C-8.3 - Act respecting international financial centres

Section 66 Disposition versions

2022-06-08

66. Only an individual who satisfies the following requirements, for all or part of a particular taxation year, is entitled to a deduction under section 65 for that year:

(1)  at a particular time, the individual took up employment, as an employee, with a particular corporation operating an international financial centre under an employment contract entered into with the corporation;

(2)  the individual was not resident in Canada immediately before entering into the employment contract or immediately before taking up employment, as an employee, with the particular corporation or, where the individual was resident in Canada at that time, the individual became resident in Canada at any given time in the particular year or a preceding taxation year to establish an international financial centre in Canada and the following conditions are satisfied:

(a)  the individual worked exclusively or almost exclusively for a person or partnership from the given time to the time at which the condition set out in subparagraph c is satisfied,

(b)  for any part of the period referred to in subparagraph a, the individual held a valid certificate referred to in section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1) that was issued in respect of the individual in relation to the establishment of the international financial centre and the certificate recognizes the individual as a specialist for that part of the period, and

(c)  the individual took up employment, within 12 months after that given time, as an employee, with the particular corporation that operates the international financial centre established by the individual;

(3)  the individual works exclusively or almost exclusively for the particular corporation from the particular time to the end of the particular year or the part of the particular year; and

(4)  for any part of the period beginning at the particular time and ending at the end of the particular year or the part of the particular year, the individual held a valid certificate referred to in section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures that was issued in respect of the individual in relation to that employment and the certificate recognizes the individual as a specialist for that part of the period.

For the purposes of subparagraph 4 of the first paragraph, the business to which a certificate referred to in that subparagraph relates must be an international financial centre of the particular corporation.

Notwithstanding paragraph 2 of section 5, an individual shall not, for the purposes of the first paragraph, be considered to be a person resident in Canada if the individual is considered to be resident in Canada for the purposes of the Taxation Act (chapter I-3) by reason of the application of paragraph a of section 8 of that Act.

1999, c. 86, s. 66; 2004, c. 21, s. 21; 2012, c. 1, s. 56; 2022, c. 23, s. 19.

2012-03-05

66. Only an individual who satisfies the following requirements, for all or part of a particular taxation year, is entitled to a deduction under section 65 for that year:

(1)  at a particular time, the individual took up employment, as an employee, with a particular corporation or partnership operating an international financial centre under an employment contract entered into with the corporation or partnership;

(2)  the individual was not resident in Canada immediately before entering into the employment contract or immediately before taking up employment, as an employee, with the particular corporation or partnership, or, where the individual was resident in Canada at that time, the individual became resident in Canada at any given time in the particular year or a preceding taxation year to establish an international financial centre in Canada and the following conditions are satisfied:

(a)  the individual worked exclusively or almost exclusively for a person or partnership from that given time to the time at which the condition set out in subparagraph c is satisfied,

(b)  for any part of the period referred to in subparagraph a, the individual held a valid certificate referred to in section 19, as it read before being repealed, or section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures (chapter P-5.1) that was issued in respect of the individual in relation to the establishment of the international financial centre and the certificate recognizes the individual as a specialist for that part of the period, and

(c)  the individual took up employment, within 12 months after that given time, as an employee, with the particular corporation or partnership that operates the international financial centre established by the individual,

(3)  the individual works exclusively or almost exclusively for the particular corporation or partnership from the particular time to the end of the particular year or the part of the particular year, and

(4)  for any part of the period beginning at the particular time and ending at the end of the particular year or the part of the particular year, the individual held a valid certificate referred to in section 19, as it read before being repealed, or section 3.5 of Schedule E to the Act respecting the sectoral parameters of certain fiscal measures that was issued in respect of the individual in relation to that employment and the certificate recognizes the individual as a specialist for that part of the period.

For the purposes of subparagraph 4 of the first paragraph, the business to which a certificate referred to therein relates must be an international financial centre of the particular corporation or partnership.

