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I-3 - Taxation Act
Section 1086.21
Disposition versions
1086.21. The amount of tax to which section 1086.20 refers is equal to the amount determined by the formula
{[(A − B)/(10 − 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 1086.20, or
(2) the beginning of the particular taxation year referred to in section 1086.20 is not included in a repayment period of the individual, and
ii. in any other case, the aggregate of all eligible amounts of the individual received by the individual in taxation years preceding the particular taxation year referred to in section 1086.20, other than taxation years included in participation periods of the individual that ended before the particular taxation year referred to in section 1086.20;
(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 1086.20 or within 60 days after the end of that preceding year, other than a taxation year included in a participation period of the individual that ended before the particular taxation year referred to in section 1086.20, or
ii. 100/15 of an amount that the individual is required to pay under section 1086.20 for a taxation year preceding the particular taxation year referred to in section 1086.20 in respect of replacement shares that have not been acquired by the individual, other than a taxation year included in a participation period of the individual that ended before the particular taxation year referred to in section 1086.20;
(c) C is the lesser of nine and the number of taxation years of the individual that end in the period that begins at the beginning of the last repayment period of the individual that began at or before the beginning of the particular taxation year and that ends at the beginning of the particular taxation year referred to in section 1086.20; 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 1086.20 or within the first 60 days after the end of that year, other than a taxation year included in a participation period of the individual that ended before the particular taxation year referred to in section 1086.20.
1086.21. The amount of tax to which section 1086.20 refers is equal to the amount determined by the formula
{[(A − B)/(10 − 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 1086.20, or
(2) the beginning of the particular taxation year referred to in section 1086.20 is not included in a repayment period of the individual, and
ii. in any other case, the aggregate of all eligible amounts of the individual received by the individual in taxation years preceding the particular taxation year referred to in section 1086.20, other than taxation years included in participation periods of the individual that ended before the particular taxation year referred to in section 1086.20;
(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 1086.20 or within the first 60 days after the end of those years, other than taxation years included in participation periods of the individual that ended before the particular taxation year referred to in section 1086.20;
(c) C is the lesser of nine and the number of taxation years of the individual that end in the period that begins at the beginning of the last repayment period of the individual that began at or before the beginning of the particular taxation year and that ends at the beginning of the particular taxation year referred to in section 1086.20; 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 1086.20 or within the first 60 days after the end of that year, other than a taxation year included in a participation period of the individual that ended before the particular taxation year referred to in section 1086.20.
