Strengthening Business through a Simpler Tax System Act, 2007 Sorbara, Hon. Greg Minister of Finance — Bill 174 (38th Parliament, 2nd Session)

Bill 174, 38-2

Ontario — Bills

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Bill 174, Strengthening Business through a Simpler Tax System Act, 2007

Sorbara, Hon. Greg Minister of Finance

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As Amended by Standing Committee

Royal Assent

[38] Bill 174 Royal Assent (PDF)

Bill 174 2007

An Act to enact the Taxation Act,

2007 and make complementary and other amendments to other Acts

Note:

This Act amends more than one Act. For the legislative history of these Acts,

see Public Statutes – Detailed Legislative History on www.e-Laws.gov.on.ca .

Her

Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

Contents

of this Act

1. This

Act consists of this section, sections 2 and 3 and the Schedules to this Act.

Commencement

(1) Subject

to subsections (2) and (3), this Act comes into force on the day it receives

Royal Assent.

Same

(2) The Schedules to this Act come into force as provided

in each Schedule.

Same

(3) If a

Schedule to this Act provides that any provisions

are to come into force on a day to be named by proclamation of the Lieutenant

Governor, a proclamation may apply to one or more of those provisions, and

proclamations may be issued at different times with respect to any of those

provisions.

Short

title

3. The

short title of this Act is the Strengthening Business

through a Simpler Tax System Act, 2007 .

Schedule A

Taxation Act, 2007

CONTENTS

PART I

INTERPRETATION AND APPLICATION

Interpretation

Application

PART II

INDIVIDUALS - INCOME AND OTHER PERSONAL TAXES

Division A -

Interpretation and Liability for Tax

Definitions

Liability

for tax

Division B - Personal

Income Tax

Subdivision a - Tax Calculation

Personal

income tax calculation

Basic

personal income tax

Basic

personal income tax, inter vivos trust

Subdivision b - Non-Refundable Tax credits

Rules

for non-refundable tax credits

Non-refundable

tax credits

Apportionment

of non-refundable tax credits

Subdivision c - Additional Taxes

Minimum

tax

Tax

on split income

Subdivision d - Additional Tax Credits before Surtax

Dividend

tax credit

Overseas

employment tax credit

Tax

credit for minimum tax

Subdivision e - Ontario Surtax

Ontario

surtax

Subdivision f - Averaging and Adjustments

Qualifying

lump-sum amount

CPP

or QPP benefits

Additional

tax amount,

section 40 ITAR

Subdivision g - Additional Tax Credits after Surtax

Ontario

tax reduction

Foreign

tax credit

Investment

corporation tax credit

Subdivision h - Indexing and Rounding

Annual

adjustment

Division C -

Ontario Health Premium

Liability

for Ontario Health Premium

Report

about revenue from the Ontario Health Premium

PART III

CORPORATE TAX

Division A -

General

Interpretation

Obligation

to pay tax

corporation is a bankrupt

Division B - Corporate

Income Tax

Subdivision a - General Corporate

Income Tax, Tax Credits and Surtax

Basic

income tax

Change

in tax status

Ontario

small business deduction

Surtax

re Ontario small business deduction

Tax

credit for manufacturing, processing, etc.

