Bill C-214
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- ENGLISH
- SUMMARY SUMMARY
- Income Tax Act Income Tax Act
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First Session, Forty-third Parliament, 68-69 Elizabeth II, 2019-2020 |
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HOUSE OF COMMONS OF CANADA |
An Act to amend the Income Tax Act (qualifying environmental trust)
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FIRST READING, February 24, 2020
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Mr. McLean |
SUMMARY
This enactment amends the Income Tax Act to include, in the definition “qualifying environmental trust”, trusts that are maintained for the sole purpose of funding the reclamation of an oil or gas well operated for the purpose of producing petroleum or natural gas.
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Available on the House of Commons website at the following address:
www.ourcommons.ca
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1st Session, 43rd Parliament, 68-69 Elizabeth II, 2019-2020 |
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HOUSE OF COMMONS OF CANADA |
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BILL C-214 |
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An Act to amend the Income Tax Act (qualifying environmental trust) |
Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
R.S., c. 1 (5th Supp.)
Income Tax Act
1 (1) Paragraph (a) of the definition excluded trust in subsection 211.6(1) of the Income Tax Act is repealed.
(2) The definition qualifying site in subsection 211.6(1) of the Act is amended by striking out “or” at the end of paragraph (c), by adding “or” at the end of paragraph (d) and by adding the following after paragraph (d):
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(e) the operation of an oil or gas well drilled for the purpose of producing petroleum or natural gas.
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(3) Subsections (1) and (2) apply to the 2020 and subsequent taxation years.
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Published under authority of the Speaker of the House of Commons
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