I-3 - Taxation Act

Section 1029.8.33.8 Disposition versions

2009-06-04

1029.8.33.8. If, in respect of a qualified expenditure made by an eligible taxpayer in a taxation year or by a qualified partnership in a fiscal period in respect of a qualified training period, a person or partnership has obtained, is entitled to obtain or can reasonably expect to obtain a benefit or advantage, other than a benefit or advantage that may reasonably be attributed to the qualified training period, whether in the form of a reimbursement, compensation or guarantee, in the form of proceeds of disposition of a property which exceed the fair market value of the property, or in any other form or manner, the following rules apply:

(a)  for the purpose of computing the amount that is deemed to have been paid to the Minister, for the taxation year, by the eligible taxpayer under section 1029.8.33.6, the amount of the qualified expenditure shall be reduced by the amount of the benefit or advantage the person or partnership has obtained, is entitled to obtain or can reasonably expect to obtain on or before the eligible taxpayer’s filing-due date for that taxation year; and

(b)  for the purpose of computing the amount that is deemed to have been paid to the Minister under section 1029.8.33.7 by an eligible taxpayer who is a member of the qualified partnership for his taxation year in which that fiscal period ends, the eligible taxpayer’s share of the amount of the qualified expenditure shall be reduced, where applicable,

i.  by his share of the amount of the benefit or advantage that a qualified partnership or a person other than a person referred to in subparagraph ii has obtained, is entitled to obtain or can reasonably expect to obtain on or before the day that is six months after the end of the fiscal period of the qualified partnership in which the expenditure was made, and

ii.  by the amount of the benefit or advantage that the eligible taxpayer or a person with whom he does not deal at arm’s length has obtained, is entitled to obtain or can reasonably expect to obtain on or before the day that is six months after the end of the fiscal period of the qualified partnership in which the expenditure was made.

For the purposes of subparagraph i of subparagraph b of the first paragraph, the eligible taxpayer’s share of the amount of the benefit or advantage that a partnership or a person other than a person referred to in subparagraph ii of that subparagraph b has obtained, is entitled to obtain or can reasonably expect to obtain, is equal to the agreed proportion of the amount in respect of the eligible taxpayer for the qualified partnership’s fiscal period that ends in the eligible taxpayer’s taxation year.

1995, c. 1, s. 156; 1995, c. 63, s. 171; 1997, c. 3, s. 71; 1997, c. 31, s. 113; 2006, c. 36, s. 121; 2009, c. 15, s. 230.

2006-12-06

1029.8.33.8. If, in respect of a qualified expenditure made by an eligible taxpayer in a taxation year or by a qualified partnership in a fiscal period in respect of a qualified training period, a person or partnership has obtained, is entitled to obtain or can reasonably expect to obtain a benefit or advantage, other than a benefit or advantage that may reasonably be attributed to the qualified training period, whether in the form of a reimbursement, compensation or guarantee, in the form of proceeds of disposition of a property which exceed the fair market value of the property, or in any other form or manner, the following rules apply:

(a)  for the purpose of computing the amount that is deemed to have been paid to the Minister, for the taxation year, by the eligible taxpayer under section 1029.8.33.6, the amount of the qualified expenditure shall be reduced by the amount of the benefit or advantage the person or partnership has obtained, is entitled to obtain or can reasonably expect to obtain on or before the eligible taxpayer’s filing-due date for that taxation year; and

(b)  for the purpose of computing the amount that is deemed to have been paid to the Minister under section 1029.8.33.7 by an eligible taxpayer who is a member of the qualified partnership for his taxation year in which that fiscal period ends, the eligible taxpayer’s share of the amount of the qualified expenditure shall be reduced, where applicable,

i.  by his share of the amount of the benefit or advantage that a partnership or a person other than a person referred to in subparagraph ii has obtained, is entitled to obtain or can reasonably expect to obtain on or before the day that is six months after the end of the fiscal period of the partnership in which the expenditure was made, and

ii.  by the amount of the benefit or advantage that the eligible taxpayer or a person with whom he does not deal at arm’s length has obtained, is entitled to obtain or can reasonably expect to obtain on or before the day that is six months after the end of the fiscal period of the partnership in which the expenditure was made.

For the purposes of subparagraph i of subparagraph b of the first paragraph, the eligible taxpayer’s share of the amount of the benefit or advantage which a partnership or a person other than a person referred to in subparagraph ii of that subparagraph b has obtained, is entitled to obtain or can reasonably expect to obtain, is equal to such proportion of that amount as the share of the eligible taxpayer of the income or loss of the qualified partnership for the fiscal period of the qualified partnership ending in his taxation year is of the income or loss of the qualified partnership for that fiscal period, on the assumption that, if the income and loss of the qualified partnership for that fiscal period are nil, the qualified partnership’s income for that fiscal period is equal to $1,000,000.

1995, c. 1, s. 156; 1995, c. 63, s. 171; 1997, c. 3, s. 71; 1997, c. 31, s. 113; 2006, c. 36, s. 121.

2006-03-01

1029.8.33.8. Where, in respect of a qualified expenditure made by an eligible taxpayer in a taxation year or by a qualified partnership in a fiscal period in respect of a qualified training period, a person or a partnership has obtained, is entitled to obtain or can reasonably expect to obtain a benefit or advantage, other than a benefit or advantage that may reasonably be attributed to the qualified training period, the following rules apply:

(a)  for the purpose of computing the amount that is deemed to have been paid to the Minister, for the taxation year, by the eligible taxpayer under section 1029.8.33.6, the amount of the qualified expenditure shall be reduced by the amount of the benefit or advantage the person or partnership has obtained, is entitled to obtain or can reasonably expect to obtain on or before the eligible taxpayer’s filing-due date for that taxation year; and

(b)  for the purpose of computing the amount that is deemed to have been paid to the Minister under section 1029.8.33.7 by an eligible taxpayer who is a member of the qualified partnership for his taxation year in which that fiscal period ends, the eligible taxpayer’s share of the amount of the qualified expenditure shall be reduced, where applicable,

i.  by his share of the amount of the benefit or advantage that a partnership or a person other than a person referred to in subparagraph ii has obtained, is entitled to obtain or can reasonably expect to obtain on or before the day that is six months after the end of the fiscal period of the partnership in which the expenditure was made, and

ii.  by the amount of the benefit or advantage that the eligible taxpayer or a person with whom he does not deal at arm’s length has obtained, is entitled to obtain or can reasonably expect to obtain on or before the day that is six months after the end of the fiscal period of the partnership in which the expenditure was made.

For the purposes of subparagraph i of subparagraph b of the first paragraph, the eligible taxpayer’s share of the amount of the benefit or advantage which a partnership or a person other than a person referred to in subparagraph ii of that subparagraph b has obtained, is entitled to obtain or can reasonably expect to obtain, is equal to such proportion of that amount as the share of the eligible taxpayer of the income or loss of the qualified partnership for the fiscal period of the qualified partnership ending in his taxation year is of the income or loss of the qualified partnership for that fiscal period, on the assumption that, if the income and loss of the qualified partnership for that fiscal period are nil, the qualified partnership’s income for that fiscal period is equal to $1,000,000.

1995, c. 1, s. 156; 1995, c. 63, s. 171; 1997, c. 3, s. 71; 1997, c. 31, s. 113.