I-3 - Taxation Act

Section 563 Disposition versions

2009-05-15

563. If a subsidiary has made a gift in a taxation year (in this section referred to as the “gift year”) for the purpose of computing the amount deductible under section 710 by the parent in computing its taxable income for a taxation year ending after the winding-up of the subsidiary, the parent is deemed to have made a gift, in its taxation year in which the gift year of the subsidiary ended, equal to the amount by which the aggregate of all amounts each of which is the amount of a gift or, in the case of a gift made after 20 December 2002, the eligible amount of the gift, made by the subsidiary in the gift year exceeds the aggregate of the amounts deducted under section 710 in computing the subsidiary’s taxable income in respect of those gifts.

1975, c. 22, s. 142; 1984, c. 15, s. 121; 1986, c. 19, s. 121; 1990, c. 59, s. 203; 1997, c. 3, s. 71; 2009, c. 5, s. 184.

2006-03-01

563. For the purposes of computing an amount deductible under section 710 in computing the taxable income of the parent for one of its taxation years ending after the winding-up of the subsidiary, gifts made by the subsidiary in one of its particular taxation years are deemed, to the extent that they were not deducted under section 710 in computing the taxable income of the subsidiary for any taxation year, to have been made by the parent in its taxation year in which the particular taxation year of the subsidiary ended.

1975, c. 22, s. 142; 1984, c. 15, s. 121; 1986, c. 19, s. 121; 1990, c. 59, s. 203; 1997, c. 3, s. 71.