I-3 - Taxation Act

Section 772.9.2 Disposition versions

2009-05-15

772.9.2. If at any particular time in a taxation year an individual who is not resident in Canada disposes of a property that the individual last acquired because of the application of subparagraph c of the first paragraph of section 785.2 at any time, in this section referred to as the “acquisition time”, after 1 October 1996, the individual may deduct from the individual’s tax otherwise payable under this Part for the year, in this section referred to as the “emigration year”, that includes the time immediately before the acquisition time, an amount not exceeding the lesser of

(a)  the amount by which the aggregate of all amounts each of which is the amount of any business-income tax or non-business-income tax paid by the individual for the taxation year to the government described in the second paragraph, that can reasonably be regarded as having been paid in respect of the portion of any gain or profit from the disposition of the property that accrued while the individual was resident in Canada and before the time the individual last ceased to be resident in Canada, exceeds the deduction relating to the portion of the gain or profit that is granted to the individual for the emigration year under subsection 2.21 of section 126 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)); and

(b)  the amount by which the amount of tax under this Part that was, after taking into account the application of this section to dispositions that occurred before the disposition time, otherwise payable by the individual for the emigration year, exceeds the amount of such tax that would otherwise have been payable if the property had not been deemed under section 785.2 to have been disposed of in the emigration year.

The government to which subparagraph a of the first paragraph refers is,

(a)  if the property is immovable property situated in a country other than Canada,

i.  the government of that country, or

ii.  the government of a country in which the individual is resident at the particular time referred to in the first paragraph and with which the Gouvernement du Québec or the Government of Canada has a tax agreement at that time; or

(b)  if the property is not immovable property, the government of a country in which the individual is resident at the particular time referred to in the first paragraph and with which the Gouvernement du Québec or the Government of Canada has a tax agreement at that time.

2005, c. 23, s. 109; 2006, c. 13, s. 63; 2009, c. 5, s. 325.

2006-06-13

772.9.2. If at any particular time in a taxation year an individual who is not resident in Canada disposes of a property that the individual last acquired because of the application of paragraph c of section 785.2 at any time, in this section referred to as the “acquisition time”, after 1 October 1996, the individual may deduct from the individual’s tax otherwise payable under this Part for the year, in this section referred to as the “emigration year”, that includes the time immediately before the acquisition time, an amount not exceeding the lesser of

(a)  the amount by which the aggregate of all amounts each of which is the amount of any business-income tax or non-business-income tax paid by the individual for the taxation year to the government described in the second paragraph, that can reasonably be regarded as having been paid in respect of the portion of any gain or profit from the disposition of the property that accrued while the individual was resident in Canada and before the time the individual last ceased to be resident in Canada, exceeds the deduction relating to the portion of the gain or profit that is granted to the individual for the emigration year under subsection 2.21 of section 126 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement); and

(b)  the amount by which the amount of tax under this Part that was, after taking into account the application of this section to dispositions that occurred before the disposition time, otherwise payable by the individual for the emigration year, exceeds the amount of such tax that would otherwise have been payable if the property had not been deemed under section 785.2 to have been disposed of in the emigration year.

The government to which subparagraph a of the first paragraph refers is,

(a)  if the property is immovable property situated in a country other than Canada,

i.  the government of that country, or

ii.  the government of a country in which the individual is resident at the particular time referred to in the first paragraph and with which the Gouvernement du Québec or the Government of Canada has a tax agreement at that time; or

(b)  if the property is not immovable property, the government of a country in which the individual is resident at the particular time referred to in the first paragraph and with which the Gouvernement du Québec or the Government of Canada has a tax agreement at that time.

2005, c. 23, s. 109; 2006, c. 13, s. 63.

2006-03-01

772.9.2. If at any particular time in a taxation year an individual who is not resident in Canada disposes of a property that the individual last acquired because of the application of paragraph c of section 785.2 at any time, in this section referred to as the "acquisition time", after 1 October 1996, the individual may deduct from the individual’s tax otherwise payable under this Part for the year, in this section referred to as the "emigration year", that includes the time immediately before the acquisition time, an amount not exceeding the lesser of

(a)  the aggregate of all amounts each of which is the amount of any business-income tax or non-business-income tax paid by the individual for the taxation year to the government described in the second paragraph, that can reasonably be regarded as having been paid in respect of that portion of any gain or profit from the disposition of the property that accrued while the individual was resident in Canada and before the time the individual last ceased to be resident in Canada; and

(b)  the amount by which the amount of tax under this Part that was, after taking into account the application of this section to dispositions that occurred before the disposition time, otherwise payable by the individual for the emigration year, exceeds the amount of such tax that would otherwise have been payable if the property had not been deemed under section 785.2 to have been disposed of in the emigration year.

The government to which subparagraph a of the first paragraph refers is,

(a)  if the property is immovable property situated in a country other than Canada,

i.  the government of that country, or

ii.  the government of a country with which Canada has a tax treaty at the particular time referred to in the first paragraph and in which the individual is resident at that time; or

(b)  if the property is not immovable property, the government of a country with which Canada has a tax treaty at the particular time referred to in the first paragraph and in which the individual is resident at that time.

2005, c. 23, s. 109.