I-3 - Taxation Act

Section 965.6.6 Disposition versions

2017-12-07

965.6.6. (Repealed).

1986, c. 15, s. 138; 1992, c. 1, s. 102; 2017, c. 29, s. 166.

2006-03-01

965.6.6. Where during a taxation year an individual who is a member of an investment group dies, the following rules apply:

(a)  an individual who remains a member of the investment group after the death of the individual is deemed to have included, at the time of the death, in a stock savings plan under which he is a beneficiary,

i.  a share at an adjusted cost equal to the amount of the interest of the deceased member in the adjusted cost of the shares included, at the time of the death, in the stock savings plan under which the investment group is a beneficiary, proportionate to his interest in the investment group immediately after the death;

ii.  a non-guaranteed convertible security at an adjusted cost equal to the amount of the interest of the deceased member in the adjusted cost of the non-guaranteed convertible securities included, at the time of the death, in the stock savings plan under which the investment group is a beneficiary, proportionate to his interest in the investment group immediately after the death;

(b)  the interest in the investment group of an individual who remains a member of the investment group is deemed, immediately after the member’s death, to be proportionate to the ratio between his interest in the investment group immediately before the death and the aggregate of the interests in the investment group, immediately before the death, of the members other than the deceased.

1986, c. 15, s. 138; 1992, c. 1, s. 102.