I-3 - Taxation Act

Section 776.1.4.2.1 Disposition versions

2024-05-07

776.1.4.2.1. In no case may an individual deduct an amount under section 776.1.1 for a particular taxation year that ends after 31 December 2026, or section 776.1.2 for a subsequent year, in respect of an amount paid for the acquisition, after that date, of a share referred to in section 776.1.1, where the individual’s taxable income for the individual’s base year, in relation to the particular taxation year, exceeds the amount in dollars mentioned in paragraph d of section 750 that, with reference to section 750.2, is applicable for that base year.

For the purposes of this section and sections 776.1.4.2.2 and 776.1.5, the base year of an individual, in relation to a particular taxation year of the individual, is the taxation year, determined without reference to section 779, that ended on 31 December of the second calendar year preceding the particular taxation year.

2024, c. 11, s. 83.