Foreign

tax credit

Credit

union tax reduction

Subdivision b - Crown Royalties and Resource Tax Credit

Additional

tax re crown royalties

Resource

tax credit

Subdivision c - Ontario Research and Development Tax

Credit

Definitions

Ontario

research and development tax credit deduction

Partnerships

Reduction

of eligible expenditures, receipt of assistance

Transfer

of eligible expenditures

Waiver

of tax credit

Control

acquired before the end of the year

Recapture

of tax credit

Subdivision d - Transitional Tax Debits and Credits

Definitions

Transitional

tax debits and credits

Amount

of additional tax

Calculation

of amounts for purposes of s. 48

Amount

of tax credit

Rules

and adjustments if amalgamation or winding-up

Treatment

of specified pre-2009 transfers

Subdivision e - Corporate Minimum Tax Credit

Corporate

minimum tax credit

Division C -

Corporate Minimum Tax

Interpretation

Corporate

minimum tax liability

Calculation

of corporate minimum tax

Adjusted

net income

Eligible

losses for a taxation year

Foreign

tax credit

Election

on transfer of property

Election

on replacement of property

Limitation

respecting inclusions and deductions

Division D -

Special Additional Tax on Life Insurance Corporations

Special

additional tax, life insurance corporation

Division E - Capital

Tax

Subdivision a -Liability for Capital Tax

Liability

for capital tax

Subdivision b -Financial Institutions

Application

Interpretation

Rule

for determining values and amounts

Financial

institution resident in Canada

Authorized

foreign bank

Adjusted

taxable paid-up capital

Anti-avoidance

Capital

tax payable by a financial institution

Small

business investment tax credit

Small

business investment tax credit account

Below-prime

loan

Patient

capital investment

Determination

of total assets and gross revenue

Tax

credit amount, investment in a community small business investment fund

corporation

Small

business investment tax credit repayment

Subdivision c - Corporations other than Financial

Institutions

Application

Definitions

Capital

tax, corporations other than financial institutions

Capital

deduction – general rule

PART IV

REFUNDABLE TAX CREDITS

Division A -

General

Refundable

tax credits, deemed payments on account of tax

Transitional

Change

in tax status

Division B -

Corporations and Individuals

Qualifying

environmental trust tax credit

Co-operative

education tax credit

Apprenticeship

training tax credit

Division C -

Corporations

Ontario

computer animation and special effects tax credit

Ontario

film and television tax credit

Ontario

production services tax credit

Ontario

interactive digital media tax credit

Ontario

sound recording tax credit

Ontario

book publishing tax credit

Ontario

innovation tax credit

Ontario

business-research institute tax credit

Division D -

Individuals

Interpretation

Property

and sales tax credits, individual other than a senior

Property

and sales tax credits, seniors

Rules

relating to property and sales tax credits

Political

contribution tax credit

Ontario

focused flow-through share tax credit

part v

ontario child benefit

Ontario

child benefit

PART Vi

CAPITAL GAINS REFUNDS FOR MUTUAL FUNDS

Mutual

fund trusts

Mutual

fund corporations

PART VIi

SPECIAL CASES

Tax Shelters

and Avoidance

General

rule, tax shelters and tax shelter investments

Avoidance

of tax, trusts

Transfer

pricing

General

anti-avoidance rule

PART VIIi

ADMINISTRATION AND ENFORCEMENT

Returns

Returns

Assessments

Original

assessment of returns, etc.

Required

Ontario assessments and reassessments

Additional

reassessments

Payments

Payment

by individuals

Payment

by corporations

Returns,

payments and interest

Daily

interest

Amount

of instalment on which interest is computed

Penalties

Penalty

for failure to file return, etc.

Penalty

for repeated failure to report an amount

Late

or deficient instalments

Refunds

Refunds

Objections to Assessments

Objections

to assessments

Appeals to the Superior Court of Justice

Right

of appeal

Reply

Appeal

deemed an action

Application for Declaration of Law

Application

under subrule 14.05 (2), Rules of Civil Procedure

Enforcement

Administration,

garnishment, collection, etc.

Taxes,

etc., are debts

Certificate

of amount payable

Warrant

for collection of indebtedness

Acquisition

of debtor's property

Money

seized in criminal proceeding

Direction

to seize chattels

Demand

for payment

Withholding

Joint

liability

Directors'

liability

Assessments

re ss. 129, 137, 138, 139

General

Records

to be kept

Inspections,

privilege, information returns and corporate execution

Offences

Offences

Offences,

certain

Ministerial

discretion

Offence,

secrecy

Reciprocal

provision of information, Minister of Finance

Liability

of corporation officers

decrease in penalties

Procedure and Evidence

Information

Proof

Documents,

admissibility

Presumption

of authority

Judicial

notice

Documents

deemed to be signed by Ontario Minister, etc.

Day

of mailing

Date

assessment or determination is deemed to be made

Forms

Notices,

etc., relating to partnerships

Remissions

Remission

of Ontario tax

Collection

Agreement

Collection

agreement

Disclosure

of corporate information by the Minister of Government Services

Application

of payments by taxpayers

Deductions

at source

Adjustments

between non-agreeing provinces

Reciprocal

Enforcement of Judgments

Enforcement

of judgments

PART ix

REGULATIONS AND FORMS

Regulations,

general

Application

of Federal regulations

Incorporation

by reference

Regulations,

Part II

Regulations,

Part III

Regulations,

Part IV

Regulations,

Part VIII

Transitional

Forms

PART X

COMMENCEMENT AND

SHORT TITLE

Commencement

Short

title

___________

Part

interpretation and application

Interpretation

Definitions

(1) In

this Act,

"agreeing province" means a province that has entered

Canada will collect taxes payable under the income tax statute of that province

and will make payments to that province in respect of the taxes so collected;

("province participante")

"assessment" includes a reassessment

and an additional assessment; ("cotisation")

"basic rate of tax" means, with

respect to a corporation for a taxation year, the corporation's basic rate of

tax for the year as determined under subsection 29 (2); ("taux d'imposition de

base")

"Canadian-controlled private

corporation" means a corporation that is a Canadian-controlled private corporation

for the purposes of subsection 125 (1) of the Federal Act; ("société privée

sous contrôle canadien")

"collection agreement" means a

collection agreement referred to in

section 161; ("accord de perception")

"deputy head" means the Deputy

Minister of Finance or, if a collection agreement is in effect, the Commissioner

of Revenue appointed under

section 25 of the Canada

Revenue Agency Act (Canada); ("sous-ministre")

"Federal Act" means the Income Tax Act (Canada); ("loi fédérale")

"federal application rule" means a

provision of

an Act of Parliament or of the Federal regulations, other than

subsection 248 (11) of the Federal Act, that,

(

a) affects the application of a

provision of the Federal Act or the Federal regulations, or

(

b) makes a provision, or the

repeal or amendment of a provision, of the Federal Act or Federal regulations

apply,

(

i) to specified

taxation years,

(ii) to specified fiscal

periods,

(iii) after a specified

time, or

(iv) to transactions or

events that occur before or after a specified time or in specified taxation

years or specified fiscal periods; ("règle d'application fédérale")

"Federal Minister" means the

Minister of National Revenue for Canada; ("ministre fédéral")

"Federal

Document details

Collection	Ontario — Bills
Citation	Bill 174, 38-2
Type	bill
Volume / chapter	p38 s2 bill 174 html
Language	en
Format	html
Source	PROVINCIAL
Identifier	35718a4f362ef99db1e0f63046be159ab9d76499

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