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Consolidated Acts
R.S.C.
, 1985, c. 1 (5th Supp.) - Table of Contents
Income Tax Act (
R.S.C.
, 1985, c. 1 (5th Supp.))
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Act current to 2020-12-28 and last amended on 2020-11-19.
Previous Versions
Notes :
See coming into force provision and notes, where applicable.
Shaded provisions are not in force.
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Table of Contents
Income Tax Act
1 -
Short Title
2 -
PART I
-
Income Tax
2 -
DIVISION A
-
Liability for Tax
3 -
DIVISION B
-
Computation of Income
3 -
Basic Rules
5 -
SUBDIVISION A
-
Income or Loss from an Office or Employment
5 -
Basic Rules
6 -
Inclusions
8 -
Deductions
9 -
SUBDIVISION B
-
Income or Loss from a Business or Property
9 -
Basic Rules
12 -
Inclusions
18 -
Deductions
22 -
Ceasing to carry on business
26 -
Special Cases
38 -
SUBDIVISION C
-
Taxable Capital Gains and Allowable Capital Losses
47.1 -
Indexed Security Investment Plans
56 -
SUBDIVISION D
-
Other Sources of Income
56.4 -
Restrictive Covenants
60 -
SUBDIVISION E
-
Deductions in Computing Income
67 -
SUBDIVISION F
-
Rules Relating to Computation of Income
81 -
SUBDIVISION G
-
Amounts Not Included in Computing Income
82 -
SUBDIVISION H
-
Corporations Resident in Canada and their Shareholders
86.1 -
Foreign Spin-offs
90 -
SUBDIVISION I
-
Shareholders of Corporations Not Resident in Canada
96 -
SUBDIVISION J
-
Partnerships and their Members
104 -
SUBDIVISION K
-
Trusts and their Beneficiaries
110 -
DIVISION C
-
Computation of Taxable Income
110.2 -
Lump-sum Payments
115 -
DIVISION D
-
Taxable Income Earned in Canada by Non-Residents
115.2 -
Non-Residents with Canadian Investment Service Providers
117 -
DIVISION E
-
Computation of Tax
117 -
SUBDIVISION A
-
Rules Applicable to Individuals
117.1 -
Annual Adjustment of Deductions and Other Amounts
120.31 -
Lump-sum Payments
120.4 -
Tax on Split Income
122.6 -
SUBDIVISION A.1
-
Canada Child Benefit
122.7 -
SUBDIVISION A.2
-
Canada Workers Benefit
122.8 -
SUBDIVISION A.3
-
Climate Action Incentive
122.9 -
SUBDIVISION A.4
-
School Supplies Tax Credit
122.91 -
SUBDIVISION A.5
-
Canada Training Credit
123 -
SUBDIVISION B
-
Rules Applicable to Corporations
123.4 -
Corporation Tax Reductions
125.4 -
Canadian Film or Video Production Tax Credit
125.5 -
Film or Video Production Services Tax Credit
126 -
SUBDIVISION C
-
Rules Applicable to all Taxpayers
127.5 -
DIVISION E.1
-
Minimum Tax
128 -
DIVISION F
-
Special Rules Applicable in Certain Circumstances
128 -
Bankruptcies
128.1 -
Changes in Residence
129 -
Private Corporations
130 -
Investment Corporations
130.1 -
Mortgage Investment Corporations
131 -
Mutual Fund Corporations
132 -
Mutual Fund Trusts
133 -
Non-Resident-Owned Investment Corporations
135 -
Patronage Dividends
135.1 -
Agricultural Cooperatives — Tax-deferred Patronage Dividends
135.2 -
Continuance of the Canadian Wheat Board
136 -
Cooperative Corporations
137 -
Credit Unions, Savings and Credit Unions and Deposit Insurance Corporations
138 -
Insurance Corporations
139.1 -
Demutualization of Insurance Corporations
142.2 -
Financial Institutions
142.2 -
Interpretation
142.3 -
Income from Specified Debt Obligations
142.4 -
Disposition of Specified Debt Obligations
142.5 -
Mark-to-Market Properties
142.6 -
Additional Rules
142.7 -
Conversion of Foreign Bank Affiliate to Branch
143 -
Communal Organizations
143.2 -
Cost of Tax Shelter Investments and Limited-recourse Debt in Respect of Gifting Arrangements
143.3 -
Expenditure — Limitations
143.4 -
Expenditure — Limit for Contingent Amount
144 -
DIVISION G
-
Deferred and Other Special Income Arrangements
144 -
Employees Profit Sharing Plans
144.1 -
Employee Life and Health Trust
145 -
Registered Supplementary Unemployment Benefit Plans
146 -
Registered Retirement Savings Plans
146.01 -
Home Buyers’ Plan
146.02 -
Lifelong Learning Plan
146.1 -
Registered Education Savings Plans
146.2 -
Tax-free Savings Accounts
146.3 -
Registered Retirement Income Funds
146.4 -
Registered Disability Savings Plan
147 -
Deferred Profit Sharing Plans
147.1 -
Registered Pension Plans
147.5 -
Pooled Registered Pension Plans
