I-3 - Taxation Act

Section 7.0.5 Disposition versions

2009-05-15

7.0.5. The first paragraph of section 7.0.3 does not apply to a fiscal period of a business carried on by an individual if the individual makes, after 19 December 2006, a valid election under subsection 6 of section 249.1 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) that applies in respect of the fiscal period.

Chapter V.2 applies in relation to an election made under subsection 6 of section 249.1 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.

1997, c. 31, s. 4; 2009, c. 5, s. 16.

2006-03-01

7.0.5. Section 7.0.3 does not apply to a fiscal period of a business carried on by an individual that begins after the beginning of a particular taxation year of the individual where

(a)  an election in prescribed form to revoke an election filed under section 7.0.3 in respect of the business is filed with the Minister; and

(b)  the election to revoke is filed

i.  in the case of an individual who is not a member of a partnership, or who is a member of a partnership no member of which is a testamentary trust, by the individual on or before the individual’s filing-due date, and with the individual’s fiscal return under this Part, for the particular taxation year, and

ii.  in the case of an individual who is a member of a partnership a member of which is a testamentary trust, by the individual on or before the earliest of the filing-due dates of the members of the partnership for a taxation year that includes the first day of the first fiscal period of the business that begins after the beginning of the particular taxation year.

1997, c. 31, s. 4.