(8) In respect of
	(a) a deduction under section 119 of the Act, as enacted by subsection 102(2), or an adjustment under subsection 128.1(8) of the Act, as enacted by subsection 123(5), in respect of a disposition by a taxpayer, or
	(b) a deduction under subsection 126(2.21) or (2.22) of the Act, as enacted by subsection 117(6), in respect of foreign taxes paid by a taxpayer,
	the taxpayer is deemed to have filed the prescribed form described in subsection 152(6) of the Act in a timely manner if the taxpayer files the form with the Minister of National Revenue on or before the later of the day on or before which the taxpayer would, but for this subsection, be required to file the form and the taxpayer's filing-due date for the taxation year that includes the day on which this Act receives royal assent.
	(9) Subsection (4) applies to taxation years of foreign affiliates that begin after November 1999.
	150. (1) Subsection (2) applies in respect of an individual if, at any particular time after October 1, 1996 and before the day that is two years before the day on which this Act receives royal assent,
	(a) the individual ceased to be resident in Canada; or
	(b) where the individual is a trust, the trust made a distribution of property to which subsection 107(2) of the Act does not apply solely because of the application of subsection 107(5) of the Act, as enacted by subsection 80(18).
	(2) Where this subsection applies in respect of an individual, for the purposes of any reassessment of the individual's tax, interest or penalties, for any year, that is necessary to take into account the application of this Act in respect of the cessation of residence or the distribution referred to in subsection (1), the individual's normal reassessment period under subsection 152(3.1) of the Act for any taxation year that ends at or after the particular time described in subsection (1) is, notwithstanding subsection 152(3.1) of the Act, deemed to end on the later of
	(a) the day on which the normal reassessment period for the year would, but for this section, end; and
	(b) the day that is one year after the day on which this Act receives royal assent.
	151. (1) Paragraph 153(1)(a) of the Act is replaced by the following:
	(a) salary, wages or other remuneration, other than amounts described in subsection 212(5.1),
	(2) Paragraph 153(1)(g) of the Act is replaced by the following:
	(g) fees, commissions or other amounts for services, other than amounts described in subsection 212(5.1),
	(3) The portion of subsection 153(1) of the Act after paragraph (t) is replaced by the following:
	shall deduct or withhold from the payment the amount determined in accordance with prescribed rules and shall, at the prescribed time, remit that amount to the Receiver General on account of the payee's tax for the year under this Part or Part XI.3, as the case may be, and, where at that prescribed time the person is a prescribed person, the remittance shall be made to the account of the Receiver General at a designated financial institution.
	(4) Section 153 of the Act is amended by adding the following after subsection (5):
Meaning of ``designated financial institution''	(6) In this section, ``designated financial institution'' means a corporation that
	(a) is a bank, other than an authorized foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of the Bank Act;
	(b) is authorized under the laws of Canada or a province to carry on the business of offering its services as a trustee to the public; or
	(c) is authorized under the laws of Canada or a province to accept deposits from the public and carries on the business of lending money on the security of real estate or investing in mortgages or hypothecs on real estate.
	(5) Subsections (1) and (2) apply in respect of amounts paid, credited or provided after 2000.
	(6) Subsections (3) and (4) apply after June 27, 1999.
	152. (1) The description of A in paragraph (b) of the definition ``net tax owing'' in subsection 156.1(1) of the Act is replaced by the following:
	A is the total of the taxes payable under this Part and Parts I.2 and X.5 by the individual for the year,
	(2) Subsection (1) applies to the 2001 and subsequent taxation years.
	153. (1) Subparagraph 157(1)(a)(i) of the Act is replaced by the following:
	(i) on or before the last day of each month in the year, an amount equal to 1/12 of the total of the amounts estimated by it to be the taxes payable by it under this Part and Parts I.3, VI, VI.1 and XIII.1 for the year,
	(2) The portion of paragraph 157(1)(b) of the Act before subparagraph (i) is replaced by the following:
	(b) the remainder of the taxes payable by it under this Part and Parts I.3, VI, VI.1 and XIII.1 for the year
	(3) Subsection 157(2.1) of the Act is replaced by the following:
$1,000 threshold	(2.1) Where
	(a) the total of the taxes payable under this Part and Parts I.3, VI, VI.1 and XIII.1 by a corporation for a taxation year (determined before taking into consideration the specified future tax consequences for the year), or
	(b) the corporation's first instalment base for the year,
	is not more than $1,000, the corporation may, instead of paying the instalments required for the year by paragraph (1)(a), pay to the Receiver General, under paragraph (1)(b), the total of the taxes payable by it under this Part and Parts I.3, VI, VI.1 and XIII.1 for the year.
