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I-3 - Taxation Act

Section 935.28
Disposition versions

Full text
935.28. If a deposit ceases, at a particular time, to be a tax-free savings account, the following rules apply:
(a)  the holder of the tax-free savings account is deemed to have disposed of the deposit immediately before the particular time for proceeds of disposition equal to its fair market value immediately before the particular time; and
(b)  each person who has a right in the deposit at the particular time is deemed to acquire the right at the particular time at a cost equal to its fair market value at the particular time.
2009, c. 15, s. 170; 2020, c. 16, s. 141.
935.28. If a deposit ceases, at a particular time, to be a tax-free savings account, the following rules apply:
(a)  the holder of the tax-free savings account is deemed to have disposed of the deposit immediately before the particular time for proceeds of disposition equal to its fair market value immediately before the particular time; and
(b)  each person who has a right or interest in the deposit at the particular time is deemed to acquire the right or interest at the particular time at a cost equal to its fair market value at the particular time.
2009, c. 15, s. 170.
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