I-3 - Taxation Act

Section 58.0.1 Disposition versions

2011-12-09

58.0.1. (Repealed).

2003, c. 2, s. 23; 2011, c. 34, s. 23.

2006-03-01

58.0.1. Where a particular qualifying person, other than a Canadian-controlled private corporation, has agreed to sell or issue securities of the particular qualifying person, or of a qualifying person with which it does not deal at arm’s length, to a taxpayer who is an employee of the particular qualifying person or of a qualifying person with which the particular qualifying person does not deal at arm’s length, section 49, where it applies in respect of the taxpayer’s acquisition of a security under the agreement, shall be read as if the reference therein to “in which the employee acquires the security” were a reference to “in which the employee disposes of or exchanges the security” if

(a)  the acquisition is a qualifying acquisition; and

(b)  the taxpayer makes a valid election for the purposes of subsection 8 of section 7 of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) in respect of the acquisition.

2003, c. 2, s. 23.