I-3 - Taxation Act

Section 578.2 Disposition versions

2010-04-20

578.2. The conditions to which paragraph c of section 578.1 refers are as follows:

(a)  at the time of the distribution, the particular corporation and the other corporation are resident in the same country, other than the United States, with which a tax agreement was entered into, in this paragraph referred to as the “foreign country”, and were never resident in Canada;

(b)  at the time of the distribution, the shares of the class that includes the original shares are widely held and actively traded on a designated stock exchange;

(c)  under the law of the foreign country, no shareholder of the particular corporation who is resident in that country is taxable in relation to the distribution; and

(d)  the distribution is a prescribed distribution subject to such terms and conditions as are considered appropriate in the circumstances.

The conditions to which paragraph d of section 578.1 refers are as follows:

(a)  at the time of the distribution, the particular corporation and the other corporation are resident in the United States and were never resident in Canada;

(b)  at the time of the distribution, the shares of the class that includes the original shares are widely held and

i.  are actively traded on a designated stock exchange in the United States, or

ii.  are required, under the United States Securities Exchange Act of 1934, as amended from time to time, to be registered with the Securities and Exchange Commission of the United States and are so registered; and

(c)  under the provisions of the United States Internal Revenue Code of 1986, as amended from time to time, that apply to the distribution, no shareholder of the particular corporation who is resident in the United States is taxable in respect of the distribution.

2004, c. 8, s. 116; 2009, c. 5, s. 187; 2010, c. 5, s. 51.

2009-05-15

578.2. The conditions to which paragraph c of section 578.1 refers are as follows:

(a)  at the time of the distribution, the particular corporation and the other corporation are resident in the same country, other than the United States, with which a tax agreement was entered into, in this paragraph referred to as the “foreign country”, and were never resident in Canada;

(b)  at the time of the distribution, the shares of the class that includes the original shares are widely held and actively traded on a foreign stock exchange;

(c)  under the law of the foreign country, no shareholder of the particular corporation who is resident in that country is taxable in relation to the distribution; and

(d)  the distribution is a prescribed distribution subject to such terms and conditions as are considered appropriate in the circumstances.

The conditions to which paragraph d of section 578.1 refers are as follows:

(a)  at the time of the distribution, the particular corporation and the other corporation are resident in the United States and were never resident in Canada;

(b)  at the time of the distribution, the shares of the class that includes the original shares are widely held and

i.  are actively traded on a foreign stock exchange in the United States, or

ii.  are required, under the United States Securities Exchange Act of 1934, as amended from time to time, to be registered with the Securities and Exchange Commission of the United States and are so registered; and

(c)  under the provisions of the United States Internal Revenue Code of 1986, as amended from time to time, that apply to the distribution, no shareholder of the particular corporation who is resident in the United States is taxable in respect of the distribution.

2004, c. 8, s. 116; 2009, c. 5, s. 187.

2006-03-01

578.2. The conditions to which paragraph c of section 578.1 refers are as follows:

(a)  at the time of the distribution, the particular corporation and the other corporation are resident in the same country, other than the United States, with which a tax agreement was entered into, in this paragraph referred to as the “foreign country”, and were never resident in Canada;

(b)  at the time of the distribution, the shares of the class that includes the original shares are widely held and actively traded on a foreign stock exchange;

(c)  under the law of the foreign country, no shareholder of the particular corporation who is resident in that country is taxable in relation to the distribution; and

(d)  the distribution is a prescribed distribution subject to such terms and conditions as are considered appropriate in the circumstances.

The conditions to which paragraph d of section 578.1 refers are as follows:

(a)  at the time of the distribution, the particular corporation and the other corporation are resident in the United States and were never resident in Canada;

(b)  at the time of the distribution, the shares of the class that includes the original shares are widely held and actively traded on a foreign stock exchange in the United States; and

(c)  under the United States Internal Revenue Code applicable to the distribution, no shareholder of the particular corporation who is resident in the United States is taxable in relation to the distribution.

2004, c. 8, s. 116.