I-3 - Taxation Act

Section 965.128 Disposition versions

2010-04-20

965.128. An individual resident in Québec on 31 December in a year who withdraws during the year a share or security from a stock savings plan II under which the individual is a beneficiary, is required to include in computing the individual’s income for the year, in respect of the aggregate of such plans, the lesser of the amounts determined by the following formulas:

(a)  A + B; and

(b)  (C − D) − (E − F).

In the formulas in the first paragraph,

(a)  A is the adjusted cost of the shares and securities withdrawn by the individual from those plans during the year;

(b)  B is the individual’s coverage deficiency amounts for the year;

(c)  C is the amounts that the individual deducted under section 726.4.0.1 for the preceding two years;

(d)  D is any amount described in section 310 that the individual was required to include in computing the individual’s income for the preceding year in respect of a stock savings plan II;

(e)  E is the adjusted cost of the shares and securities included in those plans, at the end of the year, including those that the individual acquired in the year and included in those plans during the month of January of the following year; and

(f)  F is the individual’s coverage deficiency amounts for the year and for each of the preceding two years.

2006, c. 13, s. 80; 2010, c. 5, s. 126.

2006-06-13

965.128. An individual resident in Québec on 31 December in a year who withdraws during the year a share or security from an SME growth stock plan under which the individual is a beneficiary, is required to include in computing the individual’s income for the year, in respect of the aggregate of such plans, the lesser of the amounts determined by the following formulas:

(a)  A + B; and

(b)  (C − D) − (E − F).

In the formulas in the first paragraph,

(a)  A is the adjusted cost of the shares and securities withdrawn by the individual from those plans during the year;

(b)  B is the individual’s coverage deficiency amounts for the year;

(c)  C is the amounts that the individual deducted under section 726.4.0.1 for the preceding three years;

(d)  D is any amount described in section 310 that the individual was required to include in computing the individual’s income for the preceding two years in respect of an SME growth stock plan;

(e)  E is the adjusted cost of the shares and securities included in those plans, at the end of the year, including those that the individual acquired in the year and included in those plans during the month of January of the following year; and

(f)  F is the individual’s coverage deficiency amounts for the year and for each of the preceding three years.

2006, c. 13, s. 80.