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Sustaining Canada’s Economic Recovery Act (S.C. 2010, c. 25)

Assented to 2010-12-15

Marginal note:SOR/2010-117

New Harmonized Value-added Tax System Regulations

143. Subsection 37(4) of the New Harmonized Value-added Tax System Regulations is replaced by the following:

  • Marginal note:Request for adjustments

    (4) If, with respect to a transaction, a notice of assessment, reassessment or additional assessment involving the application of subsection (2) with respect to the transaction has been sent to a person, any person (other than a person to whom such a notice has been sent) is entitled, within 180 days after the day on which the notice was sent, to request in writing that the Minister make an assessment, a reassessment or an additional assessment, applying subsection (2) with respect to that transaction.

PART 3

AMENDMENTS TO THE FEDERAL-PROVINCIAL FISCAL ARRANGEMENTS ACT IN RESPECT OF INCOME TAX

Marginal note:R.S., c. F-8

Federal-Provincial Fiscal Arrangements Act

  • 144. (1) The Federal-Provincial Fiscal Arrangements Act is amended by adding the following after section 12.01:

    PART IV.01

    TRANSFER PAYMENTS — TAX IN RESPECT OF STOCK OPTION BENEFIT DEFERRAL UNDER PART I.01 OF THE INCOME TAX ACT

    Marginal note:Transfer payments — Consolidated Revenue Fund

    12.02 Subject to this Act, the Minister may pay to a province, out of the Consolidated Revenue Fund, at such time as the Minister may determine, an amount equal to 1/3 of the tax payable under subparagraph 180.01(2)(c)(ii) of the Income Tax Act for a taxation year by a taxpayer who is resident in the province on the last day of that taxation year.

    Marginal note:Eligibility for payment

    12.03 No payment may be made under this Part to a province if, in the opinion of the Minister, the province imposes or purports to impose a tax that is similar to the tax imposed under Part I.01 of the Income Tax Act.

  • (2) Part IV.01 of the Act, as enacted by subsection (1), is deemed to have come into force on on March 4, 2010.

  • 145. (1) The Act is amended by adding the following after section 12.3:

    PART IV.2

    TRANSFER PAYMENTS — TAX ON PAYMENTS UNDER REGISTERED EDUCATION SAVINGS PLANS UNDER PART X.5 OF THE INCOME TAX ACT

    Marginal note:Transfer payments — Consolidated Revenue Fund

    12.4 Subject to this Act, the Minister may pay to a province, out of the Consolidated Revenue Fund, at such time as the Minister may determine, an amount equal to 40% of the tax payable under Part X.5 of the Income Tax Act for a taxation year by a person who is resident in the province on the last day of that taxation year.

    Marginal note:Eligibility for payment

    12.5 No payment may be made under this Part to a province if, in the opinion of the Minister, the province imposes or purports to impose a tax that is similar to the tax imposed under Part X.5 of the Income Tax Act.

  • (2) Part IV.2 of the Act, as enacted by subsection (1), applies in respect of the 1998 and subsequent taxation years.