Bill C-49
If you have any questions or comments regarding the accessibility of this publication, please contact us at accessible@parl.gc.ca.
|
Coming into Force |
|
Coming into
force
|
19. (1) Subject to subsection (2), the
provisions of this Part or the provisions of
any Act enacted by this Part come into force
or are deemed to have come into force on a
day or days to be fixed by order of the
Governor in Council.
|
|
Section 16
|
(2) Despite section 153 of the Employment
Insurance Act, section 16 comes into force
on a day or days to be fixed by order of the
Governor in Council.
|
|
|
PART 4 |
|
R.S., c. 1 (5th
Supp.)
|
INCOME TAX ACT |
|
|
20. (1) Subsection 6(8) of the Income Tax
Act is replaced by the following:
|
|
GST rebates
re costs of
property or
service
|
(8) If
|
|
|
|
|
|
|
|
|
and a particular amount is paid to the taxpayer
in a particular taxation year as a rebate under
the Excise Tax Act in respect of any goods and
services tax included in the amount of the
outlay or expense, or the capital cost of the
property, as the case may be, the particular
amount
|
|
|
|
|
|
|
|
|
(2) Subsection (1) applies to the 2002 and
subsequent taxation years.
|
|
|
21. (1) Subsection 8(1) of the Act is
amended by striking out the word ``and'' at
the end of paragraph (p), by adding the
word ``and'' at the end of paragraph (q) and
by adding the following after paragraph
(q):
|
|
Apprentice
mechanics'
tool costs
|
|
|
|
|
|
|
|
|
|
(A - B) + C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Section 8 of the Act is amended by
adding the following after subsection (5):
|
|
Apprentice
mechanics
|
(6) For the purpose of paragraph (1)(r),
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of tools
of an
apprentice
mechanic
|
(7) Except for the purpose of the description
of A in subparagraph (1)(r)(ii), the cost to a
taxpayer of an eligible tool the cost of which
was included in determining the value of that
description in respect of the taxpayer for a
taxation year is the amount determined by the
formula
|
|
|
K - (K x L/M)
|
|
|
where
|
|
|
K is the cost to the taxpayer of the tool
determined without reference to this
subsection;
|
|
|
L is the amount that would be determined
under subparagraph (1)(r)(ii) in respect of
the taxpayer for the taxation year if the
value of C in that subparagraph were nil;
and
|
|
|
M is the value of A determined under
subparagraph (1)(r)(ii) in respect of the
taxpayer for the taxation year.
|
|
|
(3) Subsections (1) and (2) apply to
eligible tools acquired after 2001.
|
|
|
22. (1) The portion of paragraph 38(a.1)
of the Act before subparagraph (i) is
replaced by the following:
|
|
|
|
|
|
(2) Subsection (1) applies to dispositions
that occur after 2001.
|
|
|
23. (1) Paragraph 53(2)(m) of the Act is
replaced by the following:
|
|
|
|
|
|
(2) Subsection (1) applies after 2001.
|
|
|
24. (1) Subsection 56(1) of the Act is
amended by adding the following after
paragraph (j):
|
|
Apprentice
tools, re
proceeds
|
|
|
|
(2) Subsection (1) applies to the 2002 and
subsequent taxation years.
|
|
|
25. (1) Paragraph 60(n) of the Act is
replaced by the following:
|
|
Repayment of
pension or
benefits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Subsection (1) applies to the 1997 and
subsequent taxation years and,
notwithstanding subsections 152(4) to (5) of
the Act, any assessment of a taxpayer's tax,
interest or penalty for any taxation year
shall be made that is necessary to give effect
to subsection (1).
|
|
|
26. (1) Subsection 67.1(2) of the Act is
amended by striking out the word ``or'' at
the end of paragraph (e) and by adding the
following after paragraph (e):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Subsection (1) applies to amounts paid
or payable in respect of food and beverages
provided after 2001.
|
|
|
27. (1) The portion of subsection 70(9) of
the Act before paragraph (a) is replaced by
the following:
|
|
Transfer of
farm property
to child
|
(9) If any land in Canada or depreciable
property in Canada of a prescribed class of a
taxpayer to which subsection (5) would
otherwise apply was, before the taxpayer's
death, used principally in a farming business
in which the taxpayer, the taxpayer's spouse or
common-law partner or any of the taxpayer's
children was actively engaged on a regular
and continuous basis (or, in the case of
property used in the operation of a woodlot,
was engaged to the extent required by a
prescribed forest management plan in respect
of that woodlot) , the property is, as a
consequence of the death, transferred or
distributed to a child of the taxpayer who was
resident in Canada immediately before the
death and it can be shown, within the period
ending 36 months after the death or, if written
application that this subsection apply has been
made to the Minister by the taxpayer's legal
representative within that period, within any
longer period that the Minister considers
reasonable in the circumstances, that the
property has vested indefeasibly in the child,
|
|
|
(2) Subparagraph 70(9.3)(b)(i) of the Act
is replaced by the following:
|
|
|
|
|
|
(3) The portion of paragraph (a) of the
definition ``interest in a family farm
partnership'' in subsection 70(10) of the Act
after subparagraph (iv) is replaced by the
following:
|
|
|
|
|
|
(4) The portion of paragraph (a) of the
definition ``share of the capital stock of a
family farm corporation'' in subsection
70(10) of the Act after subparagraph (iv) is
replaced by the following:
|
|
|
|
|
|
(5) Subsection (1) applies to transfers of
property that occur as a consequence of
deaths that occur after December 10, 2001.
|
|
|
(6) Subsection (2) applies to transfers and
distributions of property that occur after
December 10, 2001.
|
|
|
(7) Subsections (3) and (4) apply to
transfers of property that occur after
December 10, 2001.
|
|
|
28. (1) The portion of subsection 73(3) of
the Act before paragraph (a) is replaced by
the following:
|
|
Inter vivos
transfer of
farm property
to child
|
(3) For the purposes of this Part, if at any
time any land in Canada or depreciable
property in Canada of a prescribed class of a
taxpayer or any eligible capital property in
respect of a business carried on in Canada by
a taxpayer is transferred by the taxpayer to a
child of the taxpayer who was resident in
Canada immediately before the transfer, and
the property was, before the transfer, used
principally in a farming business in which the
taxpayer, the taxpayer's spouse or
common-law partner or any of the taxpayer's
children was actively engaged on a regular
and continuous basis (or, in the case of
property used in the operation of a woodlot,
was engaged to the extent required by a
prescribed forest management plan in respect
of that woodlot),
|
|
|
(2) Subsection (1) applies to transfers of
property that occur after December 10,
2001.
|
|
|
29. (1) Section 85 of the Act is amended by
adding the following after subsection (5):
|
|
Acquisition of
apprentice
tools, re
capital cost
and deemed
depreciation
|
(5.1) If subsection (1) has applied in respect
of the acquisition at any particular time of any
depreciable property by a corporation from an
individual, the cost of the property to the
individual was included in computing an
amount under paragraph 8(1)(r) in respect of
the individual, and the amount that would be
the cost of the property to the individual
immediately before the transfer if this Act
were read without reference to subsection 8(7)
(which amount is in this subsection referred to
as the ``individual's original cost'') exceeds
the individual's proceeds of disposition of the
property,
|
|
|
|
|
|
|
|
|
(2) Subsection (1) applies to dispositions
that occur after 2001.
|
|
|
30. (1) Paragraph 87(2)(j.92) of the Act is
replaced by the following:
|
|
Subsections
125(5.1) and
157.1(1)
|
|
|