I-3 - Taxation Act

Section 251.5.1 Disposition versions

2019-06-19

251.5.1. (Repealed).

2003, c. 2, s. 84; 2019, c. 14, s. 101.

2006-03-01

251.5.1. Where the taxation year of the flow-through entity ending in the individual’s taxation year includes 28 February 2000 or 17 October 2000, or begins after 28 February 2000 and ends before 17 October 2000, the following rules apply:

(a)  the word “twice” in subparagraph i or ii, as the case may be, of subparagraph b of the second paragraph of section 251.2, shall be read, with the necessary modifications, as a reference to the fraction that is the reciprocal of the fraction in paragraphs a to d of section 231.0.1 that applies to the flow-through entity for its taxation year;

(b)  the fraction “1/2” in section 251.3 or 251.4, as the case may be, shall be read as a reference to the fraction in paragraphs a to d of section 231.0.1 that applies to the flow-through entity for its taxation year;

(c)  the fraction “1/2” in the portion of subparagraph a of the first paragraph of section 251.5 before subparagraph i shall be read as a reference to the fraction in section 105.2 that applies to the flow-through entity for its taxation year; and

(d)  subparagraph i of subparagraph a of the first paragraph of section 251.5 shall be read with “, multiplied by the fraction obtained when the fraction in section 105.2 that applies to the partnership for the fiscal period is divided by the fraction in paragraphs a to d of section 231.0.1 that applies to the partnership for the fiscal period” inserted after “partnership”.

2003, c. 2, s. 84.