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

Section 851.22.1r0.1 Disposition versions

2012-09-01

851.22.1R0.1. For the purposes of paragraph b of the definition of “excluded property” in the first paragraph of section 851.22.1 of the Act, a share of the capital stock of a particular corporation is a prescribed payment card corporation share of the taxpayer, at any time, if at that time,

(a)  the particular corporation is any one of the following:

i.  MasterCard International Incorporated,

ii.  MasterCard Incorporated, or

iii.  Visa Inc.; and

(b)  the share

i.  is of a class of shares that is not listed on a stock exchange,

ii.  is not convertible into or exchangeable for a share of the class of the capital stock of a corporation that is listed on a stock exchange, and

iii.  was issued by the particular corporation to the taxpayer or to a person related to the taxpayer.

O.C. 390-2012, s. 63.