Thank you, Mr. Chair.
It's clause 4. I'll be doing it in French this time around:
4(1) Subsection 12(3) of the Act is replaced by the following:
Interest income
(3) Subject to subsection (4.1), in computing the income for a taxation year of a corporation, partnership, unit trust or any trust of which a corporation or partnership is a beneficiary, there shall be included any interest on a debt obligation (other than interest in respect of an income bond, and income debenture, a net income stabilization account or an indexed debt obligation) that accrues to it to the end of the year, or becomes receivable or is received by it before the end of the year, to the extent that the interest was not included in computing its income for a preceding taxation year.
(2) Paragraphs (g) and (h) of the definition investment contract, in subsection 12(11) of the Act are repealed.
(3) Subsection 12(13) of the Act is replaced by the following:
Definition of flipped property
(13) For the purposes of subsections (12) and (14), a flipped property of a taxpayer means a property (other than a property, or a right to acquire property, that would be inventory of the taxpayer if the definition inventory in subsection 248(1) were read without reference to subsection (12)) that is:
(a) prior to its disposition by the taxpayer, either:
(i) a housing unit located in Canada, or
(ii) a right to acquire a housing unit located in Canada; and
b) owned or, in the case of a right to acquire, held, by the taxpayer for less than 365 consecutive days prior to its disposition, other than a disposition that can reasonably be considered to occur due to, or in anticipation of, one or more of the following events:
(i) the death of the taxpayer or a person related to the taxpayer,
(ii) one or more persons related to the taxpayer becoming a member of the taxpayer's household or the taxpayer becoming a member of the household of a related person,
(iii) the breakdown of the marriage or common-law partnership of the taxpayer if the taxpayer has been living separate and apart from their spouse or common-law partner for at least 90 days prior to the disposition,
(iv) a threat to the personal safety of the taxpayer or a related person,
(v) the taxpayer or a related person is suffering from a serious illness or disability,
(vi) an eligible relocation of the taxpayer or the taxpayer's spouse or common-law partner, if the definition eligible relocation were read without reference to the requirements for the new work location and the new residence to be in Canada,
(vii) an involuntary termination of the employment of the taxpayer or the taxpayers' spouse or common-law partner,
(viii) the insolvency of the taxpayer, or
(ix) the destruction or expropriation of the property.
(4) Subsection (3) applies to the period throughout which a flipped property of a taxpayer is owned or held by the taxpayer in respect of a disposition that occurs after 2022.