I-3 - Taxation Act

Section 21.4.27 Disposition versions

2010-04-20

21.4.27. For the purpose of applying this Act to a taxpayer’s reversionary year, sections 21.4.22 and 21.4.23 are to be read as if

(a)  “Canadian currency year” was replaced in the following provisions by “functional currency year”:

i.  the portion of section 21.4.22 before paragraph a,

ii.  subparagraph ii of paragraph a of section 21.4.22,

iii.  paragraphs b and c of section 21.4.22,

iv.  subparagraph ii of paragraph d of section 21.4.22,

v.  paragraphs e to g of section 21.4.22, and

vi.  section 21.4.23;

(b)  “functional currency year” was replaced wherever it appears in the following provisions by “reversionary year”:

i.  the portion of section 21.4.22 before paragraph a, and

ii.  section 21.4.23;

(c)  “pre-transition debt” was replaced wherever it appears in section 21.4.23 by “pre-reversion debt”;

(d)  “the taxpayer’s elected functional currency” was replaced wherever it appears in the following provisions by “Canadian currency”:

i.  the portion of section 21.4.22 before paragraph a, and

ii.  section 21.4.23; and

(e)  “Canadian currency” in the portion of section 21.4.22 before paragraph a was replaced by “the taxpayer’s elected functional currency”.

2010, c. 5, s. 11.