I-3 - Taxation Act

Section 21.3 Disposition versions

2017-02-08

21.3. Control of a particular corporation is deemed not to have been acquired solely because of

(a)  the acquisition at any time of shares of the capital stock of any corporation by

i.  a person who acquired the shares from another person to whom the person was related, otherwise than because of a right referred to in paragraph b of section 20, immediately before that time,

ii.  a person who was related to the particular corporation, otherwise than because of a right referred to in paragraph b of section 20, immediately before that time,

iii.  a succession that acquired the shares because of the death of a person,

iv.  a particular person who acquired the shares from a succession that arose on and as a consequence of the death of an individual, if the succession acquired the shares from the individual as a consequence of the death and the individual was related to the particular person immediately before the death, or

v.  a corporation on a distribution, within the meaning assigned by the first paragraph of section 308.0.1, by a specified corporation, within the meaning assigned by that paragraph, if a dividend, to which section 308.1 does not apply because of section 308.3, is received in the course of the reorganization in which the distribution occurs;

(b)  the cancellation or redemption at any particular time of, or a change at any particular time in the terms or conditions of, shares of the particular corporation or of a corporation controlling the particular corporation, where each person and each member of each group of persons that controls the particular corporation immediately after the particular time was related, otherwise than because of a right referred to in paragraph b of section 20, to the particular corporation

i.  immediately before the particular time, or

ii.  immediately before the death of a person, where the shares were held immediately before the particular time by a succession that acquired the shares because of the person’s death; or

(c)  the acquisition at any time of shares of the particular corporation if

i.  the acquisition would otherwise result in the acquisition of control of the particular corporation at that time by a related group, and

ii.  each member of each group of persons that controls the particular corporation at that time was related, otherwise than because of a right referred to in paragraph b of section 20, to the particular corporation immediately before that time.

1978, c. 26, s. 3; 1979, c. 18, s. 3; 1982, c. 5, s. 5; 1993, c. 16, s. 10; 1994, c. 22, s. 55; 1995, c. 49, s. 12; 1997, c. 3, s. 71; 2000, c. 5, s. 15; 2009, c. 5, s. 29; 2017, c. 1, s. 75.

2009-05-15

21.3. Control of a particular corporation is deemed not to have been acquired solely because of

(a)  the acquisition at any time of shares of the capital stock of any corporation by

i.  a person who acquired the shares from another person to whom the person was related, otherwise than because of a right referred to in paragraph b of section 20, immediately before that time,

ii.  a person who was related to the particular corporation, otherwise than because of a right referred to in paragraph b of section 20, immediately before that time,

iii.  a succession that acquired the shares because of the death of a person,

iv.  a person who acquired the shares from a succession that arose on the death of another person to whom the person was related, or

v.  a corporation on a distribution, within the meaning assigned by the first paragraph of section 308.0.1, by a specified corporation, within the meaning assigned by that paragraph, if a dividend, to which section 308.1 does not apply because of section 308.3, is received in the course of the reorganization in which the distribution occurs;

(b)  the cancellation or redemption at any particular time of, or a change at any particular time in the terms or conditions of, shares of the particular corporation or of a corporation controlling the particular corporation, where each person and each member of each group of persons that controls the particular corporation immediately after the particular time was related, otherwise than because of a right referred to in paragraph b of section 20, to the particular corporation

i.  immediately before the particular time, or

ii.  immediately before the death of a person, where the shares were held immediately before the particular time by a succession that acquired the shares because of the person’s death; or

(c)  the acquisition at any time of shares of the particular corporation if

i.  the acquisition would otherwise result in the acquisition of control of the particular corporation at that time by a related group, and

ii.  each member of each group of persons that controls the particular corporation at that time was related, otherwise than because of a right referred to in paragraph b of section 20, to the particular corporation immediately before that time.

1978, c. 26, s. 3; 1979, c. 18, s. 3; 1982, c. 5, s. 5; 1993, c. 16, s. 10; 1994, c. 22, s. 55; 1995, c. 49, s. 12; 1997, c. 3, s. 71; 2000, c. 5, s. 15; 2009, c. 5, s. 29.

2006-03-01

21.3. Control of a particular corporation is deemed not to have been acquired solely because of

(a)  the acquisition at any time of shares of any corporation by a person who acquired the shares from another person to whom the person was related, otherwise than because of a right referred to in paragraph b of section 20, immediately before that time, a person who was related to the particular corporation, otherwise than because of a right referred to in that paragraph b, immediately before that time, a succession that acquired the shares because of the death of a person, or a person who acquired the shares from a succession that arose on the death of another person to whom the person was related; or

(b)  the cancellation or redemption at any particular time of, or a change at any particular time in the terms or conditions of, shares of the particular corporation or of a corporation controlling the particular corporation, where each person and each member of each group of persons that controls the particular corporation immediately after the particular time was related, otherwise than because of a right referred to in paragraph b of section 20, to the particular corporation

i.  immediately before the particular time, or

ii.  immediately before the death of a person, where the shares were held immediately before the particular time by a succession that acquired the shares because of the person’s death.

1978, c. 26, s. 3; 1979, c. 18, s. 3; 1982, c. 5, s. 5; 1993, c. 16, s. 10; 1994, c. 22, s. 55; 1995, c. 49, s. 12; 1997, c. 3, s. 71; 2000, c. 5, s. 15.