I-3 - Taxation Act

Section 58.0.5 Disposition versions

2011-12-09

58.0.5. (Repealed).

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

2006-03-01

58.0.5. For the purposes of this division and section 725.2, where a taxpayer makes the election referred to in section 58.0.1 in respect of the taxpayer’s acquisition of a particular security and section 58.0.1 would not apply to the acquisition if this division were read without reference to this section, the following rules apply if the Minister so notifies the taxpayer in writing:

(a)  the acquisition is deemed, for the purposes of section 58.0.1, to be a qualifying acquisition;

(b)  the taxpayer is deemed to have made a valid election referred to in paragraph b of section 58.0.1; and

(c)  if, at the time the Minister sends the notice, the taxpayer has not disposed of the security, the taxpayer is deemed, other than for the purposes of section 49.5, to have disposed of the security at that time and to have acquired the security immediately after that time other than under an agreement referred to in section 48.

2003, c. 2, s. 23.