I-3 - Taxation Act

Section 308.3.6 Disposition versions

2010-04-20

308.3.6. For the purposes of sections 1094 to 1096 and 1102.4, a share (in this section referred to as the “reorganization share”) is deemed to be listed on a designated stock exchange if

(a)  a dividend, to which section 308.1 does not apply because of section 308.3, is received in the course of a reorganization;

(b)  in contemplation of the reorganization, the reorganization share is

i.  issued to a taxpayer by a public corporation in exchange for another share of that corporation (in this section referred to as the “old share”) owned by the taxpayer, and

ii.  exchanged by the taxpayer for a share of another public corporation (in this section referred to as the “new share”) in an exchange that would be a permitted exchange if the definition of “permitted exchange” in the first paragraph of section 308.0.1 were read without reference to its paragraph a and subparagraph ii of its paragraph b;

(c)  immediately before the exchange, the old share is listed on a designated stock exchange and is not taxable Canadian property of the taxpayer; and

(d)  the new share is listed on a designated stock exchange.

2009, c. 15, s. 76; 2010, c. 5, s. 33.

2009-06-04

308.3.6. For the purposes of sections 1094 to 1096 and 1102.4, a share (in this section referred to as the “reorganization share”) is deemed to be listed on a Canadian stock exchange or a foreign stock exchange if

(a)  a dividend, to which section 308.1 does not apply because of section 308.3, is received in the course of a reorganization;

(b)  in contemplation of the reorganization, the reorganization share is

i.  issued to a taxpayer by a public corporation in exchange for another share of that corporation (in this section referred to as the “old share”) owned by the taxpayer, and

ii.  exchanged by the taxpayer for a share of another public corporation (in this section referred to as the “new share”) in an exchange that would be a permitted exchange if the definition of “permitted exchange” in the first paragraph of section 308.0.1 were read without reference to its paragraph a and subparagraph ii of its paragraph b;

(c)  immediately before the exchange, the old share is listed on a Canadian stock exchange or a foreign stock exchange and is not taxable Canadian property of the taxpayer; and

(d)  the new share is listed on a Canadian stock exchange or a foreign stock exchange.

2009, c. 15, s. 76.