and
	(c) $12,602 plus 29% of the amount by which the amount taxable exceeds $60,009, if the amount taxable exceeds $60,009 .
	(2) Subsection 117(2) of the Act, as enacted by subsection (1), is replaced by the following:
Rates for years after 2000	(2) The tax payable under this Part by an individual on the individual's taxable income or taxable income earned in Canada, as the case may be, (in this subdivision referred to as the ``amount taxable'') for a taxation year is
	(a) 16 % of the amount taxable, if the amount taxable does not exceed $30,754 ;
	(b) $4,921 plus 22 % of the amount by which the amount taxable exceeds $30,754 , if the amount taxable exceeds $30,754 and does not exceed $61,509 ;
	(b.1) $11,687 plus 26% of the amount by which the amount taxable exceeds $61,509, if the amount taxable exceeds $61,509 and does not exceed $100,000 ; and
	(c) $21,695 plus 29% of the amount by which the amount taxable exceeds $100,000 , if the amount taxable exceeds $100,000 .
Minimum thresholds for 2004	(3) Each of the amounts of $30,754, $61,509 and $100,000 referred to in subsection (2) is deemed, for the purposes of applying subsection (2) to the 2004 taxation year, to be the greater of
	(a) the amount that would be used for the 2004 taxation year if this section were read without reference to this subsection; and
	(b) in the case of
	(i) the amount of $30,754, $35,000,
	(ii) the amount of $61,509, $70,000, and
	(iii) the amount of $100,000, $113,804.
	(3) Subsection (1) applies to the 2000 taxation year.
	(4) Subsection 117(2) of the Act, as enacted by subsection (2), applies to the 2001 and subsequent taxation years.
	93. (1) Clause (c.1)(ii)(B) of the description of B in subsection 118(1) of the Act is replaced by the following:
	(B) resident in Canada and is the parent, grandparent, brother, sister, aunt, uncle, nephew or niece of the individual or of the individual's spouse or common-law partner , and
	(2) The portion of paragraph 118(1)(c.1) of the Act after subparagraph (iii) is replaced by the following:
	the amount determined by the formula
	$15,453 - D.1
	where
	D.1 is the greater of $11,953 and the particular person's income for the year,
	(3) The portion of paragraph 118(1)(d) of the Act after subparagraph (ii) is replaced by the following:
	the amount determined by the formula
	$8,466 - E
	where
	E is the greater of $4,966 and the dependant's income for the year, and
	(4) Subsection 118 of the Act is amended by adding the following after subsection (3):
Minimum amounts for 2004	(3.1) Each of the amounts of $7,131, $6,055 and $606 referred to in paragraphs (a) to (c) of the description of B in subsection (1) is deemed, for the 2004 taxation year, to be the greater of
	(a) the amount in respect thereof that would be used for that year if this section were read without reference to this subsection; and
	(b) in the case of
	(i) the amounts of $7,131, $8,000,
	(ii) the amounts of $6,055, $6,800, and
	(iii) the amounts of $606, $680.
	(5) Subsection (1) applies to the 1998 and subsequent taxation years, except that clause (c.1)(ii)(B) of the description of B in subsection 118(1) of the Act, as enacted by subsection (1), shall be read without reference to ``or common-law partner'' for any taxation year that ends before 2001 unless a valid election is made by the taxpayer under section 144 of the Modernization of Benefits and Obligations Act, that that Act apply to the taxpayer in respect of one or more taxation years that includes the year.
	(6) Subsections (2) and (3) apply to the 2001 and subsequent taxation years.
	94. (1) The portion of the definition ``total ecological gifts'' in subsection 118.1(1) of the Act before paragraph (a) is replaced by the following:
``total ecological gifts'' « total des dons de biens écosensibles »	``total ecological gifts'' of an individual for a taxation year means the total of all amounts each of which is the fair market value of a gift (other than a gift the fair market value of which is included in the total cultural gifts of the individual for the year) of land, including a servitude for the use and benefit of a dominant land, a covenant or an easement, the fair market value of which is certified by the Minister of the Environment and that is certified by that Minister, or a person designated by that Minister, to be ecologically sensitive land, the conservation and protection of which is, in the opinion of that Minister, or that person, important to the preservation of Canada's environmental heritage, which gift was made by the individual in the year or in any of the five immediately preceding taxation years to
	(2) Subsection 118.1(2) of the Act is replaced by the following:
Proof of gift	(2) A gift shall not be included in the total charitable gifts, total Crown gifts, total cultural gifts or total ecological gifts of an individual unless the making of the gift is proven by filing with the Minister
	(a ) a receipt for the gift that contains prescribed information;
	(b) in the case of a gift described in the definition ``total cultural gifts'' in subsection (1), the certificate issued under subsection 33(1) of the Cultural Property Export and Import Act; and
	(c) in the case of a gift described in the definition ``total ecological gifts'' in subsection (1), both certificates referred to in that definition.
	(3) Subsection 118.1(4) of the Act is replaced by the following:
Gift in year of death	(4) Subject to subsection (13), a gift made by an individual in the particular taxation year in which the individual dies (including, for greater certainty, a gift otherwise deemed by subsection (5), (5.2), (5.3), (7), (7.1), (13) or (15) to have been so made) is deemed, for the purpose of this section other than this subsection, to have been made by the individual in the preceding taxation year, and not in the particular year, to the extent that an amount in respect of the gift is not deducted in computing the individual's tax payable under this Part for the particular year.
