Budget Implementation Act, 2008 (S.C. 2008, c. 28)
Full Document:
Assented to 2008-06-18
32. (1) Paragraph (a) of the definition “registered life insurance policy” in subsection 211(1) of the Act is replaced by the following:
(a) as a registered retirement savings plan or TFSA, or
(2) Subsection (1) applies to the 2009 and subsequent taxation years.
33. (1) Paragraph 227(9)(a) of the Act is replaced by the following:
(a) subject to paragraph (b), if
(i) the Receiver General receives that amount on or before the day it was due, but that amount is not paid in the manner required, 3% of that amount,
(ii) the Receiver General receives that amount
(A) no more than three days after it was due, 3% of that amount,
(B) more than three days and no more than five days after it was due, 5% of that amount, or
(C) more than five days and no more than seven days after it was due, 7% of that amount, or
(iii) that amount is not paid or remitted on or before the seventh day after it was due, 10% of that amount; or
(2) Subsection (1) applies in respect of payments and remittances that are required to be first made after February 25, 2008.
34. (1) The definition “provincial SIFT tax factor” in subsection 248(1) of the Act is repealed.
(2) Subparagraph (f)(vi) of the definition “disposition” in subsection 248(1) of the Act is replaced by the following:
(vi) if the transferor is an amateur athlete trust, a cemetery care trust, an employee trust, an inter vivos trust deemed by subsection 143(1) to exist in respect of a congregation that is a constituent part of a religious organization, a related segregated fund trust (in this paragraph having the meaning assigned by section 138.1), a trust described in paragraph 149(1)(o.4) or a trust governed by an eligible funeral arrangement, an employees profit sharing plan, a registered disability savings plan, a registered education savings plan, a registered supplementary unemployment benefit plan or a TFSA, the transferee is the same type of trust, and
(3) Subsection 248(1) of the Act is amended by adding the following in alphabetical order:
“provincial SIFT tax rate”
« taux d’imposition provincial des EIPD »
“provincial SIFT tax rate” of a SIFT trust or a SIFT partnership for a taxation year means the prescribed amount determined in respect of the SIFT trust or SIFT partnership for the taxation year;
“TFSA”
« compte d’épargne libre d’impôt »
“TFSA”, being a tax-free savings account, has the meaning assigned by subsection 146.2(3);
(4) Subsection (1) and the definition “provincial SIFT tax rate” in subsection 248(1) of the Act, as enacted by subsection (3), apply to the 2009 and subsequent taxation years, except that that subsection and that definition also apply
(a) to the 2007 and 2008 taxation years of a SIFT trust if the SIFT trust so elects in its return of income for the 2007 taxation year;
(b) to the 2007 and 2008 taxation years of a SIFT partnership if the SIFT partnership so elects in its return for 2007 required under Part IX.1 of the Act;
(c) to the 2008 taxation year of a SIFT trust if the SIFT trust so elects in its return of income for the 2008 taxation year; and
(d) to the 2008 taxation year of a SIFT partnership if the SIFT partnership so elects in its return for 2008 required under Part IX.1 of the Act.
(5) Subsection (2) and the definition “TFSA” in subsection 248(1) of the Act, as enacted by subsection (3), apply to the 2009 and subsequent taxation years.
35. (1) Subsection 252(3) of the Act is replaced by the following:
Extended meaning of “spouse” and “former spouse”
(3) For the purposes of paragraph 56(1)(b), section 56.1, paragraphs 60(b) and (j), section 60.1, subsections 70(6) and (6.1), 73(1) and (5) and 104(4), (5.1) and (5.4), the definition “pre-1972 spousal trust” in subsection 108(1), subsection 146(16), the definition “survivor” in subsection 146.2(1), subparagraph 146.3(2)(f)(iv), subsections 146.3(14), 147(19), 147.3(5) and (7) and 148(8.1) and (8.2), the definition “small business property” in subsection 206(1), the definition “qualifying transfer” in subsection 207.01(1), subparagraph 210(c)(ii) and subsections 248(22) and (23), “spouse” and “former spouse” of a particular individual include another individual who is a party to a void or voidable marriage with the particular individual.