	(4) Subsections (1) to (3) apply to the 2001 and subsequent taxation years.
	154. (1) Subsections 159(4) and (4.1) of the Act are repealed.
	(2) Subsection 159(6.1) of the Act is replaced by the following:
Election where subsection 104(4) applicable	(6.1) Where a time determined under paragraph 104(4)(a), (a.1), (a.2), (a.3), (a.4), (b) or (c) in respect of a trust occurs in a taxation year of the trust and the trust so elects and furnishes to the Minister security acceptable to the Minister for payment of any tax the payment of which is deferred by the election, notwithstanding any other provision of this Part respecting the time within which payment shall be made of the tax payable under this Part by the trust for the year, all or any portion of the part of that tax that is equal to the amount, if any, by which that tax exceeds the amount that that tax would be if this Act were read without reference to paragraph 104(4)(a), (a.1), (a.2), (a.3), (a.4), (b) or (c), as the case may be, may be paid in the number (not exceeding 10) of equal consecutive annual instalments that is specified by the trust in the election, the first instalment of which shall be paid on or before the day on or before which payment of that tax would, but for the election, have been required to be made and each subsequent instalment of which shall be paid on or before the next following anniversary of that day.
	(3) Subsection (1) applies to individuals who cease to be resident in Canada after October 1, 1996.
	(4) Subsection (2) applies to the 2000 and subsequent taxation years.
	155. (1) Paragraph 161(7)(a) of the Act is amended by adding the following before subparagraph (ii):
	(i) any amount deducted under section 119 in respect of a disposition in a subsequent taxation year,
	(2) Subparagraph 161(7)(a)(iv.1) of the Act is replaced by the following:
	(iv.1) any amount deducted under subsection 126(2) in respect of an unused foreign tax credit (within the meaning assigned by subsection 126(7)), or under subsection 126(2.21) or (2.22) in respect of foreign taxes paid, for a subsequent taxation year,
	(3) Paragraph 161(7)(a) of the Act is amended by striking out the word ``and'' at the end of subparagraph (ix) and by adding the following after subparagraph (x):
	(xi) any amount deducted under any of subsections 128.1(6) to (8) from the taxpayer's proceeds of disposition of a property because of an election made in a return of income for a subsequent taxation year; and
	(4) Subsections (1) to (3) apply to taxation years that end after October 1, 1996.
	156. (1) Paragraphs 164(1)(a) and (b) of the Act are replaced by the following:
	(a) may,
	(i) before mailing the notice of assessment for the year, where the taxpayer is a qualifying corporation (as defined in subsection 127.1(2)) and claims in its return of income for the year to have paid an amount on account of its tax payable under this Part for the year because of subsection 127.1(1) in respect of its refundable investment tax credit (as defined in subsection 127.1(2)), refund all or part of any amount claimed in the return as an overpayment for the year, not exceeding the amount by which the total determined under paragraph (f) of the definition ``refundable investment tax credit'' in subsection 127.1(2) in respect of the taxpayer for the year exceeds the total determined under paragraph (g) of that definition in respect of the taxpayer for the year,
	(ii) before mailing the notice of assessment for the year, where the taxpayer is a qualified corporation (as defined in subsection 125.4(1)) or an eligible production corporation (as defined in subsection 125.5(1)) and an amount is deemed under subsection 125.4(3) or 125.5(3) to have been paid on account of its tax payable under this Part for the year, refund all or part of any amount claimed in the return as an overpayment for the year, not exceeding the total of those amounts so deemed to have been paid, and
	(iii) on or after mailing the notice of assessment for the year, refund any overpayment for the year, to the extent that the overpayment was not refunded pursuant to subparagraph (i) or (ii); and
	(b) shall, with all due dispatch, make the refund referred to in subparagraph (a)(iii) after mailing the notice of assessment if application for it is made in writing by the taxpayer within the period within which the Minister would be allowed under subsection 152(4) to assess tax payable under this Part by the taxpayer for the year if that subsection were read without reference to paragraph 152(4)(a).
