I-3 - Taxation Act

Section 737.18.10.1 Disposition versions

2021-06-02

737.18.10.1. Where, at a particular time included in an individual’s exemption period in relation to an employment held by the individual with an eligible employer, the individual, who was a foreign specialist for all or part of the taxation year that includes the particular time, acquired a right to a security under an agreement referred to in section 48 and, at a later time after the expiration of the exemption period, the individual is deemed to receive a benefit in a particular taxation year by reason of the application of any of sections 49 and 50 to 52.1, either in respect of the security or of the transfer or any other disposition of the rights under the agreement, or as a consequence of the individual’s death and of the individual’s having, immediately before death, owned a right to acquire the security under the agreement, the following rules apply:

(a)  for the purposes of the first paragraph of section 737.18.10, the individual is deemed, for a part of the particular taxation year that includes the later time, to be a foreign specialist who holds that employment with the eligible employer;

(b)  for the purposes of the first paragraph of section 737.18.10 and paragraphs a and b of section 737.18.13 in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be an exemption period of the individual in relation to that employment;

(c)  the third paragraph of section 737.18.10 shall be read with “for the year” in subparagraph a replaced by “for the taxation year that includes the particular time referred to in the portion of section 737.18.10.1 before paragraph a” and without reference to subparagraph b thereof; and

(d)  paragraph a of section 737.18.13 is to be read as if “in respect of a security, or the transfer or any other disposition of the rights under the agreement referred to in section 48” were replaced by “either in respect of a security or of the transfer or any other disposition of the rights under the agreement referred to in section 48, or as a consequence of the individual’s death and of the individual’s having, immediately before death, owned a right to acquire a security under such an agreement”.

2002, c. 40, s. 59; 2004, c. 21, s. 143; 2021, c. 14, s. 71.

2006-03-01

737.18.10.1. Where, at a particular time included in an individual’s exemption period in relation to an employment held by the individual with an eligible employer, the individual, who was a foreign specialist for all or part of the taxation year that includes the particular time, acquired a right to a security under an agreement referred to in section 48 and, at a later time after the expiration of the exemption period, the individual is deemed to receive a benefit in a particular taxation year by reason of the application of any of sections 49 and 50 to 52.1 in respect of the security, or the transfer or any other disposition of the rights under the agreement, the following rules apply:

(a)  for the purposes of the first paragraph of section 737.18.10, the individual is deemed, for a part of the particular taxation year that includes the later time, to be a foreign specialist who holds that employment with the eligible employer;

(b)  for the purposes of the first paragraph of section 737.18.10 and paragraphs a and b of section 737.18.13 in respect of the amount of the benefit included by the individual in computing the individual’s income for the particular taxation year, the later time is deemed to be an exemption period of the individual in relation to that employment; and

(c)  the third paragraph of section 737.18.10 shall be read with “for the year” in subparagraph a replaced by “for the taxation year that includes the particular time referred to in the portion of section 737.18.10.1 before paragraph a” and without reference to subparagraph b thereof.

2002, c. 40, s. 59; 2004, c. 21, s. 143.