Canadian Tax Elections definition

Canadian Tax Elections means any election under (i) Part IX of the Excise Tax Act (Canada), (ii) an Act respecting the Quebec sales tax, if relevant and applicable, (iii) subsection 20(24) of the Income Tax Act (Canada) (including any corresponding election as may be required under the laws of provincial application), if relevant and applicable, (iv) section 22 of the Income Tax Act (Canada) (including any corresponding election under the laws of provincial application), if relevant and applicable, and (v) section 56.4 of the Income Tax Act (Canada) at the request of Buyer or Seller, if relevant and applicable, in each case, to lawfully seek to minimize the Taxes payable (including by way of refund or credit) under the Applicable Laws of Canada with respect to the consummation of the sale of the Transferred Assets of Canadian Seller and the assumption of the Canadian Liabilities of Canadian Seller.
Sample 1Sample 2
Canadian Tax Elections means any election under (i) Section 167 of the Excise Tax Act (Canada), (ii) Section 75 and 75.1 of An Act Respecting the Quebec Sales Tax, if relevant and applicable, (iii) subsection 20(24) of the Income Tax Act (Canada) (including any corresponding election as may be required under the laws of provincial application), if relevant and applicable, (iv) section 22 of the Income Tax Act (Canada) (including any corresponding election under the laws of provincial application), if relevant and applicable, and (v) section 56.4 of the Income Tax Act (Canada), if relevant and applicable, in each case, to lawfully seek to minimize the Taxes payable (including by way of refund or credit) under the Applicable Laws of Canada with respect to the consummation of the sale of the Transferred Assets of Canadian Seller and the assumption of the Canadian Liabilities of Canadian Seller.
Sample 1Sample 2
Canadian Tax Elections means elections filed by Mxxxxx Canada and Bxxxxx Canada under the Income Tax Act (Canada), Excise Tax Act (Canada), Corporations Tax Act (Ontario), and such other taxation statutes in Canada or the Province of Ontario in connection with the transfer of the Canadian Acquired Assets.
Sample 1

Examples of Canadian Tax Elections in a sentence

  • Admission offers are contingent upon the successful completion of the student’s final year in high school.

  • The Buyers agree to cooperate in the filing of Canadian Tax Elections as may be necessary or desirable to give effect to the allocations set forth in Exhibit L.

  • Each party shall use commercially reasonable efforts to (i) avail itself of any available exemptions from, or any refunds, credits or other recovery of, any such Transfer Taxes or fees (including, if applicable, by making any Canadian Tax Elections) and shall cooperate with the other party in providing any information and documentation that may be necessary to obtain such exemptions, refunds, credits or other recovery and (ii) minimize the amount of any such Transfer Taxes.

  • If (x) after the Canadian Tax Elections and any other tax election the Buyers may reasonably request an exemption to the GST Tax is not available and (y) the GST Tax is required to be remitted to the applicable Canadian Tax Authority in connection with the consummation of this transaction, then Bxxxxx Canada shall bear the GST Tax subject to Bxxxxx Canada being entitled to apply and receive an input tax credit for the GST Tax paid by Bxxxxx Canada (the “Buyers’ GST Obligation”).

  • The Buyers and the Sellers shall prepare and file all Tax Returns and Canadian Tax Elections in a manner consistent with Exhibit L, except as otherwise required by any Tax Authority.

  • Bxxxxx Canada, at its own expense, shall file the Canadian Tax Elections with respect to the Buyers’ GST Obligation.

  • The Sellers shall, at their own expense, file all other necessary Tax Returns, Canadian Tax Elections and other documentation with respect to all such Transfer Taxes and, if required by applicable law and if requested by the Buyers, the appropriate Buyer or Seller shall join in the execution of any Tax Returns or Canadian Tax Elections.


More Definitions of Canadian Tax Elections

Canadian Tax Elections means any relevant and applicable election requested by Buyer under (i) Part IX of the Excise Tax Act (Canada), (ii) an Act respecting the Quebec sales tax, (iii) subsection 20(24) of the Tax Act (including any corresponding election as may be required under the laws of provincial application) (iv) section 22 of the Tax Act (including any corresponding election under the laws of provincial application), and (v) section 56.4 of the Tax Act, in each case, to lawfully seek to minimize the Taxes payable (including by way of refund or credit) with respect to the consummation of the sale of the Transferred Assets used in a business carried on by any Asset Seller in Canada.
Sample 1

Related to Canadian Tax Elections

  • Income Tax Returns means all Tax Returns relating to Income Taxes.

