PART XV.1 — Reporting of Electronic Funds Transfer

Single transaction

Not yet annotated · Text current to 2026-06-21 · section last amended 2014-06-19

Current text

For the purposes of this Part, two or more electronic funds transfers of less than $10,000 each that are made within 24 consecutive hours and that total $10,000 or more are considered to be made in the course of a single transaction of $10,000 or more if

(a)

an individual, other than a trust, who is a reporting entity knows that the transfers are conducted by, or on behalf of, the same entity; and

(b)

an employee of a reporting entity, other than an entity described in paragraph (a), knows that the transfers are conducted by, or on behalf of, the same entity.

Exception

(2)

For greater certainty, subsection (1) does not apply in respect of an electronic funds transfer sent to two or more beneficiaries if the transfer is requested by

(a)

an administrator of a pension fund that is regulated by or under an Act of Parliament or of the legislature of a province;

(b)

a department or agent of Her Majesty in right of Canada or of a province;

(c)

an incorporated city, town, village, metropolitan authority, township, district, county, rural municipality or other incorporated municipal body or an agent of any of them;

(d)

an organization that operates a public hospital and that is designated by the Minister as a hospital authority under the Excise Tax Act, or an agent of such an organization; or

(e)

a corporation that has minimum net assets of $75 million on its last audited balance sheet, whose shares are traded on a Canadian stock exchange or a designated stock exchange and that operates in a country that is a member of the Financial Action Task Force on Money Laundering established in 1989.

Source: Justice Laws Website. Not an official version.

Historic text

This section has not been amended since it was enacted (2014, c. 20, s. 29), so there is no earlier version.

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 244.4 links to the one before it.

Enacting and amending legislation

2014, c. 20, s. 29

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

No other section of the Act refers to this section, and it refers to no other section.

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. 244.4.