I-3 - Taxation Act

Section 985.31 Disposition versions

2006-12-06

985.31. (Repealed).

1997, c. 14, s. 175; 2006, c. 36, s. 96.

2006-03-01

985.31. A recognized arts organization may, with the approval in writing of the Minister, accumulate property for a particular purpose, on such terms and conditions, and over such period of time, as specified in the approval.

Property accumulated by a recognized arts organization as provided in the first paragraph, including any income related thereto, is deemed to have been expended on artistic or cultural activities carried on by the recognized arts organization in the taxation year in which the property was so accumulated and not to have been expended in any other taxation year.

However, where property accumulated by a recognized arts organization as provided in the first paragraph, including any income related thereto, is not used for the particular purpose contemplated in that paragraph either before the expiration of the period referred to therein or at an earlier time at which the organization decides not to use the property for that purpose, it is deemed to be a gift for which the organization issued a receipt described in section 712 or 752.0.10.3 in its taxation year in which such period expires or such decision is made, as the case may be.

1997, c. 14, s. 175.