I-3 - Taxation Act

Section 776.1.5.0.15.5 Disposition versions

2019-06-19

776.1.5.0.15.5. No individual may deduct, from the individual’s tax otherwise payable for a particular taxation year, an amount under section 776.1.5.0.15.4 in respect of the value of a consideration the individual paid in the conversion period described in the first paragraph of that section for the purchase of a class “B” share of the capital stock of the corporation governed by the Act constituting Capital régional et coopératif Desjardins (chapter C-6.1), where, as the case may be,

(a)  the individual paid the consideration in fulfilment of a promise to purchase by way of exchange;

(b)  the individual requested, during that conversion period or within the following 30 days, the redemption of the class “B” share in accordance with paragraph 3 of section 12 of the Act constituting Capital régional et coopératif Desjardins; or

(c)  the corporation governed by the Act constituting Capital régional et coopératif Desjardins, before 1 March of the year following the particular year, in relation to another share of its capital stock held by the individual,

i.  redeemed the share in accordance with paragraph 1 or 4 of section 12 of that Act, or

ii.  purchased the share in accordance with the purchase by agreement policy approved by the Minister of Finance under the second paragraph of section 11 of that Act, otherwise than under a provision of that policy that allows the corporation to purchase by agreement a share it issued because no amount was deducted in respect of the share under any of sections 776.1.5.0.11, 776.1.5.0.15.2 and 776.1.5.0.15.4.

2019, c. 14, s. 264.