  • Income Tax Return means any Tax Return relating to Income Taxes.

  • Non-Income Tax Return means any Tax Return relating to Taxes other than Income Taxes.

  • Combined Tax Return means a Tax Return filed in respect of U.S. federal, state, local or non-U.S. income Taxes for a Combined Group, or any other affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) Tax Return of a Combined Group.

  • Canadian Tax Act means the Income Tax Act (Canada), as amended.

  • council tax benefit means council tax benefit under Part 7 of the SSCBA; “couple” has the meaning given by paragraph 4;

  • Tax Return means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof.

  • Hypothetical Tax Liability means, with respect to any Taxable Year, the Hypothetical Federal Tax Liability for such Taxable Year, plus the Hypothetical Other Tax Liability for such Taxable Year.

  • Canadian Taxes has the meaning specified in Section 11.05.

  • Payroll Taxes means State Unemployment Insurance (SUI), Federal Unemployment Insurance (FUI), and payments pursuant to the Federal Insurance Contributions Act (FICA).

  • Consolidated federal income tax return means a consolidated return filed for federal income tax purposes pursuant to section 1501 of the Internal Revenue Code.

  • Assumed Tax Liability means, with respect to any Member, an amount equal to the excess of (i) the product of (A) the Distribution Tax Rate multiplied by (B) the estimated or actual cumulative taxable income or gain of the Company, as determined for federal income tax purposes, allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, less prior losses of the Company allocated to such Member (or its predecessor) for full or partial Fiscal Years commencing on or after January 1, 2021, in each case, as determined by the Manager and to the extent such prior losses are available to reduce such income over (ii) the cumulative Tax Distributions made to such Member after the closing date of the IPO pursuant to Sections 4.01(b)(i), 4.01(b)(ii) and 4.01(b)(iii) and, if applicable with respect to such Fiscal Year, pursuant to Section 4.1(a) of the Previous LLC Agreement; provided that, in the case of the Corporation, such Assumed Tax Liability (x) shall be computed without regard to any increases to the tax basis of the Company’s property pursuant to Sections 734(b) or 743(b) of the Code and (y) to the extent permitted under the Credit Agreements and applicable Law, shall in no event be less than an amount that will enable the Corporation to meet both its tax obligations and its obligations pursuant to the Tax Receivable Agreement for the relevant Taxable Year; provided further that, in the case of each Member, and for the avoidance of doubt, such Assumed Tax Liability shall take into account any Code Section 704(c) allocations (including “reverse” 704(c) allocations) to the Member.

  • Canadian Taxpayer means a Participant that is resident of Canada for purposes of the Tax Act;

  • Transaction Tax Deductions means, to the extent Tax deductible for Income Tax purposes, all compensation attributable to payments by a Company or Company Subsidiary on or prior to the Closing Date, including employee transaction-related bonuses, change of control payments, and severance payments, resulting from or related to the consummation of the Contemplated Transactions that are charged to Sellers as part of the Transaction Expenses.

  • Income Tax Act means the Income Tax Act (Canada), as amended from time to time;

  • U.S. Tax Code means the United States Internal Revenue Code of 1986, as amended.

  • Pre-Closing Tax Returns has the meaning set forth in Section 4.02(b).

  • non-taxable territory means the territory which is outside the taxable territory;

  • Transaction Payroll Taxes means all employer portion payroll or employment Taxes incurred in connection with any bonuses, option cash-outs or other compensatory payments in connection with the Transactions.

  • Tax Law means the law of any governmental entity or political subdivision thereof relating to any Tax.

  • Foreign taxes means value-added taxes and custom duties assessed by a foreign government on a commodity. It does not include foreign sales taxes.

  • Income Tax Expense means, with respect to the Borrowers, for any period, the aggregate, without duplication, of all Taxes on the income of such Person for such period, whether current or deferred, determined on a Modified Consolidated Basis.

  • Pre-Closing Tax Return has the meaning set forth in Section 7.1(a).

  • Pre-Tax Contributions means, for any Participant, the aggregate of the Participant's Basic Pre-Tax Contributions and Supplemental Pre-Tax Contributions contributed to the applicable Pre-Tax Contribution Account.

  • Change in Tax Law means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into.

  • U.S. Tax Person means a Person that is a “United States person” as defined in Section 7701(a)(30) of the Code, generally including: