Versions of s. 212(19)

I-3.3 — Income Tax Act · 3 versions · View current text

Historical text comes from the Justice Laws point-in-time corpus and is unofficial — not the official version.

2017-12-14 to present available View Source

Every taxpayer who is a registered securities dealer resident in Canada shall pay a tax under this Part equal to the amount determined by the formula 1/365 × .25 × (A - B) × C where A is the total of all amounts each of which is the amount of money provided before the end of a day to the taxpayer (and not returned or repaid before the end of the day) by or on behalf of a non-resident person as collateral or as consideration for a security that was lent or transferred under a designated securities lending arrangement, B is the total of all amounts each of which is the amount of money provided before the end of the day by or on behalf of the taxpayer (and not returned or repaid before the end of the day) to a non-resident person as collateral or as consideration for a security that is described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, and that was lent or transferred under a securities lending arrangement, and the greater of 10 times the greatest amount determined, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be the capital employed by the taxpayer at the end of the day, and 20 times the greatest amount of capital required, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be maintained by the taxpayer as a margin in respect of securities described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, at the end of the day, and C is the prescribed rate of interest in effect for the day,

Full text

Every taxpayer who is a registered securities dealer resident in Canada shall pay a tax under this Part equal to the amount determined by the formula 1/365 × .25 × (A - B) × C where A is the total of all amounts each of which is the amount of money provided before the end of a day to the taxpayer (and not returned or repaid before the end of the day) by or on behalf of a non-resident person as collateral or as consideration for a security that was lent or transferred under a designated securities lending arrangement, B is the total of all amounts each of which is the amount of money provided before the end of the day by or on behalf of the taxpayer (and not returned or repaid before the end of the day) to a non-resident person as collateral or as consideration for a security that is described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, and that was lent or transferred under a securities lending arrangement, and the greater of 10 times the greatest amount determined, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be the capital employed by the taxpayer at the end of the day, and 20 times the greatest amount of capital required, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be maintained by the taxpayer as a margin in respect of securities described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, at the end of the day, and C is the prescribed rate of interest in effect for the day,
2008-01-01 to 2017-12-14 View Source

Every taxpayer who is a registered securities dealer resident in Canada shall pay a tax under this Part equal to the amount determined by the formula 1/365 × .25 × (A - B) × C where A is the total of all amounts each of which is the amount of money provided before the end of a day to the taxpayer (and not returned or repaid before the end of the day) by or on behalf of a non-resident person as collateral or as consideration for a security that was lent or transferred under a designated securities lending ~~arrangement described in subparagraph 212(1)(b)(xii),~~arrangement, B is the total of all amounts each of which is the amount of money provided before the end of the day by or on behalf of the taxpayer (and not returned or repaid before the end of the day) to a non-resident person as collateral or as consideration for a security that is described in ~~clause~~paragraph ~~212(1)(b)(xii)(A)~~(a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, and that was lent or transferred under a securities lending arrangement, and the greater of 10 times the greatest amount ~~determined~~determined, under ~~those~~the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be the capital employed by the taxpayer at the end of the day, and 20 times the greatest amount of capital ~~required~~required, under ~~those~~the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be maintained by the taxpayer as a margin in respect of securities described in ~~clause~~paragraph ~~212(1)(b)(xii)(A)~~(a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, at the end of the day, and C is the prescribed rate of interest in effect for the day,

Full text

Every taxpayer who is a registered securities dealer resident in Canada shall pay a tax under this Part equal to the amount determined by the formula 1/365 × .25 × (A - B) × C where A is the total of all amounts each of which is the amount of money provided before the end of a day to the taxpayer (and not returned or repaid before the end of the day) by or on behalf of a non-resident person as collateral or as consideration for a security that was lent or transferred under a designated securities lending arrangement, B is the total of all amounts each of which is the amount of money provided before the end of the day by or on behalf of the taxpayer (and not returned or repaid before the end of the day) to a non-resident person as collateral or as consideration for a security that is described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, and that was lent or transferred under a securities lending arrangement, and the greater of 10 times the greatest amount determined, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be the capital employed by the taxpayer at the end of the day, and 20 times the greatest amount of capital required, under the laws of the province or provinces in which the taxpayer is a registered securities dealer, to be maintained by the taxpayer as a margin in respect of securities described in paragraph (a) of the definition fully exempt interest in subsection (3), or that is an obligation of the government of any country, province, state, municipality or other political subdivision, at the end of the day, and C is the prescribed rate of interest in effect for the day,
2004-08-31 to 2008-01-01 View Source

Every taxpayer who is a registered securities dealer resident in Canada shall pay a tax under this Part equal to the amount determined by the formula 1/365 × .25 × (A - B) × C where A is the total of all amounts each of which is the amount of money provided before the end of a day to the taxpayer (and not returned or repaid before the end of the day) by or on behalf of a non-resident person as collateral or as consideration for a security that was lent or transferred under a securities lending arrangement described in subparagraph 212(1)(b)(xii), B is the total of all amounts each of which is the amount of money provided before the end of the day by or on behalf of the taxpayer (and not returned or repaid before the end of the day) to a non-resident person as collateral or as consideration for a security described in clause 212(1)(b)(xii)(A) that was lent or transferred under a securities lending arrangement, and the greater of 10 times the greatest amount determined under those laws to be the capital employed by the taxpayer at the end of the day, and 20 times the greatest amount of capital required under those laws to be maintained by the taxpayer as a margin in respect of securities described in clause 212(1)(b)(xii)(A) at the end of the day, and C is the prescribed rate of interest in effect for the day,