I-3 - Taxation Act

Full text
21.4.27. For the purpose of applying this Act to a taxpayer’s reversionary year, sections 21.4.22 and 21.4.23 are to be read as if
(a)  “Canadian currency year” was replaced in the following provisions by “functional currency year”:
i.  the portion of section 21.4.22 before paragraph a,
ii.  subparagraph ii of paragraph a of section 21.4.22,
iii.  paragraphs b and c of section 21.4.22,
iv.  subparagraph ii of paragraph d of section 21.4.22,
v.  paragraphs e to g of section 21.4.22, and
vi.  section 21.4.23;
(b)  “functional currency year” was replaced wherever it appears in the following provisions by “reversionary year”:
i.  the portion of section 21.4.22 before paragraph a, and
ii.  section 21.4.23;
(c)  “pre-transition debt” was replaced wherever it appears in section 21.4.23 by “pre-reversion debt”;
(d)  “the taxpayer’s elected functional currency” was replaced wherever it appears in the following provisions by “Canadian currency”:
i.  the portion of section 21.4.22 before paragraph a, and
ii.  section 21.4.23; and
(e)  “Canadian currency” in the portion of section 21.4.22 before paragraph a was replaced by “the taxpayer’s elected functional currency”.
2010, c. 5, s. 11.