C-8.3 - Act respecting international financial centres

Section 69.3 Disposition versions

2022-06-08

69.3. For the purposes of this subdivision, the employment contract that an individual entered into with a corporation operating an international financial centre (in this section referred to as the “original contract”), or a deemed contract within the meaning of subparagraph 1 of the second paragraph, is deemed to end at the time when the individual ceases to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66.

In addition, where at a particular time an individual would again satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if 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 if that subparagraph 4 were read without reference to “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,” and with “for that part of the period” replaced by “for the particular year or the part of the particular year”, the following rules apply:

(1)  the individual is deemed to enter into, with the corporation, a new employment contract (in this section referred to as the “deemed contract”) and that contract is deemed to be entered into at the particular time; and

(2)  the individual is deemed to take up employment, as an employee, with the corporation at the particular time and is also deemed to begin at that time to perform the duties of that new employment.

The expiry, termination or cancellation of the original contract or any other event having the effect of terminating the original contract also entails the expiry, termination or cancellation, as the case may be, of a deemed contract continuing the original contract, or otherwise terminates such a contract.

The renewal of the original contract also entails the renewal of a deemed contract continuing the original contract, except if the deemed contract is deemed to have ended under the first paragraph.

2004, c. 21, s. 23; 2005, c. 38, s. 25; 2012, c. 1, s. 58; 2022, c. 23, s. 25.

2012-03-05

69.3. For the purposes of this subdivision, the employment contract that an individual entered into with a corporation or a partnership operating an international financial centre, in this section referred to as the “original contract”, or a deemed contract within the meaning of subparagraph 1 of the third paragraph, is deemed to end at the time when the individual ceases to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66.

Where on 1 January 2001, an individual referred to in the fourth paragraph holds employment with a corporation or partnership operating an international financial centre, the employment contract entered into with the corporation or partnership, in this section referred to as the “original contract”, is deemed to have ended before that date.

In addition, where at a particular time an individual would again satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if 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 if that subparagraph 4 were read without reference to “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,” and with “for that part of the period” replaced by “for the particular year or the part of the particular year”, the following rules apply:

(1)  the individual is deemed to enter into, with the corporation or partnership, a new employment contract, in this section referred to as the “deemed contract”, and that contract is deemed to be entered into at the particular time; and

(2)  the individual is deemed to take up employment, as an employee, with the corporation or partnership at the particular time and is also deemed to begin at that time to perform the duties of that new employment.

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

(1)  is not resident in Canada immediately before entering into the original contract or immediately before taking up employment, as an employee, with the qualified corporation, or became resident in Canada at any time to establish the international financial centre in Canada;

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

(3)  may deduct, in computing the individual’s taxable income for a taxation year preceding the year 2001, in relation to that employment, an amount under section 737.16 of the Taxation Act (chapter I-3), or could so deduct such an amount if the corporation or partnership had not failed to apply, in respect of the individual, for a certificate referred to in section 19 or in section 737.15 of the Taxation Act, as they read before being repealed, or the qualification certificate referred to in section 14, as it read before being repealed.

The expiry, termination or cancellation of the original contract or any other event having the effect of terminating the original contract also entails the expiry, termination or cancellation, as the case may be, of a deemed contract continuing the original contract, or otherwise terminates such a contract.

The renewal of the original contract also entails the renewal of a deemed contract continuing the original contract, except if the deemed contract is deemed to have ended under the first paragraph.

2004, c. 21, s. 23; 2005, c. 38, s. 25; 2012, c. 1, s. 58.

2005-12-13

69.3. For the purposes of this subdivision, the employment contract that an individual entered into with a corporation or a partnership operating an international financial centre, in this section referred to as the “original contract”, or a deemed contract within the meaning of subparagraph 1 of the third paragraph, is deemed to end at the time when the individual ceases to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66.

