I-3 - Taxation Act

Section 264.9 Disposition versions

2019-06-19

264.9. The capital gain of an individual resulting from the disposition by the individual, at a particular time, of a property that is included in Class 14.1 of Schedule B to the Regulation respecting the Taxation Act (chapter I-3, r. 1) in respect of a business of the individual is to be reduced by the amount claimed by the individual, without exceeding the amount described in the second paragraph, where

(a)  the property was, immediately before 1 January 2017, an incorporeal capital property of the individual, within the meaning of section 250, as it read before being repealed; and

(b)  the individual’s exempt gains balance in respect of the business, within the meaning of section 107.2, as it read before being repealed, is greater than nil for the taxation year that includes 1 January 2017.

The amount to which the first paragraph refers is equal to the amount by which twice the amount of the individual’s exempt gains balance in respect of the business, within the meaning of section 107.2, as it read before being repealed, for the taxation year that includes 1 January 2017 exceeds the aggregate of

(a)  if subparagraph d of the first paragraph of section 93.18 applies in respect of the business for the individual’s taxation year that includes 1 January 2017, the amount determined under subparagraph d of the second paragraph of section 105.2, as it read before being repealed, for the purposes of subparagraph d of the first paragraph of section 93.18; and

(b)  the aggregate of all amounts each of which is an amount claimed under the first paragraph in respect of another disposition at or before the particular time.

2019, c. 14, s. 105.