I-3 - Taxation Act

Section 730.2 Disposition versions

2006-03-01

730.2. The amount to which section 730.1 refers is equal to the aggregate of

(a)  the amount by which the individual’s net capital losses for taxation years ending before 1 January 1985 exceeds the aggregate of amounts claimed by him under this Title, in respect of those losses, in computing his taxable income for taxation years preceding the particular taxation year; and

(b)  the amount by which the aggregate of amounts claimed by him under this Title in respect of his net capital loss for the taxation year 1985 in computing his taxable income for a taxation year preceding the particular taxation year is exceeded by the lesser of

i.  the amount of his net capital loss for the taxation year 1985, and

ii.  the excess amount that would represent, in respect of the individual for the taxation year 1985, the amount by which the amount determined under subparagraph ii of paragraph b of the first paragraph of section 28 exceeds the amount determined under subparagraph i of paragraph b of the first paragraph of section 28 if the individual’s taxable capital gains and his allowable capital losses did not include such gains or losses from the disposition of property by him in the year and after 22 May 1985 and if the rules set forth in the second paragraph of section 28 applied for the purposes of computing that last excess amount, the amount deductible by virtue of subparagraph iii of paragraph c of the first paragraph of section 28 in computing his taxable income for the taxation year 1985.

1987, c. 67, s. 146; 1993, c. 16, s. 273.