Notwithstanding paragraph 2 of section 5, an individual shall not, for the purposes of the first paragraph, be considered to be a person resident in Canada if the individual is considered to be resident in Canada for the purposes of the Taxation Act (chapter I-3) by reason of the application of paragraph a of section 8 of that Act.

1999, c. 86, s. 66; 2004, c. 21, s. 21; 2012, c. 1, s. 56.

2004-11-03

66. Only an individual who satisfies the following requirements, for all or part of a particular taxation year, is entitled to a deduction under section 65 for that year :

(1)  at a particular time, the individual took up employment, as an employee, with a particular corporation or partnership operating an international financial centre under an employment contract entered into with the corporation or partnership ;

(2)  the individual was not resident in Canada immediately before entering into the employment contract or immediately before taking up employment, as an employee, with the particular corporation or partnership, or, where the individual was resident in Canada at that time, the individual became resident in Canada at any given time in the particular year or a preceding taxation year to establish an international financial centre in Canada and the following conditions are satisfied :

(a)  the individual worked exclusively or almost exclusively for a person or partnership from that given time to the time at which the condition set out in subparagraph c is satisfied,

(b)  for any part of the period referred to in subparagraph a, the individual held a valid certificate issued in respect of the individual pursuant to section 19 in relation to the establishment of the international financial centre and the certificate recognizes the individual as a foreign specialist for that part of the period, and

(c)  the individual took up employment, within 12 months after that given time, as an employee, with the particular corporation or partnership that operates the international financial centre established by the individual,

(3)  the individual works exclusively or almost exclusively for the particular corporation or partnership from the particular time to the end of the particular year or the part of the particular year, and

(4)  for any part of the period beginning at the particular time and ending at the end of the particular year or the part of the particular year, the individual held a valid certificate issued in respect of the individual pursuant to section 19, in relation to that employment, and the certificate recognizes the individual as a foreign specialist for that part of the period.

For the purposes of subparagraph 4 of the first paragraph, the business to which a certificate referred to therein relates must be an international financial centre of the particular corporation or partnership.

Notwithstanding paragraph 2 of section 5, an individual shall not, for the purposes of the first paragraph, be considered to be a person resident in Canada if the individual is considered to be resident in Canada for the purposes of the Taxation Act (chapter I-3) by reason of the application of paragraph a of section 8 of that Act.

1999, c. 86, s. 66; 2004, c. 21, s. 21.

1999-12-20

66. Only an individual who meets the following requirements is entitled to a deduction under section 65 for a particular taxation year :

(1)  the individual took up employment, at a particular time, as an employee of a particular corporation or partnership operating an international financial centre ;

(2)  immediately before entering into a contract of employment or immediately before taking up employment as an employee of the particular corporation or partnership, the individual was not resident in Canada or, where the individual was resident in Canada at that time, the individual became resident in Canada at any time in the particular year or a preceding taxation year to establish an international financial centre in Canada and the following conditions are satisfied :

(a)  the individual worked, from that time to the time at which the condition set out in subparagraph c is satisfied, exclusively or almost exclusively for a person or partnership,

(b)  for any part of the period referred to in subparagraph a, the individual held a valid certificate issued in respect of the individual pursuant to section 19 in relation to the establishment of the international financial centre, and

(c)  the individual took up employment, within 12 months after that time, as an employee of the particular corporation or partnership that operates the international financial centre established by the individual,

(3)  the individual has, from the particular time to any time in the particular year, worked exclusively or almost exclusively for the particular corporation or partnership, and

(4)  for any part of the period beginning at the particular time and ending at any time in the particular year, the individual held a valid certificate issued in respect of the individual pursuant to section 19 in relation to that employment.

For the purposes of subparagraph 4 of the first paragraph, the business to which a certificate referred to therein relates must be an international financial centre of the particular corporation or partnership.

1999, c. 86, s. 66.