I-3 - Taxation Act

Section 737.27.1 Disposition versions

2021-06-02

737.27.1. If an individual, in respect of whom the Minister of Transport issued a certificate certifying that the individual was an eligible seaman for a taxation year, acquired, at a particular time of that year that is included in a period specified in the certificate, a right to a security, under an agreement referred to in section 48, from the eligible shipowner whose name appears on the certificate or from a person with whom the eligible shipowner is not dealing at arm’s length and, at a later time, the individual is deemed to receive a benefit in a particular taxation year because of the application of any of sections 49 and 50 to 52.1, either in respect of the security or of the transfer or any other disposition of the rights under the agreement, or as a consequence of the individual’s death and of the individual’s having, immediately before death, owned a right to acquire the security under the agreement, the following rules apply for the purpose of determining the amount that the individual may deduct under section 737.28 in computing the individual’s taxable income for the particular year, in relation to the amount of that benefit:

(a)  section 737.28 is to be read as if “for that taxation year” was replaced by “for the taxation year that includes the particular time to which the portion of section 737.27.1 before paragraph a refers”; and

(b)  such a benefit is considered to be included in the amount of salaries or wages received by the individual in the particular year from the eligible shipowner.

2005, c. 38, s. 132; 2021, c. 14, s. 85.

2006-03-01

737.27.1. If an individual, in respect of whom the Minister of Transport issued a certificate certifying that the individual was an eligible seaman for a taxation year, acquired, at a particular time of that year that is included in a period specified in the certificate, a right to a security, under an agreement referred to in section 48, from the eligible shipowner whose name appears on the certificate or from a person with whom the eligible shipowner is not dealing at arm’s length and, at a later time, the individual is deemed to receive a benefit in a particular taxation year because of the application of any of sections 49 and 50 to 52.1 in respect of the security, or the transfer or any other disposition of the rights under the agreement, the following rules apply for the purpose of determining the amount that the individual may deduct under section 737.28 in computing the individual’s taxable income for the particular year, in relation to the amount of that benefit:

(a)  section 737.28 is to be read as if “for that taxation year” was replaced by “for the taxation year that includes the particular time to which the portion of section 737.27.1 before paragraph a refers”; and

(b)  such a benefit is considered to be included in the amount of salaries or wages received by the individual in the particular year from the eligible shipowner.

2005, c. 38, s. 132.