Bill C-70

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	PART IX
1996, c. 21	INCOME TAX BUDGET AMENDMENT ACT
	*273. Section 69 of the Income Tax Budget Amendment Act, being chapter 21 of the Statutes of Canada, 1996, is replaced by the following:*
	69. For the purpose of determining if a partnership to which section 68 applies is, for the purposes of Part IX of the Excise Tax Act, a financial institution throughout its taxation year that begins on January 1, 1997, paragraphs 149(1)(b) and (c) of that Act shall be read as follows:
	(b) the total of all amounts, each of which is an amount
	(i) that would be included in computing, for the purposes of the Income Tax Act, the person's income for the period that is the person's taxation year immediately preceding the particular year if it were a fiscal period of the business of the person for the purposes of that Act, and
	(ii) that is interest, a dividend (other than a dividend in kind or a patronage dividend) or a separate fee or charge for a financial service
	exceeds $10,000,000; or
	(c) the person was a financial institution throughout that period otherwise than because of paragraph (a).

PART IX