	(2) Subsection 164(5) of the Act is amended by adding the following after paragraph (a):
	(a.1) any amount deducted under section 119 in respect of the disposition of a taxable Canadian property in a subsequent taxation year,
	(3) Paragraph 164(5)(e) of the Act is replaced by the following:
	(e) the deduction of an amount under subsection 126(2) in respect of an unused foreign tax credit (within the meaning assigned by subsection 126(7)), or under subsection 126(2.21) or (2.22) in respect of foreign taxes paid, for a subsequent taxation year,
	(4) Subsection 164(5) of the Act is amended by adding the following after paragraph (h.01):
	(h.02) the deduction under any of subsections 128.1(6) to (8) of an amount from the taxpayer's proceeds of disposition of a property, because of an election made in a return of income for a subsequent taxation year,
	(5) Subsection 164(5.1) of the Act is replaced by the following:
Interest - disputed amounts	(5.1) Where a portion of a repayment made under subsection (1.1) or (4.1), or an amount applied under subsection (2) in respect of a repayment, can reasonably be regarded as being in respect of a claim made by the taxpayer in an objection to or appeal from an assessment of tax for a taxation year for a deduction or exclusion described in subsection (5) in respect of a subsequent taxation year, interest shall not be paid or applied on the portion for any part of a period that is before the latest of the dates described in paragraphs (5)(i) to (l).
	(6) Subparagraph 164(6.1)(a)(iii) of the Act is amended by replacing the reference to the fraction ``1/4'' with a reference to the fraction ``1/2''.
	(7) Subsection (1) applies to the 1999 and subsequent taxation years.
	(8) Subsections (2) to (5) apply to taxation years that end after October 1, 1996.
	(9) Subsection (6) applies to deaths that occur after February 27, 2000 except that, for deaths that occurred after February 27, 2000 and before October 18, 2000, the reference to the fraction ``1/2'' in subparagraph 164(6.1)(a)(iii) of the Act, as enacted by subsection (6), shall be read as a reference to the fraction ``1/3''.
	157. (1) Subsection 165(2.1) of the Act is replaced by the following:
Application	(2.1) Notwithstanding any other provision of this Act, paragraph (1)(a) shall apply only in respect of assessments, determinations and redeterminations under this Part and Part I.2.
	(2) Subsection (1) applies to the 2001 and subsequent taxation years.
	158. (1) Section 169 of the Act is amended by adding the following after subsection (1):
Ecological gifts	(1.1) Where at any particular time a taxpayer has disposed of a property, the fair market value of which has been confirmed or redetermined by the Minister of the Environment under subsection 118.1(10.4), the taxpayer may, within 90 days after the day on which that Minister has issued a certificate under subsection 118.1(10.5), appeal the confirmation or redetermination to the Tax Court of Canada.
	(2) Subsection (1) applies in respect of gifts made after February 27, 2000 except that, where a certificate has been issued under subsection 118.1(10.5) of the Act, as enacted by subsection 94(7), before this Act receives royal assent, subsection 169(1.1) of the Act, as enacted by subsection (1), shall be read as follows:
	(1.1) Where at any particular time a taxpayer has disposed of a property, the fair market value of which has been confirmed or redetermined by the Minister of the Environment under subsection 118.1(10.4), the taxpayer may, within 90 days after the day on which the Income Tax Amendments Act, 2000 receives royal assent, appeal the confirmation or redetermination to the Tax Court of Canada.
	159. (1) Section 171 of the Act is amended by adding the following after subsection (1):
Ecological gifts	(1.1) On an appeal under subsection 169(1.1), the Tax Court of Canada may confirm or vary the amount determined to be the fair market value of a property and the value determined by the Court is deemed to be the fair market value of the property determined by the Minister of the Environment.
	(2) Subsection (1) applies in respect of gifts made after February 27, 2000.
	160. (1) Subsection 180.1(1) of the Act is replaced by the following:
Individual surtax	180.1 (1) Every individual shall pay a tax under this Part for each taxation year equal to 5% of the amount, if any, by which the tax payable under Part I by the individual for the year exceeds $15,500.
	(2) Subsection 180.1(2) of the Act is replaced by the following:
Former resident credit for tax paid	(1.4) There may be deducted from the tax otherwise payable under this Part by an individual for a taxation year (computed without reference to subsections (1.1) and (1.2)) the amount, if any, by which
	(a) the amount that would be deductible under section 119 in computing the individual's tax payable under Part I for the year if, in applying for that purpose paragraph (a) of the definition ``tax for the year otherwise payable under this Part'' in subsection 126(7), the reference in that paragraph to ``tax payable under this Part for the year'' were read as a reference to ``the total of taxes that, but for subsections 180.1(1.1), (1.2) and (1.4), would be payable under this Part and Part I.1 for the year''
	exceeds
	(b) the amount deductible under section 119 in computing the individual's tax payable under Part I for the year.
Meaning of tax payable under Part I	(2) For the purposes of subsection (1), the tax payable under Part I by an individual for a taxation year is the amount, if any, by which
	(a) the amount that would be the individual's tax payable under that Part for the year if that Part were read without reference to section 119, subsection 120(1) and sections 122.3, 126, 127, 127.4 and 127.54