I-3 - Taxation Act

Section 1086.15 Disposition versions

2011-02-17

1086.15. The amount of tax to which section 1086.14 refers is equal to the amount determined by the formula

{[(A − B)/(15 − C)] − D} × 15%.

In the formula provided for in the first paragraph,

(a)  A is

i.  an amount equal to zero where

(1)  the individual died or ceased to be resident in Canada in the particular taxation year referred to in section 1086.14, or

(2)  the completion date in respect of an eligible amount of the individual is in the particular taxation year referred to in section 1086.14, and

ii.  in any other case, the aggregate of all eligible amounts of the individual received by the individual in preceding taxation years that are included in the particular participation period referred to in section 1086.14;

(b)  B is the aggregate of all amounts each of which is

i.  an amount paid by the individual on the acquisition of replacement shares in a taxation year preceding the particular taxation year referred to in section 1086.14 or within 60 days after the end of that preceding year that is included in the particular participation period referred to in section 1086.14, or

ii.  100/15 of an amount that the individual is required to pay under section 1086.14 for a taxation year that precedes the particular taxation year referred to in section 1086.14 and that is included in the particular participation period referred to in section 1086.14 in respect of replacement shares that have not been acquired by the individual;

(c)  C is the lesser of 14 and the number of taxation years of the individual that end in the period that begins on 1 January of the first calendar year beginning after the completion date in respect of an eligible amount of the individual and that ends at the beginning of the particular taxation year referred to in section 1086.14; and

(d)  D is the aggregate of all amounts paid by the individual on the acquisition of replacement shares in the particular taxation year referred to in section 1086.14 or within the first 60 days after the end of that year that is included in the particular participation period referred to in section 1086.14.

2001, c. 53, s. 241; 2005, c. 38, s. 298; 2011, c. 1, s. 101.

2006-03-01

1086.15. The amount of tax to which section 1086.14 refers is equal to the amount determined by the formula

{[(A − B)/(15 − C)] − D} × 15%.

In the formula provided for in the first paragraph,

(a)  A is

i.  an amount equal to zero where

(1)  the individual died or ceased to be resident in Canada in the particular taxation year referred to in section 1086.14, or

(2)  the completion date in respect of an eligible amount of the individual is in the particular taxation year referred to in section 1086.14, and

ii.  in any other case, the aggregate of all eligible amounts of the individual received by the individual in preceding taxation years that are included in the particular participation period referred to in section 1086.14;

(b)  B is the aggregate of all amounts paid by the individual on the acquisition of replacement shares in taxation years preceding the particular taxation year referred to in section 1086.14 or within the first 60 days after the end of those years that are included in the particular participation period referred to in section 1086.14;

(c)  C is the lesser of 14 and the number of taxation years of the individual that end in the period that begins on 1 January of the first calendar year beginning after the completion date in respect of an eligible amount of the individual and that ends at the beginning of the particular taxation year referred to in section 1086.14; and

(d)  D is the aggregate of all amounts paid by the individual on the acquisition of replacement shares in the particular taxation year referred to in section 1086.14 or within the first 60 days after the end of that year that is included in the particular participation period referred to in section 1086.14.

2001, c. 53, s. 241; 2005, c. 38, s. 298.