Bill C-70
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PART VI |
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AMENDMENT RELATING TO MUTUAL FUND REORGANIZATIONS |
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69. (1) The Act is amended by adding the
following after section 132.1:
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Mutual funds
- qualifying
exchange
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132.2 (1) Where a mutual fund corporation
or a mutual fund trust has at any time disposed
of a property to a mutual fund trust in a
qualifying exchange,
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Definitions
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(2) In this section,
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``qualifying
exchange'' « échange admissible »
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``qualifying exchange'' means a transfer at
any time (in this section referred to as the
``transfer time'') of all or substantially all of
the property of a mutual fund corporation or
mutual fund trust to a mutual fund trust (in
this section referred to as the ``transferor''
and ``transferee'', respectively, and as the
``funds'') where
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``share'' « action »
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``share'' means a share of the capital stock of
a mutual fund corporation and a unit of a
mutual fund trust.
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(2) Subsection (1) applies after June 1994,
except that an election referred to in
paragraph (c) of the definition ``qualifying
exchange'' in subsection 132.2(2) of the Act,
as enacted by subsection (1), shall be
deemed to have been made in a timely
manner where it is made before the end of
the sixth month that ends after the month in
which this Act is assented to.
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PART VII |
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AMENDMENTS RELATING TO NOTICES OF OBJECTION AND APPEALS |
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70. (1) Subsection 165(1.2) of the Act is
replaced by the following:
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Objections by
large
corporations
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(1.11) Where a corporation that was a large
corporation in a taxation year (within the
meaning assigned by subsection 225.1(8))
objects to an assessment under this Part for the
year, the notice of objection shall
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Late
compliance
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(1.12) Notwithstanding subsection (1.11),
where a notice of objection served by a
corporation to which that subsection applies
does not include the information required by
paragraph (1.11)(b) or (c) in respect of an issue
to be decided that is described in the notice,
the Minister may in writing request the
corporation to provide the information, and
those paragraphs shall be deemed to be
complied with in respect of the issue if, within
60 days after the request is made, the
corporation submits the information in writing
to a Chief of Appeals referred to in subsection
(2).
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Limitation on
objections by
large
corporations
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(1.13) Notwithstanding subsections (1) and
(1.1), where under subsection (3) a particular
assessment was made for a taxation year
pursuant to a notice of objection served by a
corporation that was a large corporation in the
year (within the meaning assigned by
subsection 225.1(8)), except where the
objection was made to an earlier assessment
made under any of the provisions or
circumstances referred to in paragraph
(1.1)(a), the corporation may object to the
particular assessment in respect of an issue
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Application of
subsection
(1.13)
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(1.14) Where a particular assessment is
made under subsection (3) pursuant to an
objection made by a taxpayer to an earlier
assessment, subsection (1.13) does not limit
the right of the taxpayer to object to the
particular assessment in respect of an issue
that was part of the particular assessment and
not part of the earlier assessment.
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Limitation on
objections
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(1.2) Notwithstanding subsections (1) and
(1.1), no objection may be made by a taxpayer
to an assessment made under subsection
152(4.2), 169(3) or 220(3.1) nor, for greater
certainty, in respect of an issue for which the
right of objection has been waived in writing
by the taxpayer.
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(2) Subsections 165(1.11) to (1.14) of the
Act, as enacted by subsection (1), apply
after September 26, 1994 to notices of
objection filed at any time except a notice of
objection to an assessment for a taxation
year where an appeal under Division J of
the Act of the assessment has been instituted
on or before the day this Act is assented to.
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(3) Where a taxpayer submits, to a Chief
of Appeals referred to in subsection 165(2)
of the Act, in writing before March 1995 the
information required by subsection
165(1.11) of the Act, as enacted by
subsection (1), to be provided in a notice of
objection served by the taxpayer before
1995, the taxpayer shall be deemed to have
complied with subsection 165(1.11) of the
Act with respect to that notice.
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(4) Subsection 165(1.2) of the Act, as
enacted by subsection (1), applies after
September 26, 1994 to waivers signed at any
time.
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71. (1) Section 169 of the Act is amended
by adding the following after subsection (2):
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Limitation on
appeals by
large
corporations
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(2.1) Notwithstanding subsections (1) and
(2), where a corporation that was a large
corporation in a taxation year (within the
meaning assigned by subsection 225.1(8))
served a notice of objection to an assessment
under this Part for the year, the corporation
may appeal to the Tax Court of Canada to have
the assessment vacated or varied only with
respect to
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and, in the case of an issue described in
paragraph (a), the corporation may so appeal
only with respect to the relief sought in respect
of the issue as specified by the corporation in
the notice.
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Waived issues
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(2.2) Notwithstanding subsections (1) and
(2), for greater certainty a taxpayer may not
appeal to the Tax Court of Canada to have an
assessment under this Part vacated or varied in
respect of an issue for which the right of
objection or appeal has been waived in writing
by the taxpayer.
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(2) Subsection 169(2.1) of the Act, as
enacted by subsection (1), applies to appeals
instituted after the day this Act is assented
to.
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(3) Subsection 169(2.2) of the Act, as
enacted by subsection (1), applies after the
day this Act is assented to to waivers signed
at any time.
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