I-3 - Taxation Act

Section 597.6 Disposition versions

2015-12-04

597.6. The amount to be included in computing a taxpayer’s income for a taxation year under section 597.4 in respect of an offshore investment fund property is equal to the amount by which the taxpayer’s income for the year from the offshore investment fund property, determined without reference to this section or to section 597.4, is exceeded by the aggregate of all amounts each of which is the product obtained when the designated cost to the taxpayer of the offshore investment fund property at the end of a particular month in the year is multiplied by the quotient obtained when the rate of interest that is the total of the rates determined in accordance with clauses A and B of subparagraph ii of paragraph f of subsection 1 of section 94.1 of the Income Tax Act (R.S.C. 1985, c. 1, (5th Suppl.)) for the period including the particular month is divided by 12.

For the purposes of subparagraph b of the first paragraph, the taxpayer’s income does not include a capital gain.

1986, c. 15, s. 90; 2010, c. 31, s. 175; 2015, c. 36, s. 32.

2011-04-01

597.6. The amount that shall be included in computing a taxpayer’s income for a taxation year under section 597.4 in respect of an offshore investment fund property is the amount by which

(a)  the aggregate of all amounts each of which is the product obtained when the designated cost to the taxpayer of the offshore investment fund property at the end of a particular month in the year is multiplied by the quotient obtained when the rate of interest fixed in accordance with section 28 of the Tax Administration Act (chapter A-6.002) for the period including that month is divided by twelve, exceeds

(b)  the taxpayer’s income for the year from the offshore investment fund property determined without reference to this section or to section 597.4.

For the purposes of subparagraph b of the first paragraph, the taxpayer’s income does not include a capital gain.

1986, c. 15, s. 90; 2010, c. 31, s. 175.

2006-03-01

597.6. The amount that shall be included in computing a taxpayer’s income for a taxation year under section 597.4 in respect of an offshore investment fund property is the amount by which

(a)  the aggregate of all amounts each of which is the product obtained when the designated cost to the taxpayer of the offshore investment fund property at the end of a particular month in the year is multiplied by the quotient obtained when the rate of interest fixed in accordance with section 28 of the Act respecting the Ministère du Revenu (chapter M-31) for the period including that month is divided by twelve, exceeds

(b)  the taxpayer’s income for the year from the offshore investment fund property determined without reference to this section or to section 597.4.

For the purposes of subparagraph b of the first paragraph, the taxpayer’s income does not include a capital gain.

1986, c. 15, s. 90.