Bill C-69
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(10) Paragraph 256(7)(c) of the Act, as
enacted by subsection (4), applies to ex
changes that occur after April 26, 1995,
other than an exchange that occurs pur
suant to a written agreement made before
that day.
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(11) Paragraphs 256(7)(d) and (e) of the
Act, as enacted by subsection (4), apply
after April 26, 1995, except that, with
respect to acquisitions of shares that occur
before June 20, 1996 or pursuant to a
written agreement made before June 20,
1996, subparagraph 256(7)(e)(ii) of the Act,
as enacted by subsection (4), shall be read as
follows:
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Exception to
coming- into-force
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156. (1) Subsections 7(4), 8(5), subsection
18(13) of the Act, as enacted by subsection
12(2) and subsections 19(1), (2), (6) and (7),
24(1) and (2), 25(1), 41(3) to (5), 45(1) and
49(1) and (2) do not apply to the disposition
of property by a person or partnership (in
this subsection and subsection (2) referred
to as the ``transferor'') that occurred before
1996
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Election
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(2) Notwithstanding subsection (1), sub
section 18(13) of the Act, as enacted by
subsection 12(2), and the other subsections
of this Act referred to in subsection (1)
apply to a disposition in respect of which the
transferor has filed with the Minister of
National Revenue before the end of the
third month after the month in which this
Act is assented to an election in writing to
have those subsections apply.
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Interpreta- tion
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(3) For the purpose of subsection (1),
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PART II |
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R.S., c. 2 (5th
Supp.); 1994,
cc. 7, 21;
1995, cc. 3,
21
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INCOME TAX APPLICATION RULES |
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157. (1) The portion of paragraph
20(1)(c) of the Income Tax Application Rules
before subparagraph (ii) is replaced by the
following:
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(2) Subsection (1) applies to the 1994 and
subsequent taxation years.
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158. (1) Clause 26(5)(c)(ii)(A) of the Rules
is replaced by the following:
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(2) The portion of subsection 26(25) of the
Rules before paragraph (a) is replaced by
the following:
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Bond
conversion
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(25) Where, after May 6, 1974, there has
been an exchange to which section 51.1 of the
amended Act applies on which a taxpayer has
acquired a bond of a debtor (in this subsection
referred to as the ``new bond'') in exchange for
another bond of the same debtor (in this
subsection referred to as the ``old bond'')
owned by the taxpayer on December 31, 1971
and thereafter without interruption until im
mediately before the exchange, notwithstand
ing any other provision of this Act or of the
amended Act, for the purposes of subsection
88(2.1) of the amended Act and of determin
ing the cost to the taxpayer and the adjusted
cost base to the taxpayer of the new bond,
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(3) Section 26 of the Rules is amended by
adding the following after subsection (29):
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Additions to
taxable
Canadian
property
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(30) Subsections (1.1) to (29) do not apply
to a disposition by a non-resident person of a
taxable Canadian property that would not be
a taxable Canadian property immediately
before the disposition if section 115 of the
amended Act were read as it applied to
dispositions that occurred on April 26, 1995.
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(4) Subsections (1) and (3) apply to
dispositions that occur after April 26, 1995.
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(5) Subsection (2) applies to exchanges
that occur after October 1994.
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PART III |
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R.S., c. B-3;
R.S., cc. 27,
31 (1st
Supp.), cc. 3,
27 (2nd
Supp.); 1990,
c. 17; 1991, c.
46; 1992, cc.
1, 27; 1993,
cc. 28, 34;
1994, c. 26;
1995, c. 1;
1996, cc. 6,
23
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BANKRUPTCY AND INSOLVENCY ACT |
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1992, c. 27,
s. 33; 1996, c.
23, s. 168
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159. (1) The portion of subsection 67(3) of
the Bankruptcy and Insolvency Act before
subparagraph (a)(ii) is replaced by the
following:
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Exceptions
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(3) Subsection (2) does not apply in respect
of subsections 227(4) and (4.1) of the Income
Tax Act, subsections 23(3) and (4) of the
Canada Pension Plan or subsections 86(2)
and (2.1) of the Employment Insurance Act, or
in respect of provincial legislation where
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(2) Subsection (1) is deemed to have come
into force on June 15, 1994, except that, in
the application after June 14, 1994 and
before June 30, 1996 of the portion of
subsection 67(3) of the Act before para
graph (a), as enacted by subsection (1), the
reference to ``subsections 86(2) and (2.1) of
the Employment Insurance Act'' shall be
read as a reference to ``subsections 57(2)
and (3) of the Unemployment Insurance
Act''.
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PART IV |
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R.S., c. C-8;
R.S., cc. 6, 41
(1st Supp.),
cc. 5, 13, 27,
30 (2nd
Supp.), cc. 18,
38 (3rd
Supp.), cc. 1,
46, 51 (4th
Supp.); 1990,
c. 8; 1991, cc.
14, 44, 49;
1992, cc. 1, 2,
27, 48; 1993,
cc. 24, 27, 28;
1994, cc. 13,
21; 1995, c.
