Tax wiki
s. 207.1
PART XI.1 — Tax in Respect of Deferred Income Plans and Other Tax Exempt Persons
Not yet annotated · Text current to 2026-06-21 · section last amended 2017-12-14
Current text
[Repealed, 2011, c. 24, s. 68]
Tax payable by trust under deferred profit sharing plan
(2)Where, at the end of any month, a trust governed by a deferred profit sharing plan holds property that is neither a qualified investment (within the meaning assigned by section 204) nor a life insurance policy (referred to in paragraphs 198(6)(c) to 198(6)(e) or subsection 198(6.1)), the trust shall, in respect of that month, pay a tax under this Part equal to 1% of the fair market value of the property at the time it was acquired by the trust of all such property held by it at the end of the month, other than
property in respect of the acquisition of which the trust has paid or is liable to pay a tax under subsection 198(1); and
property acquired by the trust before August 25, 1972.
[Repealed, 2017, c. 33, s. 72]
[Repealed, 2011, c. 24, s. 68]
Tax payable in respect of agreement to acquire shares
(5)Where at any time a taxpayer whose taxable income is exempt from tax under Part I makes an agreement (otherwise than as a consequence of the acquisition or writing by it of an option listed on a designated stock exchange) to acquire a share of the capital stock of a corporation (otherwise than from the corporation) at a price that may differ from the fair market value of the share at the time the share may be acquired, the taxpayer shall, in respect of each month during which the taxpayer is a party to the agreement, pay a tax under this Part equal to the total of all amounts each of which is the amount, if any, by which the amount of a dividend paid on the share at a time in the month at which the taxpayer is a party to the agreement exceeds the amount, if any, of the dividend that is received by the taxpayer.
Source: Justice Laws Website. Not an official version.
Historic text
Immediately preceding version, in force from 2011-12-15 to 2017-12-13:
Show the text in force 2011-12-15 to 2017-12-13
207.1 (1) [Repealed, 2011, c. 24, s. 68]
Tax payable by trust under deferred profit sharing plan
(2) Where, at the end of any month, a trust governed by a deferred profit sharing plan holds property that is neither a qualified investment (within the meaning assigned by section 204) nor a life insurance policy (referred to in paragraphs 198(6)(c) to 198(6)(e) or subsection 198(6.1)), the trust shall, in respect of that month, pay a tax under this Part equal to 1% of the fair market value of the property at the time it was acquired by the trust of all such property held by it at the end of the month, other than
(a) property in respect of the acquisition of which the trust has paid or is liable to pay a tax under subsection 198(1); and
(b) property acquired by the trust before August 25, 1972.
Tax payable by trust under registered education savings plan
(3) Every trust governed by a registered education savings plan shall, in respect of any month, pay a tax under this Part equal to 1% of the total of all amounts each of which is the fair market value of a property, at the time it was acquired by the trust, that
(a) is not a qualified investment (as defined in subsection 146.1(1)) for the trust; and
(b) is held by the trust at the end of the month.
(4) [Repealed, 2011, c. 24, s. 68]
Tax payable in respect of agreement to acquire shares
(5) Where at any time a taxpayer whose taxable income is exempt from tax under Part I makes an agreement (otherwise than as a consequence of the acquisition or writing by it of an option listed on a designated stock exchange) to acquire a share of the capital stock of a corporation (otherwise than from the corporation) at a price that may differ from the fair market value of the share at the time the share may be acquired, the taxpayer shall, in respect of each month during which the taxpayer is a party to the agreement, pay a tax under this Part equal to the total of all amounts each of which is the amount, if any, by which the amount of a dividend paid on the share at a time in the month at which the taxpayer is a party to the agreement exceeds the amount, if any, of the dividend that is received by the taxpayer.
- [NOTE: Application provisions are not included in the consolidated text
- see relevant amending Acts and regulations.]
- R.S., 1985, c. 1 (5th Supp.), s. 207.1
- 1994, c. 8, s. 31
- 1999, c. 22, s. 73
- 2005, c. 30, s. 16
- 2007, c. 35, s. 58
- 2011, c. 24, s. 68
Earlier versions: Justice Laws point-in-time versions of the Act (from 31 August 2004), and CanLII (under “Versions”). On Justice Laws, each version of section 207.1 links to the one before it.
Enacting and amending legislation
- R.S., 1985, c. 1 (5th Supp.), s. 207.1; 1994, c. 8, s. 31; 1999, c. 22, s. 73; 2005, c. 30, s. 16; 2007, c. 35, s. 58; 2011, c. 24, s. 68; 2017, c. 33, s. 72
Text before 2004 is found in the annual Statutes of Canada cited above. Application and coming-into-force provisions are not part of the consolidation; see the amending Acts.
Cross-references
This section refers to
References are generated from the statutory text and list other sections of the Act only.
Citation
Income Tax Act, R.S.C. 1985, c. 1 (5th Supp.), s. 207.1.