148 -
Life Insurance Policies
148.1 -
Eligible Funeral Arrangements
149 -
DIVISION H
-
Exemptions
149 -
Miscellaneous Exemptions
149.1 -
Qualified Donees
150 -
DIVISION I
-
Returns, Assessments, Payment and Appeals
150 -
Returns
151 -
Estimate of Tax
152 -
Assessment
153 -
Payment of Tax
161 -
Interest
161.1 -
Offset of Refund Interest and Arrears Interest
161.3 -
Small Amounts Owing
162 -
Penalties
163.2 -
Misrepresentation of a Tax Matter by a Third Party
164 -
Refunds
165 -
Objections to Assessments
166 -
General
168 -
Revocation of Registration of Certain Organizations and Associations
169 -
DIVISION J
-
Appeals to the Tax Court of Canada and the Federal Court of Appeal
180.01 -
PART I.01
-
Tax in Respect of Stock Option Benefit Deferral
180.1 -
PART I.1
-
Individual Surtax
180.2 -
PART I.2
-
Tax on Old Age Security Benefits
181 -
PART I.3
-
Tax on Large Corporations
182 -
PART II
-
[Repealed, 2017, c. 20, s. 27]
183.1 -
PART II.1
-
Tax on Corporate Distributions
184 -
PART III
-
Additional Tax on Excessive Elections
185.1 -
PART III.1
-
Additional Tax on Excessive Eligible Dividend Designations
186 -
PART IV
-
Tax on Taxable Dividends Received by Private Corporations
187.1 -
PART IV.1
-
Taxes on Dividends on Certain Preferred Shares Received by Corporations
187.7 -
PART V
-
Tax and Penalties in Respect of Qualified Donees
190 -
PART VI
-
Tax on Capital of Financial Institutions
190.1 -
Calculation of Capital Tax
190.2 -
Administrative Provisions
191 -
PART VI.1
-
Tax on Corporations Paying Dividends on Taxable Preferred Shares
192 -
PART VII
-
Refundable Tax on Corporations Issuing Qualifying Shares
194 -
PART VIII
-
Refundable Tax on Corporations in Respect of Scientific Research and Experimental Development Tax Credit
196 -
PART IX
-
Tax on Deduction Under Section 66.5
197 -
PART IX.1
-
Tax on Sift Partnerships
198 -
PART X
-
Taxes on Deferred Profit Sharing Plans and Revoked Plans
204.1 -
PART X.1
-
Tax in Respect of Over-contributions to Deferred Income Plans
204.4 -
PART X.2
-
Tax in Respect of Registered Investments
204.8 -
PART X.3
-
Labour-sponsored Venture Capital Corporations
204.9 -
PART X.4
-
Tax in Respect of Overpayments to Registered Education Savings Plans
204.94 -
PART X.5
-
Payments Under Registered Education Savings Plans
205 -
PART XI
-
[Repealed, 2017, c. 33, s. 66]
207.01 -
PART XI.01
-
Taxes in Respect of Registered Plans
207.1 -
PART XI.1
-
Tax in Respect of Deferred Income Plans and Other Tax Exempt Persons
207.3 -
PART XI.2
-
Tax in Respect of Dispositions of Certain Properties
207.5 -
PART XI.3
-
Tax in Respect of Retirement Compensation Arrangements
207.8 -
PART XI.4
-
Tax on Excess EPSP Amounts
208 -
PART XII
-
Tax in Respect of Certain Royalties, Taxes, Lease Rentals, Etc., Paid to a Government by a Tax Exempt Person
209 -
PART XII.1
-
Tax on Carved-out Income
210 -
PART XII.2
-
Tax on Designated Income of Certain Trusts
211 -
PART XII.3
-
Tax on Investment Income of Life Insurers
211.6 -
PART XII.4
-
Tax on Qualifying Environmental Trusts
211.7 -
PART XII.5
-
Recovery of Labour-sponsored Funds Tax Credit
211.91 -
PART XII.6
-
Tax on Flow-through Shares
212 -
PART XIII
-
Tax on Income from Canada of Non-resident Persons
218.2 -
PART XIII.1
-
Additional Tax on Authorized Foreign Banks
218.3 -
PART XIII.2
-
Non-resident Investors in Canadian Mutual Funds
219 -
PART XIV
-
Additional Tax on Non-resident Corporations
220 -
PART XV
-
Administration and Enforcement
220 -
Administration
222 -
Collection
230 -
General
238 -
Offences and Punishment
244 -
Procedure and Evidence
244.1 -
PART XV.1
-
Reporting of Electronic Funds Transfer
245 -
PART XVI
-
Tax Avoidance
247 -
PART XVI.1
-
Transfer Pricing
248 -
PART XVII
-
Interpretation
263 -
PART XVIII
-
Enhanced International Information Reporting
270 -
PART XIX
-
Common Reporting Standard
SCHEDULE
- Listed Corporations
Related Information
Related Provisions
Amendments Not In Force
Regulations made under this Act
Income Earned in Quebec Income Tax Remission Order, 1982
(SOR/83-96)
Income Tax Regulations
(C.R.C., c. 945)
Proclamation Fixing Valuation Days
(C.R.C., c. 946)
Date modified:
2021-01-12
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