	(4) Section 118.1 of the Act is amended by adding the following after subsection (5):
Direct designation - insurance proceeds	(5.1) Subsection (5.2) applies to an individual in respect of a life insurance policy where
	(a) the policy is a life insurance policy in Canada under which, immediately before the individual's death, the individual's life was insured;
	(b) a transfer of money, or a transfer by means of a negotiable instrument, is made as a consequence of the individual's death and solely because of the obligations under the policy, from an insurer to a qualified donee (other than a transfer the amount of which is not included in computing the income of the individual or the individual's estate for any taxation year but would have been included in computing the income of the individual or the individual's estate for a taxation year if the transfer had been made to the individual's legal representative for the benefit of the individual's estate and this Act were read without reference to subsection 70(3));
	(c) immediately before the individual's death,
	(i) the individual's consent would have been required to change the recipient of the transfer described in paragraph (b), and
	(ii) the donee was neither a policyholder under the policy, nor an assignee of the individual's interest under the policy; and
	(d) the transfer occurs within the 36 month period that begins at the time of the death (or, where written application to extend the period has been made to the Minister by the individual's legal representative, within such longer period as the Minister considers reasonable in the circumstances).
Rules applicable re: subsection (5.1)	(5.2) Where subsection (5.1) applies to an individual in respect of a life insurance policy under which an insurer is obligated to make a transfer,
	(a) for the purpose of this section (other than subsection (5.1) and this paragraph), the transfer described in subsection (5.1) is deemed to be a gift made, immediately before the individual's death, by the individual to the qualified donee referred to in subsection (5.1); and
	(b) the fair market value of the gift is deemed to be the fair market value, at the time of the individual's death, of the right to that transfer (determined without reference to any risk of default with regard to obligations of the insurer).
Direct designation - RRSPs and RRIFs	(5.3) Where as a consequence of an individual's death, a transfer of money, or a transfer by means of a negotiable instrument, is made, from a registered retirement savings plan or registered retirement income fund (other than a plan or fund of which a licensed annuities provider is the issuer or carrier, as the case may be) to a qualified donee, solely because of the donee's interest as a beneficiary under the plan or fund, the individual was the annuitant (within the meaning assigned by subsection 146(1) or 146.3(1)) under the plan or fund immediately before the individual's death and the transfer occurs within the 36-month period that begins at the time of the death (or, where written application to extend the period has been made to the Minister by the individual's legal representative, within such longer period as the Minister considers reasonable in the circumstances),
	(a) for the purposes of this section (other than this paragraph), the transfer is deemed to be a gift made, immediately before the individual's death, by the individual to the donee; and
	(b) the fair market value of the gift is deemed to be the fair market value, at the time of the individual's death, of the right to the transfer (determined without reference to any risk of default with regard to the obligations of the issuer of the plan or the carrier of the fund).
	(5) The portion of subsection 118.1(6) of the Act after paragraph (b) is replaced by the following:
	and the fair market value of the property otherwise determined at that time exceeds its adjusted cost base to the individual, such amount, not greater than the fair market value and not less than the adjusted cost base to the individual of the property at that time, as the individual or the individual's legal representative designates in the individual's return of income under section 150 for the year in which the gift is made is , if the making of the gift is proven by filing with the Minister a receipt containing prescribed information, deemed to be the individual's proceeds of disposition of the property and, for the purposes of subsection (1), the fair market value of the gift made by the individual.
	(6) Subsections 118.1(7) and (7.1) of the Act are replaced by the following:
Gifts of art	(7) Except where subsection (7.1) applies, where at any time, whether by the individual's will or otherwise, an individual makes a gift described in the definition ``total charitable gifts'' or ``total Crown gifts'' in subsection (1) of a work of art that was
	(a ) created by the individual and that is property in the individual's inventory, or
	(b) acquired under circumstances where subsection 70(3) applied ,
	and at that time the fair market value of the work of art exceeds its cost amount to the individual, the following rules apply :
	(c) where the gift is made as a consequence of the death of the individual, the gift is deemed to have been made immediately before the death, and
	(d) the amount, not greater than that fair market value at the time the gift is made and not less than the cost amount of the property to the individual, that is designated in the individual's return of income under section 150 for the year in which the gift is made is , if the making of the gift is proven by filing with the Minister a receipt containing prescribed information, deemed to be the individual's proceeds of disposition of the work of art and, for the purposes of subsection (1), the fair market value of the gift made by the individual.
Gifts of cultural property	(7.1) Where at any particular time, whether by the individual's will or otherwise, an individual makes a gift described in the definition ``total cultural gifts'' in subsection (1) of a work of art that was
	(a) created by the individual and that is property in the individual's inventory, or
	(b) acquired under circumstances where subsection 70(3) applied,
	and at that time the fair market value of the work of art exceeds its cost amount to the individual, the following rules apply:
	(c) where the gift is made as a consequence of the death of the individual, the individual is deemed to have made the gift immediately before the death, and
	(d) the individual is deemed to have received at the particular time proceeds of disposition in respect of the gift equal to its cost amount to the individual at that time.
	(7) Subsection 118.1(10.1) of the Act is replaced by the following:
Determina- tion of fair market value	(10.1) For the purposes of subparagraph 69(1)(b)(ii), subsection 70(5) and sections 110.1, 207.31 and this section, where at any time the Canadian Cultural Property Export Review Board or the Minister of the Environment determines or redetermines an amount to be the fair market value of a property that is the subject of a gift described in paragraph 110.1(1)(a), or in the definition ``total charitable gifts'' in subsection (1), made by a taxpayer within the two-year period that begins at that time, an amount equal to the last amount so determined or redetermined within the period is deemed to be the fair market value of the gift at the time the gift was made and, subject to subsections (6), (7), (7.1) and 110.1(3), to be the taxpayer's proceeds of disposition of the gift .