SIFT Tax definition

SIFT Tax means the tax payable by a SIFT Trust pursuant to section 122 of the Tax Act or by a SIFT partnership pursuant to section 197 of the Tax Act;
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SIFT Tax means the specified investment flow-through tax enacted by the Federal Government of Canada in 2007, which is an entity level tax that Canadian publicly listed income trusts are required to pay.
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SIFT Tax means an entity level tax imposed on Canadian publicly traded income trusts under the Tax Act.
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Examples of SIFT Tax in a sentence

  • In June 2008 the federal government proposed amendments to the trust tax regulation ("Provincial SIFT Tax Amendments") so that, instead of basing the provincial component of the tax on a flat tax rate of 13 percent, the provincial component would be instead based on the general provincial corporate income tax rate in each province in which PET has a permanent establishment.

  • Under the Provincial SIFT Tax Amendments PET is considered to have a permanent establishment in Alberta, where the provincial tax rate in 2011 is expected to be ten percent, which would result in an effective tax rate of 26.5 percent in 2011 and 25 percent in 2012.

  • The difference was also attributable to income tax regulations enacted in March 2009 which determine the provincial component of the future SIFT Tax rate.

  • As described in further detail under "General Development of Enerplus Resources Fund – Developments in the Past Three Years – Changes to Taxation of Income Trusts and Enerplus' Strategy Post-2010" and "Risk Factors – Risks Relating to Enerplus' Structure and Ownership of the Trust Units", the Canadian federal government has implemented the SIFT Tax which will generally tax income trusts beginning in 2011 at the same effective tax rates as Canadian corporations.

  • Provided SIFT entities adhere to guidelines with respect to limitations on the amount of new equity issued, the SIFT Tax becomes effective on January 1, 2011.

  • Under the Provincial SIFT Tax Proposal PET would be considered to have a permanent establishment in Alberta, where the provincial tax rate in 2011 is expected to be 10 percent, which will result in an effective tax rate of 26.5 percent in 2011 and 25 percent in 2012.

  • In addition, many of the forward-looking statements contained in this document are located proximate to assumptions that are specific to those forward-looking statements, and such assumptions should be taken into account when reading such forward-looking statements: see in particular the assumptions identified under the headings "Update on SIFT Tax and Corporate Conversion", "Standardized Distributable Cash", "Outlook" and "Sensitivity Analysis".

  • As a result of the proposals to implement the SIFT Tax and the passing of the proposals into law in June 2007, the Board of Directors and Enerplus management continued to review the Fund's strategic objectives and options available to it in an effort to ensure that the Fund's capital structure was efficient and that the Fund was best positioned to facilitate the ongoing creation of Unitholder value.

  • The purpose of the SIFT Tax was to impose a tax structure on SIFT entities similar to that of public corporations.

  • As described in further detail under “General Development of Enerplus Resources Fund - Developments in the Past Three Years - Changes to Taxation of Income Trusts”, “Oil and Natural Gas Reserves - Overview of Reserves”, and “Risk Factors - Risks Relating to Enerplus’ Structure and Ownership of the Trust Units”, the Canadian federal government has implemented the SIFT Tax which will generally tax income trusts at the same effective tax rates as Canadian corporations beginning in 2011.


More Definitions of SIFT Tax

SIFT Tax means the tax payable pursuant to the SIFT Measures by a “SIFT trust” and/or a “SIFT partnership”, each as defined in the Tax Act;
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SIFT Tax means the specified investment flow-through trust tax which is an entity-level tax that Canadian publicly traded income trusts are required to pay effective January 1, 2011.
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SIFT Tax means tax imposed under the Tax Act on specified investment flow-through entities;
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Related to SIFT Tax

  • Local taxes means all taxes levied other than taxes levied for school operating purposes.

  • foreign tax means any Foreign Income Taxes or Foreign Other Taxes.

  • FATCA Withholding Tax means any required withholding or deduction of tax pursuant to FATCA.

  • Income Tax means all U.S. federal, state, local and foreign income, franchise or similar Taxes imposed on (or measured by) net income or net profits, and any interest, penalties, additions to Tax or additional amounts in respect of the foregoing.

  • Tax or “Taxes” means any federal, state, local or foreign income, gross receipts, property, sales, use, license, excise, franchise, employment, payroll, withholding, alternative or add on minimum, ad valorem, transfer or excise tax, or any other tax, custom, duty, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest or penalty, imposed by any Governmental Entity.

  • Actual Tax Liability means, with respect to any Taxable Year, the liability for Covered Taxes of the Corporation (a) appearing on Tax Returns of the Corporation for such Taxable Year and (b) if applicable, determined in accordance with a Determination (including interest imposed in respect thereof under applicable law).

  • Withholding Tax means any tax, deduction, levy or similar payment obligation that is required to be deducted or withheld from a payment under Applicable Law. Annex 1 – Data Processing

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

  • Sales Tax means all applicable provincial and federal sales, use, value-added or goods and services taxes, including GST/HST;