Definitions

Not yet annotated · Text current to 2026-06-21 · section last amended 2004-08-31

Current text

(1)

The definitions in this subsection apply in this section.

reportable transaction means

(a)

in the case of

(i)

a reporting person for a taxation year who is not resident in Canada at any time in the year, or

(ii)

a reporting partnership for a fiscal period no member of which is resident in Canada in the period,

a transaction or series of transactions that relate in any manner whatever to a business carried on in Canada by the reporting person or partnership in the year or period or a preceding taxation year or period; and

(b)

in any other case, a transaction or series of transactions that relate in any manner whatever to a business carried on by a reporting person (other than a business carried on by a reporting person as a member of a partnership) or partnership in a taxation year or fiscal period. (opération à déclarer)

reporting partnership for a fiscal period means a partnership

(a)

a member of which is resident in Canada in the period; or

(b)

that carries on a business in Canada in the period. (société de personnes déclarante)

reporting person for a taxation year means a person who, at any time in the year,

(a)

is resident in Canada; or

(b)

is non-resident and carries on a business (other than a business carried on as a member of a partnership) in Canada. (déclarant)

transaction includes an arrangement or event. (opération)

Reporting person’s information return

(2)

Subject to subsection 233.1(4), a reporting person for a taxation year shall, on or before the reporting person’s filing-due date for the year, file with the Minister, in respect of each non-resident person with whom the reporting person does not deal at arm’s length in the year and each partnership of which such a non-resident person is a member, an information return for the year in prescribed form containing prescribed information in respect of the reportable transactions in which the reporting person and the non-resident person or the partnership, as the case may be, participated in the year.

Reporting partnership’s information return

(3)

Subject to subsection 233.1(4), a reporting partnership for a fiscal period shall, on or before the day on or before which a return is required by section 229 of the Income Tax Regulations to be filed in respect of the period or would be required to be so filed if that section applied to the reporting partnership, file with the Minister, in respect of each non-resident person with whom the reporting partnership, or a member of the reporting partnership, does not deal at arm’s length in the period and each partnership of which such a non-resident person is a member, an information return for the period in prescribed form containing prescribed information in respect of the reportable transactions in which the reporting partnership and the non-resident person or the partnership, as the case may be, participated in the period.

De minimis exception

(4)

A reporting person or partnership that, but for this subsection, would be required under subsection 233.1(2) or 233.1(3) to file an information return for a taxation year or fiscal period is not required to file the return unless the total of all amounts, each of which is the total fair market value of the property or services that relate to a reportable transaction in which the reporting person or partnership and any non-resident person with whom the reporting person or partnership, or a member of the reporting partnership, does not deal at arm’s length in the year or period, or a partnership of which such a non-resident person is a member, as the case may be, participated in the year or period, exceeds $1,000,000.

Deemed member of partnership

(5)

For the purposes of this section, a person who is a member of a partnership that is a member of another partnership is deemed to be a member of the other partnership.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since the start of the point-in-time record on 31 August 2004.

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 233.1 links to the one before it.

Enacting and amending legislation

R.S., 1985, c. 1 (5th Supp.), s. 233.1; 1998, c. 19, s. 231

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

Referred to in

s. 162 s. 163

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. 233.1.