I-3 - Taxation Act

Section 752.0.10.12 Disposition versions

2012-05-09

752.0.10.12. The rule set out in the second paragraph applies if, at any time, an individual makes a gift of a capital property to a qualified donee or, if the individual is not resident in Canada, a gift of an immovable property situated in Canada to a prescribed donee who provides an undertaking, in a form satisfactory to the Minister, to the effect that the property will be held for use in the public interest, the individual or the individual’s legal representative designates, after 19 December 2006 and in accordance with subsection 6 of section 118.1 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), an amount in respect of the gift, and, at that time, the fair market value of the capital property or immovable property exceeds

(a)  in the case of a depreciable property of a prescribed class, the lesser of the undepreciated capital cost of that class at the end of the taxation year of the individual that includes that time, determined without reference to the proceeds of disposition determined in respect of the property under the second paragraph, and the adjusted cost base to the individual of the property immediately before that time; and

(b)  in any other case, the adjusted cost base to the individual of the capital property or immovable property immediately before that time.

The lesser of the fair market value of the capital property or immovable property otherwise determined and the greatest of the following amounts, is deemed to be both the individual’s proceeds of disposition of the capital property or immovable property and, for the purposes of section 7.21, the fair market value of the gift:

(a)  in the case of a gift made after 20 December 2002, the amount of the advantage in respect of the gift;

(b)  the amount determined under subparagraph a or b of the first paragraph in respect of the capital property or immovable property; and

(c)  the amount designated in respect of the gift in accordance with subsection 6 of section 118.1 of the Income Tax Act.

Chapter V.2 of Title II of Book I applies in relation to a designation made under subsection 6 of section 118.1 of the Income Tax Act or in relation to a designation made under this section before 20 December 2006.

1993, c. 64, s. 67; 1994, c. 22, s. 261; 1995, c. 1, s. 78; 1995, c. 49, s. 236; 2003, c. 2, s. 220; 2005, c. 23, s. 100; 2009, c. 5, s. 283; 2012, c. 8, s. 118.

2009-05-15

752.0.10.12. The rule set out in the second paragraph applies if, at any time, an individual makes a gift of a capital property to a donee described in the definitions of “total charitable gifts”, “total Crown gifts” and “total gifts of qualified property” in the first paragraph of section 752.0.10.1 or, if the individual is not resident in Canada, a gift of an immovable property situated in Canada to a prescribed donee who provides an undertaking, in a form satisfactory to the Minister, to the effect that the property will be held for use in the public interest, the individual or the individual’s legal representative designates, after 19 December 2006 and in accordance with subsection 6 of section 118.1 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)), an amount in respect of the gift, and, at that time, the fair market value of the capital property or immovable property exceeds

(a)  in the case of a depreciable property of a prescribed class, the lesser of the undepreciated capital cost of that class at the end of the taxation year of the individual that includes that time, determined without reference to the proceeds of disposition determined in respect of the property under the second paragraph, and the adjusted cost base to the individual of the property immediately before that time; and

(b)  in any other case, the adjusted cost base to the individual of the capital property or immovable property immediately before that time.

The lesser of the fair market value of the capital property or immovable property otherwise determined and the greatest of the following amounts, is deemed to be both the individual’s proceeds of disposition of the capital property or immovable property and, for the purposes of section 7.21, the fair market value of the gift:

(a)  in the case of a gift made after 20 December 2002, the amount of the advantage in respect of the gift;

(b)  the amount determined under subparagraph a or b of the first paragraph in respect of the capital property or immovable property; and

(c)  the amount designated in respect of the gift in accordance with subsection 6 of section 118.1 of the Income Tax Act.

Chapter V.2 of Title II of Book I applies in relation to a designation made under subsection 6 of section 118.1 of the Income Tax Act or in relation to a designation made under this section before 20 December 2006.

1993, c. 64, s. 67; 1994, c. 22, s. 261; 1995, c. 1, s. 78; 1995, c. 49, s. 236; 2003, c. 2, s. 220; 2005, c. 23, s. 100; 2009, c. 5, s. 283.

2006-03-01

752.0.10.12. Where, at any time, an individual makes a gift of capital property to a donee described in the definitions of “total Crown gifts”, “total gifts of qualified property” and “total charitable gifts” in the first paragraph of section 752.0.10.1 or, if the individual is not resident in Canada, a gift of immovable property situated in Canada to a prescribed donee who provides an undertaking, in a form satisfactory to the Minister, to the effect that such property will be held for use in the public interest, and the fair market value of the capital property or immovable property, as the case may be, exceeds its adjusted cost base to the individual at that time, the individual or his legal representative may designate in the fiscal return which must be filed by or for the individual under section 1000 for the year in which the gift is made, an amount which is deemed to be both the individual’s proceeds of disposition of the capital property or immovable property, as the case may be, and for the purposes of section 752.0.10.1, the fair market value of the gift, and which, at that time, must not be greater than the fair market value otherwise determined nor less than the adjusted cost base to the individual of the capital property or immovable property, as the case may be.

1993, c. 64, s. 67; 1994, c. 22, s. 261; 1995, c. 1, s. 78; 1995, c. 49, s. 236; 2003, c. 2, s. 220; 2005, c. 23, s. 100.