33; 1996, cc.
11, 16, 23
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CANADA PENSION PLAN |
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160. (1) Section 5 of the Canada Pension
Plan is renumbered as subsection 5(1) and
is amended by adding the following:
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Delegation
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(2) The Minister may authorize an officer or
a class of officers to exercise powers or
perform duties of the Minister under this Part.
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(2) Any power or duty of the Minister of
National Revenue delegated to an officer or
a class of officers by a regulation made
under subsection 40(2) of the Act before the
day on which this Act is assented to contin
ues to be delegated to that officer or that
class of officers until an authorization by
the Minister made under subsection 5(2) of
the Act, as enacted by subsection (1),
changes the delegation of that power or
duty.
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1994, c. 21,
s. 123
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161. (1) Subsection 23(3) of the Act is
replaced by the following:
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Where
amount
deducted not
remitted
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(3) Where an employer has deducted an
amount from the remuneration of an em
ployee as or on account of any contribution
required to be made by the employee but has
not remitted the amount to the Receiver
General, the employer is deemed to hold the
amount so deducted in trust, separate and
apart from the employer's own property , for
Her Majesty and for payment to Her Majesty
in the manner and at the time provided under
this Act.
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Extension of
trust
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(4) Notwithstanding the Bankruptcy and
Insolvency Act, where at any time an amount
deemed by subsection (3) to be held by an
employer in trust for Her Majesty is not paid
to Her Majesty in the manner and at the time
provided under this Act, property of the
employer equal in value to the amount so
deemed to be held in trust is deemed
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(2) Subsection (1) is deemed to have come
into force on June 15, 1994.
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161.1 Section 24 of the Act is amended by
adding the following after subsection (2):
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Electronic
records
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(2.1) Every employer required by this
section to keep records who does so electroni
cally shall retain them in an electronically
readable format for the retention period
referred to in subsection (2).
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Exemption
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(2.2) The Minister may, on such terms and
conditions as are acceptable to the Minister,
exempt an employer or a class of employers
from the requirement in subsection (2.1).
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R.S., c. 5 (2nd
Supp.), s. 2
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161.2 (1) Subsection 25(7) of the Act is
amended by adding the word ``and'' at the
end of paragraph (a) and by repealing
paragraphs (c) and (d).
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R.S., c. 5 (2nd
Supp), s. 2
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(2) Subsection 25(10) of the Act is re
placed by the following:
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Powers on
review
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(10) On hearing an application under sub
section (9), a judge may cancel the authoriza
tion previously granted if the judge is not then
satisfied that the conditions in paragraphs
(7)(a) and (b) have been met and the judge
may confirm or vary the authorization if
satisfied that those conditions have been met.
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R.S., c. 5 (2nd
Supp.), s. 2;
1994, c. 13,
par. 8(1)(a)
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(3) Subsection 25(12) of the Act is re
placed by the following:
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Copies as
evidence
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(12) Where any document is inspected,
audited , examined or provided under this
section, the person by whom it is inspected,
audited or examined or to whom it is provided
or any officer of the Department of National
Revenue may make, or cause to be made, one
or more copies thereof and, in the case of an
electronic document, make or cause to be
made a print-out of the electronic document,
and any document purporting to be certified
by the Minister or an authorized person to be
a copy of the document, or to be a print-out of
an electronic document, made pursuant to this
subsection is evidence of the nature and
content of the original document and has the
same probative force as the original document
would have if it were proven in the ordinary
way.
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(4) Subsection (3) applies to copies and
print-outs made after this Act is assented to.
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R.S., c. 51
(4th Supp.),
s. 9
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162. (1) Subsection 28(1) of the Act is
replaced by the following:
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Appeal to Tax
Court of
Canada
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28. (1) An employee or employer affected
by a determination by or a decision on an
appeal to the Minister under section 27, or the
representative of either of them, may, within
ninety days after the determination or decision
is communicated to that employee or employ
er, or within such longer time as the Tax Court
of Canada on application made to it within
those ninety days allows , appeal from the
determination or decision to that Court in
accordance with the provisions of the Tax
Court of Canada Act .
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R.S., c. 51
(4th Supp.),
s. 9
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(2) Subsection 28(2) of the Act is replaced
by the following:
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Decision
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(2) On an appeal under this section, the Tax
Court of Canada may reverse, affirm or vary
the determination, may vacate, confirm or
vary the assessment, or may refer the matter
back to the Minister for reconsideration and
reassessment and shall then
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(3) Subsection (1) comes into force on a
day to be fixed by order of the Governor in
Council.
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163. Subsection 40(2) of the Act is re
pealed.
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1992, c. 48,
s. 28(1);
1996, c. 11,
par. 97(1)(b)
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164. Subsection 104(4.1) of the Act is
replaced by the following:
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Communi- cation of information
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(4.1) Any information obtained by an
officer, clerk or employee in the Department
of Human Resources Development pursuant
to this Act or any regulation may be made
available to any officer, clerk or employee in
that Department for the purposes of the
administration of the Family Allowances Act
or the Old Age Security Act.
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