I-3 - Taxation Act

Section 520.3 Disposition versions

2009-05-15

520.3. (Repealed).

2002, c. 40, s. 39; 2009, c. 5, s. 177.

2006-03-01

520.3. Where, by reason of section 522.1, section 522 applied in respect of the disposition of property and, from a particular time after the sending to the Minister of the prescribed form referred to in the first paragraph of section 522 in respect of the disposition, it is established that section 522 cannot apply in respect of the disposition because one of the conditions described in subparagraphs vii and viii of subparagraph b of the first paragraph of section 522.1 or in subparagraphs iv to vii of subparagraph c of that first paragraph has not been met, every taxpayer who is the transferor or the transferee of the property, a third party replacing the transferor or transferee of the property, or a member of the third party, shall, within six months after the particular time, send to the Minister, for every taxation year described in the second paragraph, an amended fiscal return in which the tax consequences of the second paragraph shall be taken into account.

The amended fiscal return shall be filed for every taxation year of the taxpayer that ended before the particular time and for which the taxpayer’s fiscal return was filed under section 1000 and for which the tax consequences under this Part arise from the fact that section 522 does not apply in respect of the disposition.

2002, c. 40, s. 39.