I-3 - Taxation Act

Section 776.61 Disposition versions

2015-10-26

776.61. For the purposes of section 776.51, the only amounts deductible by the individual for the year in computing his taxable income or his taxable income earned in Canada, as the case may be, under sections 727, 728.1, 729, 731 and 733.0.0.1 are

(a)  as regards sections 727, 728.1, 731 and 733.0.0.1, the lesser of

i.  the aggregate of all amounts deducted by him under the said sections for the year, and

ii.  the aggregate of all amounts that would be deductible under the said sections for the year if

(1)  sections 776.53, 776.54, 776.55 and 776.57, as they apply to taxation years that begin after 31 December 1985 and end before 1 January 1995, were applicable in computing the individual’s non-capital loss, farm loss, restricted farm loss and limited partnership loss for any of those taxation years,

(2)  sections 776.53 to 776.55.3, 776.57 and 776.57.1, as they apply to taxation years that begin after 31 December 1994 and end before 1 January 2012, were applicable in computing the individual’s non-capital loss, farm loss, restricted farm loss and limited partnership loss for any of those taxation years, and

(3)  sections 776.53 to 776.55.3, 776.57 and 776.57.1 were applicable in computing the individual’s non-capital loss, farm loss, restricted farm loss and limited partnership loss for any taxation year that ends after 31 December 2011; and

(b)  as regards section 729, the lesser of

i.  the aggregate of all amounts each of which may reasonably be considered to be the amount he would have deducted under section 729, had section 776.56 been applicable in computing the amount deductible under section 729; and

ii.  the aggregate of all amounts that would be deductible under section 729 for the year if

(1)  section 776.56 applied in computing the individual’s net capital loss for any taxation year that begins before 1 January 1995,

(2)  sections 776.55.1 and 776.56, as they apply to taxation years that begin after 31 December 1994 and end before 1 January 2012, applied in computing the individual’s net capital loss for any of those taxation years, and

(3)  sections 776.55.1 and 776.56 applied in computing the individual’s net capital loss for any taxation year that ends after 31 December 2011.

1988, c. 4, s. 79; 1993, c. 16, s. 293; 1996, c. 39, 214; 1997, c. 3, s. 71; 2000, c. 5, s. 181; 2015, c. 24, s. 112.

2006-03-01

776.61. For the purposes of section 776.51, the only amounts deductible by the individual for the year in computing his taxable income or his taxable income earned in Canada, as the case may be, under sections 727, 728.1, 729, 731 and 733.0.0.1 are

(a)  as regards sections 727, 728.1, 731 and 733.0.0.1, the lesser of

i.  the aggregate of all amounts deducted by him under the said sections for the year, and

ii.  the aggregate of all amounts that would be deductible under the said sections for the year if

(1)  sections 776.53, 776.54, 776.55 and 776.57, as they apply to taxation years that begin after 31 December 1985 and end before 1 January 1995, were applicable in computing the individual’s non-capital loss, farm loss, restricted farm loss and limited partnership loss for any of those taxation years, and

(2)  sections 776.53 to 776.55.3, 776.57 and 776.57.1 were applicable in computing the individual’s non-capital loss, farm loss, restricted farm loss and limited partnership loss for any taxation year that begins after 31 December 1994; and

(b)  as regards section 729, the lesser of

i.  the aggregate of all amounts each of which may reasonably be considered to be the amount he would have deducted under section 729, had section 776.56 been applicable in computing the amount deductible under section 729; and

ii.  the aggregate of all amounts that would be deductible under section 729 for the year if

(1)  section 776.56 applied in computing the individual’s net capital loss for any taxation year that begins before 1 January 1995, and

(2)  sections 776.55.1 and 776.56 applied in computing the individual’s net capital loss for any taxation year that begins after 31 December 1994.

1988, c. 4, s. 79; 1993, c. 16, s. 293; 1996, c. 39, 214; 1997, c. 3, s. 71; 2000, c. 5, s. 181.