I-3 - Taxation Act

Section 333.1 Disposition versions

2009-05-15

333.1. If in a particular taxation year proceeds of disposition, described in subparagraph iv of subparagraph f of the first paragraph of section 93, of any Canadian resource property are deemed, under section 280, to have become receivable by a taxpayer and the taxpayer makes a valid election under section 59.1 of the Income Tax Act (R.S.C. 1985, c. 1 (5th Suppl.)) after 19 December 2006 in relation to those proceeds, the taxpayer shall deduct in computing the taxpayer’s income for the year an amount equal to the least of

(a)  the aggregate of all such proceeds so becoming receivable by him in the year, to the extent that they have been included in the amount referred to in subparagraph i of paragraph b of section 412 or 418.6 in respect of the taxpayer;

(b)  the amount required to be included in computing the taxpayer’s income for the year by virtue of paragraph e of section 330;

(c)  the taxpayer’s income for the year computed without reference to this section or to sections 333.2 and 333.3;

(d)  the aggregate of the amount allowed as a deduction in computing the taxpayer’s income for the year for the purposes of the Income Tax Act under paragraph a of section 59.1 of that Act in relation to that election and, if the amount that is so allowed as a deduction is equal to the maximum amount that the taxpayer may claim as a deduction in that computation under that paragraph in relation to that election, the amount that the taxpayer designates in the taxpayer’s fiscal return filed under this Part for the year.

Chapter V.2 of Title II of Book I applies in relation to an election made under section 59.1 of the Income Tax Act or in relation to an election made under this section before 20 December 2006.

1978, c. 26, s. 51; 1980, c. 13, s. 26; 1982, c. 5, s. 74; 1993, c. 16, s. 135; 2001, c. 53, s. 260; 2009, c. 5, s. 115.

2006-03-01

333.1. Where in a particular taxation year proceeds of disposition, described in subparagraph iv of subparagraph f of the first paragraph of section 93, of any Canadian resource property are deemed, under section 280, to have become receivable by a taxpayer, and where that taxpayer, in his fiscal return for the year under this Part, has elected to have this section and sections 333.2 and 333.3 apply in respect of those proceeds, the taxpayer may deduct in computing his income for the year an amount which does not exceed the least of the following amounts:

(a)  the aggregate of all such proceeds so becoming receivable by him in the year, to the extent that they have been included in the amount referred to in subparagraph i of paragraph b of either section 412 or section 418.6 in respect of the taxpayer;

(b)  the amount required to be included in computing the taxpayer’s income for the year by virtue of paragraph e of section 330;

(c)  the taxpayer’s income for the year computed without reference to this section or to sections 333.2 and 333.3.

1978, c. 26, s. 51; 1980, c. 13, s. 26; 1982, c. 5, s. 74; 1993, c. 16, s. 135; 2001, c. 53, s. 260.