I-3, r. 1 - Regulation respecting the Taxation Act

Section 851.22.13r3 Disposition versions

2012-09-01

851.22.13R3. The following rules apply with respect to an election made under subparagraph b of the first paragraph of section 851.22.13R1 or paragraph b of section 851.22.13R2:

(a)  the election applies only if

i.  it is in writing,

ii.  it specifies the first taxation year, referred to in this section as the “initial year” of the taxpayer to which it is to apply, and

iii.  it is received by the Minister within 6 months after the end of the initial year, or the Minister has expressly accepted the later filing of the election;

(b)  subject to paragraph c, the election applies to dispositions of specified debt obligations in the initial year and subsequent taxation years; and

(c)  if the Minister has approved, on written application by the taxpayer, the revocation of the election, the election does not apply to dispositions of specified debt obligations in the taxation year specified in the application and in subsequent taxation years.

O.C. 390-2012, s. 64.