I-3 - Taxation Act

Section 316.4 Disposition versions

2006-03-01

316.4. Where, in connection with a qualified investment, within the meaning of paragraph d of section 965.29, made after 26 April 1990 by a Québec business investment company, within the meaning of paragraph f of the said section, in respect of any project, a benefit is extended in a taxation year to an individual who is or is about to become a shareholder thereof, or to a person related to the individual, by a party to the qualified investment, other than the Québec business investment company, or by a third person with an interest in the project, the amount of the benefit shall be included in computing the individual’s income for the year.

However, where the individual contemplated in the first paragraph is a trust governed by a registered retirement savings plan or a registered retirement income fund and the benefit is extended in the year to that individual, to the annuitant, within the meaning of paragraph b of section 905.1 or paragraph d of section 961.1.5, as the case may be, under the plan or the fund, or to any other person related to the annuitant, the amount of the benefit shall be included in computing the annuitant’s income for the year.

1991, c. 8, s. 3.