C-8.3 - Act respecting international financial centres

Section 69.2 Disposition versions

2022-06-08

69.2. An individual referred to in the third paragraph is deemed to take up employment, as an employee, with a corporation operating an international financial centre at the particular time referred to in subparagraph 2 where

(1)  the individual enters into an employment contract with the corporation; and

(2)  at a particular time when the individual works for the corporation, the individual would begin, for the first time since the entering into the contract referred to in subparagraph 1, to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if

(a)  that subparagraph 3 were read with “from the particular time to the end of the particular year or the part of the particular year” replaced by “throughout the particular year or the part of the particular year”, and

(b)  that subparagraph 4 were replaced by the following subparagraph:

“(4) 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 the particular year or the part of the particular year.”

The individual to whom the first paragraph applies is also deemed to begin performing the duties of the employment the individual holds with the corporation at the particular time referred to in subparagraph 2 of that paragraph.

The individual to whom the first paragraph refers is the individual who

(1)  has not worked to establish the international financial centre immediately before taking up employment, as an employee, with the corporation or, if such is not the case, took up employment more than 12 months after becoming resident in Canada in order to establish that center in Canada or does not satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 on the day of taking up employment; and

(2)  may deduct, in computing the individual’s taxable income for the taxation year in which the individual entered into the individual’s employment contract or for a preceding taxation year, in relation to a preceding employment, an amount under any of the sections mentioned in the third paragraph of section 737.19.2 of the Taxation Act (chapter I-3), or could so deduct such an amount if an employer had not failed to apply, in respect of the individual, for a qualification certificate or a certificate referred to in any of the sections mentioned in subparagraph ii of paragraph a of section 737.20 of that Act.

2004, c. 21, s. 23; 2012, c. 1, s. 57; 2022, c. 23, s. 24.

2012-03-05

69.2. For the purposes of this subdivision, an individual referred to in the fifth paragraph is deemed to take up employment, as an employee, with a corporation or partnership operating an international financial centre at the particular time referred to in subparagraph 2 where

(1)  the individual holds employment with the corporation or partnership on 1 January 2001; and

(2)  at a particular time when the individual works for the corporation or partnership, the individual would begin, for the first time since 1 January 2001, to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if

(a)  that subparagraph 3 were read with “from the particular time to the end of the particular year or the part of the particular year” replaced by “throughout the particular year or the part of the particular year”, and

(b)  that subparagraph 4 were replaced by the following subparagraph:

“(4) 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 the particular year or the part of the particular year.”

An individual referred to in the sixth paragraph who, on 1 January 2001, works to establish an international financial centre in Canada is deemed to begin working to establish that centre on that date.

In addition, an individual referred to in the seventh paragraph is deemed to take up employment, as an employee, with a corporation or partnership operating an international financial centre at the particular time referred to in subparagraph 2 where

(1)  the individual enters into an employment contract with the corporation or partnership after 31 December 2000; and

(2)  at a particular time when the individual works for the corporation or partnership, the individual would begin, for the first time since the entering into the contract referred to in subparagraph 1, to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if

(a)  that subparagraph 3 were read with “from the particular time to the end of the particular year or the part of the particular year” replaced by “throughout the particular year or the part of the particular year”, and

(b)  that subparagraph 4 were replaced by the following subparagraph:

“(4) 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 the particular year or the part of the particular year.”

The individual to whom the first or third paragraph applies is also deemed to begin performing the duties of the employment the individual holds with the corporation or partnership at the particular time referred to in subparagraph 2 of that paragraph.

The individual to whom the first paragraph refers is the individual who

(1)  has no reference period that is running on 1 January 2001 in relation to that employment; and

(2)  may deduct, in computing the individual’s taxable income for a taxation year preceding the year 2001, in relation to a preceding employment, an amount under any of the sections mentioned in the third paragraph of section 737.19.2 of the Taxation Act (chapter I-3), or could so deduct such an amount if an employer had not failed to apply, in respect of the individual, for a qualification certificate or a certificate referred to in any of the sections mentioned in subparagraph ii of paragraph a of section 737.20 of that Act.

The individual to whom the second paragraph refers is the individual who

(1)  is resident in Canada immediately before entering into an employment contract with a corporation or partnership operating the international financial centre, immediately before taking up employment, as an employee, with the corporation or partnership and immediately before beginning to work in Canada to establish that centre in Canada ;

(2)  has no reference period that is running on 1 January 2001 in relation to the employment the individual holds with the corporation or partnership referred to in subparagraph 1 ;

(3)  takes up employment, as an employee, with the corporation or partnership referred to in subparagraph 1 within 12 months after the time when the individual began working to establish the international financial centre; and

(4)  may deduct, in computing the individual’s taxable income for a taxation year preceding the year 2001, in relation to a preceding employment, an amount under any of the sections mentioned in the third paragraph of section 737.19.2 of the Taxation Act, or could so deduct such an amount if an employer had not failed to apply, in respect of the individual, for a qualification certificate or a certificate referred to in any of the sections mentioned in subparagraph ii of paragraph a of section 737.20 of that Act.

