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Bill C-69

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PART XIV

1995, c. 17, Sch. II

WESTERN GRAIN TRANSITION PAYMENTS ACT

189. (1) Paragraphs 4(4)(b) and (c) of the Western Grain Transition Payments Act are replaced by the following:

    (b) a transition payment received in respect of farmland that was, immediately before its disposition by the applicant, capital property of the applicant shall, where the farmland is disposed of before the payment is received, be considered to be an amount required by subsection 53(2) of that Act to be deducted in computing the adjusted cost base of the farmland to the applicant immediately before the disposition;

    (c) a transition payment to which neither paragraph (a) nor (b) applies, received by the applicant, shall be considered to be assistance received in the course of earning income from a business or property in respect of the cost of the property or in respect of an outlay or an expense; and

    (d) where, pursuant to an equitable arrange ment referred to in paragraph 6(c), a portion of a transition payment received by an applicant is paid to a person or partnership that is leasing farmland from the applicant, that portion paid to the person or partner ship is required to be included in computing the income of the person or partnership from a business for the taxation year of the person or partnership in which it is received and the amount so paid is deemed not to be a transition payment received by the appli cant for the purposes of paragraphs (a) to (c) .

(2) Subsection (1) applies in respect of payments made after June 22, 1995.

PART XV

1988, c. 55

AN ACT TO AMEND THE INCOME TAX ACT, THE CANADA PENSION PLAN, THE UNEMPLOYMENT INSURANCE ACT, 1971, THE FEDERAL-PROVINCIAL FISCAL ARRANGEMENTS AND FEDERAL POST-SECONDARY EDUCATION AND HEALTH CONTRIBUTIONS ACT, 1977 AND CERTAIN RELATED ACTS

190. (1) Subsection 102(1) of An Act to amend the Income Tax Act, the Canada Pension Plan, the Unemployment Insurance Act, 1971, the Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act, 1977 and certain related Acts, being chapter 55 of the Statutes of Canada, 1988, is repealed.

(2) Subsection 102(5) of the Act is re pealed.

(3) Subsections (1) and (2) are deemed to have come into force on September 13, 1988.

PART XVI

1995, c. 21

AN ACT TO AMEND THE INCOME TAX ACT, THE INCOME TAX APPLICATION RULES AND RELATED ACTS

191. (1) Subsection 46(8) of An Act to amend the Income Tax Act, the Income Tax Application Rules and related Acts, being chapter 21 of the Statutes of Canada, 1995, is replaced by the following:

(8) Subsections (1) to (6) apply to taxation years of foreign affiliates of taxpayers that begin after 1994 except that, where there has been a change in the taxation year of a foreign affiliate of a taxpayer in 1994 and after February 22, 1994, subsections (1) to (6) apply to taxation years of the foreign affiliate that end after 1994, unless

    (a) the foreign affiliate had requested the change in writing before February 22, 1994 from the income taxation authority of the country in which the foreign affiliate was resident and subject to income taxation; or

    (b) the foreign affiliate's first taxation year that began after 1994 began at a time in 1995 that is earlier than the time at which that taxation year would have begun if the change had not occurred .

(9) Subsection (7) applies to rights ac quired and shares acquired or disposed of in taxation years of foreign affiliates of tax payers that begin after 1994 except that, where there has been a change in the taxation year of a foreign affiliate of a taxpayer in 1994 and after February 22, 1994, subsection (7) applies to rights ac quired and shares acquired or disposed of in taxation years of the foreign affiliate that end after 1994, unless

    (a) the foreign affiliate had requested the change in writing before February 22, 1994 from the income taxation authority of the country in which the foreign affiliate was resident and subject to income taxation; or

    (b) the foreign affiliate's first taxation year that began after 1994 began at a time in 1995 that is earlier than the time at which that taxation year would have begun if the change had not occurred.

(2) Subsection (1) is deemed to have come into force on June 22, 1995.

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