I-3 - Taxation Act

Section 261.9 Disposition versions

2015-10-21

261.9. If, because of any fluctuation after 31 December 1971 in the value of one or more foreign currencies relative to Canadian currency, an individual other than a trust has realized one or more particular gains or sustained one or more particular losses in a taxation year from dispositions of currency other than Canadian currency and the particular gains or losses would, in the absence of this section, be capital gains or losses described in section 232, the following rules apply:

(a)  section 232 does not apply to any of the particular gains or losses;

(b)  the amount determined by the following formula is deemed to be a capital gain of the individual for the year from the disposition of currency other than Canadian currency:

A-(B+$200); and

(c)  the amount determined by the following formula is deemed to be a capital loss of the individual for the year from the disposition of currency other than Canadian currency:

B-(A+$200).

In the formulas in subparagraphs b and c of the first paragraph,

(a)  A is the total of all the particular gains realized by the individual in the year; and

(b)  B is the total of all the particular losses sustained by the individual in the year.

2015, c. 21, s. 151.