I-3 - Taxation Act

Section 1129.7 Disposition versions

2017-12-07

1129.7. (Repealed).

1992, c. 1, s. 204; 1997, c. 3, s. 71; 2017, c. 29, s. 214.

2006-03-01

1129.7. The amount of the tax referred to in section 1129.6 in respect of a reference security or accepted security, as the case may be, is equal to the amount determined in its respect by the formula

(A × B × C) + (A × B × C × D × E).

For the purposes of the formula set forth in the first paragraph,

(a)  A is 3%;

(b)  B is the fraction represented by the ratio between, on the one hand, the number of qualifying non-guaranteed convertible securities issued as part of the non-guaranteed convertible security issue to which the reference security relates, the custody of which has been entrusted to a dealer under a stock savings plan, which number must correspond to the fraction indicated to that effect by the particular corporation referred to in section 1129.6, in accordance with section 965.24.1.3, at the particular time referred to in the said section 1129.6 and, on the other hand, the total number of such qualifying non-guaranteed convertible securities issued as part of the non-guaranteed convertible security issue;

(c)  C is the par value of the reference security or, where section 1129.6 applies in respect of an accepted security issued as part of an issue of several accepted securities as a replacement for a reference security, the result obtained by dividing that par value by the number of such accepted securities so issued, referred to in this paragraph as the “new par value”, or, where section 1129.6 applies in respect of an accepted security issued as part of an issue of several securities in substitution for such a security so issued, the result obtained by dividing the new par value by the number of such accepted securities so issued;

(d)  D is the rate calculated in accordance with section 1129.8 in respect of the non-guaranteed convertible security issue as part of which the reference security was issued;

(e)  E is the number of full calendar years included in the period beginning on 1 January in the year following that in which the receipt for the final prospectus pertaining to the non-guaranteed convertible security issue as part of which the reference security was granted and ending either on the date of the occurrence referred to in paragraph a of section 1129.6 or on the date referred to in paragraph b of the said section, as the case may be.

1992, c. 1, s. 204; 1997, c. 3, s. 71.