I-3 - Taxation Act

Section 1012.1.1 Disposition versions

2011-12-09

1012.1.1. If section 1012 applies, in relation to a taxation year, in respect of a particular amount referred to in paragraph g or h of section 1012.1, it is to be read as if “for any relevant taxation year, other than a taxation year preceding the taxation year” was replaced by “for the taxation year”.

If section 1012 applies, in relation to a particular taxation year, in respect of a particular amount referred to in paragraph d of section 1012.1 and the conditions of the third paragraph are met, it is to be read as follows:

“1012. If a taxpayer has filed for a particular taxation year the fiscal return required by section 1000 and a particular amount referred to in paragraph d of section 1012.1 is subsequently claimed as a deduction in computing the taxpayer’s taxable income for the particular taxation year by filing with the Minister, on or before the filing-due date applicable to the taxpayer’s succession for the subsequent taxation year in respect of any amount deducted because of paragraph g of section 1012.1 in computing income for the taxation year of the taxpayer’s death, a prescribed form to amend the fiscal return for the particular taxation year, the Minister shall, for any relevant taxation year, other than a taxation year preceding the particular taxation year, redetermine the taxpayer’s tax to take into account the amount so claimed as a deduction in computing the taxpayer’s taxable income.”

The conditions to which the second paragraph refers are the following:

(a)  the particular amount relates to a non-capital loss incurred in the taxation year in which the taxpayer died and does not exceed the portion of that loss that may reasonably be attributed to the deduction of any amount in computing the taxpayer’s income for that year because of paragraph g of section 1012.1, as a consequence of an election made by the taxpayer’s legal representative for the subsequent taxation year referred to in that paragraph; and

(b)  on or before the filing-due date applicable to the taxpayer’s succession for the subsequent taxation year in respect of the amount deducted because of paragraph g of section 1012.1 in computing the taxpayer’s income for the taxation year in which the taxpayer died, the legal representative files with the Minister an amended fiscal return in the name of the taxpayer for the particular taxation year.

2011, c. 34, s. 65.