Where on 1 January 2001, an individual referred to in the fourth paragraph holds employment with a corporation or partnership operating an international financial centre, the employment contract entered into with the corporation or partnership, in this section referred to as the “original contract”, is deemed to have ended before that date.

In addition, where at a particular time an individual would again satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if 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 if that subparagraph 4 were read without reference to “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,” and with “for that part of the period” replaced by “for the particular year or the part of the particular year”, the following rules apply:

(1)  the individual is deemed to enter into, with the corporation or partnership, a new employment contract, in this section referred to as the “deemed contract”, and that contract is deemed to be entered into at the particular time; and

(2)  the individual is deemed to take up employment, as an employee, with the corporation or partnership at the particular time and is also deemed to begin at that time to perform the duties of that new employment.

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

(1)  is not resident in Canada immediately before entering into the original contract or immediately before taking up employment, as an employee, with the qualified corporation, or became resident in Canada at any time to establish the international financial centre in Canada;

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

(3)  may deduct, in computing the individual’s taxable income for a taxation year preceding the year 2001, in relation to that employment, an amount under section 737.16 of the Taxation Act (chapter I-3), or could so deduct such an amount if the corporation or partnership had not failed to apply, in respect of the individual, for a certificate referred to in section 19 or in section 737.15 of the Taxation Act, as it read before being repealed, or the qualification certificate referred to in section 14.

The expiry, termination or cancellation of the original contract or any other event having the effect of terminating the original contract also entails the expiry, termination or cancellation, as the case may be, of a deemed contract continuing the original contract, or otherwise terminates such a contract.

The renewal of the original contract also entails the renewal of a deemed contract continuing the original contract, except if the deemed contract is deemed to have ended under the first paragraph.

2004, c. 21, s. 23; 2005, c. 38, s. 25.

2004-11-03

69.3. For the purposes of this subdivision, the employment contract that an individual entered into with a corporation or a partnership operating an international financial centre, in this section referred to as the “original contract”, or a deemed contract within the meaning of subparagraph 1 of the third paragraph, is deemed to end at the time when the individual ceases to satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66.

Where on 1 January 2001, an individual referred to in the fourth paragraph holds employment with a corporation or partnership operating an international financial centre, the employment contract entered into with the corporation or partnership, in this section referred to as the “original contract”, is deemed to have ended before that date.

In addition, where at a particular time an individual would again satisfy the requirements set out in subparagraphs 3 and 4 of the first paragraph of section 66 if 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 if that subparagraph 4 were read without reference to “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,” and with “for that part of the period” replaced by “for the particular year or the part of the particular year”, the following rules apply:

(1)  the individual is deemed to enter into, with the corporation or partnership, a new employment contract, in this section referred to as the “deemed contract”, and that contract is deemed to be entered into before 13 June 2003; and

(2)  the individual is deemed to take up employment, as an employee, with the corporation or partnership at the particular time and is also deemed to begin at that time to perform the duties of that new employment.

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

(1)  is not resident in Canada immediately before entering into the original contract or immediately before taking up employment, as an employee, with the qualified corporation, or became resident in Canada at any time to establish the international financial centre in Canada;

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

(3)  may deduct, in computing the individual’s taxable income for a taxation year preceding the year 2001, in relation to that employment, an amount under section 737.16 of the Taxation Act (chapter I-3), or could so deduct such an amount if the corporation or partnership had not failed to apply, in respect of the individual, for a certificate referred to in section 19 or in section 737.15 of the Taxation Act, as it read before being repealed, or the qualification certificate referred to in section 14.

The expiry, termination or cancellation of the original contract or any other event having the effect of terminating the original contract also entails the expiry, termination or cancellation, as the case may be, of a deemed contract continuing the original contract, or otherwise terminates such a contract.

The renewal of the original contract also entails the renewal of a deemed contract continuing the original contract, except if the deemed contract is deemed to have ended under the first paragraph.

2004, c. 21, s. 23.