The individual to whom the third paragraph refers is the individual who

(1)  has not worked to establish the international financial centre immediately before taking up employment, as an employee, with the corporation or partnership or, if such is not the case, took up employment more than 12 months after becoming resident in Canada in order to establish that center in Canada or does not satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 on the day of taking up employment; and

(2)  may deduct, in computing the individual’s taxable income for the taxation year in which the individual entered into the individual’s employment contract or for a preceding taxation year, in relation to a preceding employment, an amount under any of the sections mentioned in the third paragraph of section 737.19.2 of the Taxation Act, or could so deduct such an amount if an employer had not failed to apply, in respect of the individual, for a qualification certificate or a certificate referred to in any of the sections mentioned in subparagraph ii of paragraph a of section 737.20 of that Act.

2004, c. 21, s. 23; 2012, c. 1, s. 57.

2004-11-03

69.2. For the purposes of this subdivision, an individual referred to in the fifth paragraph is deemed to take up employment, as an employee, with a corporation or partnership operating an international financial centre at the particular time referred to in subparagraph 2 where

(1)  the individual holds employment with the corporation or partnership on 1 January 2001; and

(2)  at a particular time when the individual works for the corporation or partnership, the individual would begin, for the first time since 1 January 2001, to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if

(a)  that subparagraph 3 were read with “from the particular time to the end of the particular year or the part of the particular year” replaced by “throughout the particular year or the part of the particular year”, and

(b)  that subparagraph 4 were replaced by the following subparagraph:

“(4)  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 the particular year or the part of the particular year.”

An individual referred to in the sixth paragraph who, on 1 January 2001, works to establish an international financial centre in Canada is deemed to begin working to establish that centre on that date.

In addition, an individual referred to in the seventh paragraph is deemed to take up employment, as an employee, with a corporation or partnership operating an international financial centre at the particular time referred to in subparagraph 2 where

(1)  the individual enters into an employment contract with the corporation or partnership after 31 December 2000; and

(2)  at a particular time when the individual works for the corporation or partnership, the individual would begin, for the first time since the entering into the contract referred to in subparagraph 1, to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if

(a)  that subparagraph 3 were read with “from the particular time to the end of the particular year or the part of the particular year” replaced by “throughout the particular year or the part of the particular year”, and

(b)  that subparagraph 4 were replaced by the following subparagraph:

“(4)  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 the particular year or the part of the particular year.”

The individual to whom the first or third paragraph applies is also deemed to begin performing the duties of the employment the individual holds with the corporation or partnership at the particular time referred to in subparagraph 2 of that paragraph.

The individual to whom the first paragraph refers is the individual who

(1)  has no reference period that is running on 1 January 2001 in relation to that employment; and

(2)  may deduct, in computing the individual’s taxable income for a taxation year preceding the year 2001, in relation to a preceding employment, an amount under any of the sections mentioned in the third paragraph of section 737.19.2 of the Taxation Act (chapter I-3), or could so deduct such an amount if an employer had not failed to apply, in respect of the individual, for a qualification certificate or a certificate referred to in any of the sections mentioned in subparagraph ii of paragraph a of section 737.20 of that Act.

The individual to whom the second paragraph refers is the individual who

(1)  is resident in Canada immediately before entering into an employment contract with a corporation or partnership operating the international financial centre, immediately before taking up employment, as an employee, with the corporation or partnership and immediately before beginning to work in Canada to establish that centre in Canada ;

(2)  has no reference period that is running on 1 January 2001 in relation to the employment the individual holds with the corporation or partnership referred to in subparagraph 1 ;

(3)  takes up employment, as an employee, with the corporation or partnership referred to in subparagraph 1 within 12 months after the time when the individual began working to establish the international financial centre; and

(4)  may deduct, in computing the individual’s taxable income for a taxation year preceding the year 2001, in relation to a preceding employment, an amount under any of the sections mentioned in the third paragraph of section 737.19.2 of the Taxation Act, or could so deduct such an amount if an employer had not failed to apply, in respect of the individual, for a qualification certificate or a certificate referred to in any of the sections mentioned in subparagraph ii of paragraph a of section 737.20 of that Act.

The individual to whom the third paragraph refers is the individual who

(1)  has not worked to establish the international financial centre immediately before taking up employment, as an employee, with the corporation or partnership or, if such is not the case, took up employment more than 12 months after becoming resident in Canada in order to establish that center in Canada or does not satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 on the day of taking up employment; and

(2)  may deduct, in computing the individual’s taxable income for the taxation year in which the individual entered into the individual’s employment contract or for a preceding taxation year, in relation to a preceding employment, an amount under any of the sections mentioned in the third paragraph of section 737.19.2 of the Taxation Act, or could so deduct such an amount if an employer had not failed to apply, in respect of the individual, for a qualification certificate or a certificate referred to in any of the sections mentioned in subparagraph ii of paragraph a of section 737.20 of that Act.

2004, c. 21, s. 23.