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I-3 - Taxation Act
Section 450.5
Disposition versions
450.5. For the purposes of subparagraph 1 of subparagraph ii of subparagraph b of the second paragraph of section 444 and subparagraph 1 of subparagraph iv of subparagraph b of the second paragraph of section 450, the amount designated in respect of a property by the legal representative of the individual referred to in section 444 or by the trust referred to in section 450, as the case may be, must not be less than the lesser of nor greater than the greater of
(a) the fair market value of the property immediately before the time of its disposition; and
(b) where
i. the property is a depreciable property of a prescribed class, the lesser of the capital cost of the property to the individual or to the trust and the amount, determined immediately before the time of the disposition of the property, that is equal to that proportion of the undepreciated capital cost of the property of that class to the individual or to the trust that the capital cost of the property to the individual or to the trust is of the capital cost to the individual or to the trust of all the property of that class that had not, at or before that time, been disposed of,
ii. in the case of the individual referred to in section 444, the property is land, other than land to which subparagraph i applies, a share of the capital stock of a family farm or fishing corporation or an interest in a family farm or fishing partnership, the adjusted cost base of the property to the individual immediately before the time of the disposition of the property, or
iii. in the case of the trust referred to in section 450, the property is land, other than land to which subparagraph i applies, a share referred to in subparagraph ii of subparagraph c of the first paragraph of that section, or an interest in a partnership described in subparagraph iv of subparagraph c of the first paragraph of that section, the adjusted cost base of the property to the trust immediately before the time of the disposition of the property.
If the amount designated in respect of a property is less than the lesser of the amounts determined in respect of the property under subparagraphs a and b of the first paragraph, it is deemed, for the purposes of subparagraph 1 of subparagraph ii of subparagraph b of the second paragraph of section 444 and subparagraph 1 of subparagraph iv of subparagraph b of the second paragraph of section 450, to be equal to the lesser of those amounts, and if it is greater than the greater of those amounts, it is deemed, for the purposes of those subparagraphs 1, to be equal to the greater of the amounts determined under those subparagraphs a and b of the first paragraph in respect of the property.
450.5. For the purposes of subparagraph 1 of subparagraph ii of subparagraph b of the second paragraph of section 444 and subparagraph 1 of subparagraph iv of subparagraph b of the second paragraph of section 450, the amount designated in respect of a property by the legal representative of the individual referred to in section 444 or by the trust referred to in section 450, as the case may be, must not be less than the lesser of nor greater than the greater of
(a) the fair market value of the property immediately before the time of its disposition; and
(b) where
i. the property is a depreciable property of a prescribed class, the lesser of the capital cost of the property to the individual or to the trust and the amount, determined immediately before the time of the disposition of the property, that is equal to that proportion of the undepreciated capital cost of the property of that class to the individual or to the trust that the capital cost of the property to the individual or to the trust is of the capital cost to the individual or to the trust of all the property of that class that had not, at or before that time, been disposed of,
ii. in the case of the individual referred to in section 444, the property is land, other than land to which subparagraph i applies, a share of the capital stock of a family farm corporation, a share of the capital stock of a family fishing corporation, an interest in a family farm partnership, or an interest in a family fishing partnership, the adjusted cost base of the property to the individual immediately before the time of the disposition of the property, or
iii. in the case of the trust referred to in section 450, the property is land, other than land to which subparagraph i applies, a share referred to in subparagraph ii or iii of subparagraph c of the first paragraph of that section, or an interest in a partnership described in subparagraph iv of subparagraph c of the first paragraph of that section, the adjusted cost base of the property to the trust immediately before the time of the disposition of the property.
If the amount designated in respect of a property is less than the lesser of the amounts determined in respect of the property under subparagraphs a and b of the first paragraph, it is deemed, for the purposes of subparagraph 1 of subparagraph ii of subparagraph b of the second paragraph of section 444 and subparagraph 1 of subparagraph iv of subparagraph b of the second paragraph of section 450, to be equal to the lesser of those amounts, and if it is greater than the greater of those amounts, it is deemed, for the purposes of those subparagraphs 1, to be equal to the greater of the amounts determined under those subparagraphs a and b of the first paragraph in respect of the property.
450.5. For the purposes of subparagraph i of subparagraph b of the second paragraph of sections 444 and 450, the amount designated in respect of property by the legal representative of the individual referred to in section 444 or by the trust referred to in section 450, as the case may be, shall not be less than the lesser of nor greater than the greater of the following amounts:
(a) the fair market value of the property immediately before the death of the individual or that of the spouse contemplated in the said section 450, as the case may be; and
(b) where
i. the property is depreciable property of a prescribed class, the lesser of the capital cost and the cost amount to the individual of the property immediately before his death or to the trust immediately before the spouse’s death, as the case may be;
ii. the property is land, other than land to which subparagraph i applies, or a share of the capital stock of a family farm corporation, or an interest in a family farm partnership, the adjusted cost base to the individual of the property immediately before his death or to the trust immediately before the spouse’s death, as the case may be.
If the amount designated in respect of property is less than the lesser of the amounts determined in respect thereof under subparagraphs a and b of the first paragraph, it is deemed, for the purposes of subparagraph i of subparagraph b of the second paragraph of sections 444 and 450, to be equal to the lesser of those amounts, and if it is greater than the greater of those amounts, it is deemed, for the purposes of that subparagraph i, to be equal to the greater of the amounts determined under those subparagraphs a and b of the first paragraph in respect of the property.
