I-3 - Taxation Act

Section 726.7.2 Disposition versions

2017-12-07

726.7.2. (Repealed).

2004, c. 21, s. 122; 2007, c. 12, s. 78; 2009, c. 5, s. 246; 2017, c. 1, s. 174; 2017, c. 29, s. 103.

2017-02-08

726.7.2. An individual other than a trust shall deduct, in computing the individual’s taxable income for a taxation year, if the individual was resident in Canada throughout the year and disposed in the year or a preceding taxation year and after 10 December 2002 of a property that was, at the time of the disposition, a qualified fishing property of the individual, an amount equal to the least of

(a)  the amount determined by the formula provided for in subparagraph a of the first paragraph of section 726.7 in respect of the individual for the year;

(b)  the amount by which the individual’s cumulative gains limit at the end of the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year;

(c)  the amount by which the individual’s annual gains limit for the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year;

(d)  the amount that would be determined in respect of the individual for the year under paragraph b of section 28 in respect of capital gains and capital losses if the only properties referred to in that paragraph were qualified fishing property of the individual disposed of after 10 December 2002; and

(e)  the amount that is allowed as a deduction in computing the individual’s taxable income for the year for the purposes of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) under section 110.6 of that Act, in respect of qualified fishing properties or, if the amount that is so allowed as a deduction is equal to the maximum amount that the individual may claim as a deduction in that computation under that section in respect of such properties, the amount that the individual specifies and that is not less than that maximum amount.

For the purposes of subparagraph e of the first paragraph, where section 517.5.5 applies in respect of the disposition in a taxation year of an individual’s eligible primary and manufacturing sectors shares described in paragraph b of the definition of that expression in the first paragraph of section 517.5.3, the amount that would be determined in respect of the individual for the year under paragraph b of section 28 if those shares were the only properties referred to in that paragraph b is deemed to have been allowed as a deduction in computing the individual’s taxable income for the year for the purposes of the Income Tax Act under section 110.6 of that Act in respect of qualified fishing properties.

Sections 21.4.6 and 21.4.7 apply, with the necessary modifications, in relation to a claim for a deduction made under section 110.6 of the Income Tax Act in respect of qualified fishing properties.

2004, c. 21, s. 122; 2007, c. 12, s. 78; 2009, c. 5, s. 246; 2017, c. 1, s. 174.

2009-05-15

726.7.2. An individual other than a trust shall deduct, in computing the individual’s taxable income for a taxation year, if the individual was resident in Canada throughout the year and disposed in the year or a preceding taxation year and after 10 December 2002 of a property that was, at the time of the disposition, a qualified fishing property of the individual, an amount equal to the least of

(a)  the amount determined by the formula provided for in subparagraph a of the first paragraph of section 726.7 in respect of the individual for the year;

(b)  the amount by which the individual’s cumulative gains limit at the end of the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year;

(c)  the amount by which the individual’s annual gains limit for the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year;

(d)  the amount that would be determined in respect of the individual for the year under paragraph b of section 28 in respect of capital gains and capital losses if the only properties referred to in that paragraph were qualified fishing property of the individual disposed of after 10 December 2002; and

(e)  the amount that is allowed as a deduction in computing the individual’s taxable income for the year for the purposes of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) under section 110.6 of that Act, in respect of qualified fishing properties or, if the amount that is so allowed as a deduction is equal to the maximum amount that the individual may claim as a deduction in that computation under that section in respect of such properties, the amount that the individual specifies and that is not less than that maximum amount.

Sections 21.4.6 and 21.4.7 apply, with the necessary modifications, in relation to a claim for a deduction made under section 110.6 of the Income Tax Act in respect of qualified fishing properties.

2004, c. 21, s. 122; 2007, c. 12, s. 78; 2009, c. 5, s. 246.

2007-11-07

726.7.2. An individual other than a trust shall deduct, in computing the individual’s taxable income for a taxation year, if the individual was resident in Canada throughout the year and disposed in the year or a preceding taxation year and after 10 December 2002 of a property that was, at the time of the disposition, a qualified fishing property of the individual, an amount equal to the least of

(a)  the amount determined by the formula provided for in subparagraph a of the first paragraph of section 726.7 in respect of the individual for the year;

(b)  the amount by which the individual’s cumulative gains limit at the end of the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year;

(c)  the amount by which the individual’s annual gains limit for the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year;

(d)  the amount that would be determined in respect of the individual for the year under paragraph b of section 28 in respect of capital gains and capital losses if the only properties referred to in that paragraph were qualified fishing property of the individual disposed of after 10 December 2002; and

(e)  the amount that is allowed as a deduction in computing the individual’s taxable income for the year for the purposes of the Income Tax Act (Revised Statutes of Canada, 1985, chapter 1, 5th Supplement) under section 110.6 of that Act, in respect of qualified fishing properties or, if the amount that is so allowed as a deduction is equal to the maximum amount that the individual may claim as a deduction in that computation under that section in respect of such properties, the amount that the individual specifies and that is not less than that maximum amount.

2004, c. 21, s. 122; 2007, c. 12, s. 78.

2006-03-01

726.7.2. An individual other than a trust may deduct, in computing the individual’s taxable income for a taxation year, if the individual was resident in Canada throughout the year and disposed in the year or a preceding taxation year and after 10 December 2002 of a qualified fishing property, such amount as the individual may claim not exceeding the least of

(a)  the amount determined by the formula provided for in subparagraph a of the first paragraph of section 726.7 in respect of the individual for the year;

(b)  the amount by which the individual’s cumulative gains limit at the end of the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year;

(c)  the amount by which the individual’s annual gains limit for the year exceeds the aggregate of all the amounts deducted under sections 726.7 and 726.7.1 in computing the individual’s taxable income for the year; and

(d)  the amount that would be determined in respect of the individual for the year under paragraph b of section 28 in respect of capital gains and capital losses if the only properties referred to in that paragraph were qualified fishing property disposed of by the individual after 10 December 2002.

2004, c. 21, s. 122.