Jobs and Economic Growth Act (S.C. 2010, c. 12)

Act current to 2016-06-06 and last amended on 2015-09-13. Previous Versions

Jobs and Economic Growth Act

S.C. 2010, c. 12

Assented to 2010-07-12

An Act to implement certain provisions of the budget tabled in Parliament on March 4, 2010 and other measures

Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:

Short Title

Marginal note:Short title

 This Act may be cited as the Jobs and Economic Growth Act.

PART 1Amendments to the Income Tax Act and Related Acts and Regulations

Income Tax Act

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Income Tax Regulations

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Canada Disability Savings Act

 [Amendments]

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Canada Disability Savings Regulations

 [Amendment]

Canada Education Savings Act

 [Amendments]

 [Amendments]

Canada Education Savings Regulations

 [Amendments]

 [Amendment]

Canada Pension Plan Regulations

 [Amendment]

Insurable Earnings and Collection of Premiums Regulations

 [Amendment]

Regulations Excluding Certain Indictable Offences from the Definition of “Designated Offence”

 [Amendments]

PART 2Amendments in Respect of Excise Duties and Sales and Excise Taxes

Excise Act

 [Amendment]

Amendments in Respect of the Excise Act, 2001

Excise Act, 2001

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Customs Act

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Application

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Excise Tax Act

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Health Care Services (GST/HST) Regulations

 [Amendment]

Input Tax Credit Allocation Methods (GST/HST) Regulations

Making of Regulations

Marginal note:Making

 The Input Tax Credit Allocation Methods (GST/HST) Regulations are made as follows:

INPUT TAX CREDIT ALLOCATION METHODS (GST/HST) REGULATIONS

Marginal note:Interpretation

1 The definitions in this section apply in these Regulations.

Act

Loi

Act means the Excise Tax Act. (Loi)

bank

banque

bank in respect of a fiscal year does not include a person that is at any time in the fiscal year an insurer. (banque)

insurer

assureur

insurer in respect of a fiscal year means a person that is an insurer (as defined in subsection 123(1) of the Act) and that carries on at any time in the fiscal year an insurance business as the principal business of the person in Canada. (assureur)

securities dealer

courtier en valeurs mobilières

securities dealer in respect of a fiscal year means a person that

  • (a) carries on at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities as the principal business of the person in Canada;

  • (b) is registered under the laws of Canada or a province to carry on in Canada at any time in the fiscal year a business as a trader or dealer in, or as a broker or salesperson of, securities; and

  • (c) is not a bank or an insurer at any time in the fiscal year. (courtier en valeurs mobilières)

Marginal note:Prescribed classes

2 The following classes of financial institutions are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(3), (8), (9), (24) and (30) of the Act:

  • (a) banks;

  • (b) insurers; and

  • (c) securities dealers.

Marginal note:Prescribed amounts

3 The following amounts are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsection 141.02(24) of the Act:

  • (a) in the case of banks, $500,000;

  • (b) in the case of insurers, $500,000; and

  • (c) in the case of securities dealers, $500,000.

Marginal note:Prescribed percentages

4 The following percentages are prescribed for the purposes of the definition qualifying institution in subsection 141.02(1) of the Act and for the purposes of subsections 141.02(8), (9) and (30) of the Act:

  • (a) in the case of banks, 12%;

  • (b) in the case of insurers, 10%; and

  • (c) in the case of securities dealers, 15%.

 
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