I-3 - Taxation Act

Section 1099 Disposition versions

2006-03-01

1099. Every person not resident in Canada shall, when the disposition of a property contemplated in section 1097 is made, give notice thereof to the Minister within ten days, by registered mail, where:

(a)  the notice provided for in the said section has not been sent;

(b)  the purchaser is not the proposed purchaser mentioned in the notice;

(c)  the estimated amount mentioned in the notice provided for in section 1097 is less than the actual proceeds of disposition of such property;

(d)  the amount of the adjusted cost base mentioned in the notice provided for in section 1097 in respect of such property exceeds its adjusted cost base immediately before its disposition.

Such notice must contain the information mentioned in subparagraphs a and b of the first paragraph of section 1097 and indicate the actual proceeds of disposition of the property and the amount of its adjusted cost base immediately before the disposition.

1972, c. 23, s. 822; 1975, c. 83, s. 84; 1986, c. 15, s. 196; 1997, c. 14, s. 290; 1999, c. 83, s. 273.