I-3 - Taxation Act

Section 231.0.1 Disposition versions

2006-03-01

231.0.1. For the purposes of the first paragraph of section 231 in respect of a taxpayer for any following taxation year of the taxpayer, the references to the fraction “1/2” in that paragraph shall be read as a reference to the following fraction:

(a)  if the taxation year begins after 28 February 2000 and ends before 18 October 2000, 2/3;

(b)  if the taxation year includes 28 February 2000 but does not include 18 October 2000,

i.  3/4, where the amount of the taxpayer’s net capital gains from dispositions of property in the period that begins at the beginning of the year and ends on 27 February 2000, in this paragraph referred to as the “first period”, exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the period that begins on 28 February 2000 and ends at the end of the year, in this paragraph referred to as the “second period”,

ii.  3/4, where the amount of the taxpayer’s net capital losses from dispositions of property in the first period exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the second period,

iii.  2/3, where the amount of the taxpayer’s net capital gains from dispositions of property in the first period is less than the amount of the taxpayer’s net capital losses from dispositions of property in the second period,

iv.  2/3, where the amount of the taxpayer’s net capital losses from dispositions of property in the first period is less than the amount of the taxpayer’s net capital gains from dispositions of property in the second period,

v.  the fraction determined under section 231.0.2, where the taxpayer has only net capital gains, or only net capital losses, from dispositions of property in each of the first and second periods,

vi.  2/3, where the net capital gains and net capital losses of the taxpayer for the year are nil, and

vii.  2/3, in any other case;

(c)  if the taxation year begins after 27 February 2000 and includes 18 October 2000,

i.  2/3, where the amount of the taxpayer’s net capital gains from dispositions of property in the period that begins at the beginning of the year and ends on 17 October 2000, in this paragraph referred to as the “first period”, exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the period that begins on 18 October 2000 and ends at the end of the year, in this paragraph referred to as the “second period”,

ii.  2/3, where the amount of the taxpayer’s net capital losses from dispositions of property in the first period exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the second period,

iii.  1/2, where the amount of the taxpayer’s net capital gains from dispositions of property in the first period is less than the amount of the taxpayer’s net capital losses from dispositions of property in the second period,

iv.  1/2, where the amount of the taxpayer’s net capital losses from dispositions of property in the first period is less than the amount of the taxpayer’s net capital gains from dispositions of property in the second period,

v.  the fraction determined under section 231.0.3, where the taxpayer has only net capital gains, or only net capital losses, from dispositions of property in each of the first and second periods,

vi.  1/2, where the net capital gains and net capital losses of the taxpayer for the year are nil, and

vii.  1/2, in any other case; and

(d)  if the taxation year includes 27 February 2000 and 18 October 2000,

i.  3/4, where the amount by which the amount of the taxpayer’s net capital gains from dispositions of property in the period that begins at the beginning of the year and ends on 27 February 2000, in this paragraph referred to as the “first period”, exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the period that begins on 28 February 2000 and ends on 17 October 2000, in this paragraph referred to as the “second period”, exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the period that begins on 18 October 2000 and ends at the end of the year, in this paragraph referred to as the “third period”,

ii.  3/4, where the amount by which the amount of the taxpayer’s net capital losses from dispositions of property in the first period exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the second period, exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the third period,

iii.  2/3, where the amount by which the amount of the taxpayer’s net capital gains from dispositions of property in the second period exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the first period, exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the third period,

iv.  2/3, where the amount by which the amount of the taxpayer’s net capital losses from dispositions of property in the second period exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the first period, exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the third period,

v.  the fraction determined under section 231.0.4, where the taxpayer has net capital gains in each of the first and second periods and the total amount of those net capital gains in those periods exceeds the amount of the taxpayer’s net capital losses in the third period,

vi.  the fraction determined under section 231.0.5, where the taxpayer has net capital losses in each of the first and second periods and the total amount of those net capital losses in those periods exceeds the amount of the taxpayer’s net capital gains in the third period,

vii.  the fraction determined under section 231.0.6, where the taxpayer has only net capital gains, or only net capital losses, from dispositions of property in each of the first, second and third periods,

viii.  the fraction determined under section 231.0.7, where the amount of the taxpayer’s net capital gains from dispositions of property in the first period exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the second period and the taxpayer has net capital gains from dispositions of property in the third period,

ix.  the fraction determined under section 231.0.8, where the amount of the taxpayer’s net capital losses from dispositions of property in the first period exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the second period and the taxpayer has net capital losses from dispositions of property in the third period,

x.  the fraction determined under section 231.0.9, where the amount of the taxpayer’s net capital gains from dispositions of property in the second period exceeds the amount of the taxpayer’s net capital losses from dispositions of property in the first period and the taxpayer has net capital gains from dispositions of property in the third period,

xi.  the fraction determined under section 231.0.10, where the amount of the taxpayer’s net capital losses from dispositions of property in the second period exceeds the amount of the taxpayer’s net capital gains from dispositions of property in the first period and the taxpayer has net capital losses from dispositions of property in the third period, and

xii.  1/2, in any other case.

2003, c. 2, s. 67.