I-3 - Taxation Act

Section 737.22.0.4 Disposition versions

2021-06-02

737.22.0.4. For the purpose of computing the taxable income of an individual referred to in section 737.22.0.3 for a taxation year, the following rules apply:

(a)  where the individual has included in computing income for the year an amount that is the benefit the individual is deemed to receive in the year under any of sections 49 and 50 to 52.1, either in respect of a security or of the transfer or any other disposition of the rights under the agreement referred to in section 48, or as a consequence of the individual’s death and of the individual’s having, immediately before death, owned a right to acquire a security under such an agreement, and the amount of the benefit is included in the individual’s eligible income for the year, in relation to an employment, the amount of the benefit is, for the purpose of computing the deduction under section 725.2, deemed to be nil;

(b)  where the individual has included in computing income for the year an amount that is the benefit the individual is deemed to receive under section 49 as a consequence of the application of section 49.2 in respect of a share acquired by the individual after 22 May 1985 and the amount of the benefit is included in the individual’s eligible income for the year, in relation to an employment, the amount of the benefit is, for the purpose of computing the deduction under section 725.3, deemed to be nil;

(c)  where the individual has included in computing income for the year an amount referred to in paragraph a or e of section 725 and the amount is included in the portion of the individual’s eligible income for the year, in relation to an employment, that may reasonably be attributed to any of the individual’s specified periods, in relation to that employment, the amount is, for the purpose of computing the deduction under that paragraph, deemed to be equal to the product obtained by multiplying that amount by the amount by which 100% exceeds the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period; and

(d)  where the individual has included in computing income for the year an amount referred to in subparagraph a of the second paragraph of section 725.1.2 and the amount is included in the portion of the individual’s eligible income for the year, in relation to an employment, that may reasonably be attributed to any of the individual’s specified periods, in relation to that employment, the amount is, for the purpose of computing the deduction under the first paragraph of that section, deemed to be equal to the product obtained by multiplying that amount by the amount by which 100% exceeds the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period;

(e)  (paragraph repealed).

1997, c. 85, s. 116; 2000, c. 39, s. 58; 2001, c. 53, s. 108; 2003, c. 9, s. 63; 2004, c. 21, s. 179; 2005, c. 38, s. 125; 2019, c. 14, s. 209; 2021, c. 14, s. 80.

2019-06-19

737.22.0.4. For the purpose of computing the taxable income of an individual referred to in section 737.22.0.3 for a taxation year, the following rules apply:

(a)  where the individual has included in computing income for the year an amount that is the benefit the individual is deemed to receive in the year under any of sections 49 and 50 to 52.1, in respect of a security, or the transfer or any other disposition of the rights under the agreement referred to in section 48 and the amount of the benefit is included in the individual’s eligible income for the year, in relation to an employment, the amount of the benefit is, for the purpose of computing the deduction under section 725.2, deemed to be nil;

(b)  where the individual has included in computing income for the year an amount that is the benefit the individual is deemed to receive under section 49 as a consequence of the application of section 49.2 in respect of a share acquired by the individual after 22 May 1985 and the amount of the benefit is included in the individual’s eligible income for the year, in relation to an employment, the amount of the benefit is, for the purpose of computing the deduction under section 725.3, deemed to be nil;

(c)  where the individual has included in computing income for the year an amount referred to in paragraph a or e of section 725 and the amount is included in the portion of the individual’s eligible income for the year, in relation to an employment, that may reasonably be attributed to any of the individual’s specified periods, in relation to that employment, the amount is, for the purpose of computing the deduction under that paragraph, deemed to be equal to the product obtained by multiplying that amount by the amount by which 100% exceeds the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period; and

(d)  where the individual has included in computing income for the year an amount referred to in subparagraph a of the second paragraph of section 725.1.2 and the amount is included in the portion of the individual’s eligible income for the year, in relation to an employment, that may reasonably be attributed to any of the individual’s specified periods, in relation to that employment, the amount is, for the purpose of computing the deduction under the first paragraph of that section, deemed to be equal to the product obtained by multiplying that amount by the amount by which 100% exceeds the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period;

(e)  (paragraph repealed).

1997, c. 85, s. 116; 2000, c. 39, s. 58; 2001, c. 53, s. 108; 2003, c. 9, s. 63; 2004, c. 21, s. 179; 2005, c. 38, s. 125; 2019, c. 14, s. 209.

2006-03-01

737.22.0.4. For the purpose of computing the taxable income of an individual referred to in section 737.22.0.3 for a taxation year, the following rules apply:

(a)  where the individual has included in computing income for the year an amount that is the benefit the individual is deemed to receive in the year under any of sections 49 and 50 to 52.1, in respect of a security, or the transfer or any other disposition of the rights under the agreement referred to in section 48 and the amount of the benefit is included in the individual’s eligible income for the year, in relation to an employment, the amount of the benefit is, for the purpose of computing the deduction under section 725.2, deemed to be nil;

(b)  where the individual has included in computing income for the year an amount that is the benefit the individual is deemed to receive under section 49 as a consequence of the application of section 49.2 in respect of a share acquired by the individual after 22 May 1985 and the amount of the benefit is included in the individual’s eligible income for the year, in relation to an employment, the amount of the benefit is, for the purpose of computing the deduction under section 725.3, deemed to be nil;

(c)  where the individual has included in computing income for the year an amount referred to in paragraph a or e of section 725 and the amount is included in the portion of the individual’s eligible income for the year, in relation to an employment, that may reasonably be attributed to any of the individual’s specified periods, in relation to that employment, the amount is, for the purpose of computing the deduction under that paragraph, deemed to be equal to the product obtained by multiplying that amount by the amount by which 100% exceeds the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period;

(d)  where the individual has included in computing income for the year an amount referred to in subparagraph a of the second paragraph of section 725.1.2 and the amount is included in the portion of the individual’s eligible income for the year, in relation to an employment, that may reasonably be attributed to any of the individual’s specified periods, in relation to that employment, the amount is, for the purpose of computing the deduction under the first paragraph of that section, deemed to be equal to the product obtained by multiplying that amount by the amount by which 100% exceeds the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period; and

(e)  where the individual has included in computing income for the year an amount under sections 487.1 to 487.6 in respect of a benefit received by the individual as a home relocation loan, the individual shall, for the purpose of computing the deduction under section 725.6,

i.  subtract from the amount determined under paragraph a of section 725.6, the product obtained by multiplying the portion of that amount that may reasonably be attributed to the part of the year that is included in any of the individual’s specified periods, in relation to an employment, by the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period,

ii.  subtract from the amount determined under paragraph b of section 725.6, the product obtained by multiplying the amount of interest that is computed, in accordance with that paragraph, for the part of the year that is included in any of the individual’s specified periods, in relation to an employment, by the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period, and

iii.  subtract from the amount determined under paragraph c of section 725.6, the product obtained by multiplying the portion of that amount that may reasonably be considered to have been received in the part of the year that is included in any of the individual’s specified periods, in relation to an employment, by the percentage determined under subparagraph a of the second paragraph of section 737.22.0.3 in respect of that period.

1997, c. 85, s. 116; 2000, c. 39, s. 58; 2001, c. 53, s. 108; 2003, c. 9, s. 63; 2004, c. 21, s. 179; 2005, c. 38, s. 125.