I-3 - Taxation Act

Section 730 Disposition versions

2017-02-08

730. In this Title, the net capital loss of a taxpayer for a taxation year means the amount by which the aggregate of the following amounts exceeds the aggregate of all amounts by which the net capital loss of the taxpayer for the year is required to be reduced because of sections 485 to 485.18:

(a)  the amount by which the amount obtained under subparagraph ii of paragraph b of section 28, for the year, exceeds the amount obtained under subparagraph i of paragraph b of section 28; and

(b)  the least of

i.  the amount of the allowable business investment losses of the taxpayer for the taxpayer’s tenth preceding taxation year,

ii.  the amount by which the non-capital loss of the taxpayer for the taxpayer’s tenth preceding taxation year exceeds the aggregate of all amounts relating to that non-capital loss deducted by the taxpayer in computing the taxpayer’s taxable income for the taxation year or for any preceding taxation year or in respect of which the taxpayer has made an election under section 1029.1, as it read for the taxation year in which the non-capital loss was sustained, and

iii.  where the taxpayer was subject to a loss restriction event before the end of the year and after the end of the taxpayer’s tenth preceding taxation year, zero.

1972, c. 23, s. 548; 1986, c. 19, s. 152; 1987, c. 67, s. 145; 1989, c. 77, s. 79; 1996, c. 39, s. 196; 1997, c. 3, s. 71; 2000, c. 39, s. 42; 2005, c. 38, s. 93; 2017, c. 1, s. 175.

2006-03-01

730. In this Title, the net capital loss of a taxpayer for a taxation year means the amount by which the aggregate of the following amounts exceeds the aggregate of all amounts by which the net capital loss of the taxpayer for the year is required to be reduced because of sections 485 to 485.18:

(a)  the amount by which the amount obtained under subparagraph ii of paragraph b of section 28, for the year, exceeds the amount obtained under subparagraph i of paragraph b of section 28; and

(b)  the least of

i.  the amount of the allowable business investment losses of the taxpayer for the taxpayer’s tenth preceding taxation year,

ii.  the amount by which the non-capital loss of the taxpayer for the taxpayer’s tenth preceding taxation year exceeds the aggregate of all amounts relating to that non-capital loss deducted by the taxpayer in computing the taxpayer’s taxable income for the taxation year or for any preceding taxation year or in respect of which the taxpayer has made an election under section 1029.1, as it read for the taxation year in which the non-capital loss was sustained, and

iii.  where the taxpayer is a corporation the control of which was acquired by a person or group of persons before the end of the year and after the end of the taxpayer’s tenth preceding taxation year, zero.

1972, c. 23, s. 548; 1986, c. 19, s. 152; 1987, c. 67, s. 145; 1989, c. 77, s. 79; 1996, c. 39, s. 196; 1997, c. 3, s. 71; 2000, c. 39, s. 42; 2005, c. 38, s. 93.