(2) Subsection (1) applies to the 2009 and subsequent taxation years.
36. (1) Section 253.1 of the Act is replaced by the following:
Marginal note:Investments in limited partnerships
253.1 For the purposes of subparagraph 108(2)(b)(ii), paragraphs 130.1(6)(b), 131(8)(b) and 132(6)(b), subsection 146.2(4), paragraphs 146.4(5)(b) and 149(1)(o.2), the definition “private holding corporation” in subsection 191(1) and regulations made for the purposes of paragraphs 149(1)(o.3) and (o.4), if a trust or corporation holds an interest as a member of a partnership and, by operation of any law governing the arrangement in respect of the partnership, the liability of the member as a member of the partnership is limited, the member shall not, solely because of its acquisition and holding of that interest, be considered to carry on any business or other activity of the partnership.
(2) Subsection (1) applies to the 2009 and subsequent taxation years.
37. (1) The portion of subsection 259(1) of the Act before paragraph (a) is replaced by the following:
Marginal note:Proportional holdings in trust property
259. (1) For the purposes of subsections 146(6), (10) and (10.1), 146.2(4) and 146.3(7), (8) and (9) and Parts X, X.2 and XI to XI.1, if at any time a taxpayer that is a registered investment or that is described in any of paragraphs 149(1)(r), (s), (u) to (u.2) or (x) acquires, holds or disposes of a particular unit in a qualified trust and the qualified trust elects for any period that includes that time to have this subsection apply,
(2) Subsection (1) applies to the 2009 and subsequent taxation years.
R.S., c. C-8Canada Pension Plan
38. (1) Section 21 of the Canada Pension Plan is amended by adding the following after subsection (1):
Marginal note:Exception — remittance to financial institution
(1.1) For the purpose of subsection (1), a prescribed person referred to in that subsection is deemed to have remitted an amount to the account of the Receiver General at a financial institution referred to in that subsection if the prescribed person has remitted the amount to the Receiver General at least one day before the day on which the amount is due.
Marginal note:R.S., c. 46 (4th Supp.), s. 1
(2) Paragraph 21(7)(a) of the Act is replaced by the following:
(a) subject to paragraph (b), if
(i) the Receiver General receives that amount on or before the day it was due, but that amount is not paid in the manner required, three per cent of that amount,
(ii) the Receiver General receives that amount
(A) no more than three days after it was due, three per cent of that amount,
(B) more than three days and no more than five days after it was due, five per cent of that amount, or
(C) more than five days and no more than seven days after it was due, seven per cent of that amount, or
(iii) that amount is not paid or remitted on or before the seventh day after it was due, ten per cent of that amount; or
(3) Subsection (1) applies in respect of remittances by a prescribed person that are first due after February 25, 2008.
(4) Subsection (2) applies in respect of payments and remittances that are required to be first made after February 25, 2008.
1996, c. 23Employment Insurance Act
39. (1) Section 82 of the Employment Insurance Act is amended by adding the following after subsection (3):
Marginal note:Exception — remittance to financial institution
(3.1) For the purpose of subsection (3), a prescribed person referred to in that subsection is deemed to have remitted an amount to the account of the Receiver General at a financial institution referred to in that subsection if the prescribed person has remitted the amount to the Receiver General at least one day before the day on which the amount is due.
(2) Paragraph 82(9)(a) of the Act is replaced by the following:
(a) subject to paragraph (b), if
(i) the Receiver General receives that amount on or before the day it was due, but that amount is not paid in the manner required, 3% of that amount,
(ii) the Receiver General receives that amount
(A) no more than three days after it was due, 3% of that amount,
(B) more than three days and no more than five days after it was due, 5% of that amount, or
(C) more than five days and no more than seven days after it was due, 7% of that amount, or
(iii) that amount is not paid or remitted on or before the seventh day after it was due, 10% of that amount; or
(3) Subsection (1) applies in respect of remittances by a prescribed person that are first due after February 25, 2008.
(4) Subsection (2) applies in respect of payments and remittances that are required to be first made after February 25, 2008.
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