I-3 - Taxation Act

Section 302 Disposition versions

2017-02-08

302. For the purposes of this Title, where a taxpayer acquires property after 31 December 1971, other than property described in the second paragraph, and an amount in respect of its value is included, otherwise than under Division VI of Chapter II of Title II, in computing the taxpayer’s taxable income or taxable income earned in Canada, as the case may be, for a taxation year during which the taxpayer was not resident in Canada, or in computing the taxpayer’s income for a taxation year throughout which the taxpayer was resident in Canada, the amount so included is to be added in computing the cost to the taxpayer of the property at any time, except to the extent that the amount was otherwise added to the cost or included in computing the adjusted cost base to the taxpayer of the property at or before that time.

The property to which the first paragraph refers is

(a)  an annuity contract;

(b)  a right as a beneficiary under a trust to enforce payment of an amount by the trust to the taxpayer;

(c)  property acquired in circumstances to which sections 304 and 305 apply; or

(d)  property acquired from a trust as consideration for all or part of the taxpayer’s capital interest in the trust.

1972, c. 23, s. 278; 1975, c. 22, s. 56; 1982, c. 5, s. 64; 1994, c. 22, s. 137; 2001, c. 53, s. 260; 2003, c. 2, s. 104; 2017, c. 1, s. 116.

2006-03-01

302. For the purposes of this Title, where a taxpayer acquires property after 31 December 1971, other than property referred to in the second paragraph, and an amount in respect of its value is included, otherwise than under Division VI of Chapter II of Title II, in computing the taxpayer’s taxable income or taxable income earned in Canada, as the case may be, for a taxation year during which the taxpayer was not resident in Canada, or in computing the taxpayer’s income for a taxation year throughout which the taxpayer was resident in Canada, the amount so included shall be added in computing the cost to the taxpayer of the property, except to the extent that the amount was otherwise added to the cost or included in computing the adjusted cost base to the taxpayer of the property.

The property to which the first paragraph refers is

(a)  an annuity contract;

(b)  a right as a beneficiary under a trust to enforce payment of an amount by the trust to the taxpayer;

(c)  property acquired in circumstances to which sections 304 and 305 apply; or

(d)  property acquired from a trust as consideration for all or part of the taxpayer’s capital interest in the trust.

1972, c. 23, s. 278; 1975, c. 22, s. 56; 1982, c. 5, s. 64; 1994, c. 22, s. 137; 2001, c. 53, s. 260; 2003, c. 2, s. 104.