Hyperlawhypertext legal database I.O.S. Income Tax Remission Order current to 2019-06-21

C.R.C., c. 770 I.O.S. Income Tax Remission Order

Current to 2019-06-21 · last amended 2006-03-22

Contents

Short Title

s. 1

This Order may be cited as the I.O.S. Income Tax Remission Order.

Interpretation

s. 2
s. 2(1)

In this Order,

s. 2(1), definition “act”

Act means the Income Tax Act; (Loi)

s. 2(1), definition “i.o.s.”

I.O.S. means

s. 2(1), definition “i.o.s.”, para (a)

I.O.S. Ltd.,

s. 2(1), definition “i.o.s.”, para (b)

any corporation, trust, legal or other entity directly or indirectly controlled by or affiliated with I.O.S. as of July 29, 1973, or subsequent thereto or hereafter, including the following:

s. 2(1), definition “i.o.s.”, para (b)(i)

Fund of Funds Limited,

s. 2(1), definition “i.o.s.”, para (b)(ii)

I.O.S. Growth Fund Limited,

s. 2(1), definition “i.o.s.”, para (b)(iii)

Fund of Funds Sterling Limited,

s. 2(1), definition “i.o.s.”, para (b)(iv)

I.I.T., an International Investment Trust, and

s. 2(1), definition “i.o.s.”, para (b)(v)

Investment Properties International Limited, and

s. 2(1), definition “i.o.s.”, para (c)

any corporation, trust, legal or other entity now existing or hereafter created by law or otherwise that acquires the assets of any corporation, trust or affiliate or other entity referred to in paragraph (b); (I.O.S.)

s. 2(1), definition “liquidator”

liquidator means

s. 2(1), definition “liquidator”, para (a)

any person appointed under the laws of Canada or a province as a liquidator, receiver or trustee of I.O.S.,

s. 2(1), definition “liquidator”, para (b)

any person, including a director, officer, employee or agent of a corporation, trust, legal or other entity referred to in paragraphs (b) and (c) of the definition “I.O.S.”, appointed by a liquidator who acts as agent or trustee on behalf of any liquidator, receiver or trustee referred to in paragraph (a), and

s. 2(1), definition “liquidator”, para (c)

any person, ordinarily resident in Canada, who acts as agent or trustee on behalf of any liquidator, receiver of trustee of I.O.S. other than a liquidator, receiver or trustee referred to in paragraph (a). (liquidateur)

s. 2(2)

Unless otherwise provided in this Order, words and expressions used in this Order have the same meaning as in the Income Tax Act.

Remission

s. 3

Remission is hereby granted to I.O.S., any shareholder or unitholder of I.O.S. or to any other person, before payment thereof has been made and before liability therefor arises, of all taxes exigible under the Act that otherwise have or may become payable by I.O.S. or by that shareholder or unitholder or by that person, by reason only of

s. 3(a)

the appointment of a liquidator to manage I.O.S.; or

s. 3(b)

the exercise of control over I.O.S. or the taking of any other action in respect of I.O